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Company Registration Number 01986668























NEW HOLLAND DOCK WHARFINGERS LIMITED





FINANCIAL STATEMENTS





 31 MARCH 2023
























img73fd.png

 
NEW HOLLAND DOCK WHARFINGERS LIMITED
 

COMPANY INFORMATION


Directors
A P Howarth 
N D Howarth 
A P Turner (appointed 26 April 2023)




Registered number
01986668



Registered office
Prince Edward Works
Pontefract Lane

Leeds

West Yorkshire

LS9 0RA




Independent auditor
Armstrong Watson Audit Limited
Chartered Accountants & Statutory Auditors

Third Floor

10 South Parade

Leeds

West Yorkshire

LS1 5QS





 
NEW HOLLAND DOCK WHARFINGERS LIMITED
 

CONTENTS



Page
Directors' Report
 
1 - 2
Independent Auditor's Report
 
3 - 6
Statement of Income and Retained Earnings
 
7
Balance Sheet
 
8
Notes to the Financial Statements
 
9 - 17


 
NEW HOLLAND DOCK WHARFINGERS LIMITED
 

 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023

The directors present their report and the financial statements for the year ended 31 March 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Directors

The directors who served during the year and to the date of this report were:

A P Howarth 
N D Howarth 
A P Turner (appointed 26 April 2023)

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
• so far as the director is aware, there is no relevant audit information of which the Company's auditor is    unaware, and
• the director has taken all the steps that ought to have been taken as a director in order to be aware of any   relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

Under section 487(2) of the Companies Act 2006Armstrong Watson Audit Limited will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
Page 1

 
NEW HOLLAND DOCK WHARFINGERS LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023


Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
A P Howarth
Director

Date: 25 September 2023
Page 2

 
NEW HOLLAND DOCK WHARFINGERS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEW HOLLAND DOCK WHARFINGERS LIMITED
UNDER SECTION 449 OF THE COMPANIES ACT 2006
 

Opinion


We have audited the financial statements of New Holland Dock Wharfingers Limited (the 'Company') for the year ended 31 March 2023, which comprise the Statement of Income and Retained Earnings, the Balance Sheet and the related notes, including a summary of significant accounting policiesThe 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 year 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 Auditor's 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 United Kingdom, including the Financial Reporting Council'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.


Page 3

 
NEW HOLLAND DOCK WHARFINGERS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEW HOLLAND DOCK WHARFINGERS LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditor's Report thereon.  The directors are responsible for the other information contained within the Annual Report.  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. 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 course of 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.


Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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 is 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.


Page 4

 
NEW HOLLAND DOCK WHARFINGERS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEW HOLLAND DOCK WHARFINGERS LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


Auditor's 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 an Auditor's Report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
• the engagement partner ensured that the engagement team collectively had the appropriate competence,   capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
• we identified the laws and regulations applicable to the company through discussions with directors and    other management, and from our commercial knowledge and experience of the sector;
• we assessed the extent of compliance with the laws and regulations identified above through making    enquiries of management; and
• identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
• making enquiries of management as to where they considered there was susceptibility to fraud, their    knowledge of actual, suspected and alleged fraud; and
• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and    regulations.
To address the risk of fraud through management bias and override of controls, we:
• tested journal entries to identify unusual transactions; 
• assessed whether judgements and assumptions made in determining the accounting estimates set out in  Note 3 were indicative of potential bias; and
• investigated the rationale behind significant or unusual transactions. 
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
• agreeing financial statement disclosures to underlying supporting documentation; and
• enquiring of management as to actual and potential litigation and claims.
Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards.  For example, as with any audit, there remained a higher risk of non detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls.  We are not responsible for preventing fraud or non compliance with laws and regulations and cannot be expected to detect all fraud and non compliance with laws and regulations.


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 Auditor's Report.


Page 5

 
NEW HOLLAND DOCK WHARFINGERS LIMITED
 

 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NEW HOLLAND DOCK WHARFINGERS LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


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 2006Our 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 an Auditor's Report 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.





Simon Turner (Senior Statutory Auditor)
for and on behalf of
Armstrong Watson Audit Limited
Chartered Accountants & Statutory Auditors
Leeds

25 September 2023
Page 6

 
NEW HOLLAND DOCK WHARFINGERS LIMITED
 

STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2023

2023
2022
Note
£000
£000

  

Turnover
  
3,251
3,110

Gross profit
  
3,251
3,110

Administrative expenses
  
(2,872)
(2,714)

Other operating income
 4 
185
177

Operating profit
  
564
573

Interest receivable and similar income
  
18
1

Profit before tax
  
582
574

Tax on profit
  
(104)
(96)

Profit after tax
  
478
478

  

  

Retained earnings at the beginning of the year
  
5,289
4,876

  
5,289
4,876

Profit for the year
  
478
478

Dividends declared and paid
  
(66)
(65)

Retained earnings at the end of the year
  
5,701
5,289

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of income and retained earnings.

The notes on pages 9 to 17 form part of these financial statements.

Page 7

 
NEW HOLLAND DOCK WHARFINGERS LIMITED
REGISTERED NUMBER: 01986668

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£000
£000

Fixed assets
  

Tangible assets
 6 
1,328
1,268

  
1,328
1,268

Current assets
  

Stocks
 7 
17
2

Debtors
 8 
538
533

Cash at bank and in hand
 9 
4,271
3,888

  
4,826
4,423

Creditors: amounts falling due within one year
 10 
(335)
(287)

Net current assets
  
 
 
4,491
 
 
4,136

Total assets less current liabilities
  
5,819
5,404

Provisions for liabilities
  

Deferred tax
 11 
(118)
(115)

Net assets
  
5,701
5,289


Capital and reserves
  

Called up share capital 
 12 
-
-

Profit and loss account
  
5,701
5,289

  
5,701
5,289


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
A P Howarth
Director

Date: 25 September 2023

The notes on pages 9 to 17 form part of these financial statements.

Page 8

 
NEW HOLLAND DOCK WHARFINGERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1.


General information

New Holland Dock Wharfingers Limited (the "Company") is a private company limited by shares and is a company incorporated and domiciled in the UK. The registered office of the company is  Prince Edward Works, Pontefract, Lane, Leeds, West Yorkshire, LS9 0RA.
The financial statements are prepared in sterling which is the functional currency of the company.
The principal activity of the company continued to be the provision of wharfinger services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.3

Revenue Recognition

Revenue is the amount derived from ordinary activities and is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances, and is stated net of VAT.
The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to the each of company’s sales channels have been met, as described below.
The Company sells wharfinger services and storage of goods to other importers. Revenue is recognised in the accounting period in which the services are rendered and for the period under which goods are stored. 

Page 9

 
NEW HOLLAND DOCK WHARFINGERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

  
2.4

Going concern

The Company is a subsidiary undertaking of Howarth Timber Group Limited and manages its day-to day working capital requirements through a group wide facility which covers all the groups trading entities.
The Group manages its financial requirements through a combination of retained earnings and external finance facilities.  The external financial facilities currently available to the Group include longer term fixed rate borrowings, medium term revolving credit facility, bank overdrafts and asset finance facilities.
The Groups Net funds as at 31 March 2023 were £29.2m, compromising £34.3m of cash net of £5.1m of asset finance and fixed term mortgage backed loans.  
 
The directors have prepared forecasts for the Group for a period to 31 March 2024.  These forecasts have then been further sensitised for severe, but plausible downside scenarios, in relation to a further decline in sales, an increase in overhead costs and increased working capital requirements. 
These forecasts and projections show that the Group is expected to be able to operate within the level of its current facility and in the view of the directors there is significant headroom under the current facility that would enable the Group to trade in the event of the severe, but plausible downside risks which have been modelled.
After making enquiries, the directors have a reasonable expectation that the company and the group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 10

 
NEW HOLLAND DOCK WHARFINGERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

  
2.7

Current and deferred taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. 
Deferred tax assets are generally recognised for all deductible timing differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 11

 
NEW HOLLAND DOCK WHARFINGERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method or reducing balance basis.

Depreciation is provided on the following basis:

Freehold property
-
4% reducing balance basis
Plant and machinery
-
3 to 10 years
Motor vehicles
-
4 to 7 years
Fixtures and fittings
-
4 to 7 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

At each balance sheet date, the company reviews the carrying amounts of its property, plant and equipment to determine whether there is any indication that any items of property, plant and equipment have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.
Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

 
2.9

Stocks

Stocks are stated at the lower of cost and net realisble value. Cost is based on the weighted average principle and includes expenditure incurred in acquiring the stocks, production or conversion costs and other costs in bringing them to their existing location and condition. In the case of manufactured stocks and work in progress, cost includes an appropriate share of overheads based on normal operating activity. 

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of inventories recognised as an expense in the period in which the reversal occurs.

 
2.10

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.

Page 12

 
NEW HOLLAND DOCK WHARFINGERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

2.Accounting policies (continued)

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

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

  
2.13

Financial instruments

Financial assets
Basic financial assets, including trade and other receivables, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.


3.


Accounting estimates and judgements

IIn the application of the Company's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Such estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant.
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 the revision affects only that period.
If the revision affects both current and future periods, the revision will impact both the period of the
revision and future periods.
Trade Debtors (note 8)
The directors consider that material estimates and judgements are applied in assessing the recoverable amount of trade debtors. The directors assess historic recovery rates and identify individual trade debtor balances that have passed their credit terms when assessing recoverable amount. Where individual balances are identified as past due the directors assess the balance on its own merits in assessing whether it is appropriate to recognise a bad debt or not against the balance.

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NEW HOLLAND DOCK WHARFINGERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

4.


Other operating income

2023
2022
£000
£000

Rents receivable
185
177

185
177


Rental income represents the rental of tangible fixed assets to other Group companies and third parties.


5.


Employees

The average monthly number of employees, including directors, during the year was 29 (2022 - 29).


6.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£000
£000
£000
£000
£000



Cost or valuation


At 1 April 2022
430
2,715
12
111
3,268


Additions
190
164
-
-
354


Disposals
-
(246)
(12)
-
(258)



At 31 March 2023

620
2,633
-
111
3,364



Depreciation


At 1 April 2022
215
1,692
10
83
2,000


Charge for the year on owned assets
11
269
-
12
292


Disposals
-
(246)
(10)
-
(256)



At 31 March 2023

226
1,715
-
95
2,036



Net book value



At 31 March 2023
394
918
-
16
1,328



At 31 March 2022
215
1,023
2
28
1,268

Page 14

 
NEW HOLLAND DOCK WHARFINGERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

7.


Stocks

2023
2022
£000
£000

Finished goods and goods for resale
17
2

17
2



8.


Debtors

2023
2022
£000
£000

Due within one year

Trade debtors
254
241

Amounts owed by group undertakings
80
78

Other debtors
34
159

Prepayments and accrued income
170
55

538
533


Amounts owed by group undertakings are unsecured, have no fixed repayment date and are repayable on demand. 


9.


Cash and cash equivalents

2023
2022
£000
£000

Cash at bank and in hand
4,271
3,888

4,271
3,888

Page 15

 
NEW HOLLAND DOCK WHARFINGERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

10.


Creditors: Amounts falling due within one year

2023
2022
£000
£000

Trade creditors
161
84

Amounts owed to group undertakings
2
18

Corporation tax
20
-

Accruals and deferred income
152
185

335
287


Amounts owed to group undertakings are unsecured, have no fixed repayment date and are repayable on demand. 


11.


Deferred taxation




2023
2022


£000

£000






At beginning of year
(115)
40


Credited to profit or loss
(3)
(155)



At end of year
(118)
(115)

The deferred taxation balance is made up as follows:

2023
2022
£000
£000


Accelerated capital allowances
(118)
(115)

(118)
(115)


12.


Share capital

2023
2022
£000
£000
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1.00 each
-
-



13.


Contingencies

The company and fellow subsidiary undertakings are party to unlimited multilateral company guarantees to HSBC plc in respect of any liability to HSBC plc incurred by Howarth Timber Group Limited or its subsidiaries. The total guaranteed borrowings of parent and follow subsidiary undertakings amounted to £Nil (2022: £Nil).  

Page 16

 
NEW HOLLAND DOCK WHARFINGERS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

14.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £27,360 (2022: £49,720). There were no contributions payable to the fund at the current or previous year end by the company. 


15.


Related party transactions

The Company has taken advantage of the exemption in Section 33 "Related Party Disclosures" from disclosing transactions with other members of the group, as permitted by FRS102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".


16.


Ultimate controlling party

The Company is a subsidiary undertaking of Howarth Timber Group Limited which is the ultimate parent company incorporated in the UK. The ultimate controlling party is Howarth Timber Group Limited. Howarth Timber Group Limited is the largest and smallest group into which the company is consolidated. Copies of the consolidated financial statements of Howarth Timber Group Limited are available from Prince Edward Works, Pontefract Lane, Leeds, West Yorkshire, LS9 0RA.

Page 17