REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
WHITE STORES LIMITED |
REGISTERED NUMBER: |
STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
WHITE STORES LIMITED |
WHITE STORES LIMITED (REGISTERED NUMBER: 06717696) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 6 |
Report of the Independent Auditors | 8 |
Statement of Comprehensive Income | 12 |
Balance Sheet | 13 |
Statement of Changes in Equity | 14 |
Notes to the Financial Statements | 15 |
WHITE STORES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
30 - 34 North Street |
Hailsham |
East Sussex |
BN27 1DW |
WHITE STORES LIMITED (REGISTERED NUMBER: 06717696) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their strategic report for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
White Stores Limited is a leading UK outdoor living retailer, with a large eCommerce presence and strategically placed showrooms currently within the south of England. |
The statement of comprehensive income is set out on page 10 and shows a profit before tax of £621,018 (2022: £1,120,082) for the period. Turnover for the period amounted to £40,129,363 (2022 - £47,639,419). |
The business was please to see exceptional growth of one of our key products, which has significantly increased in turnover while maintaining a strong gross margin. This achievement underscores the product's robust market demand and our effective sales strategy. We foresee this product continuing its impressive growth trajectory in the coming years, further solidifying our market position. Additionally, our status as a key customer for the world's leading supplier of said product enhances our ability to meet growing demand and ensure consistent quality. This strong partnership positions us well for sustained success and market leadership. |
Despite a decrease in turnover, we are pleased to report a notable improvement in our operations. The business's gross profit margin has increased, highlighting our efforts to enhance efficiency. This achievement underscores our successful cost management and process optimisation strategies. The business's dedication to refining operations has allowed us to maintain gross profitability and continue delivering quality services. We are confident that these improvements will support our long-term growth and stability. |
The business's gross profit margin has seen a minor decrease in 2023 to 28.1% (2022 - 28.9%). |
While our EBITDA is at 2% this year compared to 5% last year, this reflects the business's strategic investments in key areas to drive future growth. The current year's EBITDA, although lower, signifies our commitment to enhancing our infrastructure, expanding our product lines, and improving customer experience. These investments are expected to yield substantial returns in the coming years. We remain focused on building a strong foundation for sustainable growth and are optimistic about our long-term profitability and market position. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The management and execution of the company's strategy are influenced by several key risks. Principal risks and uncertainties include competition from both national and independent retailers, employee retention, product availability, and cost inflation. |
Despite these challenges, the business is well-positioned to adapt and compete effectively. Our strong industry reputation, robust stock holding, and dynamic marketing and incentive strategies provide us with the flexibility to respond to adverse weather and competitive pricing pressures. Employee retention remains a critical focus, and the establishment of our People, Talent Acquisition, and Culture Department has been pivotal in fostering a supportive and engaging workplace environment. |
Our exclusive supply chains with Far East factories and solid relationships within the freight industry ensure quick and reliable product availability at competitive prices. |
WHITE STORES LIMITED (REGISTERED NUMBER: 06717696) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
SECTION 172(1) STATEMENT |
Section 172 of the Companies Act 2006 requires a director of a company to act in the way he or she considers, in good faith, would most likely promote the success of the company for the benefit of its members as a whole. In this respect the Directors have had regard, amongst other matters, to the: |
- Likely consequences of any decisions in the long-term; |
- Interests of the Company's employees; |
- Need to foster the Company's business relationships with suppliers, customers and others; |
- Impact of the Company's operations on the community and environment; |
- Desirability of the Company maintaining a reputation for high standards of business conduct; |
and |
- Need to act fairly as between members of the Company. |
The Directors seek to ensure that their decision making process not only takes into account the Company's purpose, vision and values, together with its strategic priorities, but also reflects, as far as practical and possible, the interests of all stakeholders. |
KEY PERFORMANCE INDICATORS |
The company manages the business by reference to key performance indicators. Competent management reporting tools are in place to provide essential current, timely reporting in a clear and precise manner |
Key Performance Indicators are year on year turnover growth, gross profit margin %, and operating profit margin % as set out below: |
2023 | 2022 |
Growth of turnover/(decline)% | (16%) | (8%) |
Gross profit margin % | 28% | 29% |
Operating profit margin % | 2% | 3% |
WHITE STORES LIMITED (REGISTERED NUMBER: 06717696) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES |
The company's operations expose it to various financial risks, including price risk, credit risk, liquidity risk, and interest rate cash flow risk. To mitigate the potentially adverse effects of these risks on the company's financial performance, the directors have established comprehensive policies and procedures. |
Price risk |
Operating within a competitive market, the company faces price risk from both suppliers and competitors. However, the company effectively manages this risk through strategic supplier agreements, leveraging its operational scale. |
Credit risk |
While most of the company's sales are not credit-based, appropriate credit checks are conducted for those that are. Each customer's credit exposure is subject to limits, and overall risk is managed through rigorous credit control procedures and a diverse customer base. |
Liquidity risk |
Liquidity risk, the risk of encountering difficulty in meeting financial obligations, is mitigated by the company's substantial cash resources and access to additional bank facilities. |
Brexit |
The company continuously monitors the impact of Brexit. Despite no sales outside the UK, all employees and suppliers are UK-based or from Far East stock suppliers, ensuring minimal disruption. |
Foreign exchange risk |
Purchasing in US dollars exposes the company to foreign currency risk. To mitigate this, the company utilises forward exchange contracts, ensuring predictable future cash flows. |
STREAMLINED ENERGY AND CARBON REPORTING |
UK energy use kWh | kWh's |
Electricity purchased - total kWh taken from electricity bills | 149,225 |
Transport Fuel - a total estimated 5,767 litres | 61,130 |
210,355 |
Associated Greenhouse gas emissions tC02e | tCO2e |
Emissions from purchased electricity | 33.6 |
Emissions from combustion of transport fuel | 14.5 |
48.1 |
Intensity ratio |
Sales revenue £1m | 40.1 |
Tonnes CO2e Equivalent | 48.1 |
Tonnes of CO2e per total £1m sales revenue | 1.2 |
Approved conversion factors have been applied to calculate CO2 emissions from kWh usage. |
WHITE STORES LIMITED (REGISTERED NUMBER: 06717696) |
STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
FUTURE DEVELOPMENTS |
The company remains committed to its strategic vision of becoming the UK's leading outdoor living eCommerce business, supported by its strategically located showrooms in the south of England. The business has ambitions to continue expanding it's physical presence in the UK with the opening of new strategically placed Showrooms in the coming years. |
ON BEHALF OF THE BOARD: |
WHITE STORES LIMITED (REGISTERED NUMBER: 06717696) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of online sales of various garden furniture. |
DIVIDENDS |
Total dividends amounted to £350,000. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
DISCLOSURE IN THE STRATEGIC REPORT |
In accordance with section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) |
Regulations 2013 certain information required by schedule 7 of the Large and Medium sized Companies and |
Groups (Accounts and Reports) Regulations 2008 is set out in the strategic report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), 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 and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable 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 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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. |
WHITE STORES LIMITED (REGISTERED NUMBER: 06717696) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Watson Associates (Audit Services) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WHITE STORES LIMITED |
Opinion |
We have audited the financial statements of White Stores Limited (the 'company') for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The 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 UK, including the FRC'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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
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. |
In connection with our audit of the financial statements, 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 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WHITE STORES LIMITED |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page six, 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 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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WHITE STORES LIMITED |
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 a Report of the Auditors 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. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
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. |
Audit procedures performed by the engagement team to detect irregularities, including fraud from instances of non-compliance with laws and regulations included: |
- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud; |
- Reading key correspondence from regulatory bodies; |
- Challenging assumptions and judgements made by management in it's significant accounting estimates that |
involved making assumptions and considering future events that are inherently uncertain. |
- Consideration of recent correspondence with the companies legal advisors to ensure that it aligned with the |
conclusions drawn on obligations recognised in respect of uncertain legal matters; |
- Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or those posted by unexpected users; and |
- Testing transactions entered into that are outside of the normal course of the Company's business |
There are inherent limitations in the audit procedures described above and, the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. |
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 Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WHITE STORES LIMITED |
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 2006. Our 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 a Report of the Auditors 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. |
for and on behalf of |
Statutory Auditor |
30 - 34 North Street |
Hailsham |
East Sussex |
BN27 1DW |
WHITE STORES LIMITED (REGISTERED NUMBER: 06717696) |
STATEMENT OF COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER |
Cost of sales | ( |
) | ( |
) |
GROSS PROFIT |
Distribution costs | ( |
) | ( |
) |
Administrative expenses | ( |
) | ( |
) |
(549,376 | ) | (2,498,388 | ) |
Other operating income |
OPERATING PROFIT | 5 |
Interest receivable and similar income |
865,754 | 1,350,935 |
Interest payable and similar expenses | 6 | ( |
) | ( |
) |
PROFIT BEFORE TAXATION |
Tax on profit | 7 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
WHITE STORES LIMITED (REGISTERED NUMBER: 06717696) |
BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
Investments | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 14 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
15 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 20 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 21 |
Share premium | 22 |
Retained earnings | 22 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
WHITE STORES LIMITED (REGISTERED NUMBER: 06717696) |
STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Share | Total |
capital | earnings | premium | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | - | ( |
) |
Total comprehensive income | - | - |
Balance at 31 December 2023 |
WHITE STORES LIMITED (REGISTERED NUMBER: 06717696) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
White Stores Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
The company recognises revenue when the significant risks and rewards of ownership have been |
transferred to the buyer; the company retains no continuing involvement or control over the goods; the |
amount of revenue can be measured reliably; and when it is probable that future economic benefits will |
flow to the entity. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, unless stated differently below, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Investments in Cryptocurrencies |
Cryptocurrencies are valued at cost less accumulated impairments. The directors consider the market value of each investment at the end of the reporting period for objective evidence of impairment. If objective evidence is found, an impairment loss is recognised in profit or loss. |
Development Costs |
Development costs are being amortised evenly over their estimated useful life of five years. |
WHITE STORES LIMITED (REGISTERED NUMBER: 06717696) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated |
impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the |
asset to its working condition for its intended use, dismantling and restoration costs. |
The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each |
reporting period. The effect of any change is accounted for prospectively. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated on a weighted average basis and includes all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition. |
Net realisable value is based on estimated selling price less costs to complete and sell. |
At the end of each reporting period stocks are assessed for impairment. If any stock is impaired, it is reduced to its net realisable value and an impairment charge is recognised in the income statement. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the income statement. |
WHITE STORES LIMITED (REGISTERED NUMBER: 06717696) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties. |
Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. |
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 profit or loss. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet only 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. |
Derivative Financial Instruments |
The company enters into forward currency contract and options to mitigate the exchange risk for certain foreign currency payables. |
The forward currency contracts and options are measured at fair value which is determined using valuation techniques that utilise observable inputs. The key inputs used in valuing the derivatives are the forward exchange rates for GBP:USD. |
The company does not apply hedge accounting in respect of forward contracts or options held to manage cash flow exposure of forecast transactions denominated in foreign currencies. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
WHITE STORES LIMITED (REGISTERED NUMBER: 06717696) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Investments in precious metals |
Investments in precious metals are initially measured at cost. After initial recognition, investments are measured at cost less any accumulated impairments. The directors consider the market value of each investment at the end of the reporting period for objective evidence of impairment. If objective evidence is found, an impairment loss is recognised in profit or loss. |
Investments in Equity instruments |
Investments in equity instruments are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
No significant judgements have had to be made by management in preparing these financial statements. |
There were no key assumptions made concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year. |
4. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
WHITE STORES LIMITED (REGISTERED NUMBER: 06717696) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
2023 | 2022 |
Directors | 1 | 3 |
Admin | 17 | 68 |
Direct | 19 | 21 |
2023 | 2022 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Other operating leases |
Depreciation - owned assets |
(Profit)/loss on disposal of fixed assets | ( |
) |
Development costs amortisation |
Auditors' remuneration |
Foreign exchange differences | ( |
) |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax |
Deferred tax |
Tax on profit |
WHITE STORES LIMITED (REGISTERED NUMBER: 06717696) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
7. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of |
Effects of: |
Expenses not deductible for tax purposes |
Income not taxable for tax purposes | ( |
) |
Capital allowances in excess of depreciation | - | ( |
) |
Depreciation in excess of capital allowances | - |
Utilisation of tax losses | ( |
) |
Deferred tax expense relating to the origination and reversal of timing differences | 129,618 |
291,389 |
Revenue Expenditure | - | (3,506 | ) |
Taxable losses carried forwards | - | 100,494 |
Profit on disposal of assets | (7,171 | ) | - |
Total tax charge | 141,570 | 291,389 |
8. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of £0.01 each |
Final |
WHITE STORES LIMITED (REGISTERED NUMBER: 06717696) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
9. | INTANGIBLE FIXED ASSETS |
Investment |
in | Development |
cryptocurrencies | costs | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
AMORTISATION |
At 1 January 2023 |
Amortisation for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
10. | TANGIBLE FIXED ASSETS |
Improvements |
Short | to | Plant and |
leasehold | property | machinery |
£ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
WHITE STORES LIMITED (REGISTERED NUMBER: 06717696) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
10. | TANGIBLE FIXED ASSETS - continued |
Fixtures |
and | Motor | Computer |
fittings | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
Additions |
Disposals | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
11. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
Additions |
Disposals | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
12. | STOCKS |
2023 | 2022 |
£ | £ |
Stocks |
WHITE STORES LIMITED (REGISTERED NUMBER: 06717696) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Directors' current accounts | 83,318 | - |
VAT |
Prepayments |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 16) |
Hire purchase contracts (see note 17) |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | - | 2,199,834 |
Other creditors | ( |
) |
Derivative liability | (6,188 | ) | 242,690 |
Directors' current accounts | 86,517 | 265,740 |
Accruals and deferred income |
15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans (see note 16) |
Hire purchase contracts (see note 17) |
16. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
WHITE STORES LIMITED (REGISTERED NUMBER: 06717696) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
16. | LOANS - continued |
2023 | 2022 |
£ | £ |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts due after more than one year comprises a fixed rate Coronavirus Bounce Back Loan, repayable over 72 months at an interest rate of 2.5%. |
17. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
Lease payments recognised as an expense in the period totalled £266,938 (2022 - £304,085). |
WHITE STORES LIMITED (REGISTERED NUMBER: 06717696) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
18. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Debenture including Fixed Charge over all present freehold and leasehold property; First Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and First Floating Charge over all assets and undertaking both present and future dated 07 February 2017 |
Composite Company Unlimited Multilateral Guarantee dated 15 February 2017 given by White Stores Limited, White Stores Retail Limited, White Stores Retail (Yarnton) Limited. |
Unlimited Multilateral Guarantee dated 27 July 2020 given by White Stores Limited, Nova Outdoor Living Ltd, White Stores Retail (Yarnton) Limited, White Stores Retail Limited |
19. | DERIVATIVE FINANCIAL INSTRUMENTS |
Forward contracts and options |
The company enters into forward currency contract and options to mitigate the exchange risk for certain foreign currency payables. At 31 December 2023, fair value adjustments totalling £6,188 debtor (31 December 2022 - £242,690 liability) have been made on contracts outstanding. At 31 December 2023, a derivative debtor is included within other debtors. |
20. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 617,821 | 488,203 |
Other provisions | 179,430 | 152,982 |
Deferred | Other |
tax | provisions |
£ | £ |
Balance at 1 January 2023 |
Provided during year |
Balance at 31 December 2023 |
Other provisions include those for dilapidations in respect of leased premises. |
WHITE STORES LIMITED (REGISTERED NUMBER: 06717696) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
21. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £0.01 | 982 | 1,056 |
Ordinary A | £0.01 | 74 | - |
1,056 | 1,056 |
22. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
At 1 January 2023 | 9,097,645 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 December 2023 | 9,227,093 |
23. | PENSION COMMITMENTS |
The amount recognised in profit or loss as an expense for defined contribution pension plans amounted to £15,762 (2022 - £67,167). |
24. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption under The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, available to medium-sized companies, from the requirement to disclose particulars of transactions which are concluded under normal market conditions. |
25. | GOVERNMENT GRANTS |
Other income, in the comparative period, includes amounts received from the Government's Coronavirus Job Retention Scheme. The income is received in the form of grants. The company has also benefited from the deferment of VAT payments under the Government's deferral scheme as well as the receipt of a government backed loan. |