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REGISTERED NUMBER: SC654221 (Scotland)











































Peter White & Company Ltd

Unaudited Financial Statements

for the Year Ended 29th February 2024






Peter White & Company Ltd (Registered number: SC654221)






Contents of the Financial Statements
for the year ended 29th February 2024




Page

Company information 1

Balance sheet 2 to 3

Notes to the financial statements 4 to 7


Peter White & Company Ltd

Company Information
for the year ended 29th February 2024







Directors: Mrs M F Drummond
G R R Drummond





Registered office: Coldingham Law Farmhouse
Coldingham
Eyemouth
Berwickshire
TD14 5PY





Registered number: SC654221 (Scotland)





Accountants: Rennie Welch LLP
Academy House
Shedden Park Road
Kelso
Roxburghshire
TD5 7AL

Peter White & Company Ltd (Registered number: SC654221)

Balance Sheet
29th February 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Intangible assets 4 4,990 740
Tangible assets 5 879,103 826,111
884,093 826,851

Current assets
Stocks 146,996 105,408
Debtors 6 28,747 53,775
Investments 7 100 138
Cash at bank 43,959 117,758
219,802 277,079
Creditors
Amounts falling due within one year 8 175,112 237,646
Net current assets 44,690 39,433
Total assets less current liabilities 928,783 866,284

Creditors
Amounts falling due after more than one
year

9

(17,778

)

-

Provisions for liabilities (19,772 ) (10,821 )
Net assets 891,233 855,463

Capital and reserves
Called up share capital 100 100
Retained earnings 891,133 855,363
891,233 855,463

Peter White & Company Ltd (Registered number: SC654221)

Balance Sheet - continued
29th February 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29th February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29th February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of income and retained earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18th November 2024 and were signed on its behalf by:





Mrs M F Drummond - Director


Peter White & Company Ltd (Registered number: SC654221)

Notes to the Financial Statements
for the year ended 29th February 2024

1. Statutory information

Peter White & Company Ltd is a private company, limited by shares , registered in Scotland. 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover arising from the sale of goods is recognised when the significant risks and rewards of ownership have passed to the buyer.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Basic payment entitlements are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Freehold property - not provided
Plant and machinery - 15% on reducing balance
Tractors - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Freehold property includes land. The director considers that the property is maintained in such a state of repair that their residual value is at least equal to their net book value. As a result, the corresponding depreciation would not be material and therefore is not charged in the Statement of Income and Retained Earnings.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost includes all direct expenditure and appropriate proportion of fixed and variable overheads. Net realisable value is based on estimated selling prices less further costs expected to be incurred in bringing the stocks to completion.

Peter White & Company Ltd (Registered number: SC654221)

Notes to the Financial Statements - continued
for the year ended 29th February 2024

2. Accounting policies - continued

Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, loans, trade creditors, hire purchase contracts and directors' loans.

Hire purchase contracts are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method.

Loans and directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at 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 the Statement of Income and Retained Earnings.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.

Employee benefits
Short term employee benefits, including holiday pay, are recognised as an expense in the Statement of Income and Retained Earnings in the period in which they are incurred.

Peter White & Company Ltd (Registered number: SC654221)

Notes to the Financial Statements - continued
for the year ended 29th February 2024

2. Accounting policies - continued

Going concern
The directors have considered the company's financial position for a minimum period of 12 months and beyond from the date of signing these financial statements and have an expectation that the company should be in a position to continue trading in the current format for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing these financial statements

3. Employees and directors

The average number of employees during the year was 2 (2023 - 1 ) .

4. Intangible fixed assets
Basic
payment
entitlements
£   
Cost
At 1st March 2023 1,850
Additions 5,775
At 29th February 2024 7,625
Amortisation
At 1st March 2023 1,110
Amortisation for year 1,525
At 29th February 2024 2,635
Net book value
At 29th February 2024 4,990
At 28th February 2023 740

5. Tangible fixed assets
Freehold Plant and Motor
property machinery Tractors vehicles Totals
£    £    £    £    £   
Cost
At 1st March 2023 769,159 56,515 30,455 3,925 860,054
Additions - 14,079 62,000 - 76,079
Disposals - (4,870 ) (817 ) - (5,687 )
At 29th February 2024 769,159 65,724 91,638 3,925 930,446
Depreciation
At 1st March 2023 - 19,922 11,752 2,269 33,943
Charge for year - 7,151 12,030 414 19,595
Eliminated on disposal - (1,879 ) (316 ) - (2,195 )
At 29th February 2024 - 25,194 23,466 2,683 51,343
Net book value
At 29th February 2024 769,159 40,530 68,172 1,242 879,103
At 28th February 2023 769,159 36,593 18,703 1,656 826,111

Peter White & Company Ltd (Registered number: SC654221)

Notes to the Financial Statements - continued
for the year ended 29th February 2024

6. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 18,542 39,618
Other debtors 10,205 14,157
28,747 53,775

7. Current asset investments
2024 2023
£    £   
Unlisted investments 100 138

8. Creditors: amounts falling due within one year
2024 2023
£    £   
Hire purchase contracts 10,667 -
Trade creditors 26,793 142,045
Taxation and social security 300 16,353
Other creditors 137,352 79,248
175,112 237,646

9. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Hire purchase contracts 17,778 -

10. Secured debts

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 28,445 -

Hire purchase contracts are secured against the assets to which they relate.