IRIS Accounts Production v24.3.0.553 SC054565 Board of Directors 1.12.22 30.11.23 30.11.23 true false true true false false true false Ordinary 1.00000 Ordinary B Shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC0545652022-11-30SC0545652023-11-30SC0545652022-12-012023-11-30SC0545652021-11-30SC0545652021-12-012022-11-30SC0545652022-11-30SC054565ns15:Scotland2022-12-012023-11-30SC054565ns14:PoundSterling2022-12-012023-11-30SC054565ns10:Director12022-12-012023-11-30SC054565ns10:PrivateLimitedCompanyLtd2022-12-012023-11-30SC054565ns10:FRS1022022-12-012023-11-30SC054565ns10:Audited2022-12-012023-11-30SC054565ns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2022-12-012023-11-30SC054565ns10:LargeMedium-sizedCompaniesRegimeForAccounts2022-12-012023-11-30SC054565ns10:FullAccounts2022-12-012023-11-30SC054565ns10:OrdinaryShareClass12022-12-012023-11-30SC054565ns10:OrdinaryShareClass22022-12-012023-11-30SC054565ns10:Director22022-12-012023-11-30SC054565ns10:Director32022-12-012023-11-30SC054565ns10:RegisteredOffice2022-12-012023-11-30SC05456512022-12-012023-11-30SC05456512021-12-012022-11-30SC054565ns5:CurrentFinancialInstruments2023-11-30SC054565ns5:CurrentFinancialInstruments2022-11-30SC054565ns5:Non-currentFinancialInstruments2023-11-30SC054565ns5:Non-currentFinancialInstruments2022-11-30SC054565ns5:ShareCapital2023-11-30SC054565ns5:ShareCapital2022-11-30SC054565ns5:CapitalRedemptionReserve2023-11-30SC054565ns5:CapitalRedemptionReserve2022-11-30SC054565ns5:RetainedEarningsAccumulatedLosses2023-11-30SC054565ns5:RetainedEarningsAccumulatedLosses2022-11-30SC054565ns5:ShareCapital2021-11-30SC054565ns5:RetainedEarningsAccumulatedLosses2021-11-30SC054565ns5:CapitalRedemptionReserve2021-11-30SC054565ns5:RetainedEarningsAccumulatedLosses2021-12-012022-11-30SC054565ns5:CapitalRedemptionReserve2021-12-012022-11-30SC054565ns5:RetainedEarningsAccumulatedLosses2022-12-012023-11-30SC054565ns5:CapitalRedemptionReserve2022-12-012023-11-30SC054565ns5:OwnedOrFreeholdAssetsns5:LandBuildings2022-12-012023-11-30SC054565ns5:PlantMachinery2022-12-012023-11-30SC054565ns5:MotorVehicles2022-12-012023-11-30SC054565ns5:ComputerEquipment2022-12-012023-11-30SC054565ns10:HighestPaidDirector2022-12-012023-11-30SC054565ns10:HighestPaidDirector2021-12-012022-11-30SC054565ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2022-12-012023-11-30SC054565ns5:PlantEquipmentOtherAssetsUnderOperatingLeases2021-12-012022-11-30SC054565ns5:OwnedAssets2022-12-012023-11-30SC054565ns5:OwnedAssets2021-12-012022-11-30SC054565ns5:LeasedAssets2022-12-012023-11-30SC054565ns5:LeasedAssets2021-12-012022-11-30SC054565ns5:HirePurchaseContracts2022-12-012023-11-30SC054565ns5:HirePurchaseContracts2021-12-012022-11-30SC054565ns5:LandBuildings2022-11-30SC054565ns5:PlantMachinery2022-11-30SC054565ns5:MotorVehicles2022-11-30SC054565ns5:ComputerEquipment2022-11-30SC054565ns5:LandBuildings2022-12-012023-11-30SC054565ns5:LandBuildings2023-11-30SC054565ns5:PlantMachinery2023-11-30SC054565ns5:MotorVehicles2023-11-30SC054565ns5:ComputerEquipment2023-11-30SC054565ns5:LandBuildings2022-11-30SC054565ns5:PlantMachinery2022-11-30SC054565ns5:MotorVehicles2022-11-30SC054565ns5:ComputerEquipment2022-11-30SC054565ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-11-30SC054565ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-12-012023-11-30SC054565ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2023-11-30SC054565ns5:MotorVehiclesns5:LeasedAssetsHeldAsLessee2022-11-30SC054565ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-11-30SC054565ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-11-30SC054565ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2023-11-30SC054565ns5:Non-currentFinancialInstrumentsns5:BetweenOneTwoYears2022-11-30SC054565ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-11-30SC054565ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2022-11-30SC054565ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-11-30SC054565ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-11-30SC054565ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-11-30SC054565ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2022-11-30SC054565ns5:HirePurchaseContracts2023-11-30SC054565ns5:HirePurchaseContracts2022-11-30SC054565ns5:Secured2023-11-30SC054565ns5:Secured2022-11-30SC054565ns5:DeferredTaxation2022-11-30SC054565ns5:DeferredTaxation2023-11-30SC054565ns10:OrdinaryShareClass12023-11-30SC054565ns10:OrdinaryShareClass22023-11-30SC05456512022-12-012023-11-30
REGISTERED NUMBER: SC054565 (Scotland)















Strategic Report, Report of the Directors and

Financial Statements For The Year Ended 30 November 2023

for

A C Whyte & Co Limited

A C Whyte & Co Limited (Registered number: SC054565)






Contents of the Financial Statements
For The Year Ended 30 November 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Statement of Comprehensive Income 9

Statement of Financial Position 10

Statement of Changes in Equity 11

Statement of Cash Flows 12

Notes to the Statement of Cash Flows 13

Notes to the Financial Statements 15


A C Whyte & Co Limited

Company Information
For The Year Ended 30 November 2023







DIRECTORS: R J Phin
J E McDonald
S C McNellis





REGISTERED OFFICE: 6 Bowerwalls Place
Crossmill Business Park
Barrhead
Glasgow
G78 1BF





REGISTERED NUMBER: SC054565 (Scotland)





INDEPENDENT AUDITORS: Robb Ferguson
Chartered Accountants & Statutory Auditors
Regent Court
70 West Regent Street
Glasgow
G2 2QZ

A C Whyte & Co Limited (Registered number: SC054565)

Strategic Report
For The Year Ended 30 November 2023

The directors present their strategic report for the year ended 30 November 2023.

REVIEW OF BUSINESS
The Company faced significant challenges in 2023, resulting in a 14.5% reduction in revenue to £18,043,293 and a net operating loss of £761,998. Like many in the construction sector, we were impacted by inflationary pressures that sharply increased operational costs, with limited ability to pass these costs on to clients, leading to margin erosion across the industry. In response, the Board has taken decisive action, investing in key leadership roles-including a new Finance Director, Head of Bids, and Head of Commercial-to strengthen commercial and financial oversight and enhance our strategic focus.

While revenue and gross profit declined due to external pressures, high levels of customer satisfaction and employee engagement underscore our resilience and commitment to building a sustainable organisation.

The Board is committed to both immediate recovery and long-term growth. Based on current management information, we anticipate an increase in gross margin from 7.7% to 14.2% in 2024, with a return to net profitability. Our targeted initiatives align with Scotland's ambitious net-zero target by 2045, and we are focused on achieving strong profit margins while enhancing operational efficiency. Looking forward, we aim to build on our 50-year legacy, strengthen our market position, and deliver impactful results for all stakeholders.

Although 2023 was a challenging year, our focused efforts on root-cause analysis provide a stable platform for recovery, consolidation, and sustainable growth.

PRINCIPAL RISKS AND UNCERTAINTIES
The key risks and uncertainties facing the business are:

Credit risk - the company aims to mitigate credit risk by continuing to trade with reliable partners, such as local authorities and housing associations.

Liquidity risk - the company aims to mitigate liquidity risk by continuing to manage cash generation from its operations with enhanced commercial and financial controls, cash collection targets and rigorous monitoring. The directors are satisfied that the company has adequate resources to enable it to meet its liabilities as they fall due for the foreseeable future.

Contract risk - the company aims to mitigate contract risk through robust tendering procedures, tailored to align with both current and anticipated market conditions. These processes are further supported by effective operational management

ON BEHALF OF THE BOARD:





J E McDonald - Director


29 November 2024

A C Whyte & Co Limited (Registered number: SC054565)

Report of the Directors
For The Year Ended 30 November 2023

The directors present their report with the financial statements of the company for the year ended 30 November 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of energy efficiency contractors.

DIVIDENDS
No dividends will be distributed for the year ended 30 November 2023.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report.

R J Phin
J E McDonald
S C McNellis

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make 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 company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

A C Whyte & Co Limited (Registered number: SC054565)

Report of the Directors
For The Year Ended 30 November 2023


AUDITORS
The auditors, Robb Ferguson, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





J E McDonald - Director


29 November 2024

Report of the Independent Auditors to the Members of
A C Whyte & Co Limited

Opinion
We have audited the financial statements of A C Whyte & Co Limited (the 'company') for the year ended 30 November 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including 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 company's affairs as at 30 November 2023 and of its 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.

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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
A C Whyte & Co Limited


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
A C Whyte & Co Limited


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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- We identified the laws and regulations applicable to the company through discussions with directors and other
management, and from our wider knowledge and experience;
- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and FRS 102.
- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of
management and inspecting legal correspondence; and
- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to
instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations

Audit response to risks identified
To address the risk of fraud through management bias and override of controls, we:
- Performed analytical procedures to identify any unusual or unexpected relationships;
- Tested journal entries to identify unusual transactions;
- Assessed whether judgements and assumptions made in determining the accounting estimates set out were indicative of potential bias; and
- Investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- Agreeing financial statement disclosures to underlying supporting documentation;
- Reading the minutes of meetings of those charged with governance;
- Enquiring of management as to actual and potential litigation and claims; and
- Requesting correspondence with HMRC, Companies House and the company's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
A C Whyte & Co Limited


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 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 a Report of the Auditors 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.




Graham Cantlay (Senior Statutory Auditor)
for and on behalf of Robb Ferguson
Chartered Accountants & Statutory Auditors
Regent Court
70 West Regent Street
Glasgow
G2 2QZ

29 November 2024

A C Whyte & Co Limited (Registered number: SC054565)

Statement of Comprehensive
Income
For The Year Ended 30 November 2023

2023 2022
Notes £    £   

TURNOVER 3 18,043,293 21,093,849

Cost of sales 16,653,160 18,492,272
GROSS PROFIT 1,390,133 2,601,577

Administrative expenses 2,109,994 2,396,730
(719,861 ) 204,847

Other operating income 4 41,471 57,338
OPERATING (LOSS)/PROFIT 6 (678,390 ) 262,185

Interest receivable and similar income 50,407 11,804
(627,983 ) 273,989

Interest payable and similar expenses 7 134,015 92,324
(LOSS)/PROFIT BEFORE TAXATION (761,998 ) 181,665

Tax on (loss)/profit 8 (238,096 ) (37,593 )
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(523,902

)

219,258

OTHER COMPREHENSIVE LOSS
Purchase of own shares (208,000 ) (208,000 )
Income tax relating to other comprehensive
loss

-

-
OTHER COMPREHENSIVE LOSS FOR
THE YEAR, NET OF INCOME TAX

(208,000

)

(208,000

)
TOTAL COMPREHENSIVE
(LOSS)/INCOME FOR THE YEAR

(731,902

)

11,258

A C Whyte & Co Limited (Registered number: SC054565)

Statement of Financial Position
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 1,535,751 1,968,523

CURRENT ASSETS
Debtors 11 4,127,601 4,548,487
Cash at bank 220,710 1,375,043
4,348,311 5,923,530
CREDITORS
Amounts falling due within one year 12 3,581,023 3,791,927
NET CURRENT ASSETS 767,288 2,131,603
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,303,039

4,100,126

CREDITORS
Amounts falling due after more than one
year

13

(721,053

)

(1,622,279

)

PROVISIONS FOR LIABILITIES 17 - (163,959 )
NET ASSETS 1,581,986 2,313,888

CAPITAL AND RESERVES
Called up share capital 18 286 299
Capital redemption reserve 4,714 4,701
Retained earnings 1,576,986 2,308,888
SHAREHOLDERS' FUNDS 1,581,986 2,313,888

The financial statements were approved by the Board of Directors and authorised for issue on 29 November 2024 and were signed on its behalf by:





J E McDonald - Director


A C Whyte & Co Limited (Registered number: SC054565)

Statement of Changes in Equity
For The Year Ended 30 November 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 December 2021 312 2,297,630 4,688 2,302,630

Changes in equity
Reduction in share capital (13 ) - 13 -
Total comprehensive income - 11,258 - 11,258
Balance at 30 November 2022 299 2,308,888 4,701 2,313,888

Changes in equity
Reduction in share capital (13 ) - 13 -
Total comprehensive loss - (731,902 ) - (731,902 )
Balance at 30 November 2023 286 1,576,986 4,714 1,581,986

A C Whyte & Co Limited (Registered number: SC054565)

Statement of Cash Flows
For The Year Ended 30 November 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (1,307,272 ) 609,108
Interest paid (101,655 ) (84,723 )
Interest element of hire purchase payments
paid

(32,360

)

(7,601

)
Finance income 40,884 -
Tax repaid 336,246 15,844
Net cash from operating activities (1,064,157 ) 532,628

Cash flows from investing activities
Purchase of tangible fixed assets (91,645 ) (69,828 )
Sale of tangible fixed assets 557,209 383,457
Interest received 9,523 11,804
Net cash from investing activities 475,087 325,433

Cash flows from financing activities
Loan repayments in year (753,207 ) (375,000 )
Capital repayments in year (224,120 ) (95,394 )
Share buyback (208,000 ) -
Net cash from financing activities (1,185,327 ) (470,394 )

(Decrease)/increase in cash and cash equivalents (1,774,397 ) 387,667
Cash and cash equivalents at beginning of
year

2

1,375,043

987,376

Cash and cash equivalents at end of year 2 (399,354 ) 1,375,043

A C Whyte & Co Limited (Registered number: SC054565)

Notes to the Statement of Cash Flows
For The Year Ended 30 November 2023

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

2023 2022
£    £   
(Loss)/profit before taxation (761,998 ) 181,665
Depreciation charges 209,002 60,583
Profit on disposal of fixed assets (241,794 ) (109,174 )
Finance costs 134,015 92,324
Finance income (50,407 ) (11,804 )
(711,182 ) 213,594
Decrease/(increase) in trade and other debtors 158,777 (431,937 )
(Decrease)/increase in trade and other creditors (754,867 ) 827,451
Cash generated from operations (1,307,272 ) 609,108

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 30 November 2023
30.11.23 1.12.22
£    £   
Cash and cash equivalents 220,710 1,375,043
Bank overdrafts (620,064 ) -
(399,354 ) 1,375,043
Year ended 30 November 2022
30.11.22 1.12.21
£    £   
Cash and cash equivalents 1,375,043 987,376


A C Whyte & Co Limited (Registered number: SC054565)

Notes to the Statement of Cash Flows
For The Year Ended 30 November 2023

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.12.22 Cash flow At 30.11.23
£    £    £   
Net cash
Cash at bank 1,375,043 (1,154,333 ) 220,710
Bank overdrafts - (620,064 ) (620,064 )
1,375,043 (1,774,397 ) (399,354 )
Debt
Finance leases (543,427 ) 224,120 (319,307 )
Debts falling due within 1 year (220,000 ) - (220,000 )
Debts falling due after 1 year (1,335,000 ) 753,207 (581,793 )
(2,098,427 ) 977,327 (1,121,100 )
Total (723,384 ) (797,070 ) (1,520,454 )

A C Whyte & Co Limited (Registered number: SC054565)

Notes to the Financial Statements
For The Year Ended 30 November 2023

1. STATUTORY INFORMATION

A C Whyte & Co Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The significant accounting policies applied in the preparation of the financial statements are set out below. The policies have been consistently applied to all years presented unless otherwise stated.

Turnover
Turnover is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to the date based on a proportion of the total contract value. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the Statement of Comprehensive Income turnover and related costs as contract activity progresses. Turnover is calculated by reference to the value of work performed to date as a proportion of the total contract value.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Heritable and leasehold property - 2% straight line
Fixed plant and equipment - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.


A C Whyte & Co Limited (Registered number: SC054565)

Notes to the Financial Statements - continued
For The Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

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

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

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Government grants
Government grants relating to tangible fixed assets are treated as deferred income and released to Statement of Comprehensive Income over the expected useful lives of the assets concerned. Other grants are credited to the Statement of Comprehensive Income as the related expenditure is incurred.

Amounts recoverable on contracts
Amounts recoverable on contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account.

3. TURNOVER

The turnover and loss (2022 - profit) before taxation are attributable to the one principal activity of the company.

4. OTHER OPERATING INCOME
2023 2022
£    £   
Rents received 41,471 49,835
Training grant received - 7,503
41,471 57,338

A C Whyte & Co Limited (Registered number: SC054565)

Notes to the Financial Statements - continued
For The Year Ended 30 November 2023

5. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 4,115,624 4,222,124
Social security costs 423,440 458,145
Other pension costs 125,455 131,052
4,664,519 4,811,321

The average number of employees during the year was as follows:
2023 2022

Direct labour 66 72
Administration 45 47
111 119

2023 2022
£    £   
Directors' remuneration 289,778 293,608
Directors' pension contributions to money purchase schemes 9,003 9,003

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 2

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 103,646 105,129
Pension contributions to money purchase schemes 5,001 5,001

6. OPERATING (LOSS)/PROFIT

The operating loss (2022 - operating profit) is stated after charging/(crediting):

2023 2022
£    £   
Hire of plant and machinery 934,645 1,169,232
Depreciation - owned assets 58,911 (517 )
Depreciation - assets on hire purchase contracts 150,091 61,100
Profit on disposal of fixed assets (241,794 ) (109,174 )
Auditors' remuneration 13,545 8,875

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 101,655 84,723
Hire purchase 32,360 7,601
134,015 92,324

A C Whyte & Co Limited (Registered number: SC054565)

Notes to the Financial Statements - continued
For The Year Ended 30 November 2023

8. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax (74,137 ) (169,310 )

Deferred tax (163,959 ) 131,717
Tax on (loss)/profit (238,096 ) (37,593 )

UK corporation tax has been charged at 23% (2022 - 19%).

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
(Loss)/profit before tax (761,998 ) 181,665
(Loss)/profit multiplied by the standard rate of corporation tax in the UK of
23% (2022 - 19%)

(175,260

)

34,516

Effects of:
Expenses not deductible for tax purposes 9,939 8,548
Effect of timing differences (29,429 ) (107,721 )
Deferred tax (163,959 ) 131,717
R&D claim (74,137 ) (104,653 )
Losses carried forward 180,807 -
Effect of non-trading activities 13,943 -
Total tax credit (238,096 ) (37,593 )

Tax effects relating to effects of other comprehensive income

2023
Gross Tax Net
£    £    £   
Purchase of own shares (208,000 ) - (208,000 )

2022
Gross Tax Net
£    £    £   
Purchase of own shares (208,000 ) - (208,000 )

A C Whyte & Co Limited (Registered number: SC054565)

Notes to the Financial Statements - continued
For The Year Ended 30 November 2023

9. PRIOR PERIOD RESTATEMENT

During the year, several costs were reallocated to cost of sales. The prior year has been restated to reflect these changes and results in the below impact upon the Statement of Comprehensive Income:

Cost of sales £1,019,094
Administrative expenses (£1,019,094 )

10. TANGIBLE FIXED ASSETS
Heritable
and Fixed
leasehold plant and Motor Computer
property equipment vehicles equipment Totals
£    £    £    £    £   
COST
At 1 December 2022 1,619,789 95,094 1,046,180 125,757 2,886,820
Additions - 29,914 59,890 1,841 91,645
Disposals (379,128 ) - (42,834 ) - (421,962 )
At 30 November 2023 1,240,661 125,008 1,063,236 127,598 2,556,503
DEPRECIATION
At 1 December 2022 323,400 73,734 450,799 70,364 918,297
Charge for year 28,917 4,975 160,978 14,132 209,002
Eliminated on disposal (76,702 ) - (29,845 ) - (106,547 )
At 30 November 2023 275,615 78,709 581,932 84,496 1,020,752
NET BOOK VALUE
At 30 November 2023 965,046 46,299 481,304 43,102 1,535,751
At 30 November 2022 1,296,389 21,360 595,381 55,393 1,968,523

Included in heritable and leasehold property is land at a cost of £52,989 (2022 - £52,989) which is not depreciated.

Included in heritable and leasehold properties are long leasehold property with a net book value of £579,430 (2022 - £594,567).

A C Whyte & Co Limited (Registered number: SC054565)

Notes to the Financial Statements - continued
For The Year Ended 30 November 2023

10. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 December 2022 843,891
Additions 59,890
At 30 November 2023 903,781
DEPRECIATION
At 1 December 2022 303,614
Charge for year 150,091
At 30 November 2023 453,705
NET BOOK VALUE
At 30 November 2023 450,076
At 30 November 2022 540,277

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,396,163 2,699,672
Amounts recoverable on contract 1,427,028 1,289,250
Other debtors 11,924 13,724
Tax 256,516 518,625
Prepayments and accrued income 35,970 27,216
4,127,601 4,548,487

Bibby Factors Limited holds a fixed and floating charges over the debts due to the company.

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 14) 840,064 220,000
Hire purchase contracts (see note 15) 180,047 256,148
Trade creditors 670,502 1,415,963
Social security and other taxes 123,027 154,660
VAT 303,964 184,668
Other creditors 352 289,721
Accruals and deferred income 1,463,067 1,270,767
3,581,023 3,791,927

A C Whyte & Co Limited (Registered number: SC054565)

Notes to the Financial Statements - continued
For The Year Ended 30 November 2023

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 14) 581,793 1,335,000
Hire purchase contracts (see note 15) 139,260 287,279
721,053 1,622,279

14. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 620,064 -
Bank loans 220,000 220,000
840,064 220,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 220,000 220,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 361,793 660,000

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 455,000

15. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2023 2022
£    £   
Net obligations repayable:
Within one year 180,047 256,148
Between one and five years 139,260 287,279
319,307 543,427

A C Whyte & Co Limited (Registered number: SC054565)

Notes to the Financial Statements - continued
For The Year Ended 30 November 2023

16. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 801,793 1,555,000
Hire purchase contracts 319,307 543,427
1,121,100 2,098,427

UK Steel Enterprise Limited holds fixed and floating charges over the property of the company.

17. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax - 163,959

Deferred
tax
£   
Balance at 1 December 2022 163,959
Accelerated capital allowances (163,959 )
Balance at 30 November 2023 -

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
250 Ordinary £1 250 250
49 Ordinary B Shares £1 36 49
286 299

19. POST BALANCE SHEET EVENTS

During the year ending 30 November 2020, the company entered into a contract to undertake a share buy back with one of the company's shareholders. The agreement contains provisions that require the company to purchase further tranches of shares at specified future completion dates over the next few years. At the year end the total liability in respect of future obligations under this agreement amounts to £576,000 (2022: £784,000).

20. ULTIMATE CONTROLLING PARTY

The company is under the control of R J Phin.