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 |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
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. |
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: |
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. |
for and on behalf of |
Chartered Accountants |
& Statutory Auditors |
Monometer House |
Rectory Grove |
Leigh on Sea |
Essex |
SS9 2HN |
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 |
( |
) |
(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 |
Investment property | 11 |
CURRENT ASSETS |
Cash in hand |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 20 |
SHAREHOLDERS' FUNDS |
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 |
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 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30th April 2023 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 30th April 2024 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
NET BOOK VALUE |
At 30th April 2024 |
At 30th April 2023 |
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 |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit/(loss) for the year | ( |
) |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year | ( |
) |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
(Loss)/profit for the year | ( |
) |
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 |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves |
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: | £ | £ |
ORDINARY | £1 | 80,240 | 80,240 |
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 |
Dividends | ( |
) |
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 |