HANKINSON WHITTLE LIMITED
(PREVIOUSLY TRADING AS HANKINSON WHITTLE PROGRAMMED LIMITED)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024
Company Registration No. 11415123 (England and Wales)
HANKINSON WHITTLE LIMITED
(PREVIOUSLY TRADING AS HANKINSON WHITTLE PROGRAMMED LIMITED)
COMPANY INFORMATION
Directors
Mr B P Russell
Mr C J Williams
Mr S Frame
(Appointed 2 January 2024)
Mr G P W Spence
(Appointed 27 September 2024)
Company number
11415123
Registered office
Unit 2
Prenton Way
North Cheshire Trading Estate
Prenton
CH43 3EA
Auditor
DSG Audit
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
HANKINSON WHITTLE LIMITED
(PREVIOUSLY TRADING AS HANKINSON WHITTLE PROGRAMMED LIMITED)
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 25
HANKINSON WHITTLE LIMITED
(PREVIOUSLY TRADING AS HANKINSON WHITTLE PROGRAMMED LIMITED)
STRATEGIC REPORT
FOR THE YEAR ENDED 30 MARCH 2024
- 1 -

The directors present the strategic report for the year ended 30 March 2024.

Principal activities

The principal activity of the company during the year was that of planned, responsive and cyclical painting, maintenance and refurbishment.

Review of the business

The directors’ primary objective in the year was to set the foundations for a future-proofed, resilient business which could support existing and new client engagements. This involved making changes to the organisational structure, employing new people in key roles, as well as updating core processes, systems and controls.

 

It was fully anticipated that these changes would bring additional one-off costs, disproportionate to the trading performance and ultimately impacting on the company’s ability to deliver profits in the year under review.

 

The directors trusted that the changes would be fundamental to the longer-term success of the company, and on that basis accepted the investment in people and processes would have a significant impact on the short-term financial performance.

 

With suitable working capital deployed to support business operations, the directors were confident in their strategy, which in the final quarter was justified by consistent month-on-month net profit for the first time in the year under

review.

 

Throughout this challenging period, the directors have remained focused on the long-term strategic goals of the business which include evolving a market leading business development program, improving safety at work for operatives and subcontractors, digitising key financial and non-financial processes, investing in the learning and development of employees and ultimately delivering consistent, high-quality service to clients.

 

At the heart of the long-term strategy are the company brand values – leading by example, collaboration, innovation, care and making a difference.

 

The company mission is to provide exceptional maintenance solutions, by embracing innovative approaches and collaborative efforts for impactful results. This supports the vision of becoming the preferred choice for transformative maintenance solutions that enrich buildings, people and communities.

In the year under review, turnover has increased to £15.7m (2023: £8.1m), this being a 94% improvement on the prior year.

 

Pleasingly, the gross profit margin percentage improved by 3.0% to 19.1% (2023: 16.1%) despite the well-publicised price and supply chain pressures within the construction industry, linked to external factors such as the War in Ukraine.

 

Although the net asset position worsened on the prior year, decreasing by 32% to £0.7m (2023: £1.0m), the company remains solvent, and retained a positive cash balance of £0.4m at year end.

 

At the time of signing these financial statements, the company had finalised its half year accounts to 30 September 2024. Actual results are tracking ahead of budget for turnover (+7%), gross profit (+13%) and net profit before tax (+56%), further demonstrating the consistency and improvement of performance following the fundamental changes made to the business in the 30 March 2024 year.

With 100% of the new year’s budgeted turnover secured, the directors are confident of reporting significantly improved results in the next published financial statements for the year ending 30 March 2025. In the context of the 5-year business plan, this puts the company in a strong position, with a financially secure environment viewed as fundamental to future success.

HANKINSON WHITTLE LIMITED
(PREVIOUSLY TRADING AS HANKINSON WHITTLE PROGRAMMED LIMITED)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 2 -
Financial instruments

Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

 

Interest rate risk

The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans.

 

Credit risk

Investments of cash surpluses and borrowings are made through banks and companies which must fulfil credit rating criteria approved by the Board.

 

All clients who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

On behalf of the board

Mr B P Russell
Director
3 March 2025
HANKINSON WHITTLE LIMITED
(PREVIOUSLY TRADING AS HANKINSON WHITTLE PROGRAMMED LIMITED)
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 MARCH 2024
- 3 -

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

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr B P Russell
Mr C J Williams
Mr S Frame
(Appointed 2 January 2024)
Mr G P W Spence
(Appointed 27 September 2024)
Auditor

DSG resigned as auditor on 11 September 2024. DSG Audit were appointed on 11 September 2024 as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. The company has done so in respect of its principal activities and financial instruments.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr B P Russell
Director
3 March 2025
HANKINSON WHITTLE LIMITED
(PREVIOUSLY TRADING AS HANKINSON WHITTLE PROGRAMMED LIMITED)
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 MARCH 2024
- 4 -

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:

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.

HANKINSON WHITTLE LIMITED
(PREVIOUSLY TRADING AS HANKINSON WHITTLE PROGRAMMED LIMITED)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HANKINSON WHITTLE LIMITED
- 5 -
Opinion

We have audited the financial statements of Hankinson Whittle Limited (the 'company') for the year ended 30 March 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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:

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

Conclusions relating to going concern

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

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

HANKINSON WHITTLE LIMITED
(PREVIOUSLY TRADING AS HANKINSON WHITTLE PROGRAMMED LIMITED)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HANKINSON WHITTLE LIMITED (CONTINUED)
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

Discussions were held with, and enquiries made of, management and those charged with governance 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:

 

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: enquiries 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 legal correspondence; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.

HANKINSON WHITTLE LIMITED
(PREVIOUSLY TRADING AS HANKINSON WHITTLE PROGRAMMED LIMITED)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF HANKINSON WHITTLE LIMITED (CONTINUED)
- 7 -

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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's member, for our audit work, for this report, or for the opinions we have formed.

Laura Leslie BSc FCA (Senior Statutory Auditor)
For and on behalf of DSG Audit, Statutory Auditor
Chartered Accountants
Castle Chambers
43 Castle Street
Liverpool
L2 9TL
3 March 2025
HANKINSON WHITTLE LIMITED
(PREVIOUSLY TRADING AS HANKINSON WHITTLE PROGRAMMED LIMITED)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 MARCH 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
15,714,613
8,094,100
Cost of sales
(12,710,486)
(5,967,531)
Cost of sales - exceptional items
4
-
(824,787)
Gross profit
3,004,127
1,301,782
Administrative expenses
(3,372,954)
(1,374,560)
Administrative expenses - exceptional items
4
-
(35,595)
Other operating income
19,986
964
Other operating income - exceptional items
4
49,426
363,339
Operating (loss)/profit
5
(299,415)
255,930
Interest payable and similar expenses
8
(262,186)
(96,050)
(Loss)/profit before taxation
(561,601)
159,880
Tax on (loss)/profit
9
127,447
85,149
(Loss)/profit for the financial year
(434,154)
245,029

The notes on pages 11 to 25 form part of these financial statements.

HANKINSON WHITTLE LIMITED
(PREVIOUSLY TRADING AS HANKINSON WHITTLE PROGRAMMED LIMITED)
BALANCE SHEET
AS AT
30 MARCH 2024
30 March 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
10
-
0
-
0
Tangible assets
11
420,311
300,740
420,311
300,740
Current assets
Debtors falling due after more than one year
12
548,390
868,181
Debtors falling due within one year
12
4,669,023
4,213,185
Cash at bank and in hand
396,782
793,049
5,614,195
5,874,415
Creditors: amounts falling due within one year
13
(4,792,560)
(2,999,093)
Net current assets
821,635
2,875,322
Total assets less current liabilities
1,241,946
3,176,062
Creditors: amounts falling due after more than one year
14
(559,772)
(2,174,734)
Net assets
682,174
1,001,328
Capital and reserves
Called up share capital
19
300,000
185,000
Other reserves
272,121
406,331
Profit and loss reserves
110,053
409,997
Total equity
682,174
1,001,328

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 3 March 2025 and are signed on its behalf by:
Mr B P Russell
Director
Company registration number 11415123 (England and Wales)
HANKINSON WHITTLE LIMITED
(PREVIOUSLY TRADING AS HANKINSON WHITTLE PROGRAMMED LIMITED)
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 MARCH 2024
- 10 -
Share capital
Other reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 31 March 2022
5,000
-
164,968
169,968
Year ended 30 March 2023:
Profit and total comprehensive income
-
-
245,029
245,029
Issue of share capital
19
180,000
-
-
180,000
Transfers
-
406,331
-
0
406,331
Balance at 30 March 2023
185,000
406,331
409,997
1,001,328
Year ended 30 March 2024:
Loss and total comprehensive income
-
-
(434,154)
(434,154)
Issue of share capital
19
115,000
-
-
115,000
Transfers
-
(134,210)
134,210
-
Balance at 30 March 2024
300,000
272,121
110,053
682,174
HANKINSON WHITTLE LIMITED
(PREVIOUSLY TRADING AS HANKINSON WHITTLE PROGRAMMED LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024
- 11 -
1
Accounting policies
Company information

Hankinson Whittle Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2, Prenton Way, North Cheshire Trading Estate, Prenton, CH43 3EA.

 

The principal activities of the company are disclosed in the Strategic Report.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

 

The financial statements of the company are consolidated in the financial statements of RW Integrated Solutions Limited. These consolidated financial statements are available from its registered office, Unit 2 Prenton Way, North Cheshire Trading Estate, Prenton, CH43 3EA.

1.2
Going concern

As outlined in the business review on page 1, the company has experienced a challenging year following a period of further growth, as well as fundamental changes to the business structure, both in terms of people and processes.true

 

However, despite the reported losses and reduction in the net asset position of the company, the directors remain positive about the future given the shift in financial performance in quarter 4 of the year under review, which has continued into the first half of the 30 March 2025 year.

 

The directors have reviewed the company’s budget for the 30 March 2025 year and based upon the current levels of over performance have reforecast the 5-year plan to account for potential similar levels of financial performance.

 

Specifically, the directors have reviewed the forecasts for a period of 12 months from the date of these financial statements, concluding that the company will have sufficient trading performance to support consistent profitability and cash generation for at least the next year.

 

With reference to the above, the directors are satisfied that it remains appropriate for the company to prepare its financial statements on a going concern basis.

HANKINSON WHITTLE LIMITED
(PREVIOUSLY TRADING AS HANKINSON WHITTLE PROGRAMMED LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
1
Accounting policies
(Continued)
- 12 -
1.3
Turnover

Turnover represents the value of invoices raised in the year, net of value added tax and discounts where applicable, adjusted for movements in amounts recoverable on contract. All contracts are assessed on an individual basis, with the relevant profit and loss account entries recording turnover and matched contract costs reflective of activity on the relevant works under way. Turnover is established with reference to the stage of completion of the relevant works, with valuations periodically agreed by clients in line with the terms of contract in place. Profits on contracts are realised when the outcome of the work being undertaken can be assessed with reasonable certainty and turnover will only be recognised where there is a contractual right to do so. Where applicable, losses on contracts are recognised as soon as it is apparent the contract cannot return a positive return over its full term. Where the outcome of contract cannot be reasonably assessed, the relevant costs are recorded in the profit and loss account with a corresponding amount included in turnover, to ensure no profit or loss is realised. Where applicable, retentions may be applied by clients on the cumulative value of amounts invoiced. Such adjustments serve to reduce the value of trade debtors, with the future recoverable amount included within other debtors, however do not impact on the disclosure of turnover in the profit and loss account which continues to be disclosed gross of retentions.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill was fully amortised in the previous year.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
3 years straight line
Fixtures and fittings
20% reducing balance
Computers
33% reducing balance
Motor vehicles
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

HANKINSON WHITTLE LIMITED
(PREVIOUSLY TRADING AS HANKINSON WHITTLE PROGRAMMED LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
1
Accounting policies
(Continued)
- 13 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

HANKINSON WHITTLE LIMITED
(PREVIOUSLY TRADING AS HANKINSON WHITTLE PROGRAMMED LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

HANKINSON WHITTLE LIMITED
(PREVIOUSLY TRADING AS HANKINSON WHITTLE PROGRAMMED LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

HANKINSON WHITTLE LIMITED
(PREVIOUSLY TRADING AS HANKINSON WHITTLE PROGRAMMED LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 16 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Amounts recoverable on maintenance contracts and work in progress

Amounts recoverable on maintenance contracts and work in progress are based on a stage of completion determined by the company on the basis of expected total revenue and expected total costs on projects. The recoverability of such amounts are subject to negotiation with customers which may cause adjustments up and down in determining final amounts.

Determining and reassessing residual values and useful economic lives of tangible assets

The company depreciates tangible assets over their estimated useful lives. In determining appropriate useful lives of assets, the directors have considered historic performance as well as future expectations for factors such as expected usage of the asset, physical wear and tear, technical and commercial obsolescence and legal limitations of the usage of the asset, such as lease terms. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.

 

Judgement is applied to determine the residual values for tangible assets. When determining the residual values, the directors have assessed the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. At each reporting date, the directors have also assessed whether there have been any indicators, such as a change in how the asset is used, significant unexpected wear and tear and changes in market prices, which suggest previous estimates may differ from current expectations. Where this is the case, the residual value and/or useful life is amended and accounted for on a prospective basis.

3
Turnover
2024
2023
£
£
Turnover analysed by class of business
Planned, responsive and cyclical painting, maintenance and refurbishment.
15,714,613
8,094,100
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
15,714,613
8,094,100
HANKINSON WHITTLE LIMITED
(PREVIOUSLY TRADING AS HANKINSON WHITTLE PROGRAMMED LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 17 -
4
Exceptional items
2024
2023
£
£
Other operating income
Commissions received
49,426
363,339
Cost of sales
Supplier support payments
-
1,022,022
Related party balance released
-
(197,235)
-
824,787
Administrative expenses
Supplier support payments
-
35,595

During the year, the company earned commissions totaling £49,426 (2023: £363,339), net of value added tax, in respect of debt recovery services delivered to a company in administration. The income is considered to be one-off in nature, therefore being disclosed as an exceptional item in the profit and loss account.

 

On 15 November 2022, the company’s immediate parent acquired the trade, assets and employees of a company in administration, the outcome of which led to a high volume of client contracts being novated to the company. To secure the ongoing support of materials, suppliers and subcontractors the company spent significant sums settling their outstanding historic liabilities. This action was seen as an essential part of the longer-term strategic plans for the company. In total, £1,022,022 of supplier support payments, net of value added tax, were settled by the company in the period 15 November 2022 to 30 March 2023. In the same period, the company made supplier support payments totaling £35,595, net of value added tax, for goods and services of an administrative nature. These costs were considered to be one-off transactions, of material value, and on that basis have been classed as exceptional items in the profit and loss account. There were no such costs in the year ended 30 March 2024.

 

As at 15 November 2022, the company owed a related party the sum of £197,235 in respect of cost of sales transactions which had occurred up until that date. An agreement was reached between both parties meaning that balance was not payable, with the full sum written-back to the profit and loss account as income.

5
Operating (loss)/profit
2024
2023
Operating (loss)/profit for the year is stated after charging:
£
£
Auditors' remuneration
15,950
14,500
Depreciation of owned tangible fixed assets
10,607
-
Depreciation of tangible fixed assets held under finance leases
121,093
11,332
Operating lease charges
147,886
40,640
HANKINSON WHITTLE LIMITED
(PREVIOUSLY TRADING AS HANKINSON WHITTLE PROGRAMMED LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 18 -
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Directors
3
2
Management
10
4
Administrative
10
4
Operations
122
52
Total
145
62

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
5,279,526
2,153,625
Social security costs
536,510
225,512
Pension costs
108,208
47,626
5,924,244
2,426,763

On 15 November 2022, the contracts of employment for 161 employees were subject to a TUPE arrangement from a company in administration therefore securing the continued employment for the entire workforce of that company. For the period 15 November 2022 to 30 March 2023 the average monthly number of employees was 162.

7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
181,172
45,000
Company pension contributions to defined contribution schemes
9,600
560
190,772
45,560

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 3 (2023 - 2).

HANKINSON WHITTLE LIMITED
(PREVIOUSLY TRADING AS HANKINSON WHITTLE PROGRAMMED LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 19 -
8
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
134,356
49,979
Unwinding of discount on debt owed to group undertakings
92,517
43,926
Interest on finance leases and hire purchase contracts
35,202
1,966
Other interest
111
179
262,186
96,050
9
Taxation
2024
2023
£
£
Deferred tax
Origination and reversal of timing differences
(127,447)
(85,149)

The actual credit for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
(Loss)/profit before taxation
(561,601)
159,880
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 19.00%)
(140,400)
30,377
Tax effect of expenses that are not deductible in determining taxable profit
2,317
2,238
Unutilised tax losses carried forward
165,616
21,111
Permanent capital allowances in excess of depreciation
(154,980)
(138,875)
Taxation credit for the year
(127,447)
(85,149)

At the year end the company had tax losses available for carry forward to future financial years amounting to £1,183,281. Based on these losses a deferred tax asset has been recognised.

HANKINSON WHITTLE LIMITED
(PREVIOUSLY TRADING AS HANKINSON WHITTLE PROGRAMMED LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 20 -
10
Intangible fixed assets
Goodwill
£
Cost
At 31 March 2023 and 30 March 2024
22,402
Amortisation and impairment
At 31 March 2023 and 30 March 2024
22,402
Carrying amount
At 30 March 2024
-
0
At 30 March 2023
-
0
11
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 31 March 2023
-
0
4,004
12,130
295,938
312,072
Additions
17,352
9,703
2,712
221,504
251,271
At 30 March 2024
17,352
13,707
14,842
517,442
563,343
Depreciation and impairment
At 31 March 2023
-
0
-
0
-
0
11,332
11,332
Depreciation charged in the year
3,864
2,185
4,559
121,092
131,700
At 30 March 2024
3,864
2,185
4,559
132,424
143,032
Carrying amount
At 30 March 2024
13,488
11,522
10,283
385,018
420,311
At 30 March 2023
-
0
4,004
12,130
284,606
300,740

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

2024
2023
£
£
Motor vehicles
385,018
284,616
HANKINSON WHITTLE LIMITED
(PREVIOUSLY TRADING AS HANKINSON WHITTLE PROGRAMMED LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 21 -
12
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
2,746,854
3,565,500
Amounts recoverable on maintenance contracts and work in progress
1,144,521
250,630
Amounts owed by group undertakings
135,000
-
0
Other debtors
136,441
256,466
Prepayments and accrued income
293,611
140,589
4,456,427
4,213,185
Deferred tax asset (note 17)
212,596
-
0
4,669,023
4,213,185
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
19,500
-
0
Amounts recoverable on maintenance contracts
528,890
783,032
548,390
783,032
Deferred tax asset (note 17)
-
0
85,149
548,390
868,181
Total debtors
5,217,413
5,081,366
13
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank overdrafts
15
1,659
-
0
Obligations under finance leases
16
118,993
67,142
Other borrowings
15
-
0
302,543
Trade creditors
1,690,110
1,126,314
Amounts owed to group undertakings
534,000
363,873
Taxation and social security
1,056,700
836,306
Other creditors
1,063,044
174,720
Accruals and deferred income
328,054
128,195
4,792,560
2,999,093
HANKINSON WHITTLE LIMITED
(PREVIOUSLY TRADING AS HANKINSON WHITTLE PROGRAMMED LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
13
Creditors: amounts falling due within one year
(Continued)
- 22 -

Amounts owed to group undertakings include a balance of £534,000 (2023: £363,873) which constitutes a financing loan, where the transaction is measured at the present value of future payments discounted at a market rate of interest. The discount is recognised as a capital contribution within equity. The loan is payable in full on 31 October 2027.

 

Included in other creditors is a balance owing to Bibbys Financial Services Limited totaling £996,956 (2023: £nil) in respect of an invoice finance facility. This creditor is secured by way of a fixed and floating charge on certain company assets, dated 31 May 2023.

14
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
16
243,110
193,206
Amounts owed to group undertakings
316,662
1,981,528
559,772
2,174,734

Amounts owed to group undertakings include a balance of £316,662 (2023: £1,981,528) which constitutes a financing loan, where the transaction is measured at the present value of future payments discounted at a market rate of interest. The discount is recognised as a capital contribution within equity. The loan is payable in full on 31 October 2027.

15
Loans and overdrafts
2024
2023
£
£
Bank overdrafts
1,659
-
0
Other loans
-
0
302,543
1,659
302,543
Payable within one year
1,659
302,543

At 30 March 2023 other loans comprise borrowings of £66,667 with Federal Capital and £235,876 with Premium Credit, both of which were unsecured. The balances outstanding at 30 March 2023 have been repaid in full during the year ended 30 March 2024. There was no equivalent loan balance at the 30 March 2024 year end.

HANKINSON WHITTLE LIMITED
(PREVIOUSLY TRADING AS HANKINSON WHITTLE PROGRAMMED LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 23 -
16
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
118,993
67,142
In two to five years
243,110
193,206
362,103
260,348

Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2024
2023
Balances:
£
£
Accelerated capital allowances
(83,224)
(51,918)
Tax losses
295,820
137,067
212,596
85,149
2024
Movements in the year:
£
Asset at 31 March 2023
(85,149)
Credit to profit or loss
(127,447)
Asset at 30 March 2024
(212,596)
18
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
108,208
47,626

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

HANKINSON WHITTLE LIMITED
(PREVIOUSLY TRADING AS HANKINSON WHITTLE PROGRAMMED LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 24 -
19
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
300,000
185,000
300,000
185,000

On 28 March 2024, the company allotted an additional 115,000 ordinary shares at par, all of which were acquired by its immediate parent RW Integrated Solutions Limited.

20
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
151,042
23,813
Between two and five years
237,922
40,171
388,964
63,984
21
Related party transactions

During the year the company loaned £1,721,812 to a company related by a common director. In total £1,756,812 was repaid by that related party during the year, leaving a balance of £nil at 30 March 2024 (2023: £35,000). In addition to the loan transactions, the related party supplied various goods and services totalling £127,850 net of VAT (2023: £40,993) during the year, the associated liabilities of which had been settled in full at 30 March 2024.

 

Amounts owed to and from group undertakings are set out in notes 12, 13 and 14 to the financial statements

 

The company has taken advantage of the reduced disclosure exemption available under Financial Reporting Standard 102 relating to the disclosure of related party transactions between wholly owned group companies.

22
Directors' transactions

During the year the company loaned sums totaling £231,464 to the directors of the company.

 

Loans totaling £320,792 were repaid during the year, leaving a credit balance of £7,265 at 30 March 2024 (2023: £82,063 overdrawn).

HANKINSON WHITTLE LIMITED
(PREVIOUSLY TRADING AS HANKINSON WHITTLE PROGRAMMED LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 25 -
23
Ultimate controlling party

The immediate and ultimate parent undertaking is RW Integrated Solutions Limited. The registered office of RW Integrated Solutions Limited is Unit 2 Prenton Way North Cheshire Trading Estate Prenton CH43 3EA.

 

Consolidated financial statements of RW Integrated Solutions Limited can be obtained from the following address: Unit 2 Prenton Way North Cheshire Trading Estate Prenton CH43 3EA.

 

The smallest and largest group into which the results of this entity are consolidated is that headed by RW Integrated Solutions Limited.

 

The directors are of the opinion that RW Integrated Solutions Limited is controlled by Mr B P Russell.

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