Company registration number 14436123 (England and Wales)
WHITEHEAD FAMILY HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
WHITEHEAD FAMILY HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr J C Whitehead
Miss V M Whitehead
Mr N J Whitehead
Mrs H E Atkinson
Company number
14436123
Registered office
Cranfield Road
Lostock Industrial Estate
Lostock
Bolton
Auditor
Barlow Andrews LLP
Carlyle House
78 Chorley New Road
Bolton
WHITEHEAD FAMILY HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 31
WHITEHEAD FAMILY HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 1 -

The directors present the strategic report for the year ended 31 August 2024.

Review of the business
The key performance indicators for the company are as follows:
2024
2023
£
£
Turnover
14,200,582
20,340,551
Profit before taxation
280,360
86,414
Gross profit margin
22.45%
13.61%
Net current assets
10,094,834
9,327,291
Profit and loss reserves
9,987,235
9,747,080

We aim to present a balanced and comprehensive review of the development and performance of our business during the year and its position at the year end.

Following on from exceptional results in 2022, the group remains in a positive position overall. Turnover was £14.2m (2023: £20.3m), a decrease of circa £6.1m. which is due to a slight downturn in trade but the group has made a profit before taxation of £280k.

One subsidiary, along with other piling contractors, has experienced difficult trading conditions during the course of the 2024 financial year. The first two quarters continued to be heavily impacted by the dramatic decline of the housing sector and the market contracted further due to a change in the building regulations. Persisting high interest rates and the failure of the house builders to start projects has had a negative impact on workload in the housing sector.

This uncertainty has continued into the first two quarters of the current accounting period but there are signs that the market is changing and the level of enquiries for future workload is increasing. During this time the company has adapted to the current market conditions by reducing running costs and staffing levels, whilst actively diversifying its client base to reduce reliance on the housing sector. These changes have been made to allow a swift return to sustainable profitability. There has been an increase in enquiry levels and secured works towards the end of the third quarter and we are expecting this trend to continue. Furthermore, the subsidiary still continues to have the support of the wider A E Yates group.

We feel that our performances for the forthcoming financial year should be satisfactory and feel confident in the marketplace for the remainder of 2025.

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the group as a whole, these being turnover, gross margin and return on capital employed.

 

Principal risks and uncertainties

The main impactors on our business remain the same, being the uncertainties of the general global economic outlook on the industry,.

Financial risk management objectives and policies

The company does not operate specific policies to manage it's financial risk. The directors consider any such information immaterial to the assessment of the company's assets, liabilities, financial position or profit and loss of the company.

Other information and explanations

Environmental impact

We remain committed to our environmental targets including the transition to using biodegradable oils in the majority of our piling plant and maintaining our commitment to minimise waste both on site and in office environments.

 

We are aware of our environmental responsibilities and will continue to strive to control our processes to further reduce our 'carbon footprint' and reduce any damaging aspect of our activities.

WHITEHEAD FAMILY HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 2 -

On behalf of the board

Miss V M Whitehead
Director
12 May 2025
WHITEHEAD FAMILY HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 August 2024.

Principal activities

The principal activity of the company and group continued to be that of the construction of civil engineering projects.

 

The subsidiary undertakings are as follows:

Combined Soil Stabilisation Limited - Ground stabilisation contractor engaged in both public and private sector

Tritech Ground Engineering Ltd - Piling and geotechnical processes

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 further 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 J C Whitehead
Miss V M Whitehead
Mr N J Whitehead
Mrs H E Atkinson
Auditor

Barlow Andrews LLP were appointed as auditor to the group 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.

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 auditor of the company 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 auditor of the company 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
Miss V M Whitehead
Director
12 May 2025
WHITEHEAD FAMILY HOLDINGS LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 AUGUST 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 group and company, and of the profit or loss of the group 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 group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

WHITEHEAD FAMILY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WHITEHEAD FAMILY HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Whitehead Family Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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 group and parent 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 group's and parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

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

Other information

The 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:

WHITEHEAD FAMILY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WHITEHEAD FAMILY HOLDINGS LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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 parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent 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.

WHITEHEAD FAMILY HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WHITEHEAD FAMILY HOLDINGS LIMITED
- 7 -

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.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

Paul Burton
For and on behalf of Barlow Andrews LLP, Statutory Auditor
Carlyle House
78 Chorley New Road
Bolton
12 May 2025
WHITEHEAD FAMILY HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
14,200,582
20,340,551
Cost of sales
(11,012,883)
(17,572,845)
Gross profit
3,187,699
2,767,706
Administrative expenses
(2,877,257)
(2,739,918)
Operating profit
4
310,442
27,788
Interest receivable and similar income
7
27,594
-
0
Interest payable and similar expenses
8
(188,883)
(133,227)
Other gains and losses
9
131,207
191,853
Profit before taxation
280,360
86,414
Tax on profit
10
(40,205)
(1,640)
Profit for the financial year
240,155
84,774
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

WHITEHEAD FAMILY HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Goodwill
11
10,000
12,000
Tangible assets
12
5,744,529
6,220,682
5,754,529
6,232,682
Current assets
Stocks
16
190,142
161,648
Debtors
18
11,166,834
7,675,096
Investments
19
1,753,869
100,000
Cash at bank and in hand
2,835,574
7,590,079
15,946,419
15,526,823
Creditors: amounts falling due within one year
20
(5,851,585)
(6,189,532)
Net current assets
10,094,834
9,337,291
Total assets less current liabilities
15,849,363
15,569,973
Creditors: amounts falling due after more than one year
21
(4,641,008)
(4,607,919)
Provisions for liabilities
Deferred tax liability
24
(1,220,920)
(1,214,774)
(1,220,920)
(1,214,774)
Net assets
9,987,435
9,747,280
Capital and reserves
Called up share capital
27
10,000
10,000
Other reserves
(9,800)
(9,800)
Profit and loss reserves
9,987,235
9,747,080
Total equity
9,987,435
9,747,280

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

The financial statements were approved by the board of directors and authorised for issue on 12 May 2025 and are signed on its behalf by:
12 May 2025
Miss V M Whitehead
Director
Company registration number 14436123 (England and Wales)
WHITEHEAD FAMILY HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 31 AUGUST 2024
31 August 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
13
10,000
10,000
Current assets
Debtors
18
2,864,693
3,733,486
Investments
19
1,753,869
100,000
Cash at bank and in hand
273,693
899,999
4,892,255
4,733,485
Creditors: amounts falling due within one year
20
(208,355)
(561,745)
Net current assets
4,683,900
4,171,740
Total assets less current liabilities
4,693,900
4,181,740
Creditors: amounts falling due after more than one year
21
(4,541,633)
(4,052,838)
Net assets
152,267
128,902
Capital and reserves
Called up share capital
27
10,000
10,000
Profit and loss reserves
142,267
118,902
Total equity
152,267
128,902

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £23,365 (2023 - £118,902 profit).

The financial statements were approved by the board of directors and authorised for issue on 12 May 2025 and are signed on its behalf by:
12 May 2025
Miss V M Whitehead
Director
Company registration number 14436123 (England and Wales)
WHITEHEAD FAMILY HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 11 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 September 2022
-
0
-
9,662,306
9,662,306
Year ended 31 August 2023:
Profit and total comprehensive income
-
-
84,774
84,774
Issue of share capital
27
10,000
-
-
10,000
Other movements
-
(9,800)
-
(9,800)
Balance at 31 August 2023
10,000
(9,800)
9,747,080
9,747,280
Year ended 31 August 2024:
Profit and total comprehensive income
-
-
240,155
240,155
Balance at 31 August 2024
10,000
(9,800)
9,987,235
9,987,435
WHITEHEAD FAMILY HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 September 2022
-
0
-
0
-
Year ended 31 August 2023:
Profit and total comprehensive income for the year
-
118,902
118,902
Issue of share capital
27
10,000
-
10,000
Balance at 31 August 2023
10,000
118,902
128,902
Year ended 31 August 2024:
Profit and total comprehensive income
-
23,365
23,365
Balance at 31 August 2024
10,000
142,267
152,267
WHITEHEAD FAMILY HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
31
(1,814,264)
3,992,400
Interest paid
(188,883)
(60,276)
Income taxes refunded/(paid)
16,805
(272,831)
Net cash (outflow)/inflow from operating activities
(1,986,342)
3,659,293
Investing activities
Purchase of tangible fixed assets
(712,239)
(639,959)
Proceeds from disposal of tangible fixed assets
207,944
45,841
Purchase of investments
(1,653,869)
(100,000)
Interest received
27,594
-
0
Net cash used in investing activities
(2,130,570)
(694,118)
Financing activities
Payment of finance leases obligations
(988,788)
(1,137,519)
Net cash used in financing activities
(988,788)
(1,137,519)
Net (decrease)/increase in cash and cash equivalents
(5,105,700)
1,827,656
Cash and cash equivalents at beginning of year
5,769,590
3,941,934
Cash and cash equivalents at end of year
663,890
5,769,590
Relating to:
Cash at bank and in hand
2,835,574
7,590,079
Bank overdrafts included in creditors payable within one year
(2,171,684)
(1,820,489)
WHITEHEAD FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 14 -
1
Accounting policies
Company information

Whitehead Family Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Cranfield Road, Lostock Industrial Estate, Lostock, Bolton.

 

The group consists of Whitehead Family Holdings Limited and all of its subsidiaries.

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, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The 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 for parent company information presented within the consolidated financial statements:

 

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Whitehead Family Holdings Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 31 August 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

WHITEHEAD FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 15 -
1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group 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.

1.4
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.

In respect of ongoing services, turnover represents the value of work done in the year, including estimates of amounts not yet invoiced. Turnover in respect on ongoing services is recognised by reference to the stage of completion.

 

Amounts recoverable on contracts are assessed on a contract to contract basis and reflected in the profit and loss account as contract activity progresses - see the accounting policy on construction contracts for further details.

 

Turnover for the hire of plant is recognised in the period for which the equipment is hired.

1.5
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 is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.6
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:

Plant and equipment
15 - 20% Reducing Balance
Fixtures and fittings
15% Reducing Balance
Motor vehicles
15 - 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 recognised in the profit and loss account.

1.7
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

WHITEHEAD FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 16 -
1.8
Impairment of fixed assets

At each reporting period end date, the group 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.

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.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Cost is calculated using the FIFO method.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

 

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

The “percentage of completion method” is used to determine the appropriate amount to recognise in a given period. The stage of completion is measured by the proportion of contract costs incurred for work performed to date compared to the estimated total contract costs. Costs incurred in the year in connection with future activity on a contract are excluded from contract costs in determining the stage of completion. These costs are presented as stocks, prepayments or other assets depending on their nature, and provided it is probable they will be recovered.

1.11
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.

WHITEHEAD FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 17 -
1.12
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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.

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.

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 group 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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

 

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 group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group 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 group.

WHITEHEAD FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 18 -
1.14
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 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 group’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. Such 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.

1.15
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.

1.16
Retirement benefits

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

1.17
Share-based payments

The company participates in a share-based payment arrangement granted to its employees and employees of its subsidiaries. The company has elected to recognise and measure its share-based payment expense on the basis of a reasonable allocation of the expense for the group recognised in its consolidated accounts. The directors consider the number of unvested options granted to the company’s employees compared to the total unvested options granted under the group plan to be a reasonable basis for allocating the expense.

 

The expense in relation to options over the company’s shares granted to employees of a subsidiary is recognised by the company as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.

1.18
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.

1.19
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.

WHITEHEAD FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 19 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’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 contracts

Profit on long term contracts is recognised in the profit or loss account based on the amount of chargeable work carried out by the end of the financial period less amounts already invoiced to the customer. A level of judgement is applied in assessing the likely overall outcome of the project.

3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Construction contract income
13,754,559
19,795,952
Plant hire and other income
446,023
544,599
14,200,582
20,340,551
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
14,200,582
20,340,551
2024
2023
£
£
Other revenue
Interest income
27,594
-
WHITEHEAD FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 20 -
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
4,000
4,000
Depreciation of owned tangible fixed assets
644,353
599,247
Depreciation of tangible fixed assets held under finance leases
338,924
511,263
(Profit)/loss on disposal of tangible fixed assets
(2,829)
10,573
Amortisation of intangible assets
2,000
2,000
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
4,000
4,000
Audit of the financial statements of the company's subsidiaries
30,500
29,950
34,500
33,950
6
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Operatives
42
48
-
-
Administration
19
23
4
4
Total
61
71
4
4

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
3,644,292
4,089,665
-
0
-
0
Social security costs
338,308
431,258
-
-
Pension costs
205,484
236,529
-
0
-
0
4,188,084
4,757,452
-
0
-
0
WHITEHEAD FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 21 -
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
27,594
-
0
8
Interest payable and similar expenses
2024
2023
£
£
Dividends on redeemable preference shares not classified as equity
135,405
72,951
Interest on finance leases and hire purchase contracts
53,478
60,276
Total finance costs
188,883
133,227
9
Other gains and losses
2024
2023
£
£
Amounts written back to financial liabilities
131,207
191,853
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
152,090
101,198
Adjustments in respect of prior periods
(118,031)
-
0
Total current tax
34,059
101,198
Deferred tax
Origination and reversal of timing differences
6,146
(99,558)
Total tax charge
40,205
1,640

On 1 April 2023, the main rate of corporation tax increased from 19% to 25%. Profits were therefore time apportioned in the comparative year, with the company incurring charges at both 19% and 25%. As a result a hybrid rate has been disclosed of 21.65% for the comparative year.

WHITEHEAD FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
10
Taxation
(Continued)
- 22 -

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
280,360
86,414
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 21.65%)
70,090
18,712
Tax effect of expenses that are not deductible in determining taxable profit
60,384
30,833
Tax effect of income not taxable in determining taxable profit
(32,801)
(41,248)
Unutilised tax losses carried forward
-
0
36,291
Adjustments in respect of prior years
(118,031)
-
0
Permanent capital allowances in excess of depreciation
-
0
(42,948)
Depreciation in excess of capital allowances
60,563
-
0
Taxation charge
40,205
1,640
WHITEHEAD FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 23 -
11
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 September 2023 and 31 August 2024
20,000
Amortisation and impairment
At 1 September 2023
8,000
Amortisation charged for the year
2,000
At 31 August 2024
10,000
Carrying amount
At 31 August 2024
10,000
At 31 August 2023
12,000
The company had no intangible fixed assets at 31 August 2024 or 31 August 2023.
12
Tangible fixed assets
Group
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 September 2023
9,502,523
12,637
493,060
10,008,220
Additions
675,564
-
0
36,675
712,239
Disposals
(336,578)
-
0
(107,715)
(444,293)
At 31 August 2024
9,841,509
12,637
422,020
10,276,166
Depreciation and impairment
At 1 September 2023
3,663,859
5,759
117,920
3,787,538
Depreciation charged in the year
889,408
1,032
92,837
983,277
Eliminated in respect of disposals
(190,091)
-
0
(49,087)
(239,178)
At 31 August 2024
4,363,176
6,791
161,670
4,531,637
Carrying amount
At 31 August 2024
5,478,333
5,846
260,350
5,744,529
At 31 August 2023
5,838,664
6,878
375,140
6,220,682
The company had no tangible fixed assets at 31 August 2024 or 31 August 2023.
WHITEHEAD FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
12
Tangible fixed assets
(Continued)
- 24 -

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and equipment
1,878,377
2,787,835
-
0
-
0
Motor vehicles
-
47,538
-
0
-
0
1,878,377
2,835,373
-
-
13
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
10,000
10,000
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 September 2023 and 31 August 2024
10,000
Carrying amount
At 31 August 2024
10,000
At 31 August 2023
10,000
14
Subsidiaries

Details of the company's subsidiaries at 31 August 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Tritech Ground Enginnering Ltd
Cranfield Road, Lostock Ind Estate, Lostock, Bolton
Ordinary
100.00
Combined Soil Stablisation Limited
Cranfield Road, Lostock Ind Estate, Lostock, Bolton
Ordinary
100.00
WHITEHEAD FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 25 -
15
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets
Debt instruments measured at amortised cost
8,740,372
11,461,957
n/a
n/a
Carrying amount of financial liabilities
Measured at amortised cost
10,232,114
10,578,124
n/a
n/a

As permitted by the reduced disclosure framework within FRS 102, the company has taken advantage of the exemption from disclosing the carrying amount of certain classes of financial instruments, denoted by 'n/a' above.

16
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
15,537
8,404
-
-
Finished goods and goods for resale
174,605
153,244
-
0
-
0
190,142
161,648
-
-
17
Construction contracts
Group
Company
2024
2023
2024
2023
£
£
£
£
Contracts in progress at the reporting date
Gross amounts owed by contract customers included in debtors
4,540,475
3,224,228
-
0
-
0
Retentions held by customers
132,007
292,018
-
-
WHITEHEAD FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 26 -
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
39,905
138,192
-
0
-
0
Gross amounts owed by contract customers
4,540,475
3,224,228
-
0
-
0
Other debtors
4,632,256
1,457,983
910,495
878,793
9,212,636
4,820,403
910,495
878,793
Amounts falling due after more than one year:
Amount owed by related parties
1,954,198
2,854,693
1,954,198
2,854,693
Total debtors
11,166,834
7,675,096
2,864,693
3,733,486
19
Current asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Unlisted investments
1,753,869
100,000
1,753,869
100,000
20
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
22
2,171,684
1,820,489
-
0
-
0
Obligations under finance leases
23
453,548
986,630
-
0
-
0
Trade creditors
2,032,736
1,671,081
-
0
-
0
Corporation tax payable
152,062
101,198
-
0
-
0
Other taxation and social security
108,417
118,129
-
-
Other creditors
-
0
488,795
-
0
488,795
Accruals and deferred income
933,138
1,003,210
208,355
72,950
5,851,585
6,189,532
208,355
561,745
WHITEHEAD FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 27 -
21
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Obligations under finance leases
23
99,375
555,081
-
0
-
0
Other borrowings
22
4,541,633
4,052,838
4,541,633
4,052,838
4,641,008
4,607,919
4,541,633
4,052,838
22
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank overdrafts
2,171,684
1,820,489
-
0
-
0
Preference shares
4,541,633
4,052,838
4,541,633
4,052,838
6,713,317
5,873,327
4,541,633
4,052,838
Payable within one year
2,171,684
1,820,489
-
0
-
0
Payable after one year
4,541,633
4,052,838
4,541,633
4,052,838

The bank borrowings are secured by way of a debenture covering all the assets of Tritech Ground Engineering Ltd and Combined Soil Stabilisation Ltd and by way of an unlimited intercompany guarantee with other associated companies.

 

Assets held under hire purchase are secured on the assets to which they relate.

23
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
453,548
986,630
-
0
-
0
In two to five years
99,375
555,081
-
0
-
0
552,923
1,541,711
-
-

Finance lease payments represent rentals payable by the company or group 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 for plant and machinery is 4 years and for motor vehicles is 2 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

WHITEHEAD FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 28 -
24
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
1,411,250
1,515,057
Tax losses
(190,330)
(300,283)
1,220,920
1,214,774
The company has no deferred tax assets or liabilities.
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 September 2023
1,214,774
-
Charge to profit or loss
6,146
-
Liability at 31 August 2024
1,220,920
-
25
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
205,484
236,529

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

26
Share-based payment transactions
Group
Number of share options
Weighted average exercise price
2024
2023
2024
2023
Number
Number
£
£
Outstanding at 1 September 2023 and 31 August 2024
454
454
211.94
211.94
Exercisable at 31 August 2024
454
454
211.94
211.94
WHITEHEAD FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
26
Share-based payment transactions
(Continued)
- 29 -

The company has an Enterprise Management Incentive (EMI) scheme. The scheme gives an employee the grant of an option to acquire Ordinary shares at £211.94 per share. The maximum term of the options is 10 years from the grant date, and they are only excercisable on either the sale, the listing of the company or at the discretion of the board.

During the year, the group recognised total share-based payment expenses of £Nil (2023: £Nil).

 

The fair value of the share options were determined by an independent valuer, being Hurst Corporate Finance in July 2021.

27
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
2024
2023
2024
2023
Preference share capital
Number
Number
£
£
Issued and fully paid
Preference shares of £1 each
4,541,633
4,052,838
4,541,633
4,052,838
Preference shares classified as liabilities
4,541,633
4,052,838

The holders of ordinary shares are entitled to full voting rights and are entitled to one vote per share at meetings of the Company. All ordinary shares rank equally with regard to the Company's residual assets.

 

The holders of the preference shares do not confer any voting rights. The holders of the preference shares have a sole right to a preferred dividend equal to 3% per annum of the issue price of such shares and, on return of capital on liquidation, a right to receive the issue price of such shares in priority to any distribution to the ordinary shareholders. The preference shares are redeemable at the option of the company.

 

In September 2023, an additional 488,795 preference shares of £1 were issued and fully paid - see note 29.

 

28
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Sales
Sales
Purchases
Purchases
2024
2023
2024
2023
£
£
£
£
Group
Other related parties
5,162
79,935
2,351,515
4,012,390
WHITEHEAD FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
28
Related party transactions
(Continued)
- 30 -

At the year end, £2,864,693 (2023: £3,733,486) was due from an associated trust of the directors. This balance has been disclosed within amounts owed by related parties within the group and company financial statements.

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2024
2023
£
£
Group
Other related parties
317,822
705,445
29
Directors' transactions

At 31 August 2024, the company and Group owed £Nil to a director (2023: £488,795). On 22 September 2023, the amount was converted into preference shares carrying the same rights and dividend as the existing preference shares in issue.

30
Controlling party

The company, and therefore the group, has been under the control of the director and majority shareholder Mr J C Whitehead.

31
Cash (absorbed by)/generated from group operations
2024
2023
£
£
Profit for the year after tax
240,156
84,773
Adjustments for:
Taxation charged
40,205
1,640
Finance costs
188,883
133,227
Investment income
(27,594)
-
0
(Gain)/loss on disposal of tangible fixed assets
(2,829)
10,573
Amortisation and impairment of intangible assets
2,000
2,000
Depreciation and impairment of tangible fixed assets
983,277
1,110,510
Other gains and losses
(131,207)
(191,853)
Movements in working capital:
(Increase)/decrease in stocks
(28,494)
38,532
(Increase)/decrease in debtors
(3,360,532)
2,471,273
Increase in creditors
281,871
331,723
Cash (absorbed by)/generated from operations
(1,814,264)
3,992,398
WHITEHEAD FAMILY HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 31 -
32
Analysis of changes in net funds/(debt) - group
1 September 2023
Cash flows
Other non-cash changes
31 August 2024
£
£
£
£
Cash at bank and in hand
7,590,079
(4,754,505)
-
2,835,574
Bank overdrafts
(1,820,489)
(351,195)
-
(2,171,684)
5,769,590
(5,105,700)
-
663,890
Borrowings excluding overdrafts
(4,052,838)
(620,002)
131,207
(4,541,633)
Obligations under finance leases
(1,541,711)
988,788
-
(552,923)
175,041
(4,736,914)
131,207
(4,430,666)
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