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REGISTERED NUMBER: 05031948 (England and Wales)













Audited Financial Statements

for the Year Ended 30th April 2024

for

P. M. White Dry Lining Limited

P. M. White Dry Lining Limited (Registered number: 05031948)

Contents of the Financial Statements
for the Year Ended 30th April 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


P. M. White Dry Lining Limited

Company Information
for the Year Ended 30th April 2024







DIRECTORS: P M White
Ms H Mayor
G Cox





SECRETARY: Ms H Mayor





REGISTERED OFFICE: Sovereign House
155 High Street
Aldershot
Hampshire
GU11 1TT





REGISTERED NUMBER: 05031948 (England and Wales)





AUDITORS: Whiteleys
Chartered Certified Accountants
& Statutory Auditor
Sovereign House
155 High Street
Aldershot
Hampshire
GU11 1TT

P. M. White Dry Lining Limited (Registered number: 05031948)

Balance Sheet
30th April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 227,915 201,937
227,915 201,937

CURRENT ASSETS
Stocks 364,459 252,452
Debtors 7 2,966,918 2,997,535
Cash at bank 1,535,392 1,664,479
4,866,769 4,914,466
CREDITORS
Amounts falling due within one year 8 1,942,646 2,025,089
NET CURRENT ASSETS 2,924,123 2,889,377
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,152,038

3,091,314

CREDITORS
Amounts falling due after more than one
year

9

(38,713

)

(42,223

)

PROVISIONS FOR LIABILITIES (48,344 ) (41,180 )
NET ASSETS 3,064,981 3,007,911

CAPITAL AND RESERVES
Called up share capital 152 152
Retained earnings 3,064,829 3,007,759
SHAREHOLDERS' FUNDS 3,064,981 3,007,911

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27th January 2025 and were signed on its behalf by:




P M White - Director


P. M. White Dry Lining Limited (Registered number: 05031948)

Notes to the Financial Statements
for the Year Ended 30th April 2024


1. STATUTORY INFORMATION

P. M. White Dry Lining Limited is a private company, limited by shares , registered in England and Wales. 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. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity.

Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company’s interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.

Goodwill recognised at acquisition is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over it's useful life which is estimated to be 10 years from 2004.

Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life, which is assumed to be zero.

Goodwill amortisation is included in administrative expenses in the statement of comprehensive income.

P. M. White Dry Lining Limited (Registered number: 05031948)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2024


3. ACCOUNTING POLICIES - continued

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

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over their estimated useful lives as follows:

Improvements to property-10% on cost
Plant and machinery-25% on cost
Fixtures and fittings-25% and 10% on cost
Motor vehicles-25% on cost
Office Equipment-25% on cost

On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in profit or loss.

Stocks
Stocks are measured at the lower of cost and selling price less cost to complete and sell.

Cost is calculated on a first in, first out basis and includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

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

Current or deferred taxation assets and liabilities are not discounted.

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

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

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

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

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.

P. M. White Dry Lining Limited (Registered number: 05031948)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2024


3. ACCOUNTING POLICIES - continued

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

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Stocks are also assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of stock or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2023 - 24 ) .

P. M. White Dry Lining Limited (Registered number: 05031948)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2024


5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st May 2023
and 30th April 2024 32,800
AMORTISATION
At 1st May 2023
and 30th April 2024 32,800
NET BOOK VALUE
At 30th April 2024 -
At 30th April 2023 -

6. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1st May 2023 20,594 58,221 14,964
Additions - 25,418 -
Disposals - - -
At 30th April 2024 20,594 83,639 14,964
DEPRECIATION
At 1st May 2023 20,594 51,298 14,964
Charge for year - 9,136 -
Eliminated on disposal - - -
At 30th April 2024 20,594 60,434 14,964
NET BOOK VALUE
At 30th April 2024 - 23,205 -
At 30th April 2023 - 6,923 -

P. M. White Dry Lining Limited (Registered number: 05031948)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2024


6. TANGIBLE FIXED ASSETS - continued

Motor Office
vehicles equipment Totals
£    £    £   
COST
At 1st May 2023 412,821 34,051 540,651
Additions 116,500 - 141,918
Disposals (115,930 ) - (115,930 )
At 30th April 2024 413,391 34,051 566,639
DEPRECIATION
At 1st May 2023 229,473 22,385 338,714
Charge for year 86,260 4,379 99,775
Eliminated on disposal (99,765 ) - (99,765 )
At 30th April 2024 215,968 26,764 338,724
NET BOOK VALUE
At 30th April 2024 197,423 7,287 227,915
At 30th April 2023 183,348 11,666 201,937

7. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 2,072,351 2,117,406
Amounts owed by group undertakings 844 -
Other debtors 451,716 478,426
2,524,911 2,595,832

Amounts falling due after more than one year:
Trade debtors 442,007 401,703

Aggregate amounts 2,966,918 2,997,535

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 753,366 636,704
Amounts owed to group undertakings 964,043 944,421
Taxation and social security 50,966 59,341
Other creditors 174,271 384,623
1,942,646 2,025,089

P. M. White Dry Lining Limited (Registered number: 05031948)

Notes to the Financial Statements - continued
for the Year Ended 30th April 2024


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other creditors 38,713 42,223

10. SECURED DEBTS

The company has a debenture over the bank borrowings of it's parent company, P. M. White Property Holdings Limited dated 22 October 2009.

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Neil Dennis Hollingshead FCCA (Senior Statutory Auditor)
for and on behalf of Whiteleys