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Registered number: 01916864
















T H WHITE MACHINERY IMPORTS LIMITED




DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

































T H WHITE MACHINERY IMPORTS LIMITED

 
COMPANY INFORMATION


DIRECTORS
M I Edwards, F.C.A. (resigned 31 March 2024)
W D Johnston 
A D Scott, M.Eng., M.I.E.T. 
J Fowler (appointed 1 April 2024)




COMPANY SECRETARY
L M Earle



REGISTERED NUMBER
01916864



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 MACHINERY IMPORTS LIMITED


CONTENTS



Page
Directors' report
 
1 - 2
Independent auditors' report
 
3 - 6
Statement of comprehensive income
 
7
Statement of financial position
 
8
Notes to the financial statements
 
9 - 17


T H WHITE MACHINERY IMPORTS 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 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.

DIRECTORS

The directors who served during the year were:

M I Edwards, F.C.A. (resigned 31 March 2024)
W D Johnston 
A D Scott, M.Eng., M.I.E.T. 

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.

AUDITORS

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

SMALL COMPANIES NOTE

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

Page 1


T H WHITE MACHINERY IMPORTS LIMITED
 
 
DIRECTORS' 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

Nursteed Road
Devizes
Wiltshire
SN10 3EA
Page 2


T H WHITE MACHINERY IMPORTS LIMITED

 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF T H WHITE MACHINERY IMPORTS LIMITED
OPINION


We have audited the financial statements of T H White Machinery Imports Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Statement of financial position 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 3


T H WHITE MACHINERY IMPORTS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF T H WHITE MACHINERY IMPORTS 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 Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has been prepared in accordance with applicable legal requirements.


MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.


RESPONSIBILITIES OF DIRECTORS
 

As explained more fully in the Directors' responsibilities statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 4


T H WHITE MACHINERY IMPORTS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF T H WHITE MACHINERY IMPORTS 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. 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 company 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.

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.
Page 5


T H WHITE MACHINERY IMPORTS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF T H WHITE MACHINERY IMPORTS LIMITED (CONTINUED)


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 6


T H WHITE MACHINERY IMPORTS LIMITED

 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
  
4,401,140
5,146,772

Cost of sales
  
(3,314,877)
(4,074,681)

GROSS PROFIT
  
1,086,263
1,072,091

Administrative expenses
  
(1,084,430)
(970,207)

OPERATING PROFIT
  
1,833
101,884

Interest payable and similar expenses
  
(2)
-

PROFIT BEFORE TAX
  
1,831
101,884

Tax on profit
  
(25,532)
10,499

(LOSS)/PROFIT FOR THE FINANCIAL YEAR
  
(23,701)
112,383

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

The notes on pages 9 to 17 form part of these financial statements.
Page 7


T H WHITE MACHINERY IMPORTS LIMITED
REGISTERED NUMBER:01916864

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

FIXED ASSETS
  

Intangible assets
 4 
85,417
126,417

Tangible assets
 5 
109,315
21,932

  
194,732
148,349

CURRENT ASSETS
  

Stocks
 6 
3,476,147
1,913,367

Debtors: amounts falling due within one year
 7 
677,992
576,127

Cash at bank and in hand
 8 
448,630
55,295

  
4,602,769
2,544,789

Creditors: amounts falling due within one year
 9 
(4,510,610)
(2,399,003)

NET CURRENT ASSETS
  
 
 
92,159
 
 
145,786

TOTAL ASSETS LESS CURRENT LIABILITIES
  
286,891
294,135

PROVISIONS FOR LIABILITIES
  

Deferred tax
  
(16,457)
-

  
 
 
(16,457)
 
 
-

NET ASSETS
  
270,434
294,135


CAPITAL AND RESERVES
  

Called up share capital 
  
10,002
10,002

Share premium account
  
90,000
90,000

Profit and loss account
  
170,432
194,133

  
270,434
294,135


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

The financial statements 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 9 to 17 form part of these financial statements.

Page 8


T H WHITE MACHINERY IMPORTS LIMITED

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

1.


GENERAL INFORMATION

T H White Machinery Imports, 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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

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. 

 
2.3

REVENUE

Turnover is stated net of Value Added Tax and trade discounts. Turnover from the sale of goods is recognised when risk and reward of ownership have passed to the customer.

 
2.4

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss 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 lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

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 9


T H WHITE MACHINERY IMPORTS LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.6

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.

  
2.7

INTANGIBLE ASSETS

Goodwill is capitalised and written off over a period not longer than 10 years. The directors use their judgement to decide on a basis which best represents the time over which economic benefit will arise.

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.

 
2.8

TANGIBLE FIXED ASSETS

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

Page 10


T H WHITE MACHINERY IMPORTS LIMITED

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

2.ACCOUNTING POLICIES (continued)


2.8
TANGIBLE FIXED ASSETS (CONTINUED)

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

 
2.9

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

CREDITORS

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

 
2.13

FINANCIAL INSTRUMENTS

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
Page 11


T H WHITE MACHINERY IMPORTS LIMITED

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

2.ACCOUNTING POLICIES (continued)


2.13
FINANCIAL INSTRUMENTS (CONTINUED)

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.


3.


EMPLOYEES

2023
2022
£
£

Wages and salaries
518,709
421,524

Social security costs
61,057
55,014

Cost of defined contribution scheme
39,109
31,409

618,875
507,947


The average monthly number of employees, including directors, during the year was 12 (2022: 11).

Page 12


T H WHITE MACHINERY IMPORTS LIMITED

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

4.


INTANGIBLE ASSETS




Goodwill

£



COST


At 1 January 2023
410,000



At 31 December 2023

410,000



AMORTISATION


At 1 January 2023
283,583


Charge for the year on owned assets
41,000



At 31 December 2023

324,583



NET BOOK VALUE



At 31 December 2023
85,417



At 31 December 2022
126,417



Page 13


T H WHITE MACHINERY IMPORTS LIMITED

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

5.


TANGIBLE FIXED ASSETS





Plant and machinery
Motor vehicles
Total

£
£
£



COST OR VALUATION


At 1 January 2023
80,966
26,005
106,971


Additions
42,000
69,790
111,790


Disposals
-
(26,004)
(26,004)



At 31 December 2023

122,966
69,791
192,757



DEPRECIATION


At 1 January 2023
63,186
21,853
85,039


Charge for the year on owned assets
14,523
6,562
21,085


Disposals
-
(22,682)
(22,682)



At 31 December 2023

77,709
5,733
83,442



NET BOOK VALUE



At 31 December 2023
45,257
64,058
109,315



At 31 December 2022
17,780
4,152
21,932


6.


STOCKS

2023
2022
£
£

Parts and sundries
331,744
207,565

New and used machinery
3,144,403
1,705,802

3,476,147
1,913,367

Page 14


T H WHITE MACHINERY IMPORTS LIMITED

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

7.


DEBTORS

2023
2022
£
£


Trade debtors
677,331
567,054

Other debtors
661
-

Deferred taxation
-
9,073

677,992
576,127



8.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
448,630
55,295

448,630
55,295



9.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Trade creditors
362,968
417,881

Amounts owed to group undertakings
3,953,222
1,736,965

Corporation tax
-
31,849

Other taxation and social security
92,561
62,043

Other creditors
6,120
4,188

Accruals and deferred income
61,209
69,053

Derivative financial instruments
34,530
77,024

4,510,610
2,399,003


Derivative financial instruments reflect the fair value of forward foreign currency contracts which the company enters to mitigate currency exposure. The contract value of these arrangements at the end of the year was $1,500,000 (2022: $2,400,000).

Page 15


T H WHITE MACHINERY IMPORTS LIMITED

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

10.


FINANCIAL INSTRUMENTS

2023
2022
£
£



FINANCIAL LIABILITIES


Derivative financial instruments measured at fair value through profit or loss
(34,530)
(77,024)


Derivative financial instruments measured at fair value through profit or loss comprise foreign currency forward contracts.


11.


FINANCIAL COMMITMENTS, GUARANTEES 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). 


12.


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 £39,109 (2022: £31,409). Contributions totaling £5,662 (2022: £4,095) were payable to the fund at the reporting date and are included in creditors.


13.


COMMITMENTS UNDER OPERATING LEASES

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

2023
2022
£
£


Not later than 1 year
29,448
17,349

Later than 1 year and not later than 5 years
23,042
36,204

52,490
53,553


14.


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.

Page 16


T H WHITE MACHINERY IMPORTS LIMITED

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

15.


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 at Companies House. In the opinion of the directors there is no individual overall controlling party.

 
Page 17