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Registered number: 00133886
















T. H. WHITE HOLDINGS LIMITED & ITS SUBSIDIARIES




ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

































T. H. WHITE HOLDINGS LIMITED

 
COMPANY INFORMATION


DIRECTORS
R M Dewhurst, A.C.M.A 
M I Edwards, F.C.A (resigned 31 March 2024)
A D Scott, M.Eng., M.I.E.T. 
C G G Scott, M.A., M.B.A. (Chairman) 
D B Scott, B.Sc., C.Eng., M.I.C.E., D.L. 




COMPANY SECRETARY
L M Earle



REGISTERED NUMBER
00133886



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
Wansbrough Solicitors
Northgate House

Northgate Street

Devizes

SN10 1JX






T. H. WHITE HOLDINGS LIMITED


CONTENTS



Page
Group strategic report
 
1 - 4
Directors' report
 
5 - 9
Independent auditors' report
 
10 - 13
Consolidated statement of comprehensive income
 
14
Consolidated statement of financial position
 
15
Company statement of financial position
 
16
Consolidated statement of changes in equity
 
17
Company statement of changes in equity
 
18
Consolidated statement of cash flows
 
19
Consolidated analysis of net debt
 
20
Notes to the financial statements
 
21 - 44



T. H. WHITE HOLDINGS LIMITED

 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present the strategic report and financial statements for the year ended 2023.

INTRODUCTION
 
T. H. WHITE Holdings Ltd is a privately owned company, originally founded in 1832. Whilst its principal activity is that of a holding company with property assets, its subsidiaries operate in a diverse range of engineering services markets. Collectively the company is known as the T. H. WHITE Group (“the Group”).
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 and equipment 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.
The Group aspires to operate with a values led culture, empowering employees to make good decisions that provide positive solutions for customers. The service provided by the Group’s employees helps to ensure that customers come first, remain for many years and recommend others. The Group hope that staff also remain long term, which is encouraged through the Employee Share Plan, which currently owns 16% of the company's shares. Personal development is actively encouraged with tailored appraisals and training plans central to the approach in helping employees achieve their potential.

BUSINESS REVIEW
 
In 2023 machinery and capital equipment markets 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. As UK and global demand for machinery softened, OEM supply chain lead times shortened considerably, inadvertently creating dealer inventory surpluses in a year of high inflation and high interest costs. As a result, the Group had higher working capital than it had anticipated throughout 2023, also impacted by several years of high machinery inflation. Adequate control measures are in place to manage working capital, including stock re-ordering, and progress will be made in 2024 to reduce working capital to lower levels. Adjusting the business model to run on a lower capital employed is a strategy that commenced in late 2022 but progress has been slower than anticipated.
Like many of its customers, the Company was adversely affected by higher interest costs throughout the year. As well as this, a general shortage of labour in the engineering services sector and the cost-of-living challenges experienced in the UK led to high wage inflation. Together with other increased costs such as energy, business rates and transport, the Company’s cost base increased disproportionately to revenues in the period. The majority of business units have not been able or willing to pass all these costs on to customers in a highly competitive market environment. Despite the Group’s revenues in 2023 at similar levels to 2022, gross margins have been impacted by the factors described. Pre-tax profits at £1.065m were down on the £3.783m achieved in 2022.
There has been further investment in property in the year, with site renovation of the Stourport site stretched throughout 2023 and works due to complete in 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.
The investment properties identified in the accounts are fully let.

Page 1


T. H. WHITE HOLDINGS LIMITED


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

PRINCIPAL RISKS AND UNCERTAINTIES
 
Risk Management
The Group 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 Group'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 Group 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 Group 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.
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 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 Group 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, forward contracts are purchased to protect against short-term fluctuations.
People
As with all business, the Group’s performance is dependent upon its employees, particularly for the sales and aftersales activities, as well as the management and leadership functions. The Group 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.
Health and Safety
The Board believes that excellence in the management of health and safety is an essential element within its business plan, and effective control of health and safety is achieved through cooperative effort at all levels within the organisation. The Group is committed to continuous improvement of its management of health and safety on legal, moral and economic grounds. This is achieved through its core values that govern the way in which it relates to its colleagues, customers, suppliers, and the wider community.
Franchise partners
The Group operates with over thirty franchise partners on both a formal and informal basis in the supply and servicing of equipment, aiming to provide customers with an exceptional level of service. Continued success remains dependent upon the ongoing development of product solutions and product quality, as well as the sustaining of good relationships with supplier partners. The Group seeks to work closely with all its franchise partners in order to understand and influence their plans as appropriate.
Business Relationships
The Group has well-established and long-standing relationships with many of its key suppliers and its core customer base. These relationships are greatly valued and have an underlying influence on the business strategy.

Page 2


T. H. WHITE HOLDINGS LIMITED


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

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

ole2dd5.png
 

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

DIRECTORS' STATEMENT OF COMPLIANCE WITH DUTY TO PROMOTE THE SUCCESS OF THE GROUP
 
Directors duties
The board of directors of T. H. WHITE Holdings Ltd consider that they have fulfilled their individual and collective duty under section 172(1) of the Companies Act 2006 to act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of shareholders as a whole and in doing so, have regard to a number of broader matters which are set out below.
T. H. WHITE Holdings Ltd is a holding company whose success is dependent on the success of its subsidiaries.
Employees
The Group is committed to maintaining its reputation as a responsible employer and ensuring that good channels of communication exist throughout the business. Employees are incentivised with competitive remuneration and regular appraisals setting clear goals. The directors believe that the Employee Share Plan also provides a good motivation to employees.
Employees receive regular reports from the Chief Executive Officer and Divisional Directors on operational staff matters. Staff turnover is regarded as a key performance indicator, which is monitored monthly. Annual salary reviews are supplemented by regular benchmarking exercises.
The non-executive directors’ experience and other business interests ensure that they have a very clear idea of best practice in the way that the Group treats its staff.
Customers & Suppliers 
The Group engages with suppliers on pre-agreed terms appropriate to the market, and it pays supplier invoices promptly. Building strong and enduring relationships with customers is a key strategic intention of the Group, and this is measured and reviewed on a regular basis. 
Compliance
T. H. WHITE Ltd, a subsidiary of T. H. WHITE Holdings Ltd, is authorised and regulated by the FCA for credit broking services. The Group is conscious of its responsibility to regulators and has the appropriate management functions in place to oversee this activity.
 
Page 3


T. H. WHITE HOLDINGS LIMITED


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

The Group complies with several quality management and safety management systems. Independent auditors are regularly engaged to support the Group in compliance matters.
Community and the Environment
The communities in which the Group operates are a key aspect of it's continued success. The Group has a policy of supporting local events, clubs and societies. Community engagement by employees is encouraged and a number of staff are actively engaged with projects within their own communities. The Group has a charitable giving programme, which supports a wide variety of projects in the UK, often linked to employees, customers or suppliers’ own activities.
The Group aims to minimise its environmental impact and continually works towards reducing its carbon footprint.  The Group engages with the Environmental, Social and Governance (ESG) aspects of companies with which it is associated with. Investing in technology that helps reduce the impact on the wider environment is an ongoing programme and the Group regularly looks at ways to innovate its practices, reporting on these activities at Board level.
Shareholders
T. H. WHITE Holdings Ltd directors are responsible for ensuring the fair treatment of all shareholders in accordance with the articles of association and the various shareholders’ agreements, such as the Employee Share Plan. The non-executive directors are responsible for liaison with shareholders and representing them at board meetings. Building long-term value for the shareholders is a fundamental consideration in the Group’s strategic plan.


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



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

Date: 19 June 2024

Page 4


T. H. WHITE HOLDINGS 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 judgements 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 £761,832 (2022: £2,981,322).

During the year dividends of £146,516 (2022: £359,697) were declared and paid.

DIRECTORS

The directors who served during the year were:

R M Dewhurst, A.C.M.A 
M I Edwards, F.C.A (resigned 31 March 2024)
A D Scott, M.Eng., M.I.E.T. 
C G G Scott, M.A., M.B.A. (Chairman) 
D B Scott, B.Sc., C.Eng., M.I.C.E., D.L. 

FUTURE DEVELOPMENTS

The Group continues to seek opportunities to develop or enhance its range of services and geographical presence.

Page 5


T. H. WHITE HOLDINGS LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
ENGAGEMENT WITH EMPLOYEES

Employee involvement
The Group ensures there is active employee participation within the businesses. During the year, the policy of providing employees with information, including that relating to the economic and financial factors affecting the performance of the Group, has been continued. Regular meetings are held between company and local management with employees to allow a free flow of information and ideas. Employees participate directly in the success of the business through the group profit sharing schemes and the employee share incentive scheme and share incentive plan.
Disabled employees
Applications for employment by disabled persons are always considered fully, having taken into account the specific role and aptitude of the applicant concerned. In the event that employees become disabled during their employment every effort is made to facilitate their role within the business. The Group policy is that training, career development and promotion will be equally available to all employees regardless of disability.

Page 6


T. H. WHITE HOLDINGS LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
GREENHOUSE GAS EMISSIONS, ENERGY CONSUMPTION AND ENERGY EFFICIENCY ACTION

T. H. WHITE Holdings Limited is the parent company within the T. H. WHITE Group and it is reporting on behalf of all its UK subsidiaries. This report is for the 12 months ending 31 March 2023 (which is different to the accounting period).
As a major user of energy, the T. H. WHITE Group has an important role to play tackling climate change by reducing the CO2 emissions arising from its operations. The Group is committed to responsible energy management and the best possible standards of energy efficiency in compliance with applicable legislation, in particular, the Energy Saving Opportunity Scheme (ESOS), and ESOS Phase 2.
There is both a business and an environmental imperative to be efficient in the use of energy. The directors seek to engage the continuous commitment of all stakeholders in the business. Through them the Group will identify potential for increased efficiency, minimising waste and will monitor and reduce energy consumption.
The T. H. WHITE Group Commitment
Increasing energy efficiency.
Reducing energy consumption.
Reducing consumption of fossil fuels.
Reducing emissions of CO2 and other harmful greenhouse gases.
Investing in clean, energy efficient sustainable technologies.
Reducing the environmental impact of our business activities.
Reducing consumption of raw and processed materials and minimising waste disposal.
Supporting the purchase of energy-efficient products and services as appropriate to the business.

Page 7


T. H. WHITE HOLDINGS LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
At 31 March 2023 the T H White Group energy usage and carbon emissions for the 12 month period were as follows:

ole5a4a.png

Intensity Ratio
An Intensity Ratio is a way of assessing the CO2 emissions generated by the Group by way of an appropriate business metric. The metric chosen by T H White is Turnover.
Turnover in the reporting period (£): 178.7M
Total Carbon Emissions: 3,076T
Intensity Ratio: 17.21 (tCO2e/£M) (2022:17.18 (tCO2e/£M))
Methodology
Electricity and gas consumption is measured from monthly meter readings. Fleet transport fuel use is measured from a mixture of fuel card data and returns from fuel drawn from company diesel tanks.
Company car transport fuel use is calculated from employee expense returns. Biomass, LPG and heating oil consumption is drawn from invoices for the supply of fuel. Red diesel consumption is drawn from records of fuel issues to the service department.
Carbon usage is calculated using standard conversion factors with the exception of electricity. The Group has negotiated contracts for the supply of electricity from suppliers who generate a greater proportion of electricity by way of low carbon methods than the average. The conversion factor is specific to the supplier.

MATTERS COVERED IN THE STRATEGIC REPORT

Details regarding engagement with suppliers, customers and others is included within the strategic report.

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 and the Group'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 and the Group's auditors are aware of that information.

Page 8


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

There have been no significant events affecting the Group 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: 19 June 2024

Nursteed Road
Devizes
Wiltshire
SN10 3EA

Page 9


T. H. WHITE HOLDINGS LIMITED

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


We have audited the financial statements of T. H. White Holdings 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 and Company Statements of financial position, the Consolidated Statement of cash flows, Consolidated analysis of net debt, the Consolidated and 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 Auditors' 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.


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 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.


Page 10


T. H. WHITE HOLDINGS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF T. H. WHITE HOLDINGS 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 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 5, 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 11


T. H. WHITE HOLDINGS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF T. H. WHITE HOLDINGS 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 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:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance 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 12


T. H. WHITE HOLDINGS LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF T. H. WHITE HOLDINGS 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

19 June 2024
Page 13


T. H. WHITE HOLDINGS LIMITED

 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
173,259,125
173,091,832

Cost of sales
  
(138,484,726)
(140,721,874)

Gross profit
  
34,774,399
32,369,958

Administrative expenses
  
(33,027,051)
(29,622,130)

Other operating income
 5 
281,094
274,973

Fair value movements
  
196,891
1,035,050

Operating profit
 6 
2,225,333
4,057,851

Interest receivable and similar income
 10 
105,179
81,145

Interest payable and similar expenses
 11 
(1,265,790)
(356,149)

Profit before taxation
  
1,064,722
3,782,847

Tax on profit
 12 
(302,890)
(801,525)

Profit for the financial year
  
761,832
2,981,322

Profit for the year attributable to:
  

Owners of the parent Company
  
761,832
2,981,322

  
761,832
2,981,322

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

The notes on pages 21 to 44 form part of these financial statements.

Page 14


T. H. WHITE HOLDINGS LIMITED
REGISTERED NUMBER:00133886

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 14 
205,351
197,018

Tangible assets
 15 
15,267,586
14,832,728

Investment property
 17 
3,572,639
3,603,770

  
19,045,576
18,633,516

Current assets
  

Stocks
 18 
52,070,431
41,141,196

Debtors: amounts falling due within one year
 19 
20,476,202
25,028,598

Cash at bank and in hand
 20 
821,714
793,547

  
73,368,347
66,963,341

Creditors: amounts falling due within one year
 21 
(47,596,130)
(43,930,787)

Net current assets
  
 
 
25,772,217
 
 
23,032,554

Total assets less current liabilities
  
44,817,793
41,666,070

Creditors: amounts falling due after more than one year
 22 
(6,995,448)
(4,595,098)

Provisions for liabilities
  

Deferred taxation
 26 
(1,668,186)
(1,532,129)

  
 
 
(1,668,186)
 
 
(1,532,129)

Net assets
  
36,154,159
35,538,843


Capital and reserves
  

Called up share capital 
 27 
732,580
732,580

Capital redemption reserve
 28 
17,420
17,420

Profit and loss account
 28 
35,404,159
34,788,843

Equity attributable to owners of the parent Company
  
36,154,159
35,538,843


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





C G G Scott, M.A., M.B.A. (Chairman)
A D Scott, M.Eng., M.I.E.T.
Director
Director


Date: 19 June 2024
Date:19 June 2024

The notes on pages 21 to 44 form part of these financial statements.

Page 15


T. H. WHITE HOLDINGS LIMITED
REGISTERED NUMBER:00133886

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 15 
10,565,371
10,481,053

Investments
 16 
1,503,102
1,503,102

Investment Property
 17 
3,572,639
3,603,770

  
15,641,112
15,587,925

Current assets
  

Debtors: amounts falling due within one year
 19 
11,977,519
11,513,224

  
11,977,519
11,513,224

Creditors: amounts falling due within one year
 21 
(680,035)
(3,329,019)

Net current assets
  
 
 
11,297,484
 
 
8,184,205

Total assets less current liabilities
  
26,938,596
23,772,130

  

Creditors: amounts falling due after more than one year
 22 
(6,328,916)
(4,086,664)

Provisions for liabilities
  

Deferred taxation
 26 
(1,012,239)
(1,083,530)

  
 
 
(1,012,239)
 
 
(1,083,530)

Net assets
  
19,597,441
18,601,936


Capital and reserves
  

Called up share capital 
 27 
732,580
732,580

Capital redemption reserve
 28 
17,420
17,420

Profit and loss account
 28 
18,847,441
17,851,936

  
19,597,441
18,601,936


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





C G G Scott, M.A., M.B.A. (Chairman)
A D Scott, M.Eng., M.I.E.T.
Director
Director


Date: 19 June 2024
Date:19 June 2024

The notes on pages 21 to 44 form part of these financial statements.

Page 16


T. H. WHITE HOLDINGS LIMITED


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


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
732,580
17,420
32,167,218
32,917,218



Profit for the year
-
-
2,981,322
2,981,322

Dividends: Equity capital
-
-
(359,697)
(359,697)



At 1 January 2023
732,580
17,420
34,788,843
35,538,843



Profit for the year
-
-
761,832
761,832

Dividends
-
-
(146,516)
(146,516)


At 31 December 2023
732,580
17,420
35,404,159
36,154,159


The notes on pages 21 to 44 form part of these financial statements.

Page 17


T. H. WHITE HOLDINGS LIMITED


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


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
732,580
17,420
16,194,394
16,944,394



Profit for the year
-
-
2,017,239
2,017,239

Dividends
-
-
(359,697)
(359,697)



At 1 January 2023
732,580
17,420
17,851,936
18,601,936



Profit for the year
-
-
1,142,021
1,142,021

Dividends
-
-
(146,516)
(146,516)


At 31 December 2023
732,580
17,420
18,847,441
19,597,441


The notes on pages 21 to 44 form part of these financial statements.

Page 18


T. H. WHITE HOLDINGS 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
761,832
2,981,322

Adjustments for:

Amortisation of intangible assets
71,667
607,667

Depreciation of tangible assets
2,127,976
2,207,249

Loss on disposal of tangible assets
(142,333)
(128,101)

Interest paid
1,265,790
356,149

Interest received
(105,179)
(81,145)

Taxation charge
302,890
801,525

(Increase) in stocks
(10,929,235)
(10,832,413)

Decrease/(increase) in debtors
4,552,396
(6,620,410)

(Decrease)/increase in creditors
(3,031,522)
9,528,554

Net fair value losses/(gains) recognised in P&L
73,409
(1,035,050)

Corporation tax (paid)
(347,319)
(446,321)

Net cash generated from operating activities
(5,399,628)
(2,660,974)


Cash flows from investing activities

Purchase of intangible fixed assets
(80,000)
-

Purchase of tangible fixed assets
(1,699,387)
(1,974,220)

Sale of tangible fixed assets
(7,993)
280,140

Interest received
105,179
81,145

Net cash from investing activities
(1,682,201)
(1,612,935)

Cash flows from financing activities

New secured loans
-
4,500,000

Repayment of loans
(321,246)
(789,838)

Repayment of/new finance leases
(406,780)
(284,555)

Dividends paid
(146,516)
(359,697)

Interest paid
(1,265,790)
(356,149)

Net cash used in financing activities
(2,140,332)
2,709,761

Net (decrease) in cash and cash equivalents
(9,222,161)
(1,564,148)

Cash and cash equivalents at beginning of year
(7,252,601)
(5,688,453)

Cash and cash equivalents at the end of year
(16,474,762)
(7,252,601)


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
821,714
793,547

Bank overdraft and stocking finance
(17,296,476)
(8,046,148)

(16,474,762)
(7,252,601)


The notes on pages 21 to 44 form part of these financial statements.

Page 19


T. H. WHITE HOLDINGS LIMITED


CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023






At 1 January 2023
Cash flows
New finance leases
Other non-cash changes
At 31 December 2023
£

£

£

£

£

Cash at bank and in hand

793,547

28,167

-

-

821,714

Bank overdraft and stocking finance

(8,046,148)

(9,250,328)

-

-

(17,296,476)

Bank loans after 1 year

(4,086,664)

-

-

(2,242,252)

(6,328,916)

Bank loans within 1 year

(3,023,498)

321,246

-

2,242,252

(460,000)

Finance leases

(758,447)

406,780

(713,121)

-

(1,064,788)



(15,121,210)
(8,494,135)
(713,121)
-
(24,328,466)

The notes on pages 21 to 44 form part of these financial statements.

Page 20


T. H. WHITE HOLDINGS LIMITED

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

1.


GENERAL INFORMATION

T. H. WHITE Holdings Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is located at 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 Group management to exercise judgement 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.

The following principal accounting policies have been applied:

  
2.2

BASIS OF CONSOLIDATION

The Consolidated Financial Statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The Consolidated Financial Statements incorporate the results of 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.

 
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 21


T. H. WHITE HOLDINGS LIMITED

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

2.ACCOUNTING POLICIES (continued)

  
2.4

FOREIGN CURRENCY TRANSLATION

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to profit or loss.

The Group uses forward currency contracts to reduce exposure to foreign exchange rates. The criteria for entering into forward foreign currency contracts are based on a combination of the Group's order book and anticipated expenditure.

  
2.5

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. 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 balance sheet 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 as part of creditors.

In respect of maintenance contracts, where there is a high degree of estimation uncertainty, revenue is only recognised during the contract to the extent that costs are considered recoverable. Any remaining revenue is recognised upon completion of the contract or when the outcome is highly probable. If these contracts become loss making then the loss is immediately recognised in the Statement of Comprehensive Income.

  
2.6

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.

  
2.7

OTHER INCOME

Finance commissions are recognised on an earned basis. Interest income is accrued on a time-apportioned basis by reference to the principal outstanding at the effective interest rate. Other interest is recognised on an earned basis.

 
2.8

LEASES

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed. 

Page 22


T. H. WHITE HOLDINGS LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.9

OPERATING LEASES: THE GROUP 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.

 
2.10

INTEREST INCOME

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

 
2.11

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.

 
2.12

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.13

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Group operates a defined contribution scheme. The amount charged to the profit and loss account in respect of pension costs and other retirement benefits is the contribution payable in the year. Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.


Page 23


T. H. WHITE HOLDINGS LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.14

CURRENT AND DEFERRED TAXATION

The tax expense represents the sum of the current tax expense and deferred tax expense. Current and deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income or equity
Current tax is based on taxable profit for the year. Taxable profit differs from total comprehensive income because it excludes items of income or expense that are not taxable or deductible, or that are taxable or deductible in other periods. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.
Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements. Deferred tax assets are recognised only to the extent that it is probable that they will be recovered by the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date. Deferred tax is not discounted.
Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset if and only if there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.


  
2.15

EMPLOYEE BENEFITS

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

  
2.16

INTANGIBLE ASSETS - GOODWILL

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.

 
2.17

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 24


T. H. WHITE HOLDINGS LIMITED

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

2.ACCOUNTING POLICIES (continued)


2.17
TANGIBLE FIXED ASSETS (CONTINUED)

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

Depreciation is provided on the following basis:

Freehold property
-
4% on cost
Long-term leasehold property
-
4% on cost or a higher amount if lease has less than 25 years before it expires
Plant and machinery
-
10%-33% on cost
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.

  
2.18

INVESTMENT PROPERTY

Investment property is carried at fair value determined from time to time by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. This value is reviewed annually by the management team and adjusted if appropriate. Freehold properties owned but not occupied by the Group have been revalued at market value based on a combination of yield, market prices and management's judgement. No depreciation is provided. Changes in fair value are recognised in the statement of comprehensive income.

 
2.19

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.20

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 first in, first out 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.

 
2.21

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.

Page 25


T. H. WHITE HOLDINGS LIMITED

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

2.ACCOUNTING POLICIES (continued)

 
2.22

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.

In the Consolidated Statement of Cash Flow, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.23

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.

 
2.24

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.

 
2.25

FINANCIAL INSTRUMENTS

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

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
Page 26


T. H. WHITE HOLDINGS LIMITED

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

2.ACCOUNTING POLICIES (continued)


2.25
FINANCIAL INSTRUMENTS (CONTINUED)

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.

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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Page 27


T. H. WHITE HOLDINGS LIMITED

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

2.ACCOUNTING POLICIES (continued)


2.25
FINANCIAL INSTRUMENTS (CONTINUED)

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.

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all its financial instruments. Financial instruments are recognised when the group becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.26

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.

Page 28


T. H. WHITE HOLDINGS 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 group'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 estimates and associated 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 and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are set out below:

Service contracts
There is a high-degree of estimation uncertainty relating to service maintenance contracts where the Group is required to maintain machinery for a fixed period at a pre-determined price. There is a significant range in the profitability of these contracts, which depends on the performance of each machine and management have determined that it is not possible to accurately forecast the work required in completing each contract. As a result of this revenue is only recognised to the extent that costs are recoverable with the remainder on completion of the contract.

Long-term contracts
The recognition of profit on long-term contracts is sensitive to management’s ability to assess the final outcome. Regular management review enables management to identify changes to 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 value of tangible assets. The useful economic lives and residual value are assessed on an annual basis and 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 assets and future investment.

Impairment of stocks
The group’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 management makes an estimation of the recoverability of debtors. Management makes such estimation based on the credit rating of debtors, the aging profile, and historical experience.

Investment property valuation
Freehold properties owned but not occupied by the group have been revalued at market value based on a combination of yield, market prices and management's judgement.

Page 29


T. H. WHITE HOLDINGS LIMITED

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

4.


TURNOVER

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


2023
2022
£
£

Non-contract income
166,058,117
169,124,710

Revenue from maintenance contracts
7,201,008
3,967,122

173,259,125
173,091,832


All turnover arose within the United Kingdom.


5.


OTHER OPERATING INCOME

2023
2022
£
£

Net rents receivable
281,094
274,973

281,094
274,973





6.


OPERATING PROFIT

The operating profit is stated after charging:

2023
2022
£
£

Amortisation of goodwill
71,667
607,667

Depreciation of owned tangible fixed assets
2,127,976
2,207,249

(Profit)/loss on disposal of tangible fixed assets
(142,333)
(128,101)

Other operating lease rentals
105,479
379,642

Page 30


T. H. WHITE HOLDINGS LIMITED

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

7.


AUDITORS' REMUNERATION

2023
2022
£
£

Fees payable to the Group's auditor and its associates for the audit of the Group's annual financial statements
15,000
15,000

Fees payable to the Company's auditors and their associates in respect of:

Audit of the company's subsidiaries
35,000
35,000

Taxation compliance services
9,000
9,000

All other services

3,500
3,500

62,500
62,500


8.


EMPLOYEES

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


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


Wages and salaries
24,703,859
22,782,722
52,242
49,866

Social security costs
2,498,288
2,484,739
4,698
4,624

Cost of defined contribution scheme
1,821,037
1,694,867
-
-

29,023,184
26,962,328
56,940
54,490


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



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Operations
517
492
-
-



Administrative
101
96
2
2

618
588
2
2

Page 31


T. H. WHITE HOLDINGS LIMITED

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

9.


DIRECTORS' REMUNERATION

2023
2022
£
£

Directors' emoluments
370,362
398,741

Group contributions to defined contribution pension schemes
43,619
39,403

413,981
438,144


During the year retirement benefits were accruing to 2 directors (2022: 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £167,567 (2022: £168,809).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £24,082 (2022: £22,826).


10.


INTEREST RECEIVABLE

2023
2022
£
£


Other interest receivable
105,179
81,145

105,179
81,145


11.


INTEREST PAYABLE AND SIMILAR EXPENSES

2023
2022
£
£


Bank interest payable
1,027,724
339,655

Other interest payable
238,066
16,494

1,265,790
356,149

Page 32


T. H. WHITE HOLDINGS LIMITED

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

12.


TAXATION


2023
2022
£
£

CORPORATION TAX


Current tax on profits for the year
232,409
489,946

Adjustments in respect of previous periods
(65,576)
(96,083)


166,833
393,863


TOTAL CURRENT TAX
166,833
393,863

DEFERRED TAX


Origination and reversal of timing differences
136,057
407,662

TOTAL DEFERRED TAX
136,057
407,662


TAXATION ON PROFIT ON ORDINARY ACTIVITIES
302,890
801,525
Page 33


T. H. WHITE HOLDINGS LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.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 25% (2022: 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,064,722
3,782,847


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2022: 19%)
250,429
718,741

EFFECTS OF:


Expenses not deductible / (gains not chargeable) for tax purposes, other than goodwill amortisation, investment property and impairment
(6,375)
(146,222)

Capital allowances for year in excess of / (lower than) depreciation
153,710
131,608

Chargeable gains/(losses)
(36,974)
88,609

Adjustments to tax charge in respect of prior periods
(55,872)
(96,083)

Other timing differences leading to an increase (decrease) in taxation
(376)
(407)

Deferred tax adjustments in respect to prior years
(9,704)
63,224

Remeasurement of deferred tax for changes in tax rates
8,052
84,521

Movement in deferred tax not recognised
-
(42,466)

TOTAL TAX CHARGE FOR THE YEAR
302,890
801,525




FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.




13.


DIVIDENDS

2023
2022
£
£


Dividends paid
146,516
359,697

146,516
359,697

Page 34


T. H. WHITE HOLDINGS LIMITED

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

14.


INTANGIBLE ASSETS

Group





Goodwill

£



COST


At 1 January 2023
2,759,998


Additions
80,000



At 31 December 2023

2,839,998



AMORTISATION


At 1 January 2023
2,562,980


Charge for the year on owned assets
71,667



At 31 December 2023

2,634,647



NET BOOK VALUE



At 31 December 2023
205,351



At 31 December 2022
197,018



Page 35


T. H. WHITE HOLDINGS LIMITED

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

15.


TANGIBLE FIXED ASSETS

Group






Freehold property
Long-term leasehold property
Plant and machinery
Motor vehicles
Total

£
£
£
£
£



COST OR VALUATION


At 1 January 2023
15,050,870
381,496
7,459,432
6,280,358
29,172,156


Additions
399,208
-
731,470
1,281,830
2,412,508


Disposals
-
-
(300,233)
(831,066)
(1,131,299)


Transfers between classes
228,022
-
-
-
228,022



At 31 December 2023

15,678,100
381,496
7,890,669
6,731,122
30,681,387



DEPRECIATION


At 1 January 2023
4,812,170
188,480
5,958,315
3,380,463
14,339,428


Charge for the year on owned assets
524,838
17,953
614,687
970,498
2,127,976


Disposals
-
-
(294,793)
(758,810)
(1,053,603)



At 31 December 2023

5,337,008
206,433
6,278,209
3,592,151
15,413,801



NET BOOK VALUE



At 31 December 2023
10,341,092
175,063
1,612,460
3,138,971
15,267,586



At 31 December 2022
10,238,700
193,016
1,501,117
2,899,895
14,832,728

Page 36


T. H. WHITE HOLDINGS LIMITED

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

           15.TANGIBLE FIXED ASSETS (CONTINUED)


Company






Freehold property
Long-term leasehold property
Plant and machinery
Total

£
£
£
£

COST OR VALUATION


At 1 January 2023
15,050,870
381,496
707,991
16,140,357


Additions
399,208
-
30,831
430,039


Transfers between classes
228,022
-
-
228,022



At 31 December 2023

15,678,100
381,496
738,822
16,798,418



DEPRECIATION


At 1 January 2023
4,812,170
188,480
658,654
5,659,304


Charge for the year on owned assets
524,838
17,953
30,952
573,743



At 31 December 2023

5,337,008
206,433
689,606
6,233,047



NET BOOK VALUE



At 31 December 2023
10,341,092
175,063
49,216
10,565,371



At 31 December 2022
10,238,700
193,016
49,337
10,481,053







16.


FIXED ASSET INVESTMENTS

Company





Investments in subsidiary companies

£



COST OR VALUATION


At 1 January 2023
1,503,102



At 31 December 2023
1,503,102




Page 37


T. H. WHITE HOLDINGS LIMITED

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

SUBSIDIARY UNDERTAKINGS


The following were subsidiary undertakings of the Company:

Name

Registered office

Principal activity

Class of shares

Holding

T. H. White Limited
Nursteed Road, Devizes, Wiltshire, SN10 3EA
The supply and service of machinery
Ordinary
100%
T.H. White, Installation, Limited
Nursteed Road, Devizes, Wiltshire, SN10 3EA
The design, supply and installation of plant and equipment
Ordinary
100%
T H White Machinery Imports Limited
Nursteed Road, Devizes, Wiltshire, SN10 3EA
Importing and sale of ground care machinery to a UK dealer network
Ordinary
100%


17.


INVESTMENT PROPERTY

Group and Company


Freehold investment property

£



VALUATION


At 1 January 2023
3,603,770


Surplus on revaluation
196,891


Transfers between classes
(228,022)



AT 31 DECEMBER 2023
3,572,639

The 2023 valuations were made by the Directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
2,526,557
2,526,557

Accumulated depreciation and impairments
(893,040)
(791,978)

1,633,517
1,734,579

Page 38


T. H. WHITE HOLDINGS LIMITED

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

18.


STOCKS

Group
Group
2023
2022
£
£

Parts and sundries
4,550,228
6,045,141

Work in progress
934,459
1,747,686

New and used machinery
46,585,744
33,348,369

52,070,431
41,141,196



19.


DEBTORS

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


Trade debtors
18,579,848
21,851,998
-
-

Amounts owed by group undertakings
-
-
11,956,774
11,482,801

Payments in advance to suppliers
150,337
1,544,111
-
-

Other debtors
219,955
44,871
-
-

Prepayments and accrued income
423,325
392,056
20,745
30,423

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

20,476,202
25,028,598
11,977,519
11,513,224



20.


CASH AND CASH EQUIVALENTS

Group
Group
2023
2022
£
£

Cash at bank and in hand
821,714
793,547

Less: bank overdrafts including finance payable within one year
(17,296,476)
(8,046,148)

(16,474,762)
(7,252,601)


Page 39


T. H. WHITE HOLDINGS LIMITED

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

21.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

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

Bank overdraft including finance payable within one year
17,296,476
8,046,148
-
-

Bank loans
460,000
3,023,498
460,000
3,023,498

Trade creditors
13,234,158
11,818,224
1,651
3,440

Corporation tax
74,189
254,675
-
109,774

Other taxation and social security
3,350,536
3,280,209
-
-

Obligations under finance lease and hire purchase contracts
398,256
250,013
-
-

Other creditors
235,398
212,817
-
-

Accruals and deferred income
12,496,174
17,036,538
218,384
192,307

Derivative financial instruments
50,943
8,665
-
-

47,596,130
43,930,787
680,035
3,329,019


The bank overdraft is secured by a group-wide guarantee and set off arrangements between T. H. White Holdings Limited, T. H. White, Installation, Limited and T H White Machinery Imports Limited, along with first legal charges against certain freehold properties.
Finance payable within bank overdraft is related to short term stocking finance taken out in the year. 

Derivative financial instruments reflect the fair value of forward foreign currency contracts which the group enters to mitigate currency exposure. The contract value of these arrangements at the end of the year was €4,500,000 and $1,500,000 (2022: €2,100,000 and $2,400,000).


22.


CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

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

Bank loans
6,328,916
4,086,664
6,328,916
4,086,664

Net obligations under finance leases and hire purchase contracts
666,532
508,434
-
-

6,995,448
4,595,098
6,328,916
4,086,664




Page 40


T. H. WHITE HOLDINGS LIMITED

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

23.


LOANS


Analysis of the maturity of loans is given below:


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

AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank loans
460,000
3,023,498
460,000
3,023,498


460,000
3,023,498
460,000
3,023,498

AMOUNTS FALLING DUE 1-2 YEARS

Bank loans
2,620,000
383,498
2,620,000
383,498


2,620,000
383,498
2,620,000
383,498

AMOUNTS FALLING DUE 2-5 YEARS

Bank loans
3,708,916
3,703,166
3,708,916
3,703,166


3,708,916
3,703,166
3,708,916
3,703,166


6,788,916
7,110,162
6,788,916
7,110,162


Bank loans are repayable in instalments and secured by a charge over certain of the group’s freehold properties. Interest is charged at rates between 1.5% - 2.5% above Bank of England base rate.


24.


HIRE PURCHASE AND FINANCE LEASES


Minimum lease payments under hire purchase fall due as follows:

Group
Group
2023
2022
£
£

Within one year
398,256
250,013

Between 1-5 years
666,532
508,434

1,064,788
758,447

Hire purchase and finance lease liabilities are secured over the assets to which they relate.

Page 41


T. H. WHITE HOLDINGS LIMITED

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

25.


FINANCIAL INSTRUMENTS

Group
Group
2023
2022
£
£

FINANCIAL ASSETS

Financial assets measured at fair value through profit or loss
3,572,639
3,603,770


FINANCIAL LIABILITIES

Derivative financial instruments measured at fair value through profit or loss held as part of a trading portfolio
(50,943)
(8,665)


Financial assets measured at fair value through profit or loss comprise of investment properties.


Derivative financial instruments measured at fair value through profit or loss comprise forward currency contracts whose fair value is determined by a market-to-market exercise.


26.


DEFERRED TAXATION


Group



2023


£






At beginning of year
(1,532,129)


Charged to profit or loss
(136,057)



AT END OF YEAR
(1,668,186)

Company


2023


£






At beginning of year
(1,083,530)


Charged to profit or loss
71,291



AT END OF YEAR
(1,012,239)

Page 42


T. H. WHITE HOLDINGS LIMITED

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

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

Accelerated capital allowances
(585,853)
(423,844)
-
-

Rolled-over property gains and other short term-timing differences
(1,129,109)
(1,168,408)
(1,129,109)
(1,168,408)

Other timing differences
46,776
60,123
116,870
84,878

(1,668,186)
(1,532,129)
(1,012,239)
(1,083,530)


27.


SHARE CAPITAL

2023
2022
£
£
ALLOTTED, CALLED UP AND FULLY PAID



7,325,798 (2022: 7,325,798) Share Capital shares of £0.10 each
732,580
732,580



28.


RESERVES

Capital redemption reserve

The capital redemption reserve is the nominal value of 28,809 own shares purchased in 1987 and 150,393 purchased in 1998.

Profit and loss account

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


29.


CONTINGENT LIABILITIES

The company and its subsidiary undertakings have entered into a cross-guarantee and debenture over an 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) under this arrangement. The group has a potential exposure to repurchase other goods sold to customers up to £953,823 (2022: £891,599). The directors consider that the liability under the buy-back arrangements does not exceed the value of the goods that may be repurchased.


30.


PENSION COMMITMENTS

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group  in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £1,821,037 (2022: £1,694,867) . Contributions totalling £229,717 (2022: £203,753) were payable to the fund at the reporting date and are included in other creditors.

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T. H. WHITE HOLDINGS LIMITED

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

31.


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
£
£
£
£

Not later than 1 year
636,950
460,216
89,333
129,149

Later than 1 year and not later than 5 years
1,333,348
614,363
267,833
221,507

Later than 5 years
426,300
469,800
426,300
469,800

2,396,598
1,544,379
783,466
820,456


32.


RELATED PARTY TRANSACTIONS

The remuneration of key management personnel, who are the statutory directors of the company, is disclosed in note 9.


33.


CONTROLLING PARTY

The directors consider that there is no controlling party by virtue of no shareholder holding a controlling stake in the company.
 
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