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Registered number: 01406798
















T.H. WHITE, INSTALLATION, LIMITED




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

































T.H. WHITE, INSTALLATION, LIMITED

 
COMPANY INFORMATION


DIRECTORS
M P Hatton, B.Eng. (Hons) 
A D Scott, M.Eng., M.I.E.T. 
J Fowler (appointed 1 April 2024)
K G Ash (appointed 3 January 2023)
A Park C.Eng MIMechE (appointed 2 February 2023)




COMPANY SECRETARY
L M Earle



REGISTERED NUMBER
01406798



REGISTERED OFFICE
Nursteed Road

Devizes

Wiltshire

SN10 3EA




INDEPENDENT AUDITORS
Bishop Fleming LLP
Chartered Accountants & Statutory Auditors

10 Temple Back

Bristol

BS1 6FL




BANKERS
HSBC UK Bank PLC
62 George White Street

Broadmead

Bristol

BS1 3BA




SOLICITORS
Wansbroughs Solicitors
Northgate House

Northgate Street

Devizes

SN10 1JX






T.H. WHITE, INSTALLATION, LIMITED


CONTENTS



Page
Strategic report
 
1 - 3
Directors' report
 
4 - 5
Independent auditors' report
 
6 - 9
Statement of comprehensive income
 
10
Statement of financial position
 
11
Statement of changes in equity
 
12
Notes to the financial statements
 
13 - 25


T.H. WHITE, INSTALLATION, LIMITED

 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

INTRODUCTION
 
The directors present the strategic report and financial statements for the year ended 2023.
The company is one of the UK's largest independent specialists in the design and construction of facilities for the agricultural grain storage, malting, animal feed and food industries. It is also involved in the design, supply and installation of energy, fire and security systems. The company is based in Devizes and is a key part of the T.H. White Group (the 'Group') formed in 1832.
The Group’s purpose is to help customers get the best from innovation to support livelihoods for generations. Its activities are based around its engineering services capabilities with a major presence in the machinery markets of agriculture, professional groundcare, construction, lorry loader cranes, construction cranes and forestry cranes. Additionally, the Group designs and project manages the construction of grain stores, grain processing plants and dairy parlours. It also has a specialist electrical, fire and security design and installation division. Whilst it is based in Devizes, it has offices, workshops and parts stores in locations throughout the United Kingdom, as well as an increasing number of mobile service technicians.
The Group has over thirty franchise machinery partners, which include Palfinger, New Holland, Case IH, Manitou, Kuhn, DeLaval, Develon (formally Doosan), Ransomes-Jacobsen, Iseki, Ferris and Jensen.

BUSINESS REVIEW
 
The Company’s performance was positive in 2023, even with the machinery and capital equipment markets have slowed down compared to prior years, primarily because of a steady rise in UK interest rates that peaked in August 2023 and remained at a sixteen year high for the balance of the year.
The Company has been successful in maintaining the substantial order book with all the challenges in the year going into 2024.
In the year, the Group continued its banking facilities with HSBC bank, giving the company flexibility and responsiveness.
The outlook for 2024 appears to be further softening of the markets, in particular agriculture, with continuing challenges of interest costs, changes to subsidies and wet weather. The labour market, wage inflation and OEM lead times are not expected to be as much of a concern as they have been in 2023.

PRINCIPAL RISKS AND UNCERTAINTIES
 
Risk Management
The Company provides a range of business-critical products and services to a range of customers across a diversified range of industrial sectors. The directors regularly monitor and re-evaluate the risks faced to ensure that the approach is appropriate.
The principal risks and uncertainties within the group are as follows:
Market risk
The Company's market demand is affected by economic cycles, sector specific factors (such as commodity prices for farmers) and, for some of its businesses, government subsidies. By operating in a diverse set of businesses the Company is able to mitigate the risk of severe drops in demand in any one market. It also seeks to maintain a strong balance sheet and take a long-term view in building customer and supplier relationships, both of which help it cope with short-term risks.
Credit risk
The company allows normal trade terms to customers but has in place a series of controls to ensure that the level of exposure or risk is carefully monitored.
 
Page 1


T.H. WHITE, INSTALLATION, LIMITED


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Liquidity risk
The Group operates a consolidated banking facility operating across all subsidiary companies. By virtue of its strong balance sheet and historical trading results the Group has access to significant bank and supplier stocking facilities that can be used to mitigate working capital fluctuations.
The level of working capital is closely monitored and controlled across all the Group and normal demands are covered by the overdraft facility. Longer term investments are typically funded with an element of long-term debt linked to SONIA and secured on property.
Foreign exchange risk
The company will quote Sterling prices to customers for items purchased from overseas suppliers and therefore carries a level of foreign exchange exposure. In order to mitigate this risk, the Company purchased forward contracts to protect against short-term fluctuations.
P
eople
As with all business, the Company’s performance is dependent upon its employees, particularly for the sales and aftersales activities, as well as the management and leadership functions. The Company mitigates the risk of attrition by careful recruitment activities, good leadership practices, appropriate policies and management systems as well as an appropriately resourced HR team. Long-term succession planning reviews are carried out annually.
Franchise partners
The Company operates with a number of key franchise partners on both a formal and informal basis. The Company’s continued success remains dependent upon the ongoing development of their product range and retaining good supplier relationships. The Company seeks to work closely with all its key franchise partners in order to understand and influence their plans as appropriate.

FINANCIAL KEY PERFORMANCE INDICATORS
 
The Company’s key financial performance indicators during the year were as follows:


2023
£'000
2022
£'000
Turnover
22,646
27,222
Gross Profit
4,488
3,857
Profit before taxation
482
318
Shareholders Equity
1,509
1,106
Return on Capital Employed
31.9%
28.7%
Number of Employees
89
86


OTHER KEY PERFORMANCE INDICATORS
 
The Company operates a number of KPI measures specific to each trading division but focused on operational performance, profitability and cash generation. These are reported monthly.
 
Page 2


T.H. WHITE, INSTALLATION, LIMITED


STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


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




A D Scott, M.Eng., M.I.E.T.
Director

Date: 5 July 2024
Page 3


T.H. WHITE, INSTALLATION, 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 Strategic report, 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 judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and 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.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £403,406 (2022: £357,577).

In the year, no dividends were recommended or paid (2022: £Nil).

DIRECTORS

The directors who served during the year were:

M I Edwards, F.C.A. (resigned 31 March 2024)
M P Hatton, B.Eng. (Hons) 
A D Scott, M.Eng., M.I.E.T. 
K G Ash (appointed 3 January 2023)
A Park C.Eng MIMechE (appointed 2 February 2023)

FUTURE DEVELOPMENTS

The company will continue the strategy of broadening both the customer base and the markets served.

DISCLOSURE OF INFORMATION TO AUDITORS

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 auditors are 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 auditors are aware of that information

Page 4


T.H. WHITE, INSTALLATION, LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
POST BALANCE SHEET EVENTS

There have been no significant events affecting the Company since the year end.

AUDITORS

The auditorsBishop Fleming LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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






A D Scott, M.Eng., M.I.E.T.
Director

Date: 5 July 2024

Nursteed Road
Devizes
Wiltshire
SN10 3EA
Page 5


T.H. WHITE, INSTALLATION, LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF T.H. WHITE, INSTALLATION, LIMITED
OPINION


We have audited the financial statements of T.H. White, Installation, Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Statement of financial position, the 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 Company's affairs as at 31 December 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.


OTHER INFORMATION


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' 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.


Page 6


T.H. WHITE, INSTALLATION, LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF T.H. WHITE, INSTALLATION, LIMITED (CONTINUED)

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 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 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 Company and its environment obtained in the course of the audit, we have not identified material misstatements in the 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the 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 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 7


T.H. WHITE, INSTALLATION, LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF T.H. WHITE, INSTALLATION, LIMITED (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we have considered the following: 
 
The nature of the industry and sector, control environment and business performance;
Results of our enquires of management and directors in relation to their own identification and assessment of the risks of irregularities within the Company; and
any matters we identified having obtained and reviewed the Company’s documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or noncompliance with laws and regulations. 

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest areas of risk to be in relation to revenue recognition to long term construction contracts. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.
We have also obtained an understanding of the legal and regulatory frameworks that the group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures within the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and UK tax legislation. In addition we considered provision of other laws and regulations that do not have a direct effect on the financial statements but compliance with may be fundamental for the Company’s ability to operate or avoid a material penalty. These included health and safety regulations, employment legislation and data protection laws. 
Our audit procedures performed to respond to the risks identified included, but were not limited to:
 
Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
Reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
Challenging assumptions and judgments made by management in their significant accounting estimates;
Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
Reviewing board minutes; and
Identifying and testing journal entries, evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud. 

 
Page 8


T.H. WHITE, INSTALLATION, LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF T.H. WHITE, INSTALLATION, LIMITED (CONTINUED)

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 


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 Auditors' report.


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 Auditors' 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 Morrison FCA (Senior statutory auditor)
for and on behalf of
Bishop Fleming LLP
Chartered Accountants
Statutory Auditors
10 Temple Back
Bristol
BS1 6FL

12 July 2024
Page 9


T.H. WHITE, INSTALLATION, LIMITED

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
22,646,089
27,222,707

Cost of sales
  
(18,158,116)
(23,365,677)

GROSS PROFIT
  
4,487,973
3,857,030

Administrative expenses
  
(4,005,816)
(3,539,377)

OPERATING PROFIT
 5 
482,157
317,653

Tax on profit
 9 
(78,751)
39,924

PROFIT FOR THE FINANCIAL YEAR
  
403,406
357,577

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 13 to 25 form part of these financial statements.
Page 10


T.H. WHITE, INSTALLATION, LIMITED
REGISTERED NUMBER:01406798

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Tangible assets
 10 
333,137
359,165

  
333,137
359,165

CURRENT ASSETS
  

Stocks
 11 
392,684
604,977

Debtors: amounts falling due within one year
 12 
16,906,709
19,953,883

Cash at bank and in hand
 13 
19,647
13,944

  
17,319,040
20,572,804

Creditors: amounts falling due within one year
 14 
(16,137,495)
(19,825,247)

NET CURRENT ASSETS
  
 
 
1,181,545
 
 
747,557

TOTAL ASSETS LESS CURRENT LIABILITIES
  
1,514,682
1,106,722

PROVISIONS FOR LIABILITIES
  

Deferred tax
 15 
(5,552)
(998)

  
 
 
(5,552)
 
 
(998)

NET ASSETS
  
1,509,130
1,105,724


CAPITAL AND RESERVES
  

Called up share capital 
 16 
100,100
100,100

Share premium account
 17 
900,000
900,000

Profit and loss account
 17 
509,030
105,624

  
1,509,130
1,105,724


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





A D Scott, M.Eng., M.I.E.T.
J Fowler
Director
Director


Date: 5 July 2024

The notes on pages 13 to 25 form part of these financial statements.
Page 11


T.H. WHITE, INSTALLATION, LIMITED


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
100,100
900,000
(251,953)
748,147



Profit for the year
-
-
357,577
357,577



At 1 January 2023
100,100
900,000
105,624
1,105,724



Profit for the year
-
-
403,406
403,406


AT 31 DECEMBER 2023
100,100
900,000
509,030
1,509,130


The notes on pages 13 to 25 form part of these financial statements.
Page 12


T.H. WHITE, INSTALLATION, LIMITED

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

1.


GENERAL INFORMATION

T.H. White, Installation, Limited is a limited company incorporated in England and Wales. Its Registered office is Nursteed Road, Devizes, Wiltshire, SN10 3EA.

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 management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of T. H. White Holdings Limited as at 31 December 2023 and these financial statements may be obtained from Companies House.

 
2.3

GOING CONCERN

These accounts have been prepared on a going concern basis which the directors believe to be appropriate. As in previous years the Directors remain focused on liquidity management, through diligent cash controls, cash flow forecasting and working with the Operational Divisions to ensure the Return on Capital Employed Objectives (ROCE) are met. We have remained within the facility provided by the Bank following on from the move to HSBC in the previous financial year. 
The supply chain issues faced in the previous years have lessened, however the unwinding of this has impacted the high levels of stock being held at the end of the year. Further measures and controls have been put into place for 2024 to manage this going forward and current forecasts show this will reduce to a more normal level during the year and in turn normalise our Working Capital. 
Therefore, the Directors continue to adopt the going concern basis whilst preparing the annual reports and accounts for the financial year ending 31st December 2023. 

Page 13


T.H. WHITE, INSTALLATION, LIMITED

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

2.ACCOUNTING POLICIES (continued)

  
2.4

REVENUE

Turnover is stated net of value added tax and trade discounts. Turnover from the sale of goods ire recognised when the risks and rewards of ownership have passed to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. 

Where a contract has only been partially completed at the year end date turnover represents the value of the service provided to date based on a proportion of the total contract value. Where payments are received from customers in advance of services provided the amounts are recorded as deferred income and included within payments on account as part of creditors.

  
2.5

LONG-TERM CONTRACTS

Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end date, by recording turnover and related costs as contract activity progresses.

Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

 
2.6

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.7

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 14


T.H. WHITE, INSTALLATION, LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.8

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 reporting 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 reporting 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 reporting date.

 
2.9

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.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on various bases.

Depreciation is provided on the following basis:

Plant and machinery
-
10-33% straight line
Motor vehicles
-
30-35% reducing balance

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.

Page 15


T.H. WHITE, INSTALLATION, LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.10

STOCKS

Stocks are stated at the lower of cost and net realisable value. Cost of finished goods and work in progress includes overheads appropriate to the stage of manufacture.

Net realisable value is based upon estimated selling price less further costs expected to be incurred to completion and disposal. Provision is made for obsolete and slow-moving items.

 
2.11

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.

 
2.12

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.

 
2.13

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

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 16


T.H. WHITE, INSTALLATION, LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.15

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 that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the Statement of financial position 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.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.

Page 17


T.H. WHITE, INSTALLATION, LIMITED

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

3.



JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimate and assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. 

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

The estimates an assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are set out below:

Long-term Contracts
The recognition of profit on long-term contracts is sensitive on the directors' ability to assess the final outcome of a project. Regular management review of contract progress enables us to identify changes to the contract outcomes as soon as possible.

Useful economic lives of tangible assets
The annual depreciation charge is sensitive to any changes in the estimated useful life and residual values of tangible assets. The useful economic lives and residual value is assessed on an annual basis and are amended only when evidence shows a change in the estimated economic lives or residual life. Criteria used to assess the economic life and residual value includes technological advancement, economic utilisation, physical condition of the asset and future investments.

Impairment of stocks
The Company’s products are subject to changing market demand. It is therefore necessary to consider on a periodic basis the recoverability of the cost of stocks and the associated impairment. Management calculates impairments by considering the nature and condition of the stocks and applies assumptions around anticipated saleability of finished goods and future usage of raw materials, overheads and labour.

Impairment of debtors 
On a periodic basis, the directors make an estimation of the recoverability of debtors. The directors make such estimations based on the credit rating of debtors, the ageing profile and historic experience.


4.


TURNOVER

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Revenue from contracts
17,841,104
23,257,814

Non-contract income
4,804,985
3,964,893

22,646,089
27,222,707


All turnover arose within the United Kingdom.

Page 18


T.H. WHITE, INSTALLATION, 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
124,036
131,486

Exchange differences
(436)
(14,462)

(Profit)/Loss on disposal of tangible fixed assets
(2,640)
(2,327)


6.


AUDITORS' REMUNERATION

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
10,500
10,500

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.


7.


EMPLOYEES

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
3,259,861
2,859,844

Social security costs
379,672
394,361

Cost of defined contribution scheme
251,034
250,147

3,890,567
3,504,352


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


        2023
        2022
            No.
            No.







Operations
66
65



Administrative
23
21

89
86

Page 19


T.H. WHITE, INSTALLATION, LIMITED

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

8.


DIRECTORS' REMUNERATION

2023
2022
£
£

Directors' emoluments
384,013
157,780

Company contributions to defined contribution pension schemes
39,315
13,411

423,328
171,191


During the year retirement benefits were accruing to 3 directors (2022: 1) in respect of defined contribution pension schemes.


9.


TAXATION


2023
2022
£
£

CORPORATION TAX


Current tax on profits for the year
111,581
35,491

Adjustments in respect of previous periods
(37,384)
(113,541)


74,197
(78,050)


TOTAL CURRENT TAX
74,197
(78,050)

DEFERRED TAX


Origination and reversal of timing differences
4,554
38,126

TOTAL DEFERRED TAX
4,554
38,126


TAXATION ON PROFIT/(LOSS) ON ORDINARY ACTIVITIES
78,751
(39,924)
Page 20


T.H. WHITE, INSTALLATION, LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
9.TAXATION (CONTINUED)


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

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

2023
2022
£
£


Profit on ordinary activities before tax
482,157
317,653


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022: 19%)
113,406
60,354

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
8,943
7,597

Capital allowances for year in excess of depreciation
745
(10,921)

Group relief surrendered (claimed)
(7,229)
-

Adjustments to tax charge in respect of prior periods
(37,384)
(113,541)

Other timing differences leading to an increase (decrease) in taxation
-
3

Deferred tax adjustments in respect of prior years
-
9,783

Remeasurement of deferred tax for changes in tax rates
270
6,801

TOTAL TAX CHARGE FOR THE YEAR
78,751
(39,924)
Page 21


T.H. WHITE, INSTALLATION, LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
9.TAXATION (CONTINUED)


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.




10.


TANGIBLE FIXED ASSETS





Plant and machinery
Motor vehicles
Total

£
£
£



COST OR VALUATION


At 1 January 2023
615,587
598,046
1,213,633


Additions
43,289
58,313
101,602


Disposals
(28,816)
(45,800)
(74,616)



At 31 December 2023

630,060
610,559
1,240,619



DEPRECIATION


At 1 January 2023
524,452
330,016
854,468


Charge for the year on owned assets
30,414
93,622
124,036


Disposals
(28,480)
(42,542)
(71,022)



At 31 December 2023

526,386
381,096
907,482



NET BOOK VALUE



At 31 December 2023
103,674
229,463
333,137



At 31 December 2022
91,135
268,030
359,165


11.


STOCKS

2023
2022
£
£

Work in progress
212,752
418,933

Parts and sundries
179,932
186,044

392,684
604,977

Page 22


T.H. WHITE, INSTALLATION, LIMITED

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

12.


DEBTORS

2023
2022
£
£


Trade debtors
1,183,317
2,739,836

Amounts owed by group undertakings
14,442,047
14,589,311

Other debtors
125,098
1,324,001

Prepayments and accrued income
53,510
105,173

Amounts recoverable on long-term contracts
1,102,737
1,195,562

16,906,709
19,953,883



13.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
19,647
13,944

19,647
13,944



14.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Trade creditors
720,343
1,363,904

Amounts owed to group undertakings
11,956,774
11,482,801

Corporation tax
74,189
-

Other taxation and social security
132,513
728,726

Other creditors
29,917
32,228

Accruals and deferred income
3,223,759
6,217,588

16,137,495
19,825,247


Page 23


T.H. WHITE, INSTALLATION, LIMITED

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

15.


DEFERRED TAXATION




2023
2022


£

£






At beginning of year
(998)
37,126


Charged to profit or loss
(4,554)
(38,124)



AT END OF YEAR
(5,552)
(998)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(21,211)
(17,386)

Short term timing differences
15,659
16,388

(5,552)
(998)


16.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



100,100 (2022: 100,100) Ordinary shares shares of £1.00 each
100,100
100,100



17.


RESERVES

Share premium account

Consideration received for shares issued above their nominal value net of transaction costs.

Profit and loss account

The profit and loss reserves reflect cumulative profit and losses net of distributions to members.


18.


FINANCIAL COMMITMENTS, GUARENTEES AND CONTINGENT LIABILITIES

The Company, together with its parent undertaking and fellow subsidiary undertakings, has entered into a cross-guarantee and debenture over all assets arrangement in favour of HSBC UK Bank plc to support the borrowings of the group. At the end of the year, the company had a contingent liability of £17,296,476 (2022: £8,046,148). 

Page 24


T.H. WHITE, INSTALLATION, LIMITED

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

19.


PENSION COMMITMENTS

The Company operates a defined contribution 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 £251,034 (2022: £250,147). Contributions totaling £29,917 (2022: £28,813) were payable to the fund at the reporting date and are included in creditors.


20.


RELATED PARTY TRANSACTIONS

The Company has taken advantage of the exemption under Section 33 of FRS 102 and has not disclosed details of transactions or balances with other wholly owned entities in the group headed by T. H. White Holdings Limited.


2023
2022
£
£

Products sold to directors
504
75
504
75


21.


CONTROLLING PARTY

The immediate and ultimate parent company is T. H. White Holdings Limited, a company incorporated in the United Kingdom and registered in England and Wales. T. H. White Holdings Limited heads the largest and smallest group in which the results of the company are consolidated. The consolidated financial statements of T. H. White Holdings Limited are available from the Registrar of Companies at Companies House. In the opinion of the directors, there is no individual overall controlling party.
 
Page 25