Registered number: 13943389
Whitebread Holdings Limited
Unaudited
Financial statements
Information for filing with the registrar
For the year ended 29 February 2024
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Whitebread Holdings Limited
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Whitebread Holdings Limited for the year ended 29 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Whitebread Holdings Limited for the year ended 29 February 2024 which comprise the Balance sheet, the Statement of changes in equity and the related notes from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the Board of directors of Whitebread Holdings Limited, as a body, in accordance with the terms of our engagement letter dated 8 June 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Whitebread Holdings Limited and state those matters that we have agreed to state to the Board of directors of Whitebread Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Whitebread Holdings Limited and its Board of directors, as a body, for our work or for this report.
It is your duty to ensure that Whitebread Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Whitebread Holdings Limited. You consider that Whitebread Holdings Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Whitebread Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Kreston Reeves LLP
Chartered Accountants
Montague Place
Quayside
Chatham Maritime
Chatham
Kent
ME4 4QU
15 November 2024
Page 1
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Whitebread Holdings Limited
Registered number: 13943389
Balance sheet
As at 29 February 2024
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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Capital redemption reserve
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 November 2024.
The notes on pages 4 to 7 form part of these financial statements.
Page 2
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Whitebread Holdings Limited
Statement of changes in equity
For the year ended 29 February 2024
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Capital redemption reserve
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Total comprehensive income for the year
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Contributions by and distributions to owners
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Dividends: Equity capital
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Shares issued during the year
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Transfer to/from profit and loss account
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Total transactions with owners
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At 1 March 2023 (as previously stated)
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Prior year adjustment - correction of error
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At 1 March 2023 (as restated)
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Comprehensive income for the year
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Transfer to/from profit and loss account
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The notes on pages 4 to 7 form part of these financial statements.
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This reserve represents the nominal value of shares that have been issued.
This reserve represents the equity component of the redeemable preference shares.
This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company's shareholders.
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Capital redemption reserve
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This reserve includes the nominal value of shares redeemed by the Company.
Page 3
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Whitebread Holdings Limited
Notes to the financial statements
For the year ended 29 February 2024
Whitebread Holdings Limited ("the company") is a private company limited by shares and is incorporated in England with the registration number 13943389. The address of the registered office is Gattons Farmhouse, Cooling Street, Cliffe, Rochester, Kent, ME3 7UA.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Page 4
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Whitebread Holdings Limited
Notes to the financial statements
For the year ended 29 February 2024
2.Accounting policies (continued)
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary
Page 5
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Whitebread Holdings Limited
Notes to the financial statements
For the year ended 29 February 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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The average monthly number of employees, including directors, during the year was 4 (2023 - 4).
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Investments in subsidiary companies
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At 1 March 2023 (as previously stated)
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At 1 March 2023 (as restated)
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At 28 February 2023 (as restated)
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Creditors: Amounts falling due within one year
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Share capital treated as debt
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Page 6
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Whitebread Holdings Limited
Notes to the financial statements
For the year ended 29 February 2024
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Creditors: Amounts falling due after more than one year
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Share capital treated as debt
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Shares classified as equity
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Allotted, called up and fully paid
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82,500 (2023 - 82,500) A ordinary shares of £1.00 each
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82,500 (2023 - 82,500) B ordinary shares of £1.00 each
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80,000 (2023 - 80,000) C ordinary shares of £1.00 each
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80,000 (2023 - 80,000) D ordinary shares of £1.00 each
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175,000 (2023 - 175,000) E ordinary shares of £1.00 each
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Shares classified as debt
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Allotted, called up and fully paid
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1,582,090 (2023 - 1,809,702) Redeemable preference shares shares of £1.00 each
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The prior year figures have been amended to include a Capital Redemption Reserve to record the nominal value of shares redeemed by the Company. This included reversing the impairment of the investment held in the subsidiary undertaking, to recognise the redemption of shares by the subsidiary undertaking as a return on investment rather than a return of investment.
Page 7
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