Company registration number 02181234 (England and Wales)
Whiting Landscape Limited
Annual report and financial statements
For the year ended 30 June 2024
Whiting Landscape Limited
Company information
Directors
Mr M Murphy
Mr C Ogden
Mr L J Upcott
Mr M Murphy
Mr B W Bridges
Mr J Murphy
Mr I Collins
Mr S S Jones
Mr B Bridges
Secretary
Mr L J Upcott
Company number
02181234
Registered office
Wildmoor Lane
Bromsgrove
Worcestershire
England
B61 0RH
Auditor
DJH Audit Limited
The Glades
Festival Way
Festival Park
Stoke-on-Trent
Staffordshire
ST1 5SQ
Whiting Landscape Limited
Contents
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 8
Income statement
9
Statement of comprehensive income
10
Statement of financial position
11
Statement of changes in equity
12
Notes to the financial statements
13 - 26
Whiting Landscape Limited
Strategic report
For the year ended 30 June 2024
- 1 -

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

Review of the business

The directors are pleased to report that turnover for the year to 30 June 24 has increased to £25,465,350 (2023 - £24,165,723). The directors are pleased with the development of the company over the year during a period of challenging trading conditions and which consolidates the significant uplift in turnover in the prior year.

 

The company's principal activity continues to be to carry out commercial landscape construction and maintenance activities throughout the UK. The maintenance element of the company’s turnover continues to grow at between 10-15% per annum in line with the company’s strategic plan.

 

The company has continued to experience challenges in relation to the financial security of main contractors it engages with, but these have been managed in a number of ways and ultimately has not had any material impact on the company.

 

The company is reporting a gross margin for the year of £6,900,053 (2023 - £6,136,910).

 

Profit after tax has increased from £2,571,874 to £2,802,559 in the period.

 

After a dividend of £2,400,000, at the statement of financial position date company net assets increased from £2,026,267 in 2023 to £2,428,826 in 2024.

Principal risks and uncertainties

The company is exposed to fluctuations in the construction industry and particularly the logistics market. During the year, many projects were delayed due to high interest rates and uncertainties around the general election. The company continues to broaden it’s client base and offer a wider range of services in an effort to mitigate any effects.

 

The safety of the company’s employees is key and regular reviews of our operations are carried out to ensure that we operate in a safe manner and minimize the risk of harm to our employees.

 

Foreign Currency Risk

The company is exposed in its trading operations to the risk of changes in foreign currency exchange rates. The overall risk is not significant. The main foreign currency in which the company operates is the Euro.

 

Credit Risk

Bad debt risk is a key issue currently with a number of major main contractors going into administration over the last 18 months. The company carries credit insurance cover where possible for customers and carries out regular checks on potential and existing customers in an effort to mitigate risks as much as possible.

 

Liquidity risk

The company's policy has been to ensure continuity of funding through acquiring an element of its fixed assets under finance leases and arranging funding for operations via medium-term loans and additional revolving credit facilities to aid short-term flexibility.

 

Cash flow interest rate risk

Interest-bearing assets comprise cash and bank deposits, all of which earn interest at the market rate. The directors monitor the overall level of borrowings and interest costs to limit any adverse effects on the performance of the company.

Future developments

The company is forecasting an increase in turnover for the coming year due to a number of large construction contracts that have been secured. Maintenance sales are expected to continue their recent growth trend. Margins are expected to be maintained and overall profitability should be up slightly on the current year.

Whiting Landscape Limited
Strategic report (continued)
For the year ended 30 June 2024
- 2 -
Key performance indicators

The directors consider that the key performance indictors are return on capital employed, gross profit margin, annualised sales growth and net profit margin:

 

 

Return on capital employed is operating profit as a percentage of equity shareholders' funds.

 

Gross profit margin is gross profit as a percentage of turnover.

 

Annualised sales growth is the annual increase in revenue as a percentage of revenue from the prior year.

 

Net profit margin is profit after tax as a percentage of turnover.

 

On behalf of the board

Mr L J Upcott
Director
6 March 2025
Whiting Landscape Limited
Directors' report
For the year ended 30 June 2024
- 3 -

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

Principal activities

The principal activity of the company continued to be that of supply and installation of trees, shrubs, external facilities management and other landscaping services to commercial sites throughout the country.

Results and dividends

The results for the year are set out on page 9.

Ordinary dividends were paid amounting to £2,400,000 (2023 - £2,400,000). 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 M Murphy
Mr C Ogden
Mr L J Upcott
Mr R Keay
(Resigned 23 August 2024)
Mr M Murphy
Mr B W Bridges
Mr J Murphy
Mr I Collins
Mr S S Jones
Mr B Bridges
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:

 

 

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.

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.

Whiting Landscape Limited
Directors' report (continued)
For the year ended 30 June 2024
- 4 -
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 L J Upcott
Director
6 March 2025
Whiting Landscape Limited
Independent auditor's report
To the member of Whiting Landscape Limited
- 5 -
Opinion

We have audited the financial statements of Whiting Landscape Limited (the 'company') for the year ended 30 June 2024 which comprise the income statement, the statement of comprehensive income, the statement of financial position, 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.

Whiting Landscape Limited
Independent auditor's report (continued)
To the member of Whiting Landscape Limited
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

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

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.

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

Whiting Landscape Limited
Independent auditor's report (continued)
To the member of Whiting Landscape Limited
- 7 -

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

 

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

 

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

A further description of our responsibilities 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.

Whiting Landscape Limited
Independent auditor's report (continued)
To the member of Whiting Landscape Limited
- 8 -

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.

Nicola Johnson
Senior Statutory Auditor
For and on behalf of DJH Audit Limited
14 March 2025
Accountants
Statutory Auditor
The Glades
Festival Way
Festival Park
Stoke-on-Trent
Staffordshire
ST1 5SQ
Whiting Landscape Limited
Income statement
For the year ended 30 June 2024
- 9 -
2024
2023
Notes
£
£
Turnover
3
25,465,350
24,165,723
Cost of sales
(18,565,297)
(18,028,813)
Gross profit
6,900,053
6,136,910
Administrative expenses
(3,297,143)
(2,888,349)
Other operating income
16,241
16,390
Operating profit
4
3,619,151
3,264,951
Interest receivable and similar income
7
34,040
1,675
Interest payable and similar expenses
8
(26,545)
(18,923)
Profit before taxation
3,626,646
3,247,703
Tax on profit
9
(824,087)
(675,829)
Profit for the financial year
2,802,559
2,571,874

The income statement has been prepared on the basis that all operations are continuing operations.

Whiting Landscape Limited
Statement of comprehensive income
For the year ended 30 June 2024
- 10 -
2024
2023
£
£
Profit for the year
2,802,559
2,571,874
Other comprehensive income
-
-
Total comprehensive income for the year
2,802,559
2,571,874
Whiting Landscape Limited
Statement of financial position
As at 30 June 2024
30 June 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
12
1,222,912
1,037,597
Current assets
Stocks
13
567,888
518,996
Debtors
14
5,693,787
6,397,093
Cash at bank and in hand
3,936,557
3,564,973
10,198,232
10,481,062
Creditors: amounts falling due within one year
15
(8,189,453)
(8,682,932)
Net current assets
2,008,779
1,798,130
Total assets less current liabilities
3,231,691
2,835,727
Creditors: amounts falling due after more than one year
16
(186,865)
(115,109)
Provisions for liabilities
Provisions
18
330,000
445,601
Deferred tax liability
19
286,000
248,750
(616,000)
(694,351)
Net assets
2,428,826
2,026,267
Capital and reserves
Called up share capital
21
50,000
50,000
Profit and loss reserves
22
2,378,826
1,976,267
Total equity
2,428,826
2,026,267

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 6 March 2025 and are signed on its behalf by:
Mr B W Bridges
Director
Company registration number 02181234 (England and Wales)
Whiting Landscape Limited
Statement of changes in equity
For the year ended 30 June 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 July 2022
50,000
1,804,393
1,854,393
Year ended 30 June 2023:
Profit and total comprehensive income
-
2,571,874
2,571,874
Dividends
10
-
(2,400,000)
(2,400,000)
Balance at 30 June 2023
50,000
1,976,267
2,026,267
Year ended 30 June 2024:
Profit and total comprehensive income
-
2,802,559
2,802,559
Dividends
10
-
(2,400,000)
(2,400,000)
Balance at 30 June 2024
50,000
2,378,826
2,428,826
Whiting Landscape Limited
Notes to the financial statements
For the year ended 30 June 2024
- 13 -
1
Accounting policies
Company information

Whiting Landscape Limited is a private company limited by shares incorporated in England and Wales. The registered office is Wildmoor Lane, Bromsgrove, Worcestershire, England, B61 0RH.

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 Whiting Holdings Limited. These consolidated financial statements are available from its registered office, Whiting Landscape, Wildmoor Lane, Wildmoor, Bromsgrove, United Kingdom, B61 0RH.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on despatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of maintenance services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Whiting Landscape Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
- 14 -

Amounts recoverable on construction contracts are included in debtors and are valued, inclusive of profit, at work executed at contract prices plus variations. Any work invoiced in advance of the work being completed is recorded in creditors. Contracts are valued based on managements judgement and the profit margin that each individual contract is expected to attain.

 

Turnover and costs on contracts are recognised as activity processes once the outcome can be assessed with reasonable certainty. Full provision is made for anticipated future losses. Where contract payments received exceed amounts recoverable, these amounts are included in creditors. Materials sold as part of a contract that are held off site and have been certified by a third party are included in turnover at cost.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a businesses over the fair value of net assets acquired. Goodwill has been fully amortised.

1.5
Tangible fixed assets

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

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

Plant and equipment
10% on cost and 20% on cost
Fixtures and fittings
10% on cost and 20% on cost
Computers
20% on cost and 33.33% on cost
Motor vehicles
20% on cost and 33.33% on cost

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).

Recoverable amount is the higher of fair value less costs to sell and value in use.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

1.7
Stocks

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

 

Stock is measured on first in first out basis (FIFO).

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and at bank.

Whiting Landscape Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
- 15 -
1.9
Financial instruments

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

 

Financial instruments are recognised in the company's statement of financial position 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.

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.

Whiting Landscape Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
- 16 -
Basic financial liabilities

Basic financial liabilities, including creditors, finance obligations 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.

Derecognition of financial liabilities

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

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

 

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 income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

Whiting Landscape Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
1
Accounting policies
(Continued)
- 17 -
1.12
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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.

1.14
Retirement benefits

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

1.15
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 statement of financial position 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.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.17

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with group entities where the relationship is one of being wholly owned.

Whiting Landscape Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
- 18 -
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.

 

The Critical judgements in applying the Company's accounting policies

 

In the directors' opinion there are no critical judgements, apart from those involving estimations (dealt with separately below), that they have made in applying company's accounting policies and that had a significant effect on the amounts recognised in the financial statements.

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.

Valuation of contracts:

Management review each construction contract ongoing at the year end in order to obtain an accurate valuation of the work completed to date and therefore any profits or losses on contract to recognise. Management recognise profits on contracts once the outcome can be measured with reasonable certainty. Management will review the level of work completed and the costs incurred on each individual contract at the year end and estimate the profit margin that the company expects to make on each contract. The contract valuation will be adjusted based on this, with any increases in valuations of contracts being recorded in debtors and any reductions in valuations of contracts being recorded in creditors. Any anticipated future losses are provided for in full. Uncertainties in the valuation of individual contracts relate to the actual value of work to be completed on the contracts and therefore the actual profit expected to be made each contract.

Valuation of other provisions:

Other provisions relates to the estimated cost of a warranty to replace trees and shrubs, where required, on construction contracts in the 12 months following completion of the contract, at a cost to the company. The company includes a provision to account for the estimated likely costs on contracts completed in the financial year. Management base the valuation on the actual costs of replacements that have been carried out in the 12 months following the completion of contracts in prior periods.

 

Uncertainty in this provision relates to the actual number of replacements that will be required and the actual total replacement costs that will be incurred.

Whiting Landscape Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
- 19 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Construction
13,115,684
13,024,973
Maintenance
11,759,047
10,367,315
Shrub nursery
590,619
773,435
25,465,350
24,165,723
2024
2023
£
£
Other revenue
Interest income
34,040
1,675
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
19,500
18,750
Depreciation of owned tangible fixed assets
302,870
242,259
Profit on disposal of tangible fixed assets
(5,968)
(14,125)
Operating lease charges
463,410
402,360
5
Employees

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

2024
2023
Number
Number
Landscaping
131
120
Administration
12
10
Directors
4
4
Total
147
134
Whiting Landscape Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
5
Employees
(Continued)
- 20 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
5,071,834
4,566,220
Social security costs
506,653
474,109
Pension costs
135,593
135,470
5,714,080
5,175,799
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
340,745
336,479
Company pension contributions to defined contribution schemes
13,550
14,600
354,295
351,079

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 4).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
92,582
92,557
Company pension contributions to defined contribution schemes
3,700
3,950
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
32,968
-
0
Other interest income
1,072
1,675
Total income
34,040
1,675
8
Interest payable and similar expenses
2024
2023
£
£
Interest on finance leases and hire purchase contracts
26,545
18,923
Whiting Landscape Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
- 21 -
9
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
813,535
593,444
Adjustments in respect of prior periods
(26,698)
30,035
Total current tax
786,837
623,479
Deferred tax
Origination and reversal of timing differences
37,250
52,350
Total tax charge
824,087
675,829

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

2024
2023
£
£
Profit before taxation
3,626,646
3,247,703
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 25.00%)
906,662
811,926
Tax effect of expenses that are not deductible in determining taxable profit
27,159
21,835
Adjustments in respect of prior years
(26,698)
30,035
Effect of change in corporation tax rate
-
0
(124,546)
Group relief
(83,386)
(98,822)
Deferred tax not provided for
-
0
17,281
Enhanced capital allowances deduction
-
0
(8,578)
Overprovision of corporation tax
-
0
26,698
Deferred tax not provided for in prior year
350
-
0
Taxation charge for the year
824,087
675,829
10
Dividends
2024
2023
£
£
Interim paid
2,400,000
2,400,000
Whiting Landscape Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
- 22 -
11
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2023 and 30 June 2024
165,000
Amortisation and impairment
At 1 July 2023 and 30 June 2024
165,000
Carrying amount
At 30 June 2024
-
0
At 30 June 2023
-
0
12
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 July 2023
2,381,966
142,404
142,843
368,619
3,035,832
Additions
277,946
35,537
12,196
208,569
534,248
Disposals
(63,500)
-
0
-
0
(98,112)
(161,612)
At 30 June 2024
2,596,412
177,941
155,039
479,076
3,408,468
Depreciation and impairment
At 1 July 2023
1,632,844
90,044
111,200
164,147
1,998,235
Depreciation charged in the year
197,638
10,256
15,009
79,967
302,870
Eliminated in respect of disposals
(62,442)
-
0
-
0
(53,107)
(115,549)
At 30 June 2024
1,768,040
100,300
126,209
191,007
2,185,556
Carrying amount
At 30 June 2024
828,372
77,641
28,830
288,069
1,222,912
At 30 June 2023
749,122
52,360
31,643
204,472
1,037,597

Included within the total net book value of tangible assets is £406,489 (2023 - £288,458) in respect of Plant and Machinery and Motor Vehicle assets held under hire purchase contracts.

13
Stocks
2024
2023
£
£
Finished goods and goods for resale
567,888
518,996
Whiting Landscape Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
- 23 -
14
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
4,089,262
4,276,139
Gross amounts owed by contract customers
1,214,598
1,468,255
Amounts owed by group undertakings
-
0
19,135
Other debtors
-
0
7,669
Prepayments and accrued income
215,618
465,931
5,519,478
6,237,129
2024
2023
Amounts falling due after more than one year:
£
£
Trade debtors
174,309
159,964
Total debtors
5,693,787
6,397,093
15
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Obligations under finance leases
17
120,199
92,146
Payments received on account
1,829,789
1,842,187
Trade creditors
1,803,529
2,132,352
Amounts owed to group undertakings
2,541,727
2,279,574
Corporation tax
321,927
366,163
Other taxation and social security
457,548
511,427
Other creditors
62,944
53,897
Accruals and deferred income
1,051,790
1,405,186
8,189,453
8,682,932
16
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Obligations under finance leases
17
186,865
115,109
Whiting Landscape Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
- 24 -
17
Finance lease obligations
2024
2023
Future minimum lease payments due under finance leases:
£
£
Within one year
120,199
92,146
In two to five years
186,865
115,109
307,064
207,255

Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.

18
Provisions for liabilities
2024
2023
£
£
Other provisions
330,000
445,601
Movements on provisions:
Other provisions
£
At 1 July 2023
445,601
Additional provisions in the year
192,433
Utilisation of provision
(308,034)
At 30 June 2024
330,000

Other provisions are made up of amounts provided for in relation to potential warranty replacements of trees and shrubs in the 12 months following completion of construction contracts and amounts provided for in relation to specific issues identified on certain contracts that are outside of the control of the company but likely to give rise to additional work and/or replacements being required.

Whiting Landscape Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
- 25 -
19
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
285,706
248,750
Retirement benefit obligations
294
-
286,000
248,750
2024
Movements in the year:
£
Liability at 1 July 2023
248,750
Charge to profit or loss
37,250
Liability at 30 June 2024
286,000
20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
135,593
135,470

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. At the year-end contributions totalling £1,576 (2023 - £1,389) were payable to the fund are included in creditors.

21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
50,000
50,000
50,000
50,000

Each ordinary share has full voting rights, full dividend rights and the right to participate in distributions on winding up.

22
Profit and loss reserves

Profit and loss reserves represents the accumulated profits less accumulated losses and distributions up to the reporting date. This is a distributable reserve.

Whiting Landscape Limited
Notes to the financial statements (continued)
For the year ended 30 June 2024
- 26 -
23
Financial commitments, guarantees and contingent liabilities

At the balance sheet date, the company had guaranteed borrowings of fellow group undertakings. At 30 June 2024 these borrowings amounted to £2,292,000 (2023 - £4,392,000). As at the date of approval of these financial statements, the directors do not anticipate that the guarantees will be called upon.

24
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
502,092
411,677
Between two and five years
821,493
578,665
1,323,585
990,342
25
Related party transactions

Transactions with related parties

 

During the year, the company incurred expenditure of £383,309 (2023 - £443,598) from a related party company that is an associate of the group. Balances outstanding to this related party company at the year end totalled £100,891 (2023 - £132,840).

 

During the year the company also incurred expenditure of £91,808 (2023 - £157,903) from a group company that is not a wholly owned subsidiary of the wider group. The company also recharged expenses to the group company of £5,160 (2023 - £1,100). Balances owing to the group company at the year end totalled £41,455 (2023 - £132,241).

26
Ultimate controlling party

The parent company is Whiting Landscape Holdings Limited which owns 100% of the ordinary share capital. Whiting Landscape Holdings Limited is incorporated in England.

 

The ultimate parent company is Whiting Holdings Limited, copies of the group accounts of Whiting Holdings Limited are available from Whiting Landscape Ltd, Wildmoor Lane, Wildmoor, Bromsgrove, United Kingdom, B61 0RH.

There is no ultimate controlling party.

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