Company registration number 03777124 (England and Wales)
WHITE DRUCE & BROWN LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
WHITE DRUCE & BROWN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
WHITE DRUCE & BROWN LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
15,668
14,220
Current assets
Debtors
5
306,826
284,581
Cash at bank and in hand
32,979
38,592
339,805
323,173
Creditors: amounts falling due within one year
6
(259,704)
(224,300)
Net current assets
80,101
98,873
Total assets less current liabilities
95,769
113,093
Creditors: amounts falling due after more than one year
7
(28,476)
(33,622)
Provisions for liabilities
(2,582)
(2,804)
Net assets
64,711
76,667
Capital and reserves
Called up share capital
150
150
Profit and loss reserves
64,561
76,517
Total equity
64,711
76,667

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 17 September 2024 and are signed on its behalf by:
Mr I Franklin
Mr J L Green
Director
Director
Company registration number 03777124 (England and Wales)
WHITE DRUCE & BROWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

White Druce & Brown Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, 201 Haverstock Hill, London, England, NW3 4QG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The company is financed by equity and banking facilities.

 

At the year end, the company has net current assets of £80,101 (2023 : £98,873) and shareholders funds of £64,711 (2023: £76,667).

 

In accordance with their responsibilities, the directors have considered the appropriateness of the going concern basis for the preparation of the financial statements. For this basis they have reviewed the financial and cash flow projections for the next 12 months from the date of approval of the financial statements.

 

The company is financially supported by the bank and thus the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Based on this, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

Based on the above, we are satisfied that the application of going concern basis for the preparation of the financial statements continued to be appropriate.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

WHITE DRUCE & BROWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
20% on cost
Computers equipment
33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Trade debtors are recognised and carried at original invoice amount less an allowance for any on-collectable amounts. An estimate for doubtful debts is made when collection of the full amount is no longer probable. Bad debts are written off when identified.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

WHITE DRUCE & BROWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
9
9
WHITE DRUCE & BROWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
4
Tangible fixed assets
Fixtures and fittings
Computers equipment
Total
£
£
£
Cost
At 1 April 2023
40,545
35,781
76,326
Additions
2,450
4,513
6,963
At 31 March 2024
42,995
40,294
83,289
Depreciation and impairment
At 1 April 2023
27,574
34,532
62,106
Depreciation charged in the year
3,416
2,099
5,515
At 31 March 2024
30,990
36,631
67,621
Carrying amount
At 31 March 2024
12,005
3,663
15,668
At 31 March 2023
12,971
1,249
14,220
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
138,030
39,584
Corporation tax recoverable
22,568
22,210
Other debtors
73,992
78,691
Prepayments and accrued income
72,236
144,096
306,826
284,581
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
8
34,739
17,665
Trade creditors
37,627
8,310
Corporation tax
45,683
56,158
Other taxation and social security
47,499
56,238
Deferred income
55,322
50,662
Other creditors
7,291
4,816
Accruals
31,543
30,451
259,704
224,300
WHITE DRUCE & BROWN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
8
28,476
33,622
8
Loans and overdrafts
2024
2023
£
£
Bank loans
34,558
39,704
Bank overdrafts
28,657
11,583
63,215
51,287
Payable within one year
34,739
17,665
Payable after one year
28,476
33,622

The long-term loans are secured by fixed and floating charges over company's assets.

The bank loan is supported by a guarantee from the UK Government to the bank under the Bounce Back Loan Scheme. The length of repayment has been extended from 5 to 10 years.

The above bank loan bears interest of 2.5% per annum.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Mr Marc Bennett
Statutory Auditor:
AEL Markhams Ltd
Date of audit report:
17 September 2024
10
Directors' transactions

Included in other debtors is an amount due from the directors amounting to £66,867 (2023: £65,806). There are no terms of repayment and interest in respect of the above balance and it is repayable on demand.

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