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Company registration number: 01280477







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2024


T.W. WHITE & SONS (HOLDINGS) LIMITED






































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T.W. WHITE & SONS (HOLDINGS) LIMITED
 


 
COMPANY INFORMATION


Directors
K. E. Basson 
N. P. White 




Company secretary
K. E. Basson



Registered number
01280477



Registered office
The Crossroads Guildford Road
Effingham

Leatherhead

England

KT24 5PE




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY





 


T.W. WHITE & SONS (HOLDINGS) LIMITED
 



CONTENTS



Page
Group strategic report
1 - 3
Directors' report
4 - 5
Independent auditors' report
6 - 9
Consolidated profit and loss account
10
Consolidated statement of financial position
11 - 12
Company statement of financial position
13
Consolidated statement of changes in equity
14
Company statement of changes in equity
15
Consolidated statement of cash flows
16
Consolidated analysis of net debt
17
Notes to the financial statements
18 - 34


 


T.W. WHITE & SONS (HOLDINGS) LIMITED
 


 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2024

Introduction
 
The principal activity of T.W. White and Sons ( Holdigns) Group during the year ended 30th April 2024 was that of purchasing, selling, and the repairing of motor vehicles and the supply of other ancillary services connected with the motor trade, including the wholesale distribution of accident repair parts nationwide. The Group holds franchises for Mazda, Suzuki and enjoy Authorised Repairer Agreements for Hyundai and Kia.

Business review
 
Turnover for the year was £52,895,049 This represented a 8.9% increase compared to the 2022/23 turnover of £48,536,988.
 
2023/24 marked the end of new car production limitations, due to the shortages of microchips and processors, which had been experienced since the pandemic of 2020/21. Supply was greater than demand - like before the pandemic. 
The Group has adapted well to consumers buying habits with increased sales due to our “omnichannel” platform and approach. This seeks to provide existing and new customers with a seamless shopping experience whether they are shopping by visiting our showrooms in person, by telephone, or on-line. However high Inflation and interest rates together with a lack of disposable income are affecting consumers decisions to keep their cars longer – affecting both our new and used sales gross profitability as we worked on lower margins to try and make our cars more affordable.
 
Gross profit percentage was 4.9% compared to 6.1% in 2022/23. Admin expenses was 3.9% of turnover compared to the previous year at 4.7% - well below the 6.8% in 2020/21.
 
These factors combined to make the Group a pre-tax profit of £239,005 (2023: £475,108).
 
Profit margins on new cars were lower than last year due to general trading conditions and product discounting. The used car market was relatively stable for the first half of the year but then values plummeted at the start of our second half. This market “correction” had the result of a drop in the sales of our used units and profitability. Our general after sales business was affected by staff shortages but nevertheless was like last year. The Group further expanded sales with our very profitable parts distribution business and therefore the Group is well positioned should trading be adversely affected by the current economic and political uncertainty. 
The Group continues to enjoy excellent relationships with its financiers and the manufacturers it represents.

Principal risks and uncertainties
 
The main risks arising from the Group's operations are categorised as liquidity risk, market risk, credit risk and interest rate risk. The directors review and agree policies for managing each of these risks and they are summarised below.

Liquidity risk

There are funds available to the company to meet operating requirements. The Group has sufficient funds to meet all current operating requirements including any expansion of our wholesale parts distribution business as we have now restructured the funding for that element of the business. The directors maintain firm control of stocks and monitor the funded percentage and aging of all stock types on an ongoing basis.

Working capital risk

The directors have reviewed the Group’s financial performance and position and have prepared forecasts on historic trends and assumptions about future sales, cost levels, and the timing of cash flows. Based on these current forecasts, the directors expect that despite potential reductions in the turnover of new and used vehicles, they will continue to be profitable in the period to end April 2025.

Page 1

 


T.W. WHITE & SONS (HOLDINGS) LIMITED
 



GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Market risk

Used prices, while currently stable, will continue to depreciate - especially on BEV's (Battery Electric Vehicles) as there is very little consumer demand for these used BEV's. Supply of new BEV's must increase (due to legislation) and both Mazda and Suzuki have new BEV models in the pipeline - although these will not be available until mid-2025 (Suzuki) and late 2026 (Mazda).
The Government ZEV Mandate legislation for new cars is proving very challenging to almost all OEM’s.  Most manufacturer have a target of 22% BEV mix in 2024 rising to 80% by 2030. Currently the BEV market is running at only 10% for private sales but achieving 15% when business and fleet are accounted for. Demand for these BEV’s is just not there – partly due to the retail price of BEV’s, partly due to the charging infrastructure and partly due to “range anxiety”. Retail pricing will soon be affected by the large number of new Chinese entrants coming to the UK who will be marketing their models significantly cheaper than what is currently available from the established OEM’s.  It remains to be seen if the UK follows Europe by introducing extra duties and tariffs on these Chinese OEM’s.  
Our after sales departments will continue to be steady but with increased growth coming from our parts distribution business and this will continue to balance profitability which would enable the company to absorb any possible reduction in the new car market and the knock-on to the used market.
The retail automotive sector is still generally suffering from technical employees leaving the sector - looking for both higher wages and a better work/home lifestyle balance.  We have addressed this by offering much higher remuneration packages in terms of basic salaries and increased benefits and consider ourselves now to be market leaders. We have also introduced 5-day working weeks for all employees – still opening at weekends with employees having days off in lieu.  We believe we are very competitive and can retain our key workforce.

Credit risk

The Group's principal financial assets are cash and trade debtors. The credit risk associated with cash sales in minimal. The principal credit risk therefore arises from its trade debtors. In order to manage credit risk, the directors have implemented processes to ensure receipt of cleared funds for vehicle sales before the vehicle is released. The bonuses due from the manufacturers are paid by direct credit. Other trade debtors, principally as a result of parts sales and servicing of vehicles, require approved credit in advance which is supported by credit reports, reference checks and payment is required within the Group's credit terms and hence credit risk is minimised within a process of bi-monthly reviews. 

Interest rate risk

Interest rate risk arises from the Group's exposure to interest rate fluctuations and this is managed by use of a mixture of fixed and floating facilities.

Future Developments

The Group owns the freehold of their Orpington site.  Previously, part of the site was leased out to another company but that lease has been terminated and therefore we have scope to partly redevelop Orpington should we wish. This redevelopment could allow an additional franchise. 

Page 2

 


T.W. WHITE & SONS (HOLDINGS) LIMITED
 



GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Key performance indicators
 
The directors consider the key performance indicators of the business to be turnover and gross profit. Turnover of £52,895,049 was above that budgeted for the year. The overall gross profit percentage was down 1.1%, from 6.1% in 2023 to 4.9% in 2024, and the net profit before tax decreased 50.3%.

 
The directors are satisfied with the results for the year.


This report was approved by the board and signed on its behalf.



N. P. White
Director

Date: 11 November 2024

Page 3

 


T.W. WHITE & SONS (HOLDINGS) LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2024

The directors present their report and the financial statements for the year ended 30 April 2024.

Directors' responsibilities statement

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.
 
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 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 judgements 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 2006They 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.

Results and dividends

The profit for the year, after taxation, amounted to £40,542 (2023 -£504,334).

Dividends of £560,000 (2022 - £600,000) were paid in the year.

Directors

The directors who served during the year were:

K. E. Basson 
N. P. White 

Matters covered in the Group strategic report

The Company has chosen, in accordance with Section 414C(11) of the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013, to set out within the Company's Strategic Report the Company's Strategic Report Information required by Schedule 7 of the Large and Medium Sized Companies and Groups (Accounts and Reports) Regulation 2008. This includes information that would have been included in the business review and details of the principal risks and uncertainties.

Page 4

 


T.W. WHITE & SONS (HOLDINGS) LIMITED
 

 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





N. P. White
Director

Date: 11 November 2024

Page 5

 


T.W. WHITE & SONS (HOLDINGS) LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF T.W. WHITE & SONS (HOLDINGS) LIMITED

Opinion


We have audited the financial statements of T.W. White & Sons (Holdings) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 30 April 2024, which comprise the Consolidated profit and loss account, the Consolidated statement of financial position, the Company statement of financial position, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 30 April 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 Group's or the parent 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 Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Page 6

 


T.W. WHITE & SONS (HOLDINGS) LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF T.W. WHITE & SONS (HOLDINGS) LIMITED (CONTINUED)

Opinion 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 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.


Matters on which we are required to report by exception
 

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.


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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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 set out on page 4, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 


T.W. WHITE & SONS (HOLDINGS) LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF T.W. WHITE & SONS (HOLDINGS) LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue 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 Group 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:

The Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were the most significant including:
 
°The Companies Act 2006;
°Financial Reporting 102;
°UK employment legislation
°UK health and safety legislation;
°UK tax legislation; and
°General Data Protection Regulations.
 
We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
 
We understood how the Group is complying with those legal and regulatory frameworks by, making enquiries to management, those responsible for legal and compliance procedures and the Group secretary. We corroborated our  enquiries through our review of board minutes.
 
The engagement partner assessed whether the engagement team collecitvely had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
 
We assessed the susceptibility of the Group financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
 
°Identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
°Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
°Challenging assumptions and judgements made by management in its significant accounting estimates; and
°Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
 
As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas:
 
°The application of inappropriate judgements or estimation to manipulate the Group's financial position;
°Posting of unusual journals and complex transactions; and
°The use of management override of controls to manipulate results, or to cause the Group to enter into transactions not in its best interests.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading
Page 8

 


T.W. WHITE & SONS (HOLDINGS) LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF T.W. WHITE & SONS (HOLDINGS) LIMITED (CONTINUED)

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.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our 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.





Andrew Hookway FCA (Senior Statutory Auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
Ashcombe House
5 The Crescent
Leatherhead
Surrey
KT22 8DY

12 November 2024
Page 9

 


T.W. WHITE & SONS (HOLDINGS) LIMITED
 


 
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
Note
£
£

  

Turnover
 4 
52,895,049
48,536,988

Cost of sales
  
(50,303,246)
(45,554,635)

Gross profit
  
2,591,803
2,982,353

Administrative expenses
  
(2,073,641)
(2,289,243)

Other operating income
 5 
11,933
19,700

Fair value movements
  
108,198
-

Operating profit
 6 
638,293
712,810

Interest payable and similar expenses
 10 
(399,288)
(237,702)

Profit before tax
  
239,005
475,108

Tax on profit
 11 
(198,463)
29,226

Profit for the financial year
  
40,542
504,334

Profit for the year attributable to:
  

Owners of the parent
  
40,542
504,334

  
40,542
504,334

There are no items of other comprehensive income for 2024 or 2023 other than the profit for the yearAs a result, no separate Statement of comprehensive income has been presented.

The notes on pages 18 to 34 form part of these financial statements.

Page 10

 


T.W. WHITE & SONS (HOLDINGS) LIMITED
REGISTERED NUMBER:01280477



CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
3,899,464
4,331,936

Investment property
 14 
738,214
-

  
4,637,678
4,331,936

Current assets
  

Stocks
 15 
7,891,298
5,911,633

Debtors: amounts falling due within one year
 16 
2,551,089
2,202,510

Cash at bank and in hand
  
391,503
51,965

  
10,833,890
8,166,108

Creditors: amounts falling due within one year
 17 
(12,241,508)
(9,164,563)

Net current liabilities
  
 
 
(1,407,618)
 
 
(998,455)

Total assets less current liabilities
  
3,230,060
3,333,481

Creditors: amounts falling due after more than one year
 18 
(110,736)
(144,078)

Provisions for liabilities
  

Deferred tax
 20 
(417,328)
(307,536)

  
 
 
(417,328)
 
 
(307,536)

Net assets
  
2,701,996
2,881,867

Page 11

 


T.W. WHITE & SONS (HOLDINGS) LIMITED
REGISTERED NUMBER:01280477


    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 21 
5,000
5,000

Revaluation reserve
 22 
1,166,059
493,675

Capital redemption reserve
 22 
5,000
5,000

Other reserves
 22 
104,164
104,164

Profit and loss account
 22 
1,421,773
2,274,028

  
2,701,996
2,881,867


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




N. P. White
Director

Date: 11 November 2024

The notes on pages 18 to 34 form part of these financial statements.

Page 12

 


T.W. WHITE & SONS (HOLDINGS) LIMITED
REGISTERED NUMBER:01280477



COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 13 
283,460
283,460

  
283,460
283,460

  

Creditors: amounts falling due within one year
 17 
(262,303)
(262,303)

Net current liabilities
  
 
 
(262,303)
 
 
(262,303)

Total assets less current liabilities
  
21,157
21,157

  

  

Net assets
  
21,157
21,157


Capital and reserves
  

Called up share capital 
 21 
5,000
5,000

Capital redemption reserve
 22 
5,000
5,000

Profit and loss account brought forward
  
11,157
11,157

Profit for the year
  
560,000
600,000

Dividends

  

(560,000)
(600,000)

Profit and loss account carried forward
  
11,157
11,157

  
21,157
21,157


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


N. P. White
Director

Date: 11 November 2024

The notes on pages 18 to 34 form part of these financial statements.

Page 13

 


T.W. WHITE & SONS (HOLDINGS) LIMITED
 



CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Capital redemption reserve
Revaluation reserve
Capital reserve
Profit and loss account
Total equity

£
£
£
£
£
£


At 1 May 2022
5,000
5,000
2,024,381
104,164
838,988
2,977,533


Comprehensive income for the year

Profit for the year
-
-
-
-
504,334
504,334

Transfers between classes
-
-
(1,530,706)
-
1,530,706
-
Total comprehensive income for the year
-
-
(1,530,706)
-
2,035,040
504,334


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
-
(600,000)
(600,000)


Total transactions with owners
-
-
-
-
(600,000)
(600,000)



At 1 May 2023
5,000
5,000
493,675
104,164
2,274,028
2,881,867


Comprehensive income for the year

Profit for the year
-
-
-
-
40,542
40,542

Surplus on revaluation of freehold property
-
-
339,587
-
-
339,587

Deferred tax movement
-
-
(84,897)
-
84,897
-

Transfers between classes
-
-
417,694
-
(417,694)
-
Total comprehensive income for the year
-
-
672,384
-
(292,255)
380,129


Contributions by and distributions to owners

Dividends: Equity capital
-
-
-
-
(560,000)
(560,000)


Total transactions with owners
-
-
-
-
(560,000)
(560,000)


At 30 April 2024
5,000
5,000
1,166,059
104,164
1,421,773
2,701,996


The notes on pages 18 to 34 form part of these financial statements.

Page 14

 


T.W. WHITE & SONS (HOLDINGS) LIMITED
 



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 May 2022
5,000
5,000
11,157
21,157


Comprehensive income for the year

Profit for the year
-
-
600,000
600,000
Total comprehensive income for the year
-
-
600,000
600,000


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(600,000)
(600,000)


Total transactions with owners
-
-
(600,000)
(600,000)



At 1 May 2023
5,000
5,000
11,157
21,157


Comprehensive income for the year

Profit for the year
-
-
560,000
560,000
Total comprehensive income for the year
-
-
560,000
560,000


Contributions by and distributions to owners

Dividends: Equity capital
-
-
(560,000)
(560,000)


Total transactions with owners
-
-
(560,000)
(560,000)


At 30 April 2024
5,000
5,000
11,157
21,157


The notes on pages 18 to 34 form part of these financial statements.

Page 15

 


T.W. WHITE & SONS (HOLDINGS) LIMITED
 



CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 APRIL 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
40,542
504,334

Adjustments for:

Depreciation of tangible assets
166,896
222,078

Loss on disposal of tangible assets
10,905
2,820

Revaluation of fixed assets
(108,198)
-

Interest paid
399,288
230,565

Taxation charge
198,642
1,354

(Increase) in stocks
(1,979,665)
(2,192,389)

(Increase) in debtors
(348,579)
(184,884)

Decrease/(increase) in amounts owed by groups
-
(57,138)

Increase in creditors
3,524,329
2,505,922

Corporation tax (paid)
(163,420)
(95,536)

Interest paid
(399,288)
(230,565)

Net cash generated from operating activities

1,341,452
706,561


Cash flows from investing activities

Purchase of tangible fixed assets
(35,758)
(169,629)

Sale of tangible fixed assets
-
1,706,457

Net cash from investing activities

(35,758)
1,536,828

Cash flows from financing activities

Repayment of loans
(133,342)
(531,538)

Dividends paid
(560,000)
(600,000)

Net cash used in financing activities
(693,342)
(1,131,538)

Net increase in cash and cash equivalents
612,352
1,111,851

Cash and cash equivalents at beginning of year
(1,015,848)
(1,059,886)

Cash and cash equivalents at the end of year
(403,496)
51,965


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
391,503
51,965

Bank overdrafts
(794,999)
-

(403,496)
51,965


The notes on pages 18 to 34 form part of these financial statements.

Page 16

 


T.W. WHITE & SONS (HOLDINGS) LIMITED
 



CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 30 APRIL 2024




At 1 May 2023
Cash flows
At 30 April 2024
£

£

£

Cash at bank and in hand

51,965

339,538

391,503

Bank overdrafts

-

-

-

Debt due after 1 year

(1,067,813)

416,892

(650,921)

Debt due within 1 year

(375,216)

(10,736)

(385,952)


(1,391,064)
745,694
(645,370)

The notes on pages 18 to 34 form part of these financial statements.

Page 17

 


T.W. WHITE & SONS (HOLDINGS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

T.W. White & Sons (Holdings) Limited is a private company limited by shares and is registered and incorporated in England and Wales. The address of the registered office can be found on the company information page. 
The financial statements are presented in £ and are rounded to the nearest pound. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 judgement 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 Profit and loss account in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

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 Statement of financial position, 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 profit and loss account 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. 

Page 18

 


T.W. WHITE & SONS (HOLDINGS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.3

Going concern

The directors have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. The directors continually review the Group’s financial performance and position and have prepared the latest forecasts based on historic trends and importantly,  assumptions about future sales, cost levels and the timing of cash flows including the peak trading months of March and September. Based on current forecasts management expect slightly increased levels of turnover and they fully expect to continue to be profitable for a period of 12 months from the date of signing these accounts.  The forecasts show that the directors expect the Group to have sufficient cash resources to realise its assets and discharge its liabilities in the normal course of business for the foreseeable future.  
 
The Group has significant property assets with very low borrowings and these assets could be further leveraged if necessary.  However, the directors do not expect this to be required given recent results and forecasts – including the latest management information as at the date of signing these accounts.  If the results are lower than expected, the directors have identified non-essential expenditure that can be reduced accordingly to conserve cash.  Thus, they continue to adopt the going concern basis in preparing the financial accounts.

 
2.4

Revenue

Revenue is in respect of the provision of car sales, distribution and servicing. Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.6

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

Page 19

 


T.W. WHITE & SONS (HOLDINGS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

The Group adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Group. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Page 20

 


T.W. WHITE & SONS (HOLDINGS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.8
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. .

 Depreciation is provided on the following basis: 

Freehold property
-
2% per annum straight line
Long-term leasehold property
-
straight line over period of lease
Fixtures and fitting
-
25% per annum on written down value
Office equipment
-
25% to 33% per annum on written down value

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.

 
2.9

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.10

Investment property

Investment property is carried at fair value determined annually by the Directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 21

 


T.W. WHITE & SONS (HOLDINGS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial
assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans
to related parties and investments in ordinary shares.

 
2.15

Dividends

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.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgments, estimates  and assumptions about the carrying amount of the assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
Critical accounting estimates and assumptions
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates   are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The realisable value of stock is calculated using established and well tested methodologies that take into account
the changes in market dynamics, new models, condition of the vehicles an disposal costs.
In assessing the fair value of the properties, the company periodically engages valuation experts to assist management in determining an appropriate valuation base don comparable properties and market conditions.
Critical areas of judgement
In recognising contingent stock, management makes judgments as to whether substantially all of the principal benefits and inherent risks rest with the company.
Deferred tax liabilities are assessed on the basis of assumptions regarding the future, the likelihood that assets     will be realised and liabilities will be settled and estimates as to the timing of those future events and as to the   future tax rates that will be applicable.
In recognising the amount due in relation to provisions, this is calculated at the best estimate of the amounts required to settle the obligation based upon the judgment of the directors.

Page 22

 


T.W. WHITE & SONS (HOLDINGS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sales of goods
51,219,538
46,974,726

Sales of services
1,675,511
1,562,262

52,895,049
48,536,988


All turnover arose within the United Kingdom.


5.


Other operating income

2024
2023
£
£

Rental income
11,933
19,700

11,933
19,700



6.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Other operating lease rentals
187,045
188,731

Depreciation of owned tangible fixed assets
166,896
222,078

353,941
410,809


7.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Group's auditors for the audit of the consolidated and parent Company's financial statements
26,150
27,090

Fees payable to the Group's auditors for all other services

All non-audit services not included above
5,450
5,240

Page 23

 


T.W. WHITE & SONS (HOLDINGS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

8.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
3,361,973
3,074,914
-
-

Social security costs
296,152
304,271
-
-

Cost of defined contribution scheme
53,095
139,671
-
-

3,711,220
3,518,856
-
-


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Dealership
67
67



Head office
17
18



Directors
2
2

86
87

The Company has no employees other than the directors, who did not receive any remuneration (2023 -£Nil)

9.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
388,827
515,035


The highest paid director received remuneration of £322,450 (2023 -£406,332).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £Nil (2023 -£Nil).


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
227,460
165,211

Other loan interest payable
171,828
72,491

399,288
237,702

Page 24

 


T.W. WHITE & SONS (HOLDINGS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
88,842
163,420

Adjustments in respect of previous periods
(171)
-


Total current tax
88,671
163,420

Deferred tax


Origination and reversal of timing differences
103,300
11,318

Capital gains and losses
-
(203,964)

Adjustments in respect of prior periods
6,492
-

Total deferred tax
109,792
(192,646)


Taxation on profit/(loss) on ordinary activities
198,463
(29,226)

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 -lower than) the standard rate of corporation tax in the UK of 25% (2023 -19.49%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
239,005
632,010


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 -19.49%)
59,751
92,599

Effects of:


Capital allowances for year in excess of depreciation
881
409

Permanent capital allowances in excess of depreciation
46,613
17,059

Under provided in prior years
(171)
-

Remeasurement of deferred tax for changes in tax rates
-
(42,248)

Chargeable gains/(losses)
84,897
(97,045)

Adjustment to tax charges in respect of previous periods
6,492
-

Total tax charge for the year
198,463
(29,226)

Page 25

 


T.W. WHITE & SONS (HOLDINGS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Tangible fixed assets

Group






Land and buildings
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 May 2023
5,262,614
795,306
148,628
6,206,548


Additions
5,065
21,177
9,516
35,758


Disposals
-
(192,567)
(29,277)
(221,844)


Transfer to Investment Property
(738,214)
-
-
(738,214)


Revaluations
339,587
-
-
339,587



At 30 April 2024

4,869,052
623,916
128,867
5,621,835



Depreciation


At 1 May 2023
1,126,540
623,384
124,688
1,874,612


Charge for the year
106,838
45,954
14,104
166,896


Disposals
-
(182,245)
(28,694)
(210,939)


Transfer to Investment Property
(108,198)
-
-
(108,198)



At 30 April 2024

1,125,180
487,093
110,098
1,722,371



Net book value



At 30 April 2024
3,743,872
136,823
18,769
3,899,464



At 30 April 2023
4,136,074
171,922
23,940
4,331,936


The Company had no tangible fixed assets at 30 April 2024 or 30 April 2023.


 


The carrying value of land and buildings comprises:




Page 26

 


T.W. WHITE & SONS (HOLDINGS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Tangible fixed assets (continued)


2024
2023
£
£

Group


Freehold
3,388,053
3,700,000

Leasehold improvements
355,819
436,074

3,743,872
4,136,074

The properties were revalued in 2023 by the Directors on an open market basis. These valuations are based on local market knowledge and no significant assumptions are relied upon.

If land and buildings has not been included at valuation they would have been included under the historical cost convertion as follows: 


2024
2023
£
£

Group


Cost
2,649,943
2,915,188

Disposals
-
(270,431)

Accumulated depreciation
(167,939)
(185,251)

Transfer between classes
(272,429)
-

2,209,575
2,459,506



13.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 May 2023
283,460



At 30 April 2024
283,460




Page 27

 


T.W. WHITE & SONS (HOLDINGS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

T.W. White & Sons Limited
England
Ordinary
100%

The above subsidiary has the same registered office address as the company.


14.


Investment property

Group


Freehold investment property

£



Valuation


Transfer from Land & Buildings
630,016


Surplus on revaluation
108,198



At 30 April 2024
738,214

The 2024 valuations were made by the Directors, on an open market value for existing use basis. This valuation is based on local market knowledge and no significant assumptions are relied upon.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
310,388
-

Accumulated depreciation and impairments
(43,026)
-

267,362
-

Company




The Company had no investment properties.

Page 28

 


T.W. WHITE & SONS (HOLDINGS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

15.


Stocks

Group
Group
2024
2023
£
£

Parts and consumables
351,733
367,372

Consignment stock
547,836
258,540

Vehicles for resale
6,991,729
5,285,721

7,891,298
5,911,633


The Company had no stock at 30 April 2024 or 30 April 2023. 


16.


Debtors

Group
Group
2024
2023
£
£


Trade debtors
2,162,963
1,858,304

Other debtors
260,453
217,823

Prepayments and accrued income
127,673
126,383

2,551,089
2,202,510


The Company had no debtors due within a year at 30 April 2024 or 30 April 2023. 

Page 29

 


T.W. WHITE & SONS (HOLDINGS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

17.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank overdrafts
794,999
1,067,813
-
-

Bank loans
39,006
39,006
-
-

Other loans
92,132
192,132
-
-

Payments received on account
100,801
112,541
-
-

Trade creditors
9,037,415
5,753,040
-
-

Amounts owed to related parties
80,328
106,882
262,303
262,303

Corporation tax
88,850
163,420
-
-

Other taxation and social security
160,493
120,909
-
-

Other creditors
1,008,790
946,716
-
-

Accruals and deferred income
838,694
662,104
-
-

12,241,508
9,164,563
262,303
262,303


The used stocking loan is secured by a fixed and floating charge over the total assets of the Company.
Interest on the bank loans is charged on the following rates, and is subject to review over the loan term;

Loan 1 - a margin of 1% over Barclays Base Rate

Repayments are made monthly in equal installments.

The bank loans and overdraft are secured by legal mortgages on the Company's freehold properties, and by an
unlimited debenture covering all other assets of the Company and wider group.

Included within trade creditors is the vehicle stock creditor totaling £6,972,646 (2023: £4,266,161), that is secured 
by fixed and floating charges over total assets of the Company.


18.


Creditors: Amounts falling due after more than one year

Group
Group
2024
2023
£
£

Bank loans
110,736
144,078

110,736
144,078


The amounts included within bank loans are secured and the interest rates are disclosed in note 16. 





Page 30

 


T.W. WHITE & SONS (HOLDINGS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

19.


Loans


Analysis of the maturity of loans is given below:


Group
Group
2024
2023
£
£

Amounts falling due within one year

Bank loans
39,006
39,006

Other loans
92,132
192,132


131,138
231,138

Amounts falling due 1-2 years

Bank loans
110,736
144,078


110,736
144,078


241,874
375,216


Page 31

 


T.W. WHITE & SONS (HOLDINGS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

20.


Deferred taxation


Group



2024


£






At beginning of year
(307,536)


Charged to profit or loss
(109,792)



At end of year
(417,328)

Company


2024






At end of year
-
The provision for deferred taxation is made up as follows:

Group
Group
2024
2023
£
£

Fixed asset timing differences
(57,501)
(40,142)

Accelerated capital allowances
(359,827)
(268,438)

Short term timing differences
-
1,044

(417,328)
(307,536)


21.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



5,000 (2023 -5,000) Ordinary A shares of £1.00 each
5,000
5,000

Ordinary share rights
The Company's ordinary shares, which carry no right to fixed income, each carry the right to one vote at the general
meetings of the company


Page 32

 


T.W. WHITE & SONS (HOLDINGS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

22.


Reserves

Revaluation reserve

The revaluation reserve represents cumilative revaluation gains and losses net of any tax thereon in respect of land and buildings except revaluation gains and losses recognised in profit or loss.

Capital redemption reserve

The nominal value of the repayment of capital at the end of the reporting period.

Capital reserve

The nominal value of the repayment of capital at the end of the reporting period.

Profit and loss account

Cumulative profit and loss net of distributions to owners.


23.


Financial commitments, guaruntees and contingent liabilities

All the bank loans and overdrafts of T.W. White & Sons (Holdings) Limited and T.W. White & Sons Limited are secured by cross guarantees provided by both companies and a related entity. The total liabilities outstanding at   the balance sheet date, and covered under this cross guarantee in relation to bank overdrafts and loans, were £944,741 (2023: £1,250,897).


24.


Commitments under operating leases

At 30 April 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
132,000
132,000

Later than 1 year and not later than 5 years
356,667
372,000

Later than 5 years
1,175,833
1,265,833

1,664,500
1,769,833

The Company had no commitments under non-cancellable operating leases at the reporting date. 

Page 33

 


T.W. WHITE & SONS (HOLDINGS) LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

25.


Related party transactions

The Company is related to another company by virtue of common ownership. During the year, the Company paid £Nil (2023: £139,150) in rent. At the reporting end date there were amounts due to related parties of £80,328 (2023: £106,882). 
Included within other creditors is an amount of £139,809 (2023: £87,388) due to a Director of the Company. Also included in other creditors is an amount of £665,982 (2023: £717,630) due to connected parties of that same Director. All loans are unsecured, repayable on demand and interest applied is linked to the Bank of England base rate. 
Included within other creditors is an amount of £75,011 (2023: £13,941) due to another Director of the Company. Also included in other creditors is an amount of £109,080 (2023: £110,474) due to connected parties of that same director. All loans are unsecured, repayable on demand and interest applied is linked to the Bank of England base rate. 
Interest has been charged by the Company on the balances included in other creditors owed to Directors and connected parties of £90,204 (2023: £35,436). 
Services have been provided by connected parties to the Directors. During the year the Company paid £117,181 £121,172). 
The Company has taken advantage of the exemptions provided by Section 33 of FRS 102 'Related Party Disclosures' and has not disclosed transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is party to the transaction is a wholly owned member of that group.  


26.


Controlling party

The directors consider the ultimate controlling party to be N. P. White.

 
Page 34