Registered number:
FOR THE YEAR ENDED 31 MARCH 2023
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WHITE DESERT LTD
COMPANY INFORMATION
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WHITE DESERT LTD
CONTENTS
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WHITE DESERT LTD
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The directors of White Desert Ltd present their strategic report for the year ended 31 March 2023.The principal activity of the group is that of providing luxury adventures in Antarctica.
The principal activity of the group is that of providing luxury adventures in Antarctica.
The directors are pleased with the performance and growth of the group for the year ended 31 March 2023. The group generated revenues of $19.9m (2022 - $17.0m), an increase of 17% compared to the previous year.
The group's loss after tax for the year was $669k (2022 - $908k profit). The directors have implemented strategic plans to carefully manage the significant growth, including the maintenance of the group’s South African office which has enabled the group to provide streamlined luxury adventures to customers.
The group considers the financial key performance indicators to be:
2023 2022 $m $m Turnover 19.9m 17.0m (Loss)/ profit before tax (626k) 550k
Other key performance indicators include the number of trips booked and guest numbers.
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WHITE DESERT LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
Section 172(1) Statement
As directors of White Desert Ltd, we are committed to upholding our duties under Section 172 of the Companies Act 2006. This statement outlines how we have considered and balanced the needs of our stakeholders in our decision-making processes over the past financial year. Long-Term Impact Our strategy continues to focus on sustainable growth, ensuring that our tours and services are not only of high quality but also contribute to the long-term success of the company. Also ensuring our operations minimise environmental impact. Interests of Employees We recognize that our employees are vital to our success. Throughout the year, we have prioritized their health, safety, and well-being, particularly in response to the challenges posed by global travel conditions to our tour destination. We have invested in additional training programs and enhanced our mental health support services. Fostering Business Relationships Strong relationships with our suppliers and partners are crucial. We maintain regular communication with them, ensuring fair terms and mutual benefits. We renegotiated contracts with key suppliers to secure better terms while ensuring they continue to receive fair compensation. Maintaining High Standards of Business Conduct Integrity and ethical practices are at the core of our business. We have reinforced our commitment to compliance with all relevant regulations, and our internal processes have been strengthened to ensure adherence to the highest standards of business conduct. Acting Fairly Between Members We ensure that all decisions are made with a view to promoting the success of the company for the benefit of all shareholders. We have kept our shareholders informed through regular updates and consultations, ensuring transparency and accountability in our decision-making processes.
This report was approved by the board and signed on its behalf.
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WHITE DESERT LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2023
The directors present their report and the financial statements for the year ended 31 March 2023.
The Directors are responsible for preparing the Group strategic report, the directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements 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 Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The loss for the year, after taxation, amounted to $668,948 (2022 - profit $908,488). No dividends were declared for the year ended (2022:$Nil).
The directors who served during the year were:
The Group intends to continue growing and developing its core market of providing luxury adventures to Antarctica. It intends to grow and develop further the luxury adventures provided to guests.
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WHITE DESERT LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
There have been no significant events affecting the Group since the year end.
Adler Shine LLP were appointed as auditors during the year and they will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Going Concern
Having reviewed the group’s results for the period, its financial forecasts and expected future cash flows, the directors are of the opinion the group has adequate resources available to it to continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the financial statements for the period ended 31 March 2023.
This report was approved by the board and signed on its behalf.
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WHITE DESERT LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WHITE DESERT LTD
We have audited the financial statements of White Desert Ltd and its subsidiary (the ‘Group’) for the year ended 31 March 2023 which comprise the consolidated statement of income and retained earnings, the consolidated balance sheet, the company balance sheet, the consolidated statement of cashflows, the consolidated statement of changes in equity, the company statement of changes in equity and the related notes, including 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).
• give a true and fair view of the state of the Group and company’s affairs as at 31 March 2023 and of the Group's loss 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.
We were unable to obtain sufficient appropriate audit evidence regarding the existence and valuation of the Group's stock and fixed assets as of 31 March 2023 due to the following reasons:
∙Stock: We were unable to observe the physical stock take as at 31 March 2023 and satisfy ourselves by alternative means concerning the stock quantities held at 31 March 2023, which are included in the balance sheet at $1.76m, by using other audit procedures. Consequently we were unable to determine whether any adjustments to this amount was necessary.
∙Fixed Assets: We were unable to verify the existence and valuation of certain fixed assets and satisfy ourselves by alternative means concerning the fixed assets held at 31 March 2023, which are included in the balance sheet at $5.97m, by using other audit procedures. Consequently we were unable to determine whether any adjustments to this amount was necessary.
Because of these matters, we were unable to determine whether any adjustments might have been necessary to the carrying amount of stock, fixed assets, and the corresponding elements of the consolidated financial statements, including the related disclosures.
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 qualified opinion.
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WHITE DESERT LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WHITE DESERT LTD (CONTINUED)
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 group and 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
Except for the possible effects of the matters described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit.
∙the information given in the Group 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 Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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WHITE DESERT LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WHITE DESERT LTD (CONTINUED)
Except for the matters described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
Arising solely from the limitation on the scope of our work relating to stock and fixed assets, referred to above; • we were unable to determine whether adequate accounting records have been kept.
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:
• the Group’s financial statements are not in agreement with the accounting records and returns; or • certain disclosures of directors' remuneration specified by law are not made.
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WHITE DESERT LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WHITE DESERT LTD (CONTINUED)
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 Auditors' 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:
We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we have: • considered the nature of the industry and sectors, control environment and business performance; • made enquires of management about their own identification and assessment of the risk of irregularities; • performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and reviewing accounting estimates for bias; • reviewed minutes of meetings; • undertaken appropriate sample based testing of bank transactions; • identified and evaluated compliance with relevant laws and regulations and made enquiries of any instances of non-compliance. The key laws and regulations we considered in this context included UK Companies Act, data protection, anti-bribery, employment law, health and safety and Money Laundering Act. • discussed matters among the audit engagement team regarding how and where fraud might occur in the financial statements and potential indicators of fraud. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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 Auditors' report.
The corresponding figures for year ended 31 March 2022 are unaudited as the company was exempt from the requirement to have an audit for that year.
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WHITE DESERT LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WHITE DESERT LTD (CONTINUED)
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 an Auditors' 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 members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
Aston House
Cornwall Avenue
N3 1LF
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WHITE DESERT LTD
CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2023
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WHITE DESERT LTD
REGISTERED NUMBER: 05655519
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 34 form part of these financial statements.
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WHITE DESERT LTD
REGISTERED NUMBER: 05655519
COMPANY BALANCE SHEET
AS AT 31 MARCH 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 17 to 34 form part of these financial statements.
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WHITE DESERT LTD
REGISTERED NUMBER: 05655519
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2023
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WHITE DESERT LTD
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
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WHITE DESERT LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
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WHITE DESERT LTD
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
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WHITE DESERT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
White Desert Ltd is a private company limited by shares. The company is incorporated in England and Wales and its registered address is Aston House, Cornwall Avenue, London, N3 1LF.
The financial statements are presented in US Dollars ($), rounded to the nearest $1.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with 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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of income and retained earnings in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of income and retained earnings from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 April 2022.
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WHITE DESERT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
The financial statements have been prepared on a going concern basis, notwithstanding that there are net current liabilities of $5,173,168 as at 31 March 2023, the validity of which is dependent on the continued financial support of the shareholders and creditors. The financial statements do not include any adjustments that would result from discontinuance of their financial support. At the time of approving the financial statements, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Functional and presentation currency
Transactions and balances
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WHITE DESERT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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WHITE DESERT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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WHITE DESERT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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WHITE DESERT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include 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 Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
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WHITE DESERT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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 Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies 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 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.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of
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WHITE DESERT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
The key judgement relates to estimating accruals, deferred income and stock valuation. Judgement and estimation is also applied to the useful economic life of tangible assets acquired by the business. The members consider the depreciation rates applied are consistent with the economic use of the asset.
Analysis of turnover by country of destination:
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WHITE DESERT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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WHITE DESERT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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WHITE DESERT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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WHITE DESERT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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WHITE DESERT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
12.Tangible fixed assets (continued)
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WHITE DESERT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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WHITE DESERT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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WHITE DESERT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The hire purchase creditor is repayable by 30 June 2026 and attracts interest at 4%.
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WHITE DESERT LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
The prior year adjustment of $81,456 relates to the reclassification of fuel storage containers from stock to tangible fixed assets. The net effect of the adjustment to the retained earnings is $Nil.
There is no ultimate controlling party.
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