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Registered number: 00379962










GANDER AND WHITE SHIPPING LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023



















img4c26.png

 
GANDER AND WHITE SHIPPING LIMITED
 
 
Company Information


Directors
O V Howell 
P A Cannon 
F A White (Non-executive Director) 




Company secretary
S Martin



Registered number
00379962



Registered office
Unit 1
St Martin's Way

Wimbledon

London

SW17 0JH




Independent auditor
Sayers Butterworth LLP
Chartered Accountants & Statutory Auditor

3rd Floor

12 Gough Square

London

EC4A 3DW




Bankers
Barclays Bank Plc
Sussex and Gatwick Centre

PO Box 165

Crawley

West Sussex

RH10 1YX





Bank of America

222 Broadway

New York

NY 10038





HSBC Bank Plc

60 Queen Victoria Street

London

EC4N 4TR




Solicitors
Clyde & Co LLP
St Botolph Building

138 Houndsditch

London

EC3A 7AR





 
GANDER AND WHITE SHIPPING LIMITED
 

Contents



Page
Group strategic report
 
1 - 3
Directors' report
 
4 - 6
Independent auditor's report
 
7 - 10
Consolidated statement of comprehensive income
 
11
Consolidated balance sheet
 
12 - 13
Company balance sheet
 
14 - 15
Consolidated statement of changes in equity
 
16
Company statement of changes in equity
 
17
Consolidated statement of cash flows
 
18 - 19
Analysis of net funds
 
20
Notes to the financial statements
 
21 - 45


 
GANDER AND WHITE SHIPPING LIMITED
 
 
Group strategic report
For the Year Ended 31 December 2023

Business review
 
With substantial growth over the last few years, the Directors decided that during 2023 the Company's overall policy would be to consolidate its operations. The Company did, however, have a slight expansion with additional warehouse space taken in Miami and Paris. 
A significant investment has been undertaken in purchasing new software which is being further developed to enhance the Company's overall IT performance, which should be rolled out in late 2024/early 2025. 
The Company has continued with its efforts in sustainability with the purchase of electric vehicles with more being acquired in 2025. 
During 2024, the Company is concentrating its efforts on consolidating its Miami facilities into one location, with the view of it coming online in 2025. 
The results for the year show a profit before tax of £2,343,657 and turnover of £53,082,279, the group continues to perform well across all of its branches and continues to maintain its market position.

Principal risks and uncertainties
 
Brexit
The UK operations continue face the effects of Brexit. To mitigate the impact we continue to prepare for all scenarios, and have in place facilities to ease the burden of potential custom delays and challenges across borders. 
Competition
The group operates within a highly competitive industry and in times of a shrinking market this will heighten the pressure upon our margins and profitability.  To maintain our position in the market we will continue to monitor and ensure that our high standards are always met.
Liquidity risk
The group manages its cash requirements by ensuring sufficient liquid resources are readily available to meet operating needs.
Credit risk
Trade debtors are managed and amounts due are monitored on a regular basis. In addition strict criteria is applied to the extension of credit to clients and credit limits given.
Foreign Currency risk
The group trades in Sterling, US Dollars and Euros.  These currencies are centrally monitored, and currency risks are mitigated by hedging where appropriate.

Page 1

 
GANDER AND WHITE SHIPPING LIMITED
 

Group strategic report (continued)
For the Year Ended 31 December 2023

Financial key performance indicators
 
Business performance is monitored by key performance indicators (KPI’s) to track growth and profitability, using the 3 criteria noted below. These are measured on a month by month basis on each of the offices by the board, and can be summarised at the year end as follows:

ole6d85.png

Directors' statement of compliance with duty to promote the success of the Group
 
When making decisions, the Directors ensure that they act in the way they consider, in good faith, would most likely promote the group's success for the benefit of its members as a whole, and in doing so have regard (among other matters) to:
S172(1) (A) “The likely consequences of any decision in the long term”
The Directors understand the market that the group operates in and the problems and opportunities it faces. The strategy for the group is set at board level using this knowledge and with the aim to further our group's position in the world of fine art logistics.
S172(1) (B) “The interests of the group’s employees”
The Directors recognise the direct correlation between the calibre and wellbeing of employees and the success of the business, therefore place great importance on the recruiting, training, retaining and motivating of employees.  As a privately owned business we consider our employees as partners, ensuring that we act as a responsible employer in all areas from pay, benefits, health, safety and workplace environment.  We are committed to promoting and supporting the growth of a diverse and inclusive workforce and when making decisions the Directors consider, where feasible and relevant, the impact on the workforce.
S172(1) (C) “The need to foster the group’s business relationships with suppliers, customers and others”
The strength of our relationship with our customers, suppliers and others is paramount to the success of our business. We actively cultivate, promote and maintain these strong mutually beneficial relationships to ensure delivery of our strategy.  We constantly review partnership to ensures that they high standards of our group are met. 

S172(1) (D) “The impact of the group’s operations on the community and the environment”
The Directors are actively seeking ways to mitigate the group's impact on the environment. We are currently fitting LED lighting within our new premises and retrofitting where possible. All of our fleet are Euro 6 compliant therefore reducing emissions. The majority of waste is recycled or diverted from landfill. Sustainable packing is used, using only FSC approved wood and plywood suppliers, we also offer reusable cases by ROKBOX and all surplus/waste packing materials that can’t be repurposed are recycled. 
 
Page 2

 
GANDER AND WHITE SHIPPING LIMITED
 

Group strategic report (continued)
For the Year Ended 31 December 2023


S172(1) (E) “The desirability of the group maintaining a reputation for high standards of business conduct”
Gander & White Shipping Limited maintains a standards manual, which is constantly reviewed and amended where necessary to ensure that the group's high level of service is maintained and that both our mission statement and code of ethical conduct is clear to all stakeholders. In addition to this we have a diversity and inclusion and Modern Slavery statement and comply with statutory regulations covering Health and Safety, Employment Rights, Equality, Data Protections and Pensions.  All these documents promote the group's ethical business conduct across the organisations.

S172(1) (F) “The need to act fairly as between members of the group”
The Directors take into consideration all relevant factors and the impact on its stakeholders before deciding upon which course of action to take, which would best ensure the delivery of the group strategy, through the long-term.


This report was approved by the board on 27 August 2024 and signed on its behalf.





................................................
O V Howell
Director

Page 3

 
GANDER AND WHITE SHIPPING LIMITED
 
 
 
Directors' report
For the Year Ended 31 December 2023

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

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,627,507 (2022 - £2,414,134).

Details of dividends paid in the year can be found in note 11 to the financial statements.

Directors

The directors who served during the year were:

O V Howell 
P A Cannon 
F A White (Non-executive Director) 

Future developments

The company intends to continue to provide fine art packing, handling, transportation and storage services.

Page 4

 
GANDER AND WHITE SHIPPING LIMITED
 
 
 
Directors' report (continued)
For the Year Ended 31 December 2023

Engagement with suppliers, customers and others

The Board has regard for all its stakeholders including its workforce, customers, suppliers and the wide community and environment in which it operates. Consideration is given to how company activities may impact both current and future stakeholders including impacts on the environment. The Strategic Report provides more detail on stakeholder engagement practice which ensure a sustainable future for the company, its stakeholders and the environment. 

Directors' liability insurance

Qualifying third party indemnity provisions are in force for Directors who held office during the year. 

Branches outside the UK

The group currently has one branch that operates outside the UK, which is based in Paris, France.

Greenhouse gas emissions, energy consumption and energy efficiency action

We have reported on all sources of GHG emissions and energy usage as required under the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. 
Methodology
This report has been compiled in accordance with the required set out in the HM Government document Environmental Reporting Guidelines, including streamlined energy and carbon reporting guidance March 2019 and utilising the UK Government GHC conversion factors for company reporting, June 2019. The above was in conjunction with the ESOS methodology (Energy Savings Opportunity Scheme version 6 October 2019).
To ensure that we achieve and deliver effective emissions control and management, we are utilising recognised and robust methods. Accordingly, whilst no prescribed methodology is detailed in the regulations, we collect the data sets annually, and measure and calculate the company’s carbon footprint using the relevant conversion factors issued by DEFRA (Department for Environment, Food and Rural Affairs)/ BEIS (Department for Business, Energy and Industrial Strategy) in June 2019.
The Group's greenhouse gas emissions and energy consumption are set out below. 


2023
2022

Emissions from combustion of gas (tonnes of CO2e)
162.9
195

Emissions from consumption of fuel (tonnes of CO2e)
774.3
763.4

Emissions from electricity purchased (tonnes of CO2e)
743.3
786.5





Page 5

 
GANDER AND WHITE SHIPPING LIMITED
 
 
 
Directors' report (continued)
For the Year Ended 31 December 2023


2023
2022
Energy consumption of gas (KwH)

414,935

1,074,522
 
Energy consumption of electricity (KwH)

2,221,829

2,367,824
 

2,636,764

3,442,346
 

The Group's intensity ratio (Tonnes CO2e per head count) is 5.8 (2022: 5.7).

Matters covered in the Group strategic report

Disclosures of strategic importance that would usually be contained in the Directors' Report are presented in the Strategic Report.

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 and the Group'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 and the Group's auditor is aware of that information.

Auditor

The auditor, Sayers Butterworth LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 27 August 2024 and signed on its behalf.
 





O V Howell
Director

Page 6

 
GANDER AND WHITE SHIPPING LIMITED
 
 
 
Independent auditor's report to the members of Gander and White Shipping Limited
 

Opinion


We have audited the financial statements of Gander and White Shipping Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity 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 Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's 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 Group 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 Group's or the parent 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 7

 
GANDER AND WHITE SHIPPING LIMITED
 
 
 
Independent auditor's report to the members of Gander and White Shipping Limited (continued)


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 ReportOur 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 Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 Directors' responsibilities statement set out on page 4, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 8

 
GANDER AND WHITE SHIPPING LIMITED
 
 
 
Independent auditor's report to the members of Gander and White Shipping Limited (continued)


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 Group 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:

Discussions were held with, and enquiries made of management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcome of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pension legislation, and distributable profits legislations.
It is considered that non-compliance with the requirements of the Civil Aviation Authority (CAA) and the Department of Transport (DoT) may be fundamental to the operating aspects of the business.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; review the results of the latest inspections and audits from the regulating bosies; enquiries with management concerning any actual or potential litigation or claims; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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 9

 
GANDER AND WHITE SHIPPING LIMITED
 
 
 
Independent auditor's report to the members of Gander and White Shipping Limited (continued)


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.





Hannah Clegg (Senior statutory auditor)
  
for and on behalf of
Sayers Butterworth LLP
 
Chartered Accountants & Statutory Auditor
  
3rd Floor
12 Gough Square
London
EC4A 3DW

3 September 2024
Page 10

 
GANDER AND WHITE SHIPPING LIMITED
 
 
Consolidated statement of comprehensive income
For the Year Ended 31 December 2023

2023
2022
Note
£
£

  

Turnover
 4 
53,082,279
52,359,391

Cost of sales
  
(28,339,878)
(28,614,324)

Gross profit
  
24,742,401
23,745,067

Distribution costs
  
(8,487,636)
(7,146,506)

Administrative expenses
  
(14,535,667)
(13,613,385)

Operating profit
 5 
1,719,098
2,985,176

Share of profit of associates
  
270,979
348,575

Total operating profit
  
1,990,077
3,333,751

Interest receivable and similar income
 9 
365,969
47,322

Interest payable and similar expenses
  
(12,389)
(2,119)

Profit before taxation
  
2,343,657
3,378,954

Tax on profit
 10 
(716,150)
(964,820)

Profit for the financial year
  
1,627,507
2,414,134

  

Other comprehensive income
  
(268,760)
1,326,856

Other comprehensive income for the year
  
(268,760)
1,326,856

Total comprehensive income for the year
  
1,358,747
3,740,990

Profit for the year attributable to:
  

Owners of the parent Company
  
1,627,507
2,414,134

  
1,627,507
2,414,134

Total comprehensive income for the year attributable to:
  

Owners of the parent Company
  
1,358,747
3,740,990

  
1,358,747
3,740,990

The notes on pages 21 to 45 form part of these financial statements.

Page 11

 
GANDER AND WHITE SHIPPING LIMITED
Registered number: 00379962

Consolidated balance sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 12 
1,039,935
815,585

Tangible assets
 13 
3,427,948
2,850,548

Investments
 14 
385,168
362,939

  
4,853,051
4,029,072

Current assets
  

Stocks
 15 
6,524
8,223

Debtors: amounts falling due after more than one year
 16 
91,044
-

Debtors: amounts falling due within one year
 16 
8,461,670
8,164,292

Cash at bank and in hand
 17 
15,910,507
16,132,799

  
24,469,745
24,305,314

Creditors: amounts falling due within one year
 18 
(5,943,925)
(6,572,032)

Net current assets
  
 
 
18,525,820
 
 
17,733,282

Total assets less current liabilities
  
23,378,871
21,762,354

Creditors: amounts falling due after more than one year
 19 
(789,214)
(419,957)

Provisions for liabilities
  

Deferred taxation
 21 
(418,331)
(279,818)

  
 
 
(418,331)
 
 
(279,818)

Net assets excluding pension asset
  
22,171,326
21,062,579

Net assets
  
22,171,326
21,062,579


Capital and reserves
  

Called up share capital 
 22 
15,000
15,000

Profit and loss account
  
22,156,326
21,047,579

Equity attributable to owners of the parent Company
  
22,171,326
21,062,579

  
22,171,326
21,062,579


Page 12

 
GANDER AND WHITE SHIPPING LIMITED
Registered number: 00379962
    
Consolidated balance sheet (continued)
As at 31 December 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 August 2024.




................................................
O V Howell
Director

The notes on pages 21 to 45 form part of these financial statements.

Page 13

 
GANDER AND WHITE SHIPPING LIMITED
Registered number: 00379962

Company balance sheet
As at 31 December 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 12 
12,159
14,370

Tangible assets
 13 
1,080,716
955,533

Investments
 14 
1,261,496
1,260,246

  
2,354,371
2,230,149

Current assets
  

Stocks
 15 
6,524
8,223

Debtors: amounts falling due after more than one year
 16 
91,044
-

Debtors: amounts falling due within one year
 16 
2,893,919
2,933,549

Cash at bank and in hand
 17 
9,693,586
8,935,434

  
12,685,073
11,877,206

Creditors: amounts falling due within one year
 18 
(3,577,135)
(3,491,152)

Net current assets
  
 
 
9,107,938
 
 
8,386,054

Total assets less current liabilities
  
11,462,309
10,616,203

  

Creditors: amounts falling due after more than one year
 19 
(388,424)
(292,848)

  

Net assets excluding pension asset
  
11,073,885
10,323,355

Net assets
  
11,073,885
10,323,355


Capital and reserves
  

Called up share capital 
 22 
15,000
15,000

Profit and loss account brought forward
  
10,308,355
9,047,633

Profit for the year
  
746,035
1,135,702

Other changes in the profit and loss account

  

4,495
125,020

Profit and loss account carried forward
  
11,058,885
10,308,355

  
11,073,885
10,323,355


Page 14

 
GANDER AND WHITE SHIPPING LIMITED
Registered number: 00379962
    
Company balance sheet (continued)
As at 31 December 2023

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in the financial statements. The profit after tax of the parent company for the year was £746,035 (2022: £1,135,702).
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 August 2024.


................................................
O V Howell
Director

The notes on pages 21 to 45 form part of these financial statements.

Page 15

 
GANDER AND WHITE SHIPPING LIMITED
 

Consolidated statement of changes in equity
For the Year Ended 31 December 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
15,000
21,047,579
21,062,579


Comprehensive income for the year

Profit for the year
-
1,627,507
1,627,507

Exchange differences on translation of foreign operations
-
(268,760)
(268,760)
Total comprehensive income for the year
-
1,358,747
1,358,747

Dividends: Equity capital
-
(250,000)
(250,000)


At 31 December 2023
15,000
22,156,326
22,171,326


The notes on pages 21 to 45 form part of these financial statements.


Consolidated statement of changes in equity
For the Year Ended 31 December 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
15,000
17,556,589
17,571,589


Comprehensive income for the year

Profit for the year
-
2,414,134
2,414,134

Exchange differences on translation of foreign operations
-
1,326,856
1,326,856
Total comprehensive income for the year
-
3,740,990
3,740,990

Dividends: Equity capital
-
(250,000)
(250,000)


At 31 December 2022
15,000
21,047,579
21,062,579


The notes on pages 21 to 45 form part of these financial statements.

Page 16

 
GANDER AND WHITE SHIPPING LIMITED
 

Company statement of changes in equity
For the Year Ended 31 December 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
15,000
10,308,355
10,323,355


Comprehensive income for the year

Profit for the year
-
746,035
746,035

Exchange differences on translation of foreign operations
-
254,495
254,495
Total comprehensive income for the year
-
1,000,530
1,000,530

Dividends: Equity capital
-
(250,000)
(250,000)


At 31 December 2023
15,000
11,058,885
11,073,885


The notes on pages 21 to 45 form part of these financial statements.


Company statement of changes in equity
For the Year Ended 31 December 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
15,000
9,047,633
9,062,633


Comprehensive income for the year

Profit for the year
-
1,135,702
1,135,702

Exchange differences on translation of foreign operations
-
375,020
375,020
Total comprehensive income for the year
-
1,510,722
1,510,722

Dividends: Equity capital
-
(250,000)
(250,000)


At 31 December 2022
15,000
10,308,355
10,323,355


The notes on pages 21 to 45 form part of these financial statements.

Page 17

 
GANDER AND WHITE SHIPPING LIMITED
 

Consolidated statement of cash flows
For the Year Ended 31 December 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
1,627,507
2,414,134

Adjustments for:

Amortisation of intangible assets
3,157
-

Depreciation of tangible assets
713,903
811,661

(Profit)/loss on disposal of tangible assets
(4,904)
6,822

Interest paid
12,389
2,119

Interest received
(365,969)
(47,322)

Taxation charge
716,150
964,820

Decrease/(increase) in stocks
1,699
(2,754)

(Increase) in debtors
(227,156)
(979,760)

Increase in creditors
115,347
1,329,504

Share of operating (profit) in associates
(270,979)
(348,575)

Corporation tax (paid)
(1,113,100)
(446,086)

Foreign exchange differences on translation of foreign operations
(268,760)
1,326,856

Net cash generated from operating activities

939,284
5,031,419


Cash flows from investing activities

Purchase of intangible fixed assets
(227,507)
(815,585)

Purchase of tangible fixed assets
(1,291,303)
(473,659)

Sale of tangible fixed assets
4,904
-

Purchase of unlisted and other investments
(1,250)
-

Interest received
365,969
47,322

Dividends received
250,000
250,000

Net cash from investing activities

(899,187)
(991,922)

Cash flows from financing activities

Dividends paid
(250,000)
(250,000)

Interest paid
(12,389)
(2,119)

Net cash used in financing activities
(262,389)
(252,119)

Net (decrease)/increase in cash and cash equivalents
(222,292)
3,787,378

Cash and cash equivalents at beginning of year
16,132,799
12,345,421

Cash and cash equivalents at the end of year
15,910,507
16,132,799

Page 18

 
GANDER AND WHITE SHIPPING LIMITED
 

Consolidated statement of cash flows (continued)
For the Year Ended 31 December 2023


2023
2022

£
£


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
15,910,507
16,132,799

15,910,507
16,132,799


Page 19

 
GANDER AND WHITE SHIPPING LIMITED
 

Consolidated Analysis of Net Funds
For the Year Ended 31 December 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

16,132,799

(222,292)

15,910,507


16,132,799
(222,292)
15,910,507

The notes on pages 21 to 45 form part of these financial statements.

Page 20

 
GANDER AND WHITE SHIPPING LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

1.


General information

Gander and White Shipping Limited is a private limited company incorporated and domiciled in England and Wales. The company's registered office and principal place of business is Unit 1, St Martin's Way, Wimbledon, London, SW17 0JH. 
The principal activity of both the company and group is that of fine art packing, handling, transportation and storage 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 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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

Only one reconciliation of the number of shares outstanding at the beginning and end of the year has been presented as the reconciliations for the group and the parent company would be identical.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements incorporate the financial statements of the company and all group undertakings ("the group") as they formed a single entity. These are adjusted, where appropriate, to conform to group accounting policies. As a consolidated profit and loss account is published, a separate profit and loss accounts for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.
Subsidiaries are consolidated from the date of their acquisition, being the date on which the group obtains control and continue to be consolidated until the date that such control ceases. Control comprises the power to govern the financial and operating policies of the investee so as to obtain benefit from its activities. Where there is a change in shareholding, but no change in control during the year, this is reflected in the non-controlling interest at the year end on the balance sheet.
The consolidated financial statements incorporate the results of subsidiaries and business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

Page 21

 
GANDER AND WHITE SHIPPING LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.3

Associates

An entity is treated as an associated entity where the group has a participating interest and exercises significant influence over its operating and financial policy decisions.
In the group accounts, interest in associated undertakings are accounted for using the equity method of accounting. The consolidated statement of comprehensive income includes the group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings based on audited financial statements. In the consolidated balance sheet, the interests in associated undertakings are shown as the group's share of the identifiable net assets.

 
2.4

Going concern

The group meets its day-to-day working capital requirements through its bank facilities and all of the group's forecasts and projections show that the group is able to operate within these facilities. After making the necessary enquiries, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. On this basis, the group continues to adopt the going concern basis in preparing its financial statements.

 
2.5

Turnover

Turnover relates to the sale of packing, handling, transportation and storage services. Turnover is recognised when the service is provided, with the exception of storage services, which are recognised over the period in which the services relate.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.

 
2.6

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the Group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Consolidated statement of comprehensive income over its useful economic life.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Computer Software
Computer software is stated at historical cost less accumulated amortisation. Amortisation is not recognised until the software is brought into operation. Amortisation is recognised over the useful economic life of the software.
Software license - 3 years straight line
ERP system - not yet in use

Page 22

 
GANDER AND WHITE SHIPPING LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.7

Tangible fixed assets and depreciation

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.

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.

Depreciation is provided on the following basis:

Warehouse improvements
-
Over the life of the lease
Warehouse plant and machinery
-
20% straight line
Office furniture and equipment
-
20% straight line
Motor vehicles
-
20% straight line

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.

 
2.8

Investments

Investments in associates and subsidiary undertakings are carried in the company balance sheet at cost less provision for impairment.

 
2.9

Stocks

Stocks are valued at selling price less selling costs, after making due allowance for obsolete and slow moving items.

 
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.

 
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.

Page 23

 
GANDER AND WHITE SHIPPING LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.12

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Page 24

 
GANDER AND WHITE SHIPPING LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

 
2.13

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.

  
2.14

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.

Page 25

 
GANDER AND WHITE SHIPPING LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.15

Foreign currency translation

The company's functional and presentational currency is GBP.
On consolidation the results of group companies are translated into sterling using the average rate for the year. All assets and liabilities of group companies are translated at the rate ruling at the reporting date. Exchange differences arising on the retranslation of opening net assets at opening rate, and the results of the group companies at average rate, are recognised in other comprehensive income.
Transactions and balances 
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At the 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.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'administrative expenses'.

 
2.16

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.

 
2.17

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.

 
2.18

Operating leases

Rentals under operating leases are charged to the Consolidated statement of comprehensive income on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

Page 26

 
GANDER AND WHITE SHIPPING LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.19

Leasing and hire purchase

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.20

Pensions

The group operates a defined contribution pension scheme. The assets of the scheme are held separately to those of the group. The pension charge represents the amounts payable by the group to the scheme in respect of the year.

 
2.21

Interest income

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

 
2.22

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 27

 
GANDER AND WHITE SHIPPING LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.23

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 and the Group operate and generate 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

Page 28

 
GANDER AND WHITE SHIPPING LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
(a) Critical judgments in applying the entity's accounting policies
(i) Amounts recoverable on long-term contracts
Revenue from on-going contracts is assessed on an individual basis, with reference to the date of the work carried out, the milestones of the contract, and a review of the amounts invoiced to date.
(ii) Leases
When determining whether leases entered into by the group are operating leases or finance leases the directors consider whether the risks and rewards of ownership have been transferred to the group on a lease by lease basis.
(b) Critical accounting estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
(i) Depreciation of fixed assets
Depreciation is provided at rates calculated to write off the cost of fixed assets less their estimated residual value, over their expected useful lives.
(iii) Bad debt provision
The company makes an estimate of the recoverable value of trade and other debtors. In making this assessment the directors consider the age profiling of the debtor, historical experience and prevailing economic conditions. 


4.


Turnover

The turnover and profit before tax are attributable to the one principal activity of the group, being that of fine art packing, handling, transportation and storage services.
In the opinion of the directors, it would be prejudicial to the group's interest to disclose an analysis of turnover by geographical market.

Page 29

 
GANDER AND WHITE SHIPPING LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

5.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
713,903
811,654

Exchange differences
(135,306)
(441,740)

Other operating lease rentals
6,524,503
5,032,097

Defined contribution pension cost
68,503
64,689


6.


Auditor's remuneration

During the year, the Group obtained the following services from the Company's auditor and its associates:


2023
2022
£
£

Fees payable to the Group's auditor for the audit of the Group's annual accounts
40,000
36,000

Fees payable to the Company's auditor and its associates in respect of:

Taxation compliance services
18,050
18,150

Page 30

 
GANDER AND WHITE SHIPPING LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

7.


Employees

Staff costs, including directors' remuneration, were as follows


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
21,235,537
21,226,415
4,743,021
4,904,384

Social security costs
1,462,265
1,427,881
482,690
499,960

Other pension costs
68,503
64,689
68,503
64,689

22,766,305
22,718,985
5,294,214
5,469,033

Key management personnel includes the directors and those who have authority and responsibility for planning, directing and controlling the activities of the group. Total compensation paid to key management personnel for services provided to the group was £1,607,850. In the prior year, only the directors were considered to be key management personnel of the group. 

The average monthly number of employees, including the directors, during the year was as follows:


2023
2022
No.
No.



Number of warehouse staff
212
186

Number of office staff
119
109

331
295


8.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
1,368,831
1,934,332

1,368,831
1,934,332


The highest paid director received remuneration of £1,088,406 (2022 - £1,452,224).

Page 31

 
GANDER AND WHITE SHIPPING LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

9.


Interest receivable

2023
2022
£
£


Bank interest receivable
365,969
47,322

365,969
47,322


10.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
141,369
171,763

Adjustments in respect of previous periods
11,620
-


152,989
171,763

Foreign tax


Foreign tax on income for the year
437,892
657,134

Foreign tax in respect of prior periods
(13,244)
30,045

424,648
687,179

Total current tax
577,637
858,942

Deferred tax


Origination and reversal of timing differences
138,513
105,878

Total deferred tax
138,513
105,878


Taxation on profit on ordinary activities
716,150
964,820
Page 32

 
GANDER AND WHITE SHIPPING LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
2,343,657
3,378,954


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
550,759
642,001

Effects of:


Disallowable items
3,769
3,000

Depreciation for year in excess of capital allowances
-
42,513

Capital allowances for year in excess of depreciation
(9,029)
-

Differences in rate of tax - Subsidiary/Branch
38,697
116,640

Differences in rate of tax - Associate
(63,736)
(66,229)

Adjustments to tax charge in respect of prior periods
(1,624)
30,045

Irreclaimable foreign tax
-
43,472

Taxable dividend income
58,801
47,500

Deferred tax movement
138,513
105,878

Total tax charge for the year
716,150
964,820

From 1 April 2023, the corporation tax rate increased from 19% to 25%, giving an effective rate of 23.5% for the year.


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Dividends

2023
2022
£
£


Dividends paid on equity capital
250,000
250,000

250,000
250,000

On 9 May 2024, the company paid a dividend amounting to £250,000.

Page 33

 
GANDER AND WHITE SHIPPING LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

12.


Intangible assets

Group





Computer software
Goodwill
Total

£
£
£



Cost


At 1 January 2023
801,215
14,370
815,585


Additions
227,507
-
227,507



At 31 December 2023

1,028,722
14,370
1,043,092



Amortisation


Charge for the year
283
2,874
3,157



At 31 December 2023

283
2,874
3,157



Net book value



At 31 December 2023
1,028,439
11,496
1,039,935



At 31 December 2022
801,215
14,370
815,585



Page 34

 
GANDER AND WHITE SHIPPING LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023
 
           12.Intangible assets (continued)

Company




Computer software
Goodwill
Total

£
£
£



Cost


At 1 January 2023
-
14,370
14,370


Additions
946
-
946



At 31 December 2023

946
14,370
15,316



Amortisation


Charge for the year
283
2,874
3,157



At 31 December 2023

283
2,874
3,157



Net book value



At 31 December 2023
663
11,496
12,159



At 31 December 2022
-
14,370
14,370

Page 35

 
GANDER AND WHITE SHIPPING LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

13.


Tangible fixed assets

Group






Warehouse improvements
Warehouse plant & machinery
Motor vehicles
Office furniture & equipment

£
£
£
£



Cost or valuation


At 1 January 2023
5,002,086
3,998,854
519,404
1,219,175


Additions
609,596
144,387
526,521
10,799


Disposals
(11,518)
(1,872)
(28,697)
(9,817)



At 31 December 2023

5,600,164
4,141,369
1,017,228
1,220,157



Depreciation


At 1 January 2023
2,653,119
3,760,246
378,943
1,096,663


Charge for the year
396,941
171,879
88,998
56,085


Disposals
(11,518)
(1,872)
(28,697)
(9,817)



At 31 December 2023

3,038,542
3,930,253
439,244
1,142,931



Net book value



At 31 December 2023
2,561,622
211,116
577,984
77,226



At 31 December 2022
2,348,967
238,608
140,461
122,512
Page 36

 
GANDER AND WHITE SHIPPING LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

           13.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 January 2023
10,739,519


Additions
1,291,303


Disposals
(51,904)



At 31 December 2023

11,978,918



Depreciation


At 1 January 2023
7,888,971


Charge for the year
713,903


Disposals
(51,904)



At 31 December 2023

8,550,970



Net book value



At 31 December 2023
3,427,948



At 31 December 2022
2,850,548


Page 37

 
GANDER AND WHITE SHIPPING LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

           13.Tangible fixed assets (continued)


Company






Warehouse improvements
Warehouse plant & machinery
Motor vehicles
Office furniture & equipment

£
£
£
£

Cost or valuation


At 1 January 2023
1,789,163
2,493,917
232,348
272,234


Additions
128,980
105,490
55,371
10,799


Disposals
(11,518)
(1,872)
-
(9,817)



At 31 December 2023

1,906,625
2,597,535
287,719
273,216



Depreciation


At 1 January 2023
966,585
2,488,101
144,243
233,200


Charge for the year
101,935
22,053
26,095
25,374


Disposals
(11,518)
(1,872)
-
(9,817)



At 31 December 2023

1,057,002
2,508,282
170,338
248,757



Net book value



At 31 December 2023
849,623
89,253
117,381
24,459



At 31 December 2022
822,578
5,816
88,105
39,034
Page 38

 
GANDER AND WHITE SHIPPING LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

           13.Tangible fixed assets (continued)


Total

£

Cost or valuation


At 1 January 2023
4,787,662


Additions
300,640


Disposals
(23,207)



At 31 December 2023

5,065,095



Depreciation


At 1 January 2023
3,832,129


Charge for the year
175,457


Disposals
(23,207)



At 31 December 2023

3,984,379



Net book value



At 31 December 2023
1,080,716



At 31 December 2022
955,533






Page 39

 
GANDER AND WHITE SHIPPING LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

14.


Fixed asset investments

Group





Investments in associates
Unlisted investments
Total

£
£
£



Cost or valuation


At 1 January 2023
362,939
-
362,939


Additions
-
1,250
1,250


Share of dividends
(250,000)
-
(250,000)


Share of profit
270,979
-
270,979



At 31 December 2023
383,918
1,250
385,168




Company





Investments in subsidiary companies
Investments in associates
Unlisted investments
Total

£
£
£
£



Cost or valuation


At 1 January 2023
1,260,000
246
-
1,260,246


Additions
-
-
1,250
1,250



At 31 December 2023
1,260,000
246
1,250
1,261,496





Investment in associate
The investment in associate represents the parent company's 50% shareholding of preferred shares of $1 each in R&Q Quest (SAC) Limited, a company incorporated in Bermuda. The principal activity of the company is arranging insurance. The group's share of the associate's profit and net assets at the Balance sheet date was as follows:




Page 40

 
GANDER AND WHITE SHIPPING LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

2023
2022
£
£



Share of profit

270,979
348,575



Share of assets:  Current assets
544,718
407,381

Share of liabilities:
Due within one year or less
(160,800)
(44,442)

Share of net assets
383,918
362,939

15.


Stocks

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Raw materials and consumables
6,524
8,223
6,524
8,223

6,524
8,223
6,524
8,223



16.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due after more than one year

Other debtors
91,044
-
91,044
-

91,044
-
91,044
-


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due within one year

Trade debtors
5,830,243
6,366,544
1,822,143
1,874,158

Amounts owed by group undertakings
-
-
153,773
304,782

Other debtors
769,079
642,009
313,463
233,890

Prepayments and accrued income
1,781,246
1,048,557
566,389
472,419

Amounts recoverable on long-term contracts
81,102
107,182
38,151
48,300

8,461,670
8,164,292
2,893,919
2,933,549


Page 41

 
GANDER AND WHITE SHIPPING LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

17.


Cash and cash equivalents

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
15,910,507
16,132,799
9,693,586
8,935,434

15,910,507
16,132,799
9,693,586
8,935,434



18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Payments received on account
322,852
558,862
191,660
238,209

Trade creditors
2,218,054
2,199,197
1,087,898
1,260,669

Amounts owed to group undertakings
-
-
161,872
-

Corporation tax
34,944
409,141
34,944
283,211

Other taxation and social security
338,684
301,769
338,684
301,768

Other creditors
124,535
185,706
69,590
76,315

Accruals and deferred income
2,904,856
2,917,357
1,692,487
1,330,980

5,943,925
6,572,032
3,577,135
3,491,152



19.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Accruals and deferred income
789,214
419,957
388,424
292,848

789,214
419,957
388,424
292,848




Page 42

 
GANDER AND WHITE SHIPPING LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

20.


Financial instruments

Group
Group
2023
2022
£
£

Financial assets

Financial assets that are debt instruments measured at amortised cost
22,269,874
23,117,446


Financial liabilities

Financial liabilities measured at amortised cost
(5,983,188)
(5,667,686)


21.


Deferred taxation


Group



2023
2022


£

£






At beginning of year
(279,818)
(173,940)


Charged to profit or loss
(138,513)
(105,878)



At end of year
(418,331)
(279,818)







The provision for deferred taxation is made up as follows:

Group
Group
2023
2022
£
£

Capital allowances
(418,331)
(279,818)

(418,331)
(279,818)


22.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



15,000 (2022 - 15,000) Ordinary shares of £1.00 each
15,000
15,000


Page 43

 
GANDER AND WHITE SHIPPING LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

23.


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. Contributions totalling £22,292 (2022: £18,738) were payable to the fund at the balance sheet date and are included in creditors. 


24.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Land and buildings

Not later than 1 year
5,588,522
4,525,887
2,091,540
1,469,145

Later than 1 year and not later than 5 years
19,948,228
16,012,765
7,829,426
4,597,649

Later than 5 years
20,472,681
12,196,232
5,400,815
3,612,286

46,009,431
32,734,884
15,321,781
9,679,080



Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Other

Not later than 1 year
646,039
485,193
197,966
6,639

Later than 1 year and not later than 5 years
1,621,080
709,831
442,736
94,541

Later than 5 years
362,487
6,854
158,739
-

2,629,606
1,201,878
799,441
101,180

Page 44

 
GANDER AND WHITE SHIPPING LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 December 2023

25.


Related party transactions

The company has adopted the exemption permitted by paragraph 33.1A of FRS102 and has not disclosed transactions with other group members, which are wholly owned subsidiaries.

2023
2022
£
£



Services received from entities under common control
1,001,420
938,990

Services received from entities with a common director
892,139
994,777

Dividends received from entities under common control
250,000
250,000

Dividends paid to significant shareholders
150,000
150,000

Dividends paid to directors
50,000
50,000


26.


Controlling party

During the current and previous year the group was under the control of P F A White.

 
Page 45