IRIS Accounts Production v23.1.0.753 05436576 Board of Directors 1.9.22 31.3.23 31.3.23 true false true true false false false true false A Ordinary - G Ordinary 10.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure054365762022-08-31054365762023-03-31054365762022-09-012023-03-31054365762021-08-31054365762021-09-012022-08-31054365762022-08-3105436576ns16:EnglandWales2022-09-012023-03-3105436576ns15:PoundSterling2022-09-012023-03-3105436576ns11:Director12022-09-012023-03-3105436576ns11:PrivateLimitedCompanyLtd2022-09-012023-03-3105436576ns11:FRS1022022-09-012023-03-3105436576ns11:Audited2022-09-012023-03-3105436576ns11:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-09-012023-03-3105436576ns11:LargeMedium-sizedCompaniesRegimeForAccounts2022-09-012023-03-3105436576ns11:FullAccounts2022-09-012023-03-310543657612022-09-012023-03-3105436576ns11:OrdinaryShareClass12022-09-012023-03-3105436576ns11:Director72022-09-012023-03-3105436576ns11:Director82022-09-012023-03-3105436576ns11:Director92022-09-012023-03-3105436576ns11:Director102022-09-012023-03-3105436576ns11:RegisteredOffice2022-09-012023-03-3105436576ns11:Director22022-09-012023-03-3105436576ns11:Director32022-09-012023-03-3105436576ns11:Director42022-09-012023-03-3105436576ns11:Director52022-09-012023-03-3105436576ns11:Director62022-09-012023-03-3105436576ns6:CurrentFinancialInstruments2023-03-3105436576ns6:CurrentFinancialInstruments2022-08-3105436576ns6:ShareCapital2023-03-3105436576ns6:ShareCapital2022-08-3105436576ns6:SharePremium2023-03-3105436576ns6:SharePremium2022-08-3105436576ns6:RetainedEarningsAccumulatedLosses2023-03-3105436576ns6:RetainedEarningsAccumulatedLosses2022-08-3105436576ns6:ShareCapital2021-08-3105436576ns6:RetainedEarningsAccumulatedLosses2021-08-3105436576ns6:SharePremium2021-08-3105436576ns6:RetainedEarningsAccumulatedLosses2021-09-012022-08-3105436576ns6:RetainedEarningsAccumulatedLosses2022-09-012023-03-3105436576ns6:ComputerSoftware2022-09-012023-03-3105436576ns6:PlantMachinery2022-09-012023-03-3105436576ns6:FurnitureFittings2022-09-012023-03-3105436576ns6:ComputerEquipment2022-09-012023-03-3105436576ns16:UnitedKingdom2022-09-012023-03-3105436576ns16:UnitedKingdom2021-09-012022-08-3105436576ns16:Europe2022-09-012023-03-3105436576ns16:Europe2021-09-012022-08-3105436576ns6:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2022-09-012023-03-3105436576ns6:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2021-09-012022-08-3105436576ns6:PlantEquipmentOtherAssetsUnderOperatingLeases2022-09-012023-03-3105436576ns6:PlantEquipmentOtherAssetsUnderOperatingLeases2021-09-012022-08-3105436576ns6:OwnedAssets2022-09-012023-03-3105436576ns6:OwnedAssets2021-09-012022-08-3105436576ns6:LeasedAssets2022-09-012023-03-3105436576ns6:LeasedAssets2021-09-012022-08-3105436576ns6:ComputerSoftware2021-09-012022-08-3105436576122022-09-012023-03-3105436576122021-09-012022-08-310543657622022-09-012023-03-310543657622021-09-012022-08-3105436576ns6:HirePurchaseContracts2022-09-012023-03-3105436576ns6:HirePurchaseContracts2021-09-012022-08-3105436576ns11:OrdinaryShareClass12021-09-012022-08-3105436576ns6:ComputerSoftware2022-08-3105436576ns6:ComputerSoftware2023-03-3105436576ns6:ComputerSoftware2022-08-3105436576ns6:PlantMachinery2022-08-3105436576ns6:FurnitureFittings2022-08-3105436576ns6:ComputerEquipment2022-08-3105436576ns6:PlantMachinery2023-03-3105436576ns6:FurnitureFittings2023-03-3105436576ns6:ComputerEquipment2023-03-3105436576ns6:PlantMachinery2022-08-3105436576ns6:FurnitureFittings2022-08-3105436576ns6:ComputerEquipment2022-08-3105436576ns6:WithinOneYearns6:CurrentFinancialInstruments2023-03-3105436576ns6:WithinOneYearns6:CurrentFinancialInstruments2022-08-3105436576ns6:WithinOneYear2023-03-3105436576ns6:WithinOneYear2022-08-3105436576ns6:BetweenOneFiveYears2023-03-3105436576ns6:BetweenOneFiveYears2022-08-3105436576ns6:AllPeriods2023-03-3105436576ns6:AllPeriods2022-08-3105436576ns6:DeferredTaxation2022-08-3105436576ns6:DeferredTaxation2022-09-012023-03-3105436576ns6:DeferredTaxation2023-03-3105436576ns11:OrdinaryShareClass12023-03-3105436576ns6:RetainedEarningsAccumulatedLosses2022-08-3105436576ns6:SharePremium2022-08-31054365762ns11:Director22022-08-31054365762ns11:Director22021-08-31054365762ns11:Director22022-09-012023-03-31054365762ns11:Director22021-09-012022-08-31054365762ns11:Director22023-03-31054365762ns11:Director22022-08-3105436576ns11:Director112022-08-3105436576ns11:Director112021-08-3105436576ns11:Director112022-09-012023-03-3105436576ns11:Director112021-09-012022-08-3105436576ns11:Director112023-03-3105436576ns11:Director112022-08-31054365763ns11:Director32022-08-31054365763ns11:Director32021-08-31054365763ns11:Director32022-09-012023-03-31054365763ns11:Director32021-09-012022-08-31054365763ns11:Director32023-03-31054365763ns11:Director32022-08-3105436576ns11:Director442022-08-3105436576ns11:Director442021-08-3105436576ns11:Director442022-09-012023-03-3105436576ns11:Director442021-09-012022-08-3105436576ns11:Director442023-03-3105436576ns11:Director442022-08-3105436576ns11:Director552022-08-3105436576ns11:Director552021-08-3105436576ns11:Director552022-09-012023-03-3105436576ns11:Director552021-09-012022-08-3105436576ns11:Director552023-03-3105436576ns11:Director552022-08-31054365766ns11:Director62022-08-31054365766ns11:Director62021-08-31054365766ns11:Director62022-09-012023-03-31054365766ns11:Director62021-09-012022-08-31054365766ns11:Director62023-03-31054365766ns11:Director62022-08-31
REGISTERED NUMBER: 05436576 (England and Wales)















PENN-WHITE LIMITED

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

1 SEPTEMBER 2022 TO 31 MARCH 2023






PENN-WHITE LIMITED (REGISTERED NUMBER: 05436576)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 MARCH 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14


PENN-WHITE LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 MARCH 2023







DIRECTORS: M J Humphries
A C Muthiah
M Ravi
C M Bowry
D A Muthiah





REGISTERED OFFICE: Unit 6, Aston Way
Midpoint 18 Business Park
Middlewich
Cheshire
CW10 0HS





REGISTERED NUMBER: 05436576 (England and Wales)





AUDITORS: Clarke Nicklin LLP
Chartered Accountants and
Statutory Auditors
Clarke Nicklin House
Brooks Drive
Cheadle Royal Business Park
Cheadle
Cheshire
SK8 3TD

PENN-WHITE LIMITED (REGISTERED NUMBER: 05436576)

STRATEGIC REPORT
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 MARCH 2023


The directors present their strategic report for the period 1 September 2022 to 31 March 2023.

REVIEW OF BUSINESS
During the period the Penn Globe Limited group, was acquired by the Indian group Manali Petrochemicals Limited. The directors are excited by the opportunities this presents for the group to expand product offerings and distribution channels. Key staff remain in place and the supply of all finished goods will also continue being produced from our Middlewich site, an increased emphasis will also be put into R&D to enable the business to continue to grow into new market segments.

Despite global economic uncertainties with increasing inflation, currency fluctuation, the ongoing Ukrainian invasion, along with the after effects of the Coronavirus pandemic, the broad customer base and industry sectors have ensured that Turnover has remained strong and that the Gross Profit margin has increased to 35.2% (2022: £34.4%) in the period.

The Board is confident that despite the prevailing economic factors, strong demand and turnover levels will continue and that future growth can be achieved with continued improvements in market share and in the range of products being developed and supplied.

To maintain its product range and competitiveness significant investment continues to be made in research and development each year and this continues to remain a priority for the company and its future plans.

The Board of directors are pleased with the performance in the year.


PENN-WHITE LIMITED (REGISTERED NUMBER: 05436576)

STRATEGIC REPORT
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 MARCH 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The company operates in a global economy, where the effect and uncertainty surrounding a post pandemic world along with the fluctuation of world currencies continue to lead to some potential risks and uncertainties for the future, though these are no different to any other industry operating in the global economy.

Raw material supply can be challenging, and the company regularly reviews stock levels. Risks associated with raw material supplies are mitigated by continuing to develop alternative products for current raw material usage and ensuring that the company has multiple suppliers for key raw materials.

Foreign currency exchange is regularly reviewed and monitored. The risk in currency fluctuation is managed monthly and the fact that the company sells and purchases goods in foreign currencies enables us to take advantage of the weak pound for exports with a converse off-set impact on purchases of foreign goods.

Due to the nature of the company's activities and the broad make up of customers the loss of a significant customer is not a major key risk to the company. However, it is the policy of the directors to maintain good relationships with, and provide high levels of service to, their customers to help reduce any possible exposure.

The aftermath of Coronavirus pandemic and ongoing Ukraine war has had limited impact on the financial performance of the business as most customers, operating in key industries globally, have traded throughout the period. Demand for the company's products remains very strong with record order books in place going forward into the next financial year.

Whilst under new corporate ownership, the company retains its core foundations which continues to allow the company to react quickly to any such risks and uncertainties and with the added comfort that it can use the strength of its liquidity and resources to counter any such risks.

Operating in a fast changing world market is managed by operating in several key industry sectors worldwide such as food, water, waste and recycling. These sectors will always have a demand for the company's products and across a wide geographic area. The company remains flexible to such needs and requirements to enable it to respond quickly where possible.

ON BEHALF OF THE BOARD:





M J Humphries - Director


10 May 2023

PENN-WHITE LIMITED (REGISTERED NUMBER: 05436576)

REPORT OF THE DIRECTORS
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 MARCH 2023


The directors present their report with the financial statements of the company for the period 1 September 2022 to 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the period under review was that of the trading of silicone based products and chemicals.

DIVIDENDS
Interim dividends in the year totalled £75,000 (2022: £nil).

The directors are recommending no final dividends be paid (2022: £nil).

DIRECTORS
M J Humphries has held office during the whole of the period from 1 September 2022 to the date of this report.

Other changes in directors holding office are as follows:

J J Whitehead - resigned 30 November 2022
J J Whitehead - resigned 30 November 2022
S J Whitehead - resigned 30 November 2022
A H Hooley - resigned 30 November 2022
R J Richardson - resigned 30 November 2022
A C Muthiah - appointed 30 November 2022
M Ravi - appointed 30 November 2022
C M Bowry - appointed 18 January 2023
D A Muthiah - appointed 18 January 2023

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

PENN-WHITE LIMITED (REGISTERED NUMBER: 05436576)

REPORT OF THE DIRECTORS
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 MARCH 2023


AUDITORS
The auditors, Clarke Nicklin LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





M J Humphries - Director


10 May 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PENN-WHITE LIMITED


Opinion
We have audited the financial statements of Penn-White Limited (the 'company') for the period ended 31 March 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the period then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PENN-WHITE LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PENN-WHITE LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Procedures to identify risks:
- enquiring of management concerning the company's procedures relating to: identifying, evaluating and complying
with laws and regulations and whether they were aware of any instances of noncompliance; detecting and
responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;
- discussing among the engagement team regarding how and where fraud might occur in the financial statements
and any potential indicators of fraud. As part of this discussion, we identified potential for fraud in the following
areas: timing of recognition of sales and purchases and their related stock movements, posting of unusual
journals; and
- obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those
laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the
operations of the company. The key laws and regulations we considered in this context included UK Companies
Act, employment law, health and safety, pensions legislation and tax legislation.

The procedures to respond to risks identified included:
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with
relevant laws and regulations discussed above;
- enquiring of management, concerning actual and potential litigation and claims;
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of
material misstatement due to fraud;
- reviewing correspondence with HMRC;
- testing the timing and matching of income and expense transactions relating to stock movements either side of the
year end; and
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal
entries and other adjustments; assessing whether the judgements made in making accounting estimates are
indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual
or outside the normal course of business.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulation that are not closely related to events and transactions reflected in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detection one resulting from an error, as fraud may involve deliberate concealment, by for example, forgery or intentional misrepresentation, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
PENN-WHITE LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Graham Travis FCA (Senior Statutory Auditor)
for and on behalf of Clarke Nicklin LLP
Chartered Accountants and
Statutory Auditors
Clarke Nicklin House
Brooks Drive
Cheadle Royal Business Park
Cheadle
Cheshire
SK8 3TD

10 May 2023

PENN-WHITE LIMITED (REGISTERED NUMBER: 05436576)

INCOME STATEMENT
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 MARCH 2023

Period Year ended
1.9.22 to 31.3.23 31.8.22
Notes £    £    £    £   

TURNOVER 3 8,457,886 15,858,718

Cost of sales 5,484,615 10,409,248
GROSS PROFIT 2,973,271 5,449,470

Distribution costs 296,773 639,617
Administrative expenses 1,486,144 2,069,188
1,782,917 2,708,805
1,190,354 2,740,665

Other operating income 200 76
OPERATING PROFIT 5 1,190,554 2,740,741

Interest receivable and similar income 97 51,197
1,190,651 2,791,938

Interest payable and similar expenses 6 26,979 24,833
PROFIT BEFORE TAXATION 1,163,672 2,767,105

Tax on profit 7 248,124 534,235
PROFIT FOR THE FINANCIAL PERIOD 915,548 2,232,870

PENN-WHITE LIMITED (REGISTERED NUMBER: 05436576)

OTHER COMPREHENSIVE INCOME
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 MARCH 2023

Period
1.9.22
to Year ended
31.3.23 31.8.22
Notes £    £   

PROFIT FOR THE PERIOD 915,548 2,232,870


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE PERIOD

915,548

2,232,870

PENN-WHITE LIMITED (REGISTERED NUMBER: 05436576)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 2,214 2,024
Tangible assets 10 97,238 115,055
99,452 117,079

CURRENT ASSETS
Stocks 11 1,584,100 2,275,586
Debtors 12 5,818,870 6,534,813
Cash at bank 423,990 82,006
7,826,960 8,892,405
CREDITORS
Amounts falling due within one year 13 1,625,806 3,549,426
NET CURRENT ASSETS 6,201,154 5,342,979
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,300,606

5,460,058

CAPITAL AND RESERVES
Called up share capital 17 136 136
Share premium 18 46,226 46,226
Retained earnings 18 6,254,244 5,413,696
SHAREHOLDERS' FUNDS 6,300,606 5,460,058

The financial statements were approved by the Board of Directors and authorised for issue on 10 May 2023 and were signed on its behalf by:





M J Humphries - Director


PENN-WHITE LIMITED (REGISTERED NUMBER: 05436576)

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 MARCH 2023

Called up
share Retained Share Total
capital earnings premium equity
£    £    £    £   

Balance at 1 September 2021 136 3,180,826 46,226 3,227,188

Changes in equity
Total comprehensive income - 2,232,870 - 2,232,870
Balance at 31 August 2022 136 5,413,696 46,226 5,460,058

Changes in equity
Dividends - (75,000 ) - (75,000 )
Total comprehensive income - 915,548 - 915,548
Balance at 31 March 2023 136 6,254,244 46,226 6,300,606

PENN-WHITE LIMITED (REGISTERED NUMBER: 05436576)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 MARCH 2023


1. STATUTORY INFORMATION

Penn-White Limited ("the Company") is a limited company incorporated in the United Kingdom. The address of its registered office and principal place of business is Unit 6, Aston Way, Midpoint 18 Business Park, Middlewich, Cheshire, CW10 0HS.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A ''Small Entities'' of Financial Reporting Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006. These financial statements have been prepared under the historical costs convention.

The financial statements are presented in Sterling (£).

Going concern
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have reached this conclusion giving due consideration to the projected future performance of the company and any potential risk that might impact the company's ability to meet its required solvency levels. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions within a wholly owned group.

Significant judgements and estimates
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if revision only affects that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The following judgements have had the most significant effect on amounts recognised in the financial statements;
Depreciation - The useful life of fixed assets can vary significantly. Estimates are based on historic experience and current expectations of useful life. The size of prior year gains and losses on disposal are also factored in to estimates.
Bad debts - The directors regularly review debts and provide for those which are doubtful.

Turnover
Turnover represents net invoiced sales of goods, excluding value added tax. Sales are recognised on the date of despatch to the customer.

PENN-WHITE LIMITED (REGISTERED NUMBER: 05436576)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Computer software
Computer software relates to development expenditure on an IT and accounting system. It is recognised as an intangible asset when the company can demonstrate:
- The technical feasibility of completing the intangible asset so that it will be available for use or sale
- Its intention to complete and its ability to use or sell the asset
- How the asset will generate future economic benefits
- The availability of resources to complete the asset
- The ability to measure reliably the expenditure during development

Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and impairment losses. Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised over its useful life of three years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - Straight line between 6 and 10 years
Fixtures and fittings - Straight line over 6 years
Computer equipment - Straight line over 4 years

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the Income Statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in the prior years. A reversal of an impairment loss is recognised immediately in the Income Statement.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

PENN-WHITE LIMITED (REGISTERED NUMBER: 05436576)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Research and development
Expenditure on research and development is written off in the year in which it is incurred, except where the development element qualifies as an intangible asset, in which case it is capitalised.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the Income Statement over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the Income Statement in the period to which they relate.

Invoice discounting
The company uses an invoice discounting facility and has adopted separate presentation whereby gross debts are included as an asset and the amount due to the finance company is included within other creditors. The interest and charges are recognised as they accrue and are included in the Income Statement.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term creditors are measured at transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

Period
1.9.22
to Year ended
31.3.23 31.8.22
£    £   
United Kingdom 5,086,026 9,734,470
Europe 2,004,654 3,634,993
Rest of the world 1,367,206 2,489,255
8,457,886 15,858,718

PENN-WHITE LIMITED (REGISTERED NUMBER: 05436576)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 MARCH 2023


4. EMPLOYEES AND DIRECTORS
Period
1.9.22
to Year ended
31.3.23 31.8.22
£    £   
Wages and salaries 620,401 998,541
Social security costs 81,574 182,638
Other pension costs 39,257 114,137
741,232 1,295,316

The average number of employees during the period was as follows:
Period
1.9.22
to Year ended
31.3.23 31.8.22

Directors 6 6
Administration 9 10
Warehouse 13 13
28 29

Period
1.9.22
to Year ended
31.3.23 31.8.22
£    £   
Directors' remuneration 125,977 299,913
Directors' pension contributions to money purchase schemes 3,499 40,000

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 4

PENN-WHITE LIMITED (REGISTERED NUMBER: 05436576)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 MARCH 2023


5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

Period
1.9.22
to Year ended
31.3.23 31.8.22
£    £   
Hire of plant and machinery 24,197 42,804
Other operating leases 177,688 340,226
Depreciation - owned assets 26,506 48,249
Depreciation - assets on hire purchase contracts or finance leases - 11,250
Profit on disposal of fixed assets - (34,321 )
Computer software amortisation 3,131 2,024
Auditors' remuneration - audit 27,000 15,850
Foreign exchange differences 9,304 (53,113 )
Related party loan write off 157,926 -

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.9.22
to Year ended
31.3.23 31.8.22
£    £   
Bank interest 242 492
Invoice discounting interest 16,865 19,631
Other interest 9,872 -
Hire purchase - 4,710
26,979 24,833

7. TAXATION

Analysis of the tax charge
The tax charge on the profit for the period was as follows:
Period
1.9.22
to Year ended
31.3.23 31.8.22
£    £   
Current tax:
UK corporation tax 250,918 538,053

Deferred tax (2,794 ) (3,818 )
Tax on profit 248,124 534,235

UK corporation tax has been charged at 19% (2022 - 19%).

PENN-WHITE LIMITED (REGISTERED NUMBER: 05436576)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 MARCH 2023


7. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1.9.22
to Year ended
31.3.23 31.8.22
£    £   
Profit before tax 1,163,672 2,767,105
Profit multiplied by the standard rate of corporation tax in the UK of 19%
(2022 - 19%)

221,098

525,750

Effects of:
Expenses not deductible for tax purposes 40,856 32,991
Capital allowances in excess of depreciation (289 ) (1,292 )
Group relief (19 ) (32 )
Research and development enhancement (13,522 ) (23,182 )
Total tax charge 248,124 534,235

8. DIVIDENDS
Period
1.9.22
to Year ended
31.3.23 31.8.22
£    £   
A Ordinary - G Ordinary shares of 10p each
Interim 75,000 -

9. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 September 2022 80,290
Additions 3,321
At 31 March 2023 83,611
AMORTISATION
At 1 September 2022 78,266
Amortisation for period 3,131
At 31 March 2023 81,397
NET BOOK VALUE
At 31 March 2023 2,214
At 31 August 2022 2,024

PENN-WHITE LIMITED (REGISTERED NUMBER: 05436576)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 MARCH 2023


10. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 September 2022 1,365,945 120,345 119,830 1,606,120
Additions 3,934 1,120 3,635 8,689
At 31 March 2023 1,369,879 121,465 123,465 1,614,809
DEPRECIATION
At 1 September 2022 1,272,389 103,752 114,924 1,491,065
Charge for period 20,081 3,839 2,586 26,506
At 31 March 2023 1,292,470 107,591 117,510 1,517,571
NET BOOK VALUE
At 31 March 2023 77,409 13,874 5,955 97,238
At 31 August 2022 93,556 16,593 4,906 115,055

11. STOCKS
2023 2022
£    £   
Raw materials 1,206,214 1,717,882
Finished goods 377,886 557,704
1,584,100 2,275,586

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,575,397 2,891,293
Amounts owed by group undertakings 2,469,642 27,390
Other debtors 150,813 -
Directors' current accounts - 2,922,535
Corporation tax 453,337 420,034
VAT - 148,543
Deferred tax asset 14,395 11,601
Prepayments and accrued income 155,286 113,417
5,818,870 6,534,813

PENN-WHITE LIMITED (REGISTERED NUMBER: 05436576)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 MARCH 2023


13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 623,476 725,974
Amounts owed to group undertakings - 171,124
Corporation tax 811,943 958,087
Social security and other taxes 34,870 25,645
VAT 8,436 -
Other creditors - 1,368,130
Accruals and deferred income 147,081 300,466
1,625,806 3,549,426

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 306,290 306,290
Between one and five years 963,405 883,186
1,269,695 1,189,476

15. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Invoice discounting - 1,372,110

The bank has a fixed and floating charge over group assets. Invoice discounting liabilities are secured on the underlying trade debtors.

16. DEFERRED TAX
£   
Balance at 1 September 2022 (11,601 )
Credit to Income Statement during period (2,794 )
Balance at 31 March 2023 (14,395 )

The provision for deferred taxation is made up as follows
20232022
££
Accelerated capital allowances(14,395)(11,601)
Other timing differences--
(14,395)(11,601)

PENN-WHITE LIMITED (REGISTERED NUMBER: 05436576)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 MARCH 2023


17. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1,360 A Ordinary - G Ordinary 10p 136 136

18. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 September 2022 5,413,696 46,226 5,459,922
Profit for the period 915,548 915,548
Dividends (75,000 ) (75,000 )
At 31 March 2023 6,254,244 46,226 6,300,470

19. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 31 March 2023 and the year ended 31 August 2022:

2023 2022
£    £   
J J Whitehead
Balance outstanding at start of period 426,503 186,932
Amounts advanced 63,451 239,571
Amounts repaid (464,864 ) -
Amounts written off (25,090 ) -
Amounts waived - -
Balance outstanding at end of period - 426,503

M J Humphries
Balance outstanding at start of period 642,810 294,728
Amounts advanced 63,727 348,082
Amounts repaid (670,356 ) -
Amounts written off (36,181 ) -
Amounts waived - -
Balance outstanding at end of period - 642,810

J J Whitehead
Balance outstanding at start of period 621,746 274,171
Amounts advanced 11,400 347,575
Amounts repaid (600,723 ) -
Amounts written off (32,423 ) -
Amounts waived - -
Balance outstanding at end of period - 621,746

PENN-WHITE LIMITED (REGISTERED NUMBER: 05436576)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 SEPTEMBER 2022 TO 31 MARCH 2023


19. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

S J Whitehead
Balance outstanding at start of period 620,068 272,521
Amounts advanced 11,400 347,547
Amounts repaid (599,131 ) -
Amounts written off (32,337 ) -
Amounts waived - -
Balance outstanding at end of period - 620,068

A H Hooley
Balance outstanding at start of period 611,409 264,060
Amounts advanced 11,400 347,349
Amounts repaid (590,915 ) -
Amounts written off (31,894 ) -
Amounts waived - -
Balance outstanding at end of period - 611,409

R J Richardson
Balance outstanding at start of period - 8,744
Amounts repaid - (8,744 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period - -

Interest is charged on the directors' loan accounts at HMRC's official rate. Loans are repayable on demand.

20. ULTIMATE CONTROLLING PARTY

The parent undertaking of the smallest group for which consolidated accounts are prepared is Penn Globe Limited. Consolidated accounts are available from Companies House, Cardiff, CF14 3UZ.

The parent undertaking of the largest group for which consolidated accounts are prepared is Manali Petrochemicals Limited, incorporated in India. Consolidated accounts are available from the registered office: Spic House, 88 Mount Road, Guindy, Chennai, India, 600 032.

In the opinion of the directors, there is no ultimate controlling party.