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REGISTERED NUMBER: 06717696 (England and Wales)













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: J J Whiteley
J Oxley
V A Grant
S C Mclaren
L Foucher
A Foucher





REGISTERED OFFICE: Unit 8 Capitol Industrial Estate
Fulmar Way
Wickford
Essex
SS11 8YW





REGISTERED NUMBER: 06717696 (England and Wales)





AUDITORS: Watson Associates (Audit Services) Ltd
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:





J J Whiteley - Director


16 September 2024

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.

J J Whiteley
J Oxley
V A Grant

Other changes in directors holding office are as follows:

S C Mclaren - appointed 1 June 2023
L Foucher - appointed 1 June 2023
A Foucher - appointed 1 June 2023

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:





J J Whiteley - Director


16 September 2024

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.




Stephen James Moore (Senior Statutory Auditor)
for and on behalf of Watson Associates (Audit Services) Ltd
Statutory Auditor
30 - 34 North Street
Hailsham
East Sussex
BN27 1DW

16 September 2024

WHITE STORES LIMITED (REGISTERED NUMBER: 06717696)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

TURNOVER 40,129,363 47,639,419

Cost of sales (28,836,334 ) (33,861,935 )
GROSS PROFIT 11,293,029 13,777,484

Distribution costs (4,445,209 ) (5,142,552 )
Administrative expenses (7,397,196 ) (11,133,320 )
(549,376 ) (2,498,388 )

Other operating income 1,405,335 3,843,061
OPERATING PROFIT 5 855,959 1,344,673

Interest receivable and similar income 9,795 6,262
865,754 1,350,935

Interest payable and similar expenses 6 (244,736 ) (230,853 )
PROFIT BEFORE TAXATION 621,018 1,120,082

Tax on profit 7 (141,570 ) (291,389 )
PROFIT FOR THE FINANCIAL YEAR 479,448 828,693

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

479,448

828,693

WHITE STORES LIMITED (REGISTERED NUMBER: 06717696)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 9 667,255 525,153
Tangible assets 10 1,825,294 1,975,400
Investments 11 31,565 -
2,524,114 2,500,553

CURRENT ASSETS
Stocks 12 12,599,459 16,856,524
Debtors 13 5,615,840 2,550,407
Cash at bank and in hand 3,656,640 5,613,173
21,871,939 25,020,104
CREDITORS
Amounts falling due within one year 14 (12,934,154 ) (15,812,728 )
NET CURRENT ASSETS 8,937,785 9,207,376
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,461,899

11,707,929

CREDITORS
Amounts falling due after more than one
year

15

(1,436,499

)

(1,968,043

)

PROVISIONS FOR LIABILITIES 20 (797,251 ) (641,185 )
NET ASSETS 9,228,149 9,098,701

CAPITAL AND RESERVES
Called up share capital 21 1,056 1,056
Share premium 22 8,062 8,062
Retained earnings 22 9,219,031 9,089,583
SHAREHOLDERS' FUNDS 9,228,149 9,098,701

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2024 and were signed on its behalf by:





J J Whiteley - Director


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 1,056 8,760,890 8,062 8,770,008

Changes in equity
Dividends - (500,000 ) - (500,000 )
Total comprehensive income - 828,693 - 828,693
Balance at 31 December 2022 1,056 9,089,583 8,062 9,098,701

Changes in equity
Dividends - (350,000 ) - (350,000 )
Total comprehensive income - 479,448 - 479,448
Balance at 31 December 2023 1,056 9,219,031 8,062 9,228,149

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 private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on cost and 20% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on cost

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 1,249,012 2,776,054
Social security costs 85,663 304,201
Other pension costs 15,762 67,167
1,350,437 3,147,422

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
37 92

2023 2022
£    £   
Directors' remuneration 46,319 959,207
Directors' pension contributions to money purchase schemes 4,192 21,141

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 266,938 305,017
Depreciation - owned assets 502,758 475,646
(Profit)/loss on disposal of fixed assets (131,832 ) 27,092
Development costs amortisation 105,587 68,056
Auditors' remuneration 32,001 40,424
Foreign exchange differences 14,524 (178,313 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 244,736 230,853

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 11,952 -

Deferred tax 129,618 291,389
Tax on profit 141,570 291,389

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 621,018 1,120,082
Profit multiplied by the standard rate of corporation tax in the UK of
23.521% (2022 - 19%)

146,070

212,816

Effects of:
Expenses not deductible for tax purposes 12,836 7,358
Income not taxable for tax purposes - (15,390 )
Capital allowances in excess of depreciation - (301,772 )
Depreciation in excess of capital allowances 155,989 -
Utilisation of tax losses (295,772 ) -

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 350,000 500,000

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 - 623,283 623,283
Additions 609,811 180,521 790,332
Disposals (455,143 ) (87,500 ) (542,643 )
At 31 December 2023 154,668 716,304 870,972
AMORTISATION
At 1 January 2023 - 98,130 98,130
Amortisation for year - 105,587 105,587
At 31 December 2023 - 203,717 203,717
NET BOOK VALUE
At 31 December 2023 154,668 512,587 667,255
At 31 December 2022 - 525,153 525,153

10. TANGIBLE FIXED ASSETS
Improvements
Short to Plant and
leasehold property machinery
£    £    £   
COST
At 1 January 2023 3,454 849,940 1,411,563
Additions - 320,075 27,023
Disposals - (5,500 ) -
At 31 December 2023 3,454 1,164,515 1,438,586
DEPRECIATION
At 1 January 2023 2,323 342,389 271,518
Charge for year 688 194,524 191,081
Eliminated on disposal - (392 ) -
At 31 December 2023 3,011 536,521 462,599
NET BOOK VALUE
At 31 December 2023 443 627,994 975,987
At 31 December 2022 1,131 507,551 1,140,045

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 33,275 260,135 151,711 2,710,078
Additions - - 10,662 357,760
Disposals - - - (5,500 )
At 31 December 2023 33,275 260,135 162,373 3,062,338
DEPRECIATION
At 1 January 2023 27,410 31,755 59,283 734,678
Charge for year 4,465 65,034 46,966 502,758
Eliminated on disposal - - - (392 )
At 31 December 2023 31,875 96,789 106,249 1,237,044
NET BOOK VALUE
At 31 December 2023 1,400 163,346 56,124 1,825,294
At 31 December 2022 5,865 228,380 92,428 1,975,400

11. FIXED ASSET INVESTMENTS
Unlisted
investments
£   
COST
Additions 184,265
Disposals (152,700 )
At 31 December 2023 31,565
NET BOOK VALUE
At 31 December 2023 31,565

12. STOCKS
2023 2022
£    £   
Stocks 12,599,459 16,856,524

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 81,157 27,331
Amounts owed by group undertakings 3,056,413 -
Other debtors 1,848,689 2,220,909
Directors' current accounts 83,318 -
VAT 302,701 -
Prepayments 243,562 302,167
5,615,840 2,550,407

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 16) 2,309,916 4,431,161
Hire purchase contracts (see note 17) 441,563 433,431
Trade creditors 4,408,964 3,477,450
Amounts owed to group undertakings 5,053,052 -
Tax 148,745 862,037
Social security and other taxes 78,222 98,484
VAT - 2,199,834
Other creditors (56,607 ) 3,236,327
Derivative liability (6,188 ) 242,690
Directors' current accounts 86,517 265,740
Accruals and deferred income 469,970 565,574
12,934,154 15,812,728

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 16) 14,109 26,612
Hire purchase contracts (see note 17) 1,422,390 1,941,431
1,436,499 1,968,043

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 2,309,916 4,431,161

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 10,415 10,098

Amounts falling due between two and five years:
Bank loans - 2-5 years 3,694 16,514

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 441,563 433,431
Between one and five years 1,422,390 1,941,431
1,863,953 2,374,862

Non-cancellable operating leases
2023 2022
£    £   
Within one year 359,125 459,513
Between one and five years 538,229 1,362,588
897,354 1,822,101

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 2,324,025 4,457,773

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
797,251 641,185

Deferred Other
tax provisions
£    £   
Balance at 1 January 2023 488,203 152,981
Provided during year 129,618 -
Balance at 31 December 2023 617,821 152,981

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: £    £   
98,208 Ordinary £0.01 982 1,056
7,392 Ordinary A £0.01 74 -
1,056 1,056

22. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 January 2023 9,089,583 8,062 9,097,645
Profit for the year 479,448 479,448
Dividends (350,000 ) (350,000 )
At 31 December 2023 9,219,031 8,062 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.