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Registered number: 00449599










WHITES LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2023

 
WHITES LIMITED
REGISTERED NUMBER: 00449599

BALANCE SHEET
AS AT 31 MARCH 2023

2023
2022
Note
£
£

  

Current assets
  

Debtors: amounts falling due after more than one year
 4 
435,000
1,000

Debtors: amounts falling due within one year
 4 
18,149
60,382

Cash at bank and in hand
 5 
302,910
848,969

  
756,059
910,351

Creditors: amounts falling due within one year
 6 
(511,728)
(654,576)

Net current assets
  
 
 
244,331
 
 
255,775

Total assets less current liabilities
  
244,331
255,775

Creditors: amounts falling due after more than one year
 7 
(1,820)
(1,000)

  

Net assets
  
242,511
254,775


Capital and reserves
  

Called up share capital 
 9 
14,830
14,830

Share premium account
  
570
570

Profit and loss account
  
227,111
239,375

  
242,511
254,775


The Company's 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 Company has opted not to file the statement of comprehensive income in accordance with 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 H Smith
Director

Date: 6 November 2023

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
WHITES LIMITED
 

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

1.


General information

Whites Limited is a company limited by share capital and incorporated in England and Wales. The address of the registered office and principal place of business is 2nd Floor, Clifton House, Bunnian Place, Basingstoke, Hampshire, RG21 7JE.
The principal activity of the company is that of a holding company.

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 judgement in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

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.

 
2.3

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.

Page 2

 
WHITES LIMITED
 

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

2.Accounting policies (continued)

 
2.4

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.5

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.

  
2.6

Defined benefit scheme

The company operated a defined benefit pension scheme before disposing of the schemes assets and liabilities in the year. 

 
2.7

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.8

Interest income

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

Page 3

 
WHITES LIMITED
 

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

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
 
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).

Page 4

 
WHITES LIMITED
 

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

4.


Debtors

2023
2022
£
£

Due after more than one year

Amounts owed by group undertakings
435,000
1,000


2023
2022
£
£

Due within one year

Prepayments and accrued income
1,820
-

Deferred taxation
16,329
60,382

18,149
60,382


The intercompany receivable is unsecured and fully subordinated to any charges or rights accrued in connection with the Group loan facility. The intercompany receivable is repayable on a rolling 367 day basis and accrues no interest.
The bank loan held by Hartford Care Group Limited is secured by an intercompany guarantee over the Group's assets.


5.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
302,910
848,969



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Accruals and deferred income
511,728
654,576


Page 5

 
WHITES LIMITED
 

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

7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Amounts owed to group undertakings
1,820
1,000


The intercompany payable is unsecured and fully subordinated to any charges or rights accrued in connection with the Group loan facility. The intercompany payable is repayable on a rolling 367 day basis and accrues no interest.
The bank loan held by Hartford Care Group Limited is secured by an intercompany guarantee over the Group's assets.


8.


Deferred taxation




2023
2022


£

£






At beginning of year
60,382
152,241


Charged to profit or loss
(44,053)
(91,859)



At end of year
16,329
60,382

The deferred tax asset is made up as follows:

2023
2022
£
£


Fixed asset timing differences
213
260

Short term timing differences
-
60,122

Losses and other deductions
16,116
-

16,329
60,382


9.


Share capital

2023
2022
£
£
Authorised, allotted, called up and fully paid



14,830 (2022 - 14,830) Ordinary shares of £1.00 each
14,830
14,830


Page 6

 
WHITES LIMITED
 

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

10.


Pension commitments

Defined benefit scheme
During the year ended 31 March 2023, an insurance policy was put in place by the Trustees of the retirement benefit scheme to cover the benefits payable to members.
The Trustees are now carrying out final due diligence with regard to any other liabilities arising from past or current members of the scheme. Once completed, the Trustees will commence winding up the scheme. The expected costs of this final phase remain in line with the amount already provided on the balance sheet.


11.


Contingent liabilities

Along with fellow subsidiaries, the Company is a guarantor in the Facilities Agreement, entered into by Hartford Care Group Limited with National Westminster Bank plc. Under this agreement the bank holds a charge over its assets.


12.


Controlling party

The immediate parent company is Hartford Care Group Limited, a company incorporated in England and Wales.
The ultimate parent company and the smallest and largest group in which the company’s results are consolidated is Hartford Care Group Limited, a company incorporated in England and Wales. The consolidated accounts of Hartford Care Group Limited are available from Companies House, Crown Way, Cardiff, CF14 3UZ.
There is no one ultimate controlling party.


13.


Auditor's information

The auditor's report on the financial statements for the year ended 31 March 2023 was unqualified.

The audit report was signed on 7 November 2023 by Alexander Peal BSc (Hons) FCA DChA (Senior Statutory Auditor) on behalf of James Cowper Kreston Audit.

Page 7