REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
WHITES ASSET MANAGEMENT LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
WHITES ASSET MANAGEMENT LIMITED |
WHITES ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 08086784) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
WHITES ASSET MANAGEMENT LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
Director: |
Registered office: |
Registered number: |
Accountants: |
Chartered Accountants |
10 Stadium Business Court |
Millennium Way |
Pride Park |
Derby |
DE24 8HP |
WHITES ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 08086784) |
BALANCE SHEET |
31 OCTOBER 2023 |
2023 | 2022 |
Notes | £ | £ |
Fixed assets |
Tangible assets | 4 | ( |
) |
Current assets |
Stocks | 5 |
Debtors | 6 |
Creditors |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital | 9 |
Retained earnings | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
WHITES ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 08086784) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
1. | STATUTORY INFORMATION |
Whites Asset Management Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The director has reviewed and considered relevant information, including future cashflows and the repayment of associated debtor balances in their assessment of going concern. Furthermore, the majority of creditors are owed to companies under the control of the common shareholder. The related party companies, which are under common control, have confirmed that they will continue to support Whites Asset Management, enabling it to meet its ongoing liabilities. On this basis, the director has concluded that it is appropriate to continue to adopt the going concern basis in preparing the financial statements. |
Turnover |
Turnover represents the fair value of rental income received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover also represents the sale of property and land where legal completion has taken place during the accounting period. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Land and buildings - Over the life of the lease |
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. |
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 year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 year 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2022 - |
WHITES ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 08086784) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
4. | TANGIBLE FIXED ASSETS |
Leasehold |
improvements |
£ |
Cost |
At 1 November 2022 |
Disposals | ( |
) |
At 31 October 2023 |
Depreciation |
At 1 November 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 October 2023 |
Net book value |
At 31 October 2023 | ( |
) |
At 31 October 2022 |
All fixed assets are initially recorded at cost. |
5. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Social security and other taxes |
Other creditors |
Accruals |
8. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
Included in operating lease commitments at the year end was £120k in respect of a lease which was terminated after the balance sheet date, but before the date of signing the financial statements. Early termination fees of £25k were paid after the year end. |
WHITES ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 08086784) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 OCTOBER 2023 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary A | 1p | 1 | 1 |
Ordinary B | 1p | 1 | 1 |
2 | 2 |
10. | RELATED PARTY DISCLOSURES |
The company was under the control of Mr F J Reid throughout the current and previous year. Mr Reid is the managing director and majority shareholder. During the year the company had the following transactions with related parties: |
A company in which a director has common control: |
2023 | 2022 |
Amounts payable to related parties at the balance sheet date: | £ | £ |
WTUK Ltd | 247,866 | 328,238 |
Elevate Operations Ltd | 120,000 | - |
Amounts receivable from related parties at the balance sheet date : |
WTUK Ltd | 1,400 | - |
KLPG | 188,514 | 188,514 |