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2023-01-01
Sage Accounts Production Advanced 2023 - FRS102_2023
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1,661,811
3,550,151
898,051
141,786
1,039,837
2,510,314
2,652,100
1,861,621
1,861,621
1,861,621
32,823
733
32,090
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1
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2023-12-31
COMPANY REGISTRATION NUMBER:
07375021
WHITEMEADOW GROUP HOLDINGS LIMITED |
|
WHITEMEADOW GROUP HOLDINGS LIMITED |
|
YEAR ENDED 31 DECEMBER 2023
Officers and professional advisers |
1 |
|
|
Independent auditor's report to the member |
8 |
|
|
Statement of income and retained earnings |
12 |
|
|
Statement of financial position |
13 |
|
|
Notes to the financial statements |
14 |
|
|
WHITEMEADOW GROUP HOLDINGS LIMITED |
|
OFFICERS AND PROFESSIONAL ADVISERS |
|
The board of directors |
P Ainley |
|
M Clarridge |
|
A Kitchen |
|
D Oscroft |
|
I Oscroft |
|
A Price |
|
N Wilkinson |
|
|
Registered office |
Orchard Way |
|
Calladine Business Park |
|
Sutton In Ashfield |
|
Nottinghamshire |
|
NG17 IJU |
|
|
Auditor |
Streets Audit LLP |
|
Chartered accountants & statutory auditor |
|
Windsor House |
|
A1 Business Park at |
|
Long Bennington |
|
Notts |
|
NG23 5JR |
|
|
WHITEMEADOW GROUP HOLDINGS LIMITED |
|
YEAR ENDED 31 DECEMBER 2023
The directors present the strategic report for the year ended 31 December 2023. Fair review of the business Operating profit for the year of £196,333 - 2022 £195,937.
Whitemeadow Group Holdings Limited is primarily a property holding business, and continues to operate at the same levels as prior years, all properties are let to group business on long term leases.
Principle risks and uncertainties The shareholders of the business are heavily involved in the day-to-day management of the group of companies and hold regular meetings to review the performance of the group. They analyse the potential risks and opportunities and put into place appropriate plans to mitigate risks and promote opportunities. Cash and Debtors are constantly monitored to optimise the business cash flow. Principle risks and uncertainties include: - New import and export regulations following Brexit have added to the complexity of sales and supply chains, increasing costs across the board. - The current economic downturn is now one of the main uncertainties, the end consumers ability to purchase is being significantly dampened as the institutions fight to curb inflation, which is a key factor in UK manufacturing of larger items. - Interest rates have a significant impact upon the groups financing costs and are reviewed and monitored closely. Key Performance Indicators Length of outstanding terms on property lease deals, and interest rates.
S172 Report Company Vision- Driven to lead. Proud to impress. Our mission at Whitemeadow is to constantly strive to lead in our industry, both in terms of product, service, and innovation. We're proud of the work we do and the people we work alongside. Most companies exist to simply make and sell product. We're different. We exist because we believe in inspiring, impressing and innovating. Our Values There are six pillars on which the Whitemeadow brands rests: - Crafted- everything we do we do with care and accuracy. Crafting British- made upholstery skills that have taken years to master. - Vibrant- our vibrant workplace culture helps inspire creativity and craftsmanship. - Proud- we're proud of what we do. We're proud of who we are. We're proud of how far we've come and where we're going. - Dynamic- dynamic working is instrumental to our everyday operations. Instilling a high-trust, high-performance culture within our business. - Dependable- constantly delivering on our designs, quality, and service. - Best in Class- We aspire to be the best we can be crafting innovative products that people are proud to own, taking the lead in our industry. Employee Engagement Our vision takes a multi-disciplined workforce, each with skills that contribute to pushing us ahead of our competition and impressing our loyal customer base. We encourage engagement from everyone in the business and truly believe by doing this our vision and values will become the unifying components of our company culture and in time this will ultimately lead to a better workplace for all, and a company that has a strong and bright future. We offer a competitive salary, generous holiday allowance, formal and informal training opportunities, good welfare facilities and a wide range of employee benefits and opportunities to enable our employees to fulfill their potential. Our Joint Consultative Committee and Health and Safety enables all employees to feel involved and have a voice. We are working hard to create an environment where employees feel valued and are recognised for their hard work and successful demonstration of our company values. We hold monthly and annual employee recognition awards and are proud to be an Investors in People accredited employer. We take our commitment to the development of our employees very seriously and invest in their future by offering training courses and accessible routes to career progression. Our industry leading in-house Sewing Academy has now trained a number of fully qualified Sewing Machinists. Our commitment to improvement will see us complete our ISO journey in 2024, something that will benefit the future of the Whitemeadow group Community and Industry Commitment Whitemeadow continues to lead the charge on educating and inspiring the next generation of skilled furniture makers. By sharing our knowledge and skills with local students, we hope to show them that there are some fantastic career opportunities right on their doorstep in the future. Local residents were also offered the opportunity to come along and find out more about career opportunities in the furniture industry. Whitemeadow also work with partners such as job centres, parole services and the Armed Forces Community to provide pathways into work. Charity Work Whitemeadow have our own charity team, who continue to raise money through regular fund-raising events to support local charities. Whitemeadow are members of the Furniture Makers which support the industries commitment to all employees past and present. Environmental Responsibilities Our commitment to the environment and sustainably is at the heart of the future for Whitemeadow. FSC- In 2020 we became one of the first upholstery manufacturers to achieve FSC accreditation. All the timber we use is sourced legally, ethically, and sustainably, from plantations or Forestry commissions that replant and replace to ensure that species continue to thrive and provide a sustainable source of timber for generations to come. We do not purchase any materials that do not come with FSC (Forestry Stewardship Commission) accreditation. Recycling- We recycle all forms of paper and card. All confidential waste is shredded and recycled, and all other paper waste goes directly to recycling plants across the UK, with zero to landfill. In partnership with Biffa and Flame, all our sites now divert over 94% of wastage away from landfills and 100% of our plastic packaging is recyclable. Our plastic packaging is made from 30% recycled plastic. Energy- We use HVO to fuel some of our fleet and continue to drive for efficiencies throughout. HVO (hydro-treated vegetable oil) is a premium, high quality diesel fuel, made from renewable, sustainable, raw materials and can reduce our net CO2 greenhouse gas emissions by up to 90%. Our current project involves looking at the use of solar energy to reduce reliance on the grid and contribute to a lower carbon process. 85% of our factory lighting is energy efficient LED and our Biomass units are powered by recycled wood, providing 100% of the heating at our Orchard Way, Design, Export Drive and Stores sites. Product innovation- Whitemeadow are early adopters of innovation and sustainability practices in the upholstery industry. We were the first in the sector to invest in sustainable components such as interiors made of recycled bottles and fabrics made from recycled yarns. We currently work with like-minded organisations such as Plastic Bank, which is a social enterprise that builds recycling ecosystems in under-developed communities in an effort to fight both plastic pollution in oceans, as well as high poverty levels in developing countries. Securing the Future of Whitemeadow We know our people are our biggest strength, and we're determined to improve the way we manage, develop, and lead. We are currently undergoing our 24-month review of our Investor in People accreditation, which will help us focus on the right areas and make positive changes for all those that choose to work at Whitemeadow. We will continue to expand the number of ethical suppliers we work with to ensure our supply chains are as committed to positive change as we are, making a substantial effort to reduce harmful impact on the planet. We will continue to try and improve our carbon footprint, through better energy usage and generation. Our aim is to be recognised as a company known for its integrity and creativity, that paves the way for the future of upholstery making.
This report was approved by the board of directors on 20 September 2024 and signed on behalf of the board by:
Registered office: |
Orchard Way |
Calladine Business Park |
Sutton In Ashfield |
Nottinghamshire |
NG17 IJU |
|
WHITEMEADOW GROUP HOLDINGS LIMITED |
|
YEAR ENDED 31 DECEMBER 2023
The directors present their report and the financial statements of the company for the year ended
31 December 2023
.
Directors
The directors who served the company during the year were as follows:
P Ainley |
|
M Clarridge |
|
A Kitchen |
|
D Oscroft |
|
I Oscroft |
|
A Price |
|
N Wilkinson |
|
|
|
Dividends
Particulars of recommended dividends are detailed in note 8 to the financial statements.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the 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 judgments and accounting estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
-
so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This report was approved by the board of directors on
20 September 2024
and signed on behalf of the board by:
Registered office: |
Orchard Way |
Calladine Business Park |
Sutton In Ashfield |
Nottinghamshire |
NG17 IJU |
|
WHITEMEADOW GROUP HOLDINGS LIMITED |
|
INDEPENDENT AUDITOR'S REPORT TO THE MEMBER OF
WHITEMEADOW GROUP HOLDINGS LIMITED |
|
YEAR ENDED 31 DECEMBER 2023
Opinion
We have audited the financial statements of Whitemeadow Group Holdings Limited (the 'company') for the year ended 31 December 2023 which comprise the statement of income and retained earnings, statement of financial position and the related notes, 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 FRS 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; - 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 auditor's 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 other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, 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 directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was that we identified the material laws and regulations applicable to the company through discussions with management, and from our commercial knowledge and experience of the company. These were the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation. We then assessed the extent of compliance with these laws and regulations through making enquiries of management. We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls we tested journal entries to identify unusual transactions, we assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias; and we investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to agreeing financial statement disclosures to underlying supporting documentation and reviewing correspondence with relevant regulators. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or 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 auditor’s report.
Use of our report
This report is made solely to the company's member, 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 member those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member as a body, for our audit work, for this report, or for the opinions we have formed.
MARK BRADSHAW |
(Senior Statutory Auditor) |
|
For and on behalf of |
Streets Audit LLP |
Chartered accountants & statutory auditor |
Windsor House |
A1 Business Park at |
Long Bennington |
Notts |
NG23 5JR |
|
25 September 2024
WHITEMEADOW GROUP HOLDINGS LIMITED |
|
STATEMENT OF INCOME AND RETAINED EARNINGS |
|
YEAR ENDED 31 DECEMBER 2023
Administrative expenses |
(
141,799) |
(
144,063) |
Other operating income |
4 |
338,132 |
340,000 |
|
|
---------- |
---------- |
Operating profit |
5 |
196,333 |
195,937 |
|
|
|
|
Income from shares in group undertakings |
6 |
832,000 |
1,535,000 |
|
------------- |
------------- |
Profit before taxation |
1,028,333 |
1,730,937 |
|
|
|
|
Tax on profit |
7 |
(
77,426) |
(
69,126) |
|
------------- |
------------- |
Profit for the financial year and total comprehensive income |
950,907 |
1,661,811 |
|
------------- |
------------- |
|
|
|
|
Dividends paid and payable |
8 |
(
1,109,000) |
(
1,815,000) |
|
|
|
|
Retained earnings at the start of the year |
4,393,850 |
4,547,039 |
|
------------- |
------------- |
Retained earnings at the end of the year |
4,235,757 |
4,393,850 |
|
------------- |
------------- |
|
|
|
All the activities of the company are from continuing operations.
WHITEMEADOW GROUP HOLDINGS LIMITED |
|
STATEMENT OF FINANCIAL POSITION |
|
31 December 2023
Fixed assets
Tangible assets |
9 |
|
2,510,314 |
2,652,100 |
Investments |
10 |
|
1,861,621 |
1,861,621 |
|
|
------------- |
------------- |
|
|
4,371,935 |
4,513,721 |
|
|
|
|
|
Current assets
Cash at bank and in hand |
24,415 |
|
5,077 |
|
|
|
|
Creditors: amounts falling due within one year |
11 |
(
99,630) |
|
(
63,252) |
|
--------- |
|
--------- |
Net current liabilities |
|
(
75,215) |
(
58,175) |
|
|
------------- |
------------- |
Total assets less current liabilities |
|
4,296,720 |
4,455,546 |
|
|
|
|
|
Provisions |
12 |
|
(
32,090) |
(
32,823) |
|
|
------------- |
------------- |
Net assets |
|
4,264,630 |
4,422,723 |
|
|
------------- |
------------- |
|
|
|
|
|
Capital and reserves
Called up share capital |
14 |
|
28,873 |
28,873 |
Profit and loss account |
|
4,235,757 |
4,393,850 |
|
|
------------- |
------------- |
Shareholder funds |
|
4,264,630 |
4,422,723 |
|
|
------------- |
------------- |
|
|
|
|
|
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.
These financial statements were approved by the
board of directors
and authorised for issue on
20 September 2024
, and are signed on behalf of the board by:
Company registration number:
07375021
WHITEMEADOW GROUP HOLDINGS LIMITED |
|
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 31 DECEMBER 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Orchard Way, Calladine Business Park, Sutton In Ashfield, Nottinghamshire, NG17 IJU.
2.
Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and in sterling, which is the functional currency of the entity.
Disclosure exemptions The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of Whitemeadow Investments Limited
which can be obtained from their registered office at Orchard Way, Calladine Business Park, Sutton in Ashfield, Notts, NG17 1JU. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. Significant judgements We do not consider there to be any significant judgements in the financial statements for disclosure. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: - Valuation of Investments Investments are considered annually for impairment. Determining whether a fixed asset is impaired requires an estimation of the value in use of the cash generating investment, which requires the entity to estimate the future cash flows expected to arise from the cash generating unit and a suitable discount rate in order to calculate present value. The carrying amount of fixed asset investments at the balance sheet date is considered appropriate with no impairment required.
Income tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Freehold property |
- |
Between 15 and 40 years
|
|
|
|
|
Included within Freehold property are property improvements which are being depreciated between 5 and 11 years.
Investments Investments in subsidiaries, associates and jointly controlled entities are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, including trade and other receivables, cash and bank balances, loans to fellow group companies and investments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Such assets are subsequently carried at amortised cost, using the effective interest method. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost, using the effective interest method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
4.
Other operating income
|
2023 |
2022 |
|
£ |
£ |
Rental income |
338,132 |
340,000 |
|
---------- |
---------- |
|
|
|
5.
Operating profit
Operating profit or loss is stated after charging:
|
2023 |
2022 |
|
£ |
£ |
Depreciation of tangible assets |
141,786 |
143,051 |
|
---------- |
---------- |
|
|
|
6.
Income from shares in group undertakings
|
2023 |
2022 |
|
£ |
£ |
Income from group undertakings |
832,000 |
1,535,000 |
|
---------- |
------------- |
|
|
|
7.
Tax on profit
Major components of tax expense
Current tax:
UK current tax expense |
78,159 |
63,252 |
Adjustments in respect of prior periods |
– |
1,356 |
|
--------- |
--------- |
Total current tax |
78,159 |
64,608 |
|
--------- |
--------- |
|
|
|
Deferred tax:
Origination and reversal of timing differences |
(
733) |
4,518 |
|
--------- |
--------- |
Tax on profit |
77,426 |
69,126 |
|
--------- |
--------- |
|
|
|
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2022: lower than) the
standard rate of corporation tax in the UK
of
23.50
% (2022:
19
%).
|
2023 |
2022 |
|
£ |
£ |
Profit on ordinary activities before taxation |
1,028,333 |
1,730,937 |
|
------------- |
------------- |
Profit on ordinary activities by rate of tax |
241,870 |
328,878 |
Effect of capital allowances and depreciation |
31,291 |
31,898 |
Effect of revenue exempt from tax |
(
195,691) |
(
291,650) |
Effect of different UK tax rates on some earnings |
(44) |
– |
|
------------- |
------------- |
Tax on profit |
77,426 |
69,126 |
|
------------- |
------------- |
|
|
|
8.
Dividends
|
2023 |
2022 |
|
£ |
£ |
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year ) |
1,109,000 |
1,815,000 |
|
------------- |
------------- |
|
|
|
9.
Tangible assets
|
Freehold property |
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
3,550,151 |
|
------------- |
Depreciation |
|
At 1 January 2023 |
898,051 |
Charge for the year |
141,786 |
|
------------- |
At 31 December 2023 |
1,039,837 |
|
------------- |
Carrying amount |
|
At 31 December 2023 |
2,510,314 |
|
------------- |
At 31 December 2022 |
2,652,100 |
|
------------- |
|
|
At 31 December 2023, the following entitled persons; Ian Oscroft, Paul Wesson, Garfield Peter Garnett and Andrew Kitchen held a fixed charge by way of a legal mortgage over all of the freehold and leasehold properties. The entitled persons also held fixed and floating charges over all the assets of the company at this date. At 31 December 2023, lan Oscroft held a fixed charge by way of a first legal mortgage, the property being Unit 1, Export Drive, Huthwaite, Sutton in Ashfield, Nottingham, NG17 6AF and by way of first fixed charge, all its rights in each insurance policy, including all claims, the proceeds of all claims and all returns of premiums in connection with each insurance policy, the rental income and the benefit of any guarantee or security in respect of the rental income, to the extent not effectively assigned under clause 3.2 of the deed. At 31 December 2023, lan Oscroft held a fixed charge by way of a first legal mortgage, the property being Orchard Way, Huthwaite, Sutton in Ashfield, Nottingham, NG17 6AF and by way of first fixed charge, all its rights in each insurance policy, including all claims, the proceeds of all claims and all returns of premiums in connection with each insurance policy, the rental income and the benefit of any guarantee or security in respect of the rental income, to the extent not effectively assigned under clause 3.2 of the deed. At 31 December 2023, HSBC UK Bank PLC held a fixed and floating charge over all assets. At 31 December 2023, HSBC UK Bank PLC held a legal mortgage over the freehold property known as Unit 1 Export Drive, Huthwaite, Sutton-in Ashfield. At 31 December 2023, HSBC UK Bank PLC held a legal mortgage over the freehold property known as Getinge UK Ltd, Orchard Way, Sutton-in Ashfield.
10.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 January 2023 and 31 December 2023 |
1,861,621 |
|
------------- |
Impairment |
|
At 1 January 2023 and 31 December 2023 |
– |
|
------------- |
|
|
Carrying amount |
|
At 31 December 2023 |
1,861,621 |
|
------------- |
At 31 December 2022 |
1,861,621 |
|
------------- |
|
|
11.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Accruals and deferred income |
1,868 |
– |
Corporation tax |
78,159 |
63,252 |
Social security and other taxes |
19,603 |
– |
|
--------- |
--------- |
|
99,630 |
63,252 |
|
--------- |
--------- |
|
|
|
12.
Provisions
|
Deferred tax (note 13) |
|
£ |
At 1 January 2023 |
32,823 |
Additions |
(
733) |
|
--------- |
At 31 December 2023 |
32,090 |
|
--------- |
|
|
13.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
2023 |
2022 |
|
£ |
£ |
Included in provisions (note 12) |
32,090 |
32,823 |
|
--------- |
--------- |
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2023 |
2022 |
|
£ |
£ |
Accelerated capital allowances |
32,090 |
32,823 |
|
--------- |
--------- |
|
|
|
14.
Called up share capital
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
28,572 |
28,572 |
28,572 |
28,572 |
A Ordinary shares of £ 1 each |
301 |
301 |
301 |
301 |
|
--------- |
--------- |
--------- |
--------- |
|
28,873 |
28,873 |
28,873 |
28,873 |
|
--------- |
--------- |
--------- |
--------- |
|
|
|
|
|
15.
Controlling party
The company's results are incorporated into the consolidated financial statements of Whitemeadow Investments Limited which are publicly available.
Whitemeadow Investments Limited
is the largest group for which consolidated accounts are prepared. In the opinion of the directors the ultimate controlling party of Whitemeadow Group Holdings Limited is I R Oscroft
.