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REGISTERED NUMBER: 13691797 (England and Wales)















Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 30th April 2024

for

WHITEHAIR GROUP LTD

WHITEHAIR GROUP LTD (REGISTERED NUMBER: 13691797)

Contents of the Consolidated Financial Statements
for the year ended 30th April 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 6

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Balance Sheet 11

Company Balance Sheet 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Cash Flow Statement 15

Notes to the Consolidated Cash Flow Statement 16

Notes to the Consolidated Financial Statements 18


WHITEHAIR GROUP LTD

Company Information
for the year ended 30th April 2024







DIRECTORS: Mr P I Whitehair
Mr I J Whitehair





REGISTERED OFFICE: Monometer House
Rectory Grove
Leigh-On-Sea
SS9 2HL





REGISTERED NUMBER: 13691797 (England and Wales)





AUDITORS: Barrons Limited
Chartered Accountants
& Statutory Auditors
Monometer House
Rectory Grove
Leigh on Sea
Essex
SS9 2HN

WHITEHAIR GROUP LTD (REGISTERED NUMBER: 13691797)

Group Strategic Report
for the year ended 30th April 2024


The directors present their strategic report of the company and the group for the year ended 30th April 2024.

Whitehair Group

The directors are pleased to report results for the Whitehair Group.

The Group consolidates Waste-A-Way Holdings Ltd, Waste-A-Way Recycling Limited, Clearaway Holdings Limited and Clearaway Recycling Limited into one conglomerate.

The combined group trading activities incorporate the provision of:
1. waste haulage and logistics services to both the public and private sectors of the waste industry, and
2. the processing of waste at our materials recycling facility based on the Burnt Mills Industrial Estate in
Basildon Essex.

Trading Results Synopsis

The Group has endured a challenging trading year which has seen turnover for the group fall by 21.8%. There were various reasons for the fall in Group turnover with the key reasons being:
a. There was a serious fire at Clearaway Recycling Limited in one of its warehouses which resulted in business interruption and significant losses to plant and equipment.
b. The new contract that the company had hoped would be in place was delayed again, with approval finally received in August 2024. The new contract is due to start in April 2025.
c. Losses of material sales in Waste-A-Way Recycling due to its diversion from landfill and a movement to exporting waste. This has taken a great deal of reorganisation within the group and the impact will be seen in the 2025/26 financial year.

As a result of the award of the new contract and the restructuring of operations within the Group, the directors expect to see the Group trading improve and move back towards previous historic trading results.

Individually within the group:

1. Waste-A-Way Recycling
a. Turnover has fallen by 27% as a result of the company operations changing focus from waste disposal to waste to energy.
b. The company have continued to improve the transport maintenance element of the business and this has seen them move into additional rental property owned by the parent company, Waste-A-Way Holdings Limited.
c. The waste transfer station continues to enjoy a popular position with local authorities and new material streams were introduced.

2. Clearaway Recycling
a. Skip hire sales remain strong in spite of increased local competition.
b. Sales with Waste-A-Way Recycling Limited have fallen by 28% as the company moves to reorganise operations before the start of the new contract.
b. The government's switch from red diesel to white diesel for site plant, together with record prices for both fleet diesel and site utilities, placed exceptional cost pressures on the waste collection and processing activities.

Commercial Property

Ultimately the Group aspires to own all commercial property occupied by the group. Currently, the property landbank extends as follows:

1. Phoenix House, Swinbourne Road

a. Within Waste-A-Way Holdings Limited, is the premises occupied by Waste-A-Way Recycling
b. This facility provides the head office function for Waste-A-Way recycling, an HGV workshop, the waste transfer station and general fleet parking and washing.

WHITEHAIR GROUP LTD (REGISTERED NUMBER: 13691797)

Group Strategic Report
for the year ended 30th April 2024


2. Emerald House, Swinbourne Road

a. The premises within Waste-A-Way Holdings Limited, this yard and workshop sits adjacent to Phoenix House and is occupied by Waste-A-Way Recycling Limited.
b. Directors have developed this site during financial year 2023/24 into a dedicated trailer maintenance centre

3. Whites Yard and Archers Fields sites Burnt Mills Industrial Estate Basildon

a. Within Clearaway Holdings, is the premises occupied by Clearaway Recycling.
b. This facility has been the subject of continuing investment to enable high quality waste processing and recycling.

4. Archers Field - ERF Facility

a. Clearaway proposes to build an Energy Recovery Facility (ERF) next to its existing recycling facility on the Burnt Mills Industrial Estate, Archers Fields in Basildon. Directors forecast that the planning application will be heard by the Waste Planning Authority. The application is still in the process of being considered.
b. The ERF is designed to take the waste that already comes to the Clearaway recycling facility, which means there will be no additional deliveries and, by processing waste left over after the commercial recycling processes have been exhausted, significantly reduce the amount of waste which is currently transported to landfill.
c. The production of heat and power will promote additional economic growth across the wider industrial estate.
d. The Group has continued to invest heavily in progressing this project throughout the financial year.


Sector Challenges & Development

The 2024 financial year has proved to be a challenging year for the Group due to the delay of the new contract and the reorganisation costs of operations, in order to facilitate this move and improving the transport element of the business.

The approval of the new contract in August 2024, which is due to start in April 2025, will see the trading results of the group return to historic levels.

The Board is committed to continuing to invest in waste processing capacity such that the group can maximise the levels of waste recycling undertaken and thus reduce the amount of waste that has to be delivered to landfill.

Principal Risks

The directors continue to ensure that the trading companies take a positive and proactive approach to their legal and regulatory obligations as a haulage operator and waste management company. In-year outcomes include securing the gold-plated Earned Recognition status from the Driver and Vehicle Standards Agency, and the creation of a new role of Head of SHEQ, together with an appointment, to ensure that there is a dedicated resource to monitor and lead on all aspects of compliance and quality across the business.

Environmental & Social Values

With greater visibility comes greater accountability, and the directors are determined to deliver progressive practices which promote the company's environmental and social value credentials and its role in the community.

The full management team utilises electric vehicles and a switch to 100% renewable energy supplies to our premises was completed in the previous financial year. Waste-A-Way provides high quality jobs to the local communities from which it operates and continues to pay its lowest paid staff the Real Living Wage.

The Group, under the leadership of the directors, continues its commitment to create businesses capable of playing an important role in a sustainable future for Essex.

ON BEHALF OF THE BOARD:


WHITEHAIR GROUP LTD (REGISTERED NUMBER: 13691797)

Group Strategic Report
for the year ended 30th April 2024





Mr I J Whitehair - Director


31st January 2025

WHITEHAIR GROUP LTD (REGISTERED NUMBER: 13691797)

Report of the Directors
for the year ended 30th April 2024


The directors present their report with the financial statements of the company and the group for the year ended 30th April 2024.

DIVIDENDS
The total distribution of dividends for the year ended 30th April 2024 will be £ 394,690 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1st May 2023 to the date of this report.

Mr P I Whitehair
Mr I J Whitehair

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Annual Report 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 judgments and accounting estimates that are reasonable and prudent
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements
- 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 group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

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

ON BEHALF OF THE BOARD:





Mr I J Whitehair - Director


31st January 2025

Report of the Independent Auditors to the Members of
Whitehair Group Ltd


Opinion
We have audited the financial statements of Whitehair Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 30th April 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 30th April 2024 and of the group's loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

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 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 group's and 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 directors are responsible for the other information. The other information comprises the information in the Group 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 Group 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 Group 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
Whitehair Group Ltd


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 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 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 Statement of Directors' Responsibilities set out on page five, 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 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.

Report of the Independent Auditors to the Members of
Whitehair Group Ltd


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:

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant correspondence; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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.

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.




Mark Radford FCCA (Senior Statutory Auditor)
for and on behalf of Barrons Limited
Chartered Accountants
& Statutory Auditors
Monometer House
Rectory Grove
Leigh on Sea
Essex
SS9 2HN

31st January 2025

WHITEHAIR GROUP LTD (REGISTERED NUMBER: 13691797)

Consolidated Income Statement
for the year ended 30th April 2024

2024 2023
Notes £    £    £    £   

TURNOVER 30,916,907 39,517,786

Cost of sales 28,932,499 34,847,165
GROSS PROFIT 1,984,408 4,670,621

Administrative expenses 3,001,688 2,782,838
OPERATING (LOSS)/PROFIT 4 (1,017,280 ) 1,887,783

Income from shares in group undertakings (1 ) (1 )
Interest receivable and similar income 3,781 3,577
3,780 3,576
(1,013,500 ) 1,891,359

Interest payable and similar expenses 5 672,401 384,858
(LOSS)/PROFIT BEFORE TAXATION (1,685,901 ) 1,506,501

Tax on (loss)/profit 6 (394,217 ) 313,663
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(1,291,684

)

1,192,838
(Loss)/profit attributable to:
Owners of the parent (1,291,684 ) 1,192,838

WHITEHAIR GROUP LTD (REGISTERED NUMBER: 13691797)

Consolidated Other Comprehensive Income
for the year ended 30th April 2024

2024 2023
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (1,291,684 ) 1,192,838


OTHER COMPREHENSIVE INCOME
Revaluation - (88,694 )
Revaluation rate change - (30,570 )
Income tax relating to components of other
comprehensive income

-

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

-

(119,264

)
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(1,291,684

)

1,073,574

Total comprehensive income attributable to:
Owners of the parent (1,291,684 ) 1,073,574

WHITEHAIR GROUP LTD (REGISTERED NUMBER: 13691797)

Consolidated Balance Sheet
30th April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 26,353,333 26,986,304
Investments 10 - -
Investment property 11 1,940,380 684,605
28,293,713 27,670,909

CURRENT ASSETS
Stocks 12 167,893 82,381
Debtors 13 5,562,461 7,165,165
Cash at bank and in hand 789,646 1,475,484
6,520,000 8,723,030
CREDITORS
Amounts falling due within one year 14 6,586,258 6,214,172
NET CURRENT (LIABILITIES)/ASSETS (66,258 ) 2,508,858
TOTAL ASSETS LESS CURRENT
LIABILITIES

28,227,455

30,179,767

CREDITORS
Amounts falling due after more than one
year

15

(9,977,520

)

(9,849,242

)

PROVISIONS FOR LIABILITIES 19 (2,780,084 ) (3,174,300 )
NET ASSETS 15,469,851 17,156,225

CAPITAL AND RESERVES
Called up share capital 20 100,300 100,300
Revaluation reserve 21 1,627,767 1,627,767
Merger reserve 21 10,178,730 10,178,730
Retained earnings 21 3,563,054 5,249,428
SHAREHOLDERS' FUNDS 15,469,851 17,156,225

The financial statements were approved by the Board of Directors and authorised for issue on 31st January 2025 and were signed on its behalf by:




Mr I J Whitehair - Director



Mr P I Whitehair - Director


WHITEHAIR GROUP LTD (REGISTERED NUMBER: 13691797)

Company Balance Sheet
30th April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 9 - -
Investments 10 100,200 100,200
Investment property 11 - -
100,200 100,200

CURRENT ASSETS
Cash in hand 100 100
NET CURRENT ASSETS 100 100
TOTAL ASSETS LESS CURRENT
LIABILITIES

100,300

100,300

CAPITAL AND RESERVES
Called up share capital 20 100,300 100,300
SHAREHOLDERS' FUNDS 100,300 100,300

Company's profit for the financial year 394,690 109,676

The financial statements were approved by the Board of Directors and authorised for issue on 31st January 2025 and were signed on its behalf by:




Mr I J Whitehair - Director



Mr P I Whitehair - Director


WHITEHAIR GROUP LTD (REGISTERED NUMBER: 13691797)

Consolidated Statement of Changes in Equity
for the year ended 30th April 2024

Called up
share Retained Revaluation Merger Total
capital earnings reserve reserve equity
£    £    £    £    £   
Balance at 1st May 2022 100,300 4,166,266 1,747,031 10,178,730 16,192,327

Changes in equity
Dividends - (109,676 ) - - (109,676 )
Total comprehensive income - 1,192,838 (119,264 ) - 1,073,574
Balance at 30th April 2023 100,300 5,249,428 1,627,767 10,178,730 17,156,225

Changes in equity
Dividends - (394,690 ) - - (394,690 )
Total comprehensive income - (1,291,684 ) - - (1,291,684 )
Balance at 30th April 2024 100,300 3,563,054 1,627,767 10,178,730 15,469,851

WHITEHAIR GROUP LTD (REGISTERED NUMBER: 13691797)

Company Statement of Changes in Equity
for the year ended 30th April 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1st May 2022 100,300 - 100,300

Changes in equity
Dividends - (109,676 ) (109,676 )
Total comprehensive income - 109,676 109,676
Balance at 30th April 2023 100,300 - 100,300

Changes in equity
Dividends - (394,690 ) (394,690 )
Total comprehensive income - 394,690 394,690
Balance at 30th April 2024 100,300 - 100,300

WHITEHAIR GROUP LTD (REGISTERED NUMBER: 13691797)

Consolidated Cash Flow Statement
for the year ended 30th April 2024

2024 2023
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 3,788,945 6,526,645
Interest paid (521,635 ) (194,547 )
Interest element of hire purchase payments
paid

(150,766

)

(190,311

)
Tax paid - (91,660 )
Net cash from operating activities 3,116,544 6,050,127

Cash flows from investing activities
Purchase of tangible fixed assets (3,153,544 ) (9,958,363 )
Purchase of investment property (1,255,775 ) -
Sale of tangible fixed assets 919,228 37,000
Interest received 3,781 3,577
Dividends received - (1 )
Net cash from investing activities (3,486,310 ) (9,917,787 )

Cash flows from financing activities
New loans in year 700,000 5,151,250
Loan repayments in year (323,468 ) (340,247 )
Capital repayments in year (364,102 ) (1,925,348 )
Amount introduced by directors 394,689 -
Amount withdrawn by directors (328,501 ) (394,689 )
Equity dividends paid (394,690 ) (109,676 )
Net cash from financing activities (316,072 ) 2,381,290

Decrease in cash and cash equivalents (685,838 ) (1,486,370 )
Cash and cash equivalents at beginning of
year

2

1,475,484

2,961,854

Cash and cash equivalents at end of year 2 789,646 1,475,484

WHITEHAIR GROUP LTD (REGISTERED NUMBER: 13691797)

Notes to the Consolidated Cash Flow Statement
for the year ended 30th April 2024


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

2024 2023
£    £   
(Loss)/profit before taxation (1,685,901 ) 1,506,501
Depreciation charges 2,603,124 2,286,991
Loss/(profit) on disposal of fixed assets 264,163 (2,642 )
Impairment losses - 300,391
Finance costs 672,401 384,858
Finance income (3,780 ) (3,576 )
1,850,007 4,472,523
Increase in stocks (85,512 ) (40,881 )
Decrease in trade and other debtors 1,536,516 1,439,707
Increase in trade and other creditors 487,934 655,296
Cash generated from operations 3,788,945 6,526,645

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30th April 2024
30.4.24 1.5.23
£    £   
Cash and cash equivalents 789,646 1,475,484
Year ended 30th April 2023
30.4.23 1.5.22
£    £   
Cash and cash equivalents 1,475,484 2,961,854


WHITEHAIR GROUP LTD (REGISTERED NUMBER: 13691797)

Notes to the Consolidated Cash Flow Statement
for the year ended 30th April 2024


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.5.23 Cash flow At 30.4.24
£    £    £   
Net cash
Cash at bank and in hand 1,475,484 (685,838 ) 789,646
1,475,484 (685,838 ) 789,646
Debt
Finance leases (4,056,177 ) 364,102 (3,692,075 )
Debts falling due within 1 year (414,431 ) (20,996 ) (435,427 )
Debts falling due after 1 year (7,325,645 ) (355,536 ) (7,681,181 )
(11,796,253 ) (12,430 ) (11,808,683 )
Total (10,320,769 ) (698,268 ) (11,019,037 )

WHITEHAIR GROUP LTD (REGISTERED NUMBER: 13691797)

Notes to the Consolidated Financial Statements
for the year ended 30th April 2024


1. STATUTORY INFORMATION

Whitehair Group Ltd 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 General Information page.

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 as modified by the revaluation of certain assets.

Basis of consolidation
The consolidated financial statements incorporate those of Whitehair Group Ltd and its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits).

All financial statements are made up to 30 April 2024. All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation.

Significant judgements and estimates
In the application of the company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of 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.

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 if the revision affects only that period or in the period of the revision and future periods if the revision affects both current and future periods.

Turnover
The turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before the revenue is recognised:

Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
- the Company has transferred the significant risks and rewards of ownership to the buyer;
- the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the transaction; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably;
- it is probable that the Company will receive the consideration due under the contract;
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and
- the costs incurred and the costs to complete the contract can be measured reliably.

WHITEHAIR GROUP LTD (REGISTERED NUMBER: 13691797)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th April 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets 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.

Depreciation is charged so as to allocate the cost of assets less residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Short leasehold- 10% Straight line
Long leasehold- Over the term of the lease
Plant and machinery- 20% Reducing balance, 10%, 20% & 7 Years Straight line
Fixtures and fittings- 20% Reducing balance
Motor vehicles- 20% Reducing balance and 20% Straight line
Computer equipment- 25% Straight line

The asset's 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.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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.

WHITEHAIR GROUP LTD (REGISTERED NUMBER: 13691797)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th April 2024


2. ACCOUNTING POLICIES - continued

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 the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.

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

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 debtors and creditors, 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 and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet 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.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amount of cash with insignificant risk of change in value.

3. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 6,290,518 6,652,037
Social security costs 286,928 294,834
Other pension costs 131,906 126,861
6,709,352 7,073,732

WHITEHAIR GROUP LTD (REGISTERED NUMBER: 13691797)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th April 2024


3. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
2024 2023

Directors 2 2
Drivers 64 77
Mechanic 12 12
Office 26 23
Yard 26 25
130 139

2024 2023
£    £   
Directors' remuneration 17,851 18,068

4. OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging/(crediting):

2024 2023
£    £   
Hire of plant and machinery 108,169 242,510
Depreciation - owned assets 2,603,124 2,286,994
Loss/(profit) on disposal of fixed assets 264,163 (2,642 )
Auditors' remuneration 35,400 30,750
Auditors non audit service fees 68,681 69,360

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Bank loan interest 24,127 19,624
HMRC interest 433 -
Mortgage 497,075 173,217
Fines and penalties - 1,706
Hire purchase 150,766 190,311
672,401 384,858

6. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
2024 2023
£    £   
Deferred tax (394,217 ) 313,663
Tax on (loss)/profit (394,217 ) 313,663

WHITEHAIR GROUP LTD (REGISTERED NUMBER: 13691797)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th April 2024


6. TAXATION - continued

Tax effects relating to effects of other comprehensive income

There were no tax effects for the year ended 30th April 2024.

2023
Gross Tax Net
£    £    £   
Revaluation (88,694 ) - (88,694 )
Revaluation rate change (30,570 ) - (30,570 )
(119,264 ) - (119,264 )

7. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


8. DIVIDENDS
2024 2023
£    £   
ORDINARY shares of £1 each
Interim 197,345 52,344
ORDINARY B shares of £1 each
Interim 197,345 57,332
394,690 109,676

WHITEHAIR GROUP LTD (REGISTERED NUMBER: 13691797)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th April 2024


9. TANGIBLE FIXED ASSETS

Group
Freehold Short Long Plant and
property leasehold leasehold machinery
£    £    £    £   
COST OR VALUATION
At 1st May 2023 11,969,126 52,790 1,069,212 21,105,797
Additions - 112,761 54,419 2,905,335
Disposals - - - (3,021,696 )
At 30th April 2024 11,969,126 165,551 1,123,631 20,989,436
DEPRECIATION
At 1st May 2023 - - - 8,330,959
Charge for year - 12,909 84,317 2,211,161
Eliminated on disposal - - - (1,838,305 )
At 30th April 2024 - 12,909 84,317 8,703,815
NET BOOK VALUE
At 30th April 2024 11,969,126 152,642 1,039,314 12,285,621
At 30th April 2023 11,969,126 52,790 1,069,212 12,774,838

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1st May 2023 275,370 1,817,219 146,810 36,436,324
Additions 23,711 2,500 54,818 3,153,544
Disposals - - - (3,021,696 )
At 30th April 2024 299,081 1,819,719 201,628 36,568,172
DEPRECIATION
At 1st May 2023 112,855 895,950 110,256 9,450,020
Charge for year 48,204 217,139 29,394 2,603,124
Eliminated on disposal - - - (1,838,305 )
At 30th April 2024 161,059 1,113,089 139,650 10,214,839
NET BOOK VALUE
At 30th April 2024 138,022 706,630 61,978 26,353,333
At 30th April 2023 162,515 921,269 36,554 26,986,304

WHITEHAIR GROUP LTD (REGISTERED NUMBER: 13691797)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th April 2024


9. TANGIBLE FIXED ASSETS - continued

Group

Cost or valuation at 30th April 2024 is represented by:

Freehold Short Long Plant and
property leasehold leasehold machinery
£    £    £    £   
Valuation in 2023 1,456,441 - 214,230 -
Cost 10,512,685 165,551 909,401 20,989,436
11,969,126 165,551 1,123,631 20,989,436

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
Valuation in 2023 - - - 1,670,671
Cost 299,081 1,819,719 201,628 34,897,501
299,081 1,819,719 201,628 36,568,172

Freehold property were valued on an open market basis on 30th June 2023 by Ayers and Cruiks .

10. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1st May 2023
and 30th April 2024 100,200
NET BOOK VALUE
At 30th April 2024 100,200
At 30th April 2023 100,200

WHITEHAIR GROUP LTD (REGISTERED NUMBER: 13691797)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th April 2024


10. FIXED ASSET INVESTMENTS - continued

The group or the company's investments at the Balance Sheet date in the share capital of companies include the following:

Subsidiaries

Waste-A-Way Holdings Limited
Registered office: United Kingdom
Nature of business: Holding Company
%
Class of shares: holding
Ordinary & Ordinary B 100.00
2024 2023
£    £   
Aggregate capital and reserves 735,799 636,186
Profit/(loss) for the year 292,011 (487,743 )

Waste-A-Way Recycling Limited
Registered office: United Kingdom
Nature of business: Waste Haulage
%
Class of shares: holding
Ordinary & Ordinary B 100.00
2024 2023
£    £   
Aggregate capital and reserves 8,106,663 8,504,149
(Loss)/profit for the year (205,088 ) 1,274,299

Clearaway Holdings Limited
Registered office: United Kingdom
Nature of business: Holding Company
%
Class of shares: holding
Ordinary & Ordinary B 100.00
2024 2023
£    £   
Aggregate capital and reserves 2,281,398 2,443,751
Profit for the year 39,937 81,248

Clearaway Recycling Limited
Registered office: United Kingdom
Nature of business: Processing Waste
%
Class of shares: holding
Ordinary & Ordinary B 100.00
2024 2023
£    £   
Aggregate capital and reserves 4,395,894 5,622,041
(Loss)/profit for the year (1,023,857 ) 223,734

WHITEHAIR GROUP LTD (REGISTERED NUMBER: 13691797)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th April 2024


10. FIXED ASSET INVESTMENTS - continued

Archers Fields Energy Recovery Limited
Registered office: United Kingdom
Nature of business: Dormant
%
Class of shares: holding
Ordinary 100.00
2024 2023
£    £   
Aggregate capital and reserves 100 100


11. INVESTMENT PROPERTY

Group
Total
£   
FAIR VALUE
At 1st May 2023 684,605
Additions 1,255,775
At 30th April 2024 1,940,380
NET BOOK VALUE
At 30th April 2024 1,940,380
At 30th April 2023 684,605

12. STOCKS

Group
2024 2023
£    £   
Stock of spares 167,893 82,381

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
£    £   
Trade debtors 3,606,274 4,555,622
Other debtors 26,482 46,743
Directors' current accounts 328,001 394,189
Tax 134,366 134,366
VAT - 90,954
Prepayments and accrued income 1,467,338 1,943,291
5,562,461 7,165,165

WHITEHAIR GROUP LTD (REGISTERED NUMBER: 13691797)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th April 2024


14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024 2023
£    £   
Bank loans and overdrafts (see note 16) 100,002 100,002
Other loans (see note 16) 335,425 314,429
Hire purchase contracts (see note 17) 1,395,736 1,532,580
Trade creditors 2,394,153 1,993,807
Factoring account 833,990 1,376,343
Social security and other taxes 126,067 437,490
VAT 586,918 -
Other creditors 83,422 30,371
Accruals and deferred income 730,545 429,150
6,586,258 6,214,172

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group
2024 2023
£    £   
Bank loans (see note 16) 199,993 299,995
Other loans (see note 16) 7,481,188 7,025,650
Hire purchase contracts (see note 17) 2,296,339 2,523,597
9,977,520 9,849,242

WHITEHAIR GROUP LTD (REGISTERED NUMBER: 13691797)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th April 2024


16. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 100,002 100,002
Mortgages 335,425 314,429
435,427 414,431
Amounts falling due between one and two years:
Bank loans - 1-2 years 100,002 100,002
Mortgages 340,919 318,648
440,921 418,650
Amounts falling due between two and five years:
Bank loans - 2-5 years 99,991 199,993
Mortgages 813,502 740,510
913,493 940,503
Amounts falling due in more than five years:
Repayable by instalments
Mortgages 6,326,767 5,966,492

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 1,395,736 1,532,580
Between one and five years 2,296,339 2,523,597
3,692,075 4,056,177

WHITEHAIR GROUP LTD (REGISTERED NUMBER: 13691797)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th April 2024


17. LEASING AGREEMENTS - continued

Group
Non-cancellable operating leases
2024 2023
£    £   
Within one year 249,750 249,750
Between one and five years 1,082,813 1,116,563
In more than five years 162,000 378,000
1,494,563 1,744,313

18. SECURED DEBTS

The following secured debts are included within creditors:

Group
2024 2023
£    £   
Bank loans 299,995 399,997
Hire purchase contracts 3,692,075 4,056,177
Factoring creditor 833,990 1,376,343
Mortgages 7,816,613 7,340,079
12,642,673 13,172,596

The mortgage is secured against the property by a first legal charge and debenture issued by the
company.

The hire purchase liability is secured against the assets to which they relate.

The bank loan is secured by the Coronavirus Business Interruption Loan Scheme provided by the government during the coronavirus outbreak.

The factoring creditor is secured by fixed and floating charges over the total assets of the company, and a limited personal guarantee from directors of the company.

19. PROVISIONS FOR LIABILITIES

Group
2024 2023
£    £   
Deferred tax 2,780,084 3,174,300

WHITEHAIR GROUP LTD (REGISTERED NUMBER: 13691797)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th April 2024


19. PROVISIONS FOR LIABILITIES - continued

Group
Deferred
tax
£   
Balance at 1st May 2023 3,174,300
Accelerated capital allowances (394,216 )
Balance at 30th April 2024 2,780,084

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
80,240 ORDINARY £1 80,240 80,240
20,060 ORDINARY B £1 20,060 20,060
100,300 100,300

Ordinary and Ordinary B Shares have attached to them full voting, dividend and capital distribution (including on winding up) rights; they do not confer any right of redemption.

21. RESERVES

Group
Retained Revaluation Merger
earnings reserve reserve Totals
£    £    £    £   

At 1st May 2023 5,249,428 1,627,767 10,178,730 17,055,925
Deficit for the year (1,291,684 ) (1,291,684 )
Dividends (394,690 ) (394,690 )
At 30th April 2024 3,563,054 1,627,767 10,178,730 15,369,551

Company
Retained
earnings
£   

Profit for the year 394,690
Dividends (394,690 )
At 30th April 2024 -


WHITEHAIR GROUP LTD (REGISTERED NUMBER: 13691797)

Notes to the Consolidated Financial Statements - continued
for the year ended 30th April 2024


22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30th April 2024 and 30th April 2023:

2024 2023
£    £   
I J Whitehair
Balance outstanding at start of year 197,104 (250 )
Amounts advanced 221,356 347,821
Amounts repaid (254,431 ) (150,467 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 164,029 197,104

P I Whitehair
Balance outstanding at start of year 197,085 (250 )
Amounts advanced 221,318 287,541
Amounts repaid (254,431 ) (90,206 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 163,972 197,085