REGISTERED NUMBER: 11937577 (England and Wales) |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
FOR |
| WHITEHOUSE INDUSTRIES LIMITED |
REGISTERED NUMBER: 11937577 (England and Wales) |
| GROUP STRATEGIC REPORT, |
| REPORT OF THE DIRECTORS AND |
| CONSOLIDATED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 AUGUST 2024 |
FOR |
| WHITEHOUSE INDUSTRIES LIMITED |
WHITEHOUSE INDUSTRIES LIMITED (REGISTERED NUMBER: 11937577) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
for the year ended 31 August 2024 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 4 |
Consolidated Statement of Income and Retained Earnings | 9 |
Consolidated Balance Sheet | 10 |
Company Balance Sheet | 11 |
Consolidated Cash Flow Statement | 12 |
Notes to the Consolidated Cash Flow Statement | 13 |
Notes to the Consolidated Financial Statements | 15 |
WHITEHOUSE INDUSTRIES LIMITED |
COMPANY INFORMATION |
for the year ended 31 August 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Chartered Accountants |
Statutory Auditors |
1110 Elliott Court |
Herald Avenue |
Coventry Business Park |
Coventry |
West Midlands |
CV5 6UB |
WHITEHOUSE INDUSTRIES LIMITED (REGISTERED NUMBER: 11937577) |
GROUP STRATEGIC REPORT |
for the year ended 31 August 2024 |
The directors present their strategic report of the company and the group for the year ended 31 August 2024. |
REVIEW OF BUSINESS |
The group are a manufacturer and distributor of fasteners, fixings, inserts, turned parts for plastic moulding and other related products to OEM's and other industrial companies. |
Overall, the group has seen a slight reduction in turnover and reduction in gross margins. The fasteners and fixings in the construction sector has performed the best across the group which is pleasing. In other areas, there have been pressures on gross margin in particular with purchase and staffing costs rising. |
The Board are striving to grow the business in difficult economic conditions and are confident that this will produce an improvement in performance in the long term. |
PRINCIPAL RISKS AND UNCERTAINTIES |
Our customers are continually pushing for improvement in prices so our margins are consistently under pressure. We continue to invest in stock where we believe it to be economically sensible to benefit from economies of scale. |
As for many businesses of our size the business environment remains challenging, however, we are financially strong and well places to benefit from any growth in our market place and we continue to focus on our operational efficiencies. |
KEY PERFORMANCE INDICATORS |
2024 | 2023 |
Sales % increase / (decrease) | (5)% | 5% |
Gross profit margin | 32% | 34% |
Net profit / (loss) before tax margin | (10)% | (10)% |
Return on capital employed | (10)% | (8)% |
EBITDA / Sales | 13% | 10% |
FUTURE DEVELOPMENTS |
Key areas for the future development of the business include: |
- | Constantly seeking out new customers, products and sources of supply |
- | Consistently growing turnover and profitability; and |
- | Containing overhead cost increases |
ON BEHALF OF THE BOARD: |
WHITEHOUSE INDUSTRIES LIMITED (REGISTERED NUMBER: 11937577) |
REPORT OF THE DIRECTORS |
for the year ended 31 August 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 August 2024. |
DIVIDENDS |
An interim dividend of £1 per share was paid on the Preference £1 shares on 31 March 2024. No dividends were paid on the Ordinary £1 shares. |
The total distribution of dividends for the year ended 31 August 2024 will be £ 66,000 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors 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 the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Luckmans Duckett Parker Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WHITEHOUSE INDUSTRIES LIMITED |
We have audited the financial statements of Whitehouse Industries Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024 which comprise the Consolidated Statement of Income and Retained Earnings, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion except for the possible effects of the matter described in the basis for qualified opinion section of our report the financial statements: |
- | give a true and fair view of the state of the group's affairs as at 31 August 2024 and of its profit for |
the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting |
Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Qualified opinion |
Basis for qualified opinion |
| We were not appointed as auditor of the group until after 31 August 2023 and thus did not observe the counting of physical inventories at the end of of the year ended 31 August 2022 or 31 August 2023. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 August 2022 or 31 August 2023, which are included in the balance sheet and goodwill on consolidation calculations at £729,083 and £861,316 respectively, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary. |
| We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 qualified opinion. |
| The comparative figures were not audited. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WHITEHOUSE INDUSTRIES LIMITED |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. |
As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the inventory quantities held at 31 August 2022 or 31 August 2023, which are included in the balance sheet and goodwill on consolidation calculations at £729,083 and £861,316 respectively. We have concluded that where the other information refers to the inventory balance, goodwill on consolidation or related balances such as cost of sales or amortisation of goodwill, it may be materially misstated for the same reason. |
Opinions on other matters prescribed by the Companies Act 2006 |
We were not appointed as auditor of the group until after 31 August 2023 and thus did not observe the counting of physical inventories at the end of of the year ended 31 August 2022 or 31 August 2023. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 August 2022 or 31 August 2023, which are included in the balance sheet and goodwill on consolidation calculations at £729,083 and £861,316 respectively, by using other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary. In addition, were any adjustment to the inventory balance or goodwill on consolidation to be required, the strategic report would also need to be amended. |
Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for |
which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable |
legal requirements. |
Matters on which we are required to report by exception |
Except for the matter described in the basis for qualified opinion section of our report, 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 Report of the Directors. |
Arising solely from the limitation on the scope of our work relating to inventory and goodwill on consolidation, referred to above: |
- | we have not obtained all the information and explanations that we considered necessary for the |
purpose of our audit; and |
- | we were unable to determine whether adequate accounting records have been kept. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to |
report to you if, in our opinion: |
- | returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WHITEHOUSE INDUSTRIES LIMITED |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WHITEHOUSE INDUSTRIES LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
Enquiring of management and employees, including obtaining and reviewing supporting documentation, concerning the company's policies and procedures relating to: |
- | Identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; |
- | Detecting and responding to the risks of fraud and whether they had knowledge of any actual, suspected or alleged fraud; and |
- | The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. |
We obtained an understanding of the legal and regulatory frameworks applicable to the company based on our understanding of the company and sector experience and discussions with management. The most significant considerations for the company are the Companies Act 2006, corporate taxes and VAT legislation, employment taxes, health and safety and the Bribery Act 2010. |
We carried out discussions among the engagement team, who also undertook the audit testing, to assess how and where fraud might occur in the financial statements and any potential indicators of fraud. As part of these discussions, we identified potential for fraud in the following areas: |
- | management override of control; and |
- | revenue recognition, particularly in respect of delivery of goods |
We designed and executed procedures in line with our responsibilities to detect material misstatements in respect of irregularities, including fraud. These procedures, together with the extent to which they are capable of detecting irregularities, including fraud, are detailed below: |
- | We critically assessed the appropriateness and tested the application of the revenue and cost recognition policies. |
- | We tested the appropriateness of accounting journals and other adjustments made in the preparation of the financial statements. We used data assurance techniques to identify and analyse the complete population of all journals in the year to identify and substantively test any which we considered were indicative of management override. |
- | We reviewed the company's accounting policies for non-compliance with relevant standards. Our work also included considering significant accounting estimates for evidence of misstatement or possible bias and testing any significant transactions that appeared to be outside the normal course of business. |
- | We made enquiries of management and reviewed correspondence with the relevant authorities to identify any irregularities or instances of non-compliance with laws and regulations. |
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WHITEHOUSE INDUSTRIES LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Chartered Accountants |
Statutory Auditors |
1110 Elliott Court |
Herald Avenue |
Coventry Business Park |
Coventry |
West Midlands |
CV5 6UB |
WHITEHOUSE INDUSTRIES LIMITED (REGISTERED NUMBER: 11937577) |
CONSOLIDATED |
STATEMENT OF INCOME AND |
RETAINED EARNINGS |
for the year ended 31 August 2024 |
2024 | 2023 |
(Unaudited) |
Notes | £ | £ | £ |
TURNOVER | 3 | 7,922,445 | 8,381,387 |
Cost of sales | 5,387,759 | 5,529,915 |
GROSS PROFIT | 2,534,686 | 2,851,472 |
Administrative expenses | 3,419,788 | 3,576,960 |
(885,102 | ) | (725,488 | ) |
Other operating income | - | 1,316 |
OPERATING LOSS | 5 | (885,102 | ) | (724,172 | ) |
Income from fixed asset investments | 26,654 | 17,217 |
Interest receivable and similar income | 5,853 | 9,017 |
32,507 | 26,234 |
(852,595 | ) | (697,938 | ) |
Gain/(loss) on revaluation of investments | 300,743 | 37,042 |
(551,852 | ) | (660,896 | ) |
Interest payable and similar expenses | 6 | 7,155 | 13,172 |
LOSS BEFORE TAXATION | (559,007 | ) | (674,068 | ) |
Tax on loss | 7 | 193,539 | 157,742 |
LOSS FOR THE FINANCIAL YEAR | ( | ) | ( | ) |
Retained earnings at beginning of year | 8,025,826 | 8,998,440 |
Dividends | 9 | (66,000 | ) | (61,000 | ) |
RETAINED EARNINGS FOR THE GROUP AT END OF YEAR | 7,207,280 | 8,105,630 |
Loss attributable to: |
Owners of the parent | (828,382 | ) | (911,614 | ) |
Non-controlling interests | 75,836 | 79,804 |
(752,546 | ) | (831,810 | ) |
WHITEHOUSE INDUSTRIES LIMITED (REGISTERED NUMBER: 11937577) |
CONSOLIDATED BALANCE SHEET |
31 August 2024 |
2024 | 2023 |
(Unaudited) |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | 3,612,286 | 5,020,310 |
Tangible assets | 11 | 1,109,286 | 793,189 |
Investments | 12 | 2,607,934 | 2,302,522 |
7,329,506 | 8,116,021 |
CURRENT ASSETS |
Stocks | 13 | 683,788 | 861,316 |
Debtors | 14 | 1,465,504 | 1,411,556 |
Cash at bank and in hand | 1,241,937 | 1,682,876 |
3,391,229 | 3,955,748 |
CREDITORS |
Amounts falling due within one year | 15 | 2,070,576 | 2,665,822 |
NET CURRENT ASSETS | 1,320,653 | 1,289,926 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 8,650,159 | 9,405,947 |
CREDITORS |
Amounts falling due after more than one year | 16 | - | (75,000 | ) |
PROVISIONS FOR LIABILITIES | 19 | (330,319 | ) | (192,562 | ) |
NET ASSETS | 8,319,840 | 9,138,385 |
CAPITAL AND RESERVES |
Called up share capital | 20 | 100,000 | 100,000 |
Retained earnings | 21 | 7,131,444 | 8,025,826 |
SHAREHOLDERS' FUNDS | 7,231,444 | 8,125,826 |
NON-CONTROLLING INTERESTS | 22 | 1,088,396 | 1,012,559 |
TOTAL EQUITY | 8,319,840 | 9,138,385 |
The financial statements were approved by the Board of Directors and authorised for issue on 28 May 2025 and were signed on its behalf by: |
S E J Whitehouse - Director |
WHITEHOUSE INDUSTRIES LIMITED (REGISTERED NUMBER: 11937577) |
COMPANY BALANCE SHEET |
31 August 2024 |
2024 | 2023 |
(Unaudited) |
Notes | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 14 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 15 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 16 | ( | ) |
PROVISIONS FOR LIABILITIES | 19 | ( | ) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 20 |
Retained earnings | 21 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 276,297 | 177,194 |
The financial statements were approved by the Board of Directors and authorised for issue on |
WHITEHOUSE INDUSTRIES LIMITED (REGISTERED NUMBER: 11937577) |
CONSOLIDATED CASH FLOW STATEMENT |
for the year ended 31 August 2024 |
2024 | 2023 |
(Unaudited) |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 614,547 | 1,684,410 |
Interest paid | (1,655 | ) | (2,888 | ) |
Tax paid | (77,342 | ) | (284,463 | ) |
Net cash from operating activities | 535,550 | 1,397,059 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (494,390 | ) | (466,257 | ) |
Purchase of fixed asset investments | (151,079 | ) | (287,025 | ) |
Sale of tangible fixed assets | 53,779 | 7,000 |
Sale of fixed asset investments | 147,694 | 293,068 |
Interest received | 5,853 | 9,017 |
Dividends received | 26,654 | 17,217 |
Net cash from investing activities | (411,489 | ) | (426,980 | ) |
Cash flows from financing activities |
Amount introduced by directors | - | 160,000 |
Amount withdrawn by directors | (515,000 | ) | (90,000 | ) |
Equity dividends paid | (50,000 | ) | (61,000 | ) |
Net cash from financing activities | (565,000 | ) | 9,000 |
(Decrease)/increase in cash and cash equivalents | (440,939 | ) | 979,079 |
Cash and cash equivalents at beginning of year | 2 | 1,682,876 | 703,797 |
Cash and cash equivalents at end of year | 2 | 1,241,937 | 1,682,876 |
WHITEHOUSE INDUSTRIES LIMITED (REGISTERED NUMBER: 11937577) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
for the year ended 31 August 2024 |
1. | RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2024 | 2023 |
(Unaudited) |
£ | £ |
Loss before taxation | (559,007 | ) | (674,068 | ) |
Depreciation charges | 1,574,901 | 1,522,325 |
(Profit)/loss on disposal of fixed assets | (43,643 | ) | 25,234 |
Gain on revaluation of fixed assets | (300,743 | ) | (37,042 | ) |
Finance costs | 7,155 | 13,172 |
Finance income | (32,507 | ) | (26,234 | ) |
646,156 | 823,387 |
Decrease/(increase) in stocks | 177,528 | (132,233 | ) |
(Increase)/decrease in trade and other debtors | (32,389 | ) | 1,071,778 |
Decrease in trade and other creditors | (176,748 | ) | (78,522 | ) |
Cash generated from operations | 614,547 | 1,684,410 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 August 2024 |
31.8.24 | 1.9.23 |
£ | £ |
Cash and cash equivalents | 1,241,937 | 1,682,876 |
Year ended 31 August 2023 |
31.8.23 | 1.9.22 |
(Unaudited) |
£ | £ |
Cash and cash equivalents | 1,682,876 | 703,797 |
WHITEHOUSE INDUSTRIES LIMITED (REGISTERED NUMBER: 11937577) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
for the year ended 31 August 2024 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
Other |
non-cash |
At 1.9.23 | Cash flow | changes | At 31.8.24 |
£ | £ | £ | £ |
Net cash |
Cash at bank |
and in hand | 1,682,876 | (440,939 | ) | 1,241,937 |
1,682,876 | (440,939 | ) | 1,241,937 |
Debt |
Debts falling due |
within 1 year | (100,000 | ) | - | 25,000 | (75,000 | ) |
Debts falling due |
after 1 year | (75,000 | ) | - | 75,000 | - |
(175,000 | ) | - | 100,000 | (75,000 | ) |
Total | 1,507,876 | (440,939 | ) | 100,000 | 1,166,937 |
WHITEHOUSE INDUSTRIES LIMITED (REGISTERED NUMBER: 11937577) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
for the year ended 31 August 2024 |
1. | STATUTORY INFORMATION |
Whitehouse Industries Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Critical accounting 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. |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in respect of precision engineering and the supply of fasteners, fixings and other related products 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. |
The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably and (d) it is probable that future economic benefits will flow to the entity. |
Goodwill |
| Goodwill, being the amount paid in connection with the acquisition of a business in 2021, is being amortised evenly over it estimated life of 5 years. |
| Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over it estimated life of 5 years. |
Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
WHITEHOUSE INDUSTRIES LIMITED (REGISTERED NUMBER: 11937577) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 August 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Long leasehold | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
| 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 i s credited or charged to profit or loss. |
| Impairment of fixed assets |
| At each reporting period end date, the company reviews the carrying amounts of its tangible 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. |
| Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. |
Government grants |
| Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met, and the grants will be received. |
| A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. |
WHITEHOUSE INDUSTRIES LIMITED (REGISTERED NUMBER: 11937577) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 August 2024 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. |
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential. |
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. |
Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax |
| The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. |
Deferred tax |
| Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. |
| The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled, or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority. |
Research and development |
| Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Leasing commitments |
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. |
WHITEHOUSE INDUSTRIES LIMITED (REGISTERED NUMBER: 11937577) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 August 2024 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
| Employee benefits |
| The costs of short-term employee benefits are recognised as a liability and an expense unless those costs are required to be recognised as part of the cost of stock or fixed assets. |
| The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. |
| Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits. |
Cash at bank and in hand |
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. |
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. |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. |
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. |
WHITEHOUSE INDUSTRIES LIMITED (REGISTERED NUMBER: 11937577) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 August 2024 |
3. | TURNOVER |
The turnover and loss before taxation are attributable to the principal activities of the group. |
An analysis of turnover by geographical market is given below: |
2024 | 2023 |
(Unaudited) |
£ | £ |
United Kingdom | 6,849,233 | 7,063,593 |
Exports | 1,073,212 | 1,317,794 |
7,922,445 | 8,381,387 |
4. | EMPLOYEES AND DIRECTORS |
2024 | 2023 |
(Unaudited) |
£ | £ |
Wages and salaries | 1,690,504 | 1,788,052 |
Social security costs | 168,524 | 171,417 |
Other pension costs | 68,505 | 229,638 |
1,927,533 | 2,189,107 |
The average number of employees during the year was as follows: |
2024 | 2023 |
(Unaudited) |
Administration | 9 | 9 |
Production and warehouse | 34 | 35 |
Sales | 12 | 12 |
The average number of employees by undertakings that were proportionately consolidated during the year was NIL (2023 - NIL). |
2024 | 2023 |
(Unaudited) |
£ | £ |
Directors' remuneration | - | - |
5. | OPERATING LOSS |
The operating loss is stated after charging/(crediting): |
2024 | 2023 |
(Unaudited) |
£ | £ |
Hire of plant and machinery | - | 1,444 |
Other operating leases | 121,977 | 109,261 |
Depreciation - owned assets | 166,873 | 114,304 |
(Profit)/loss on disposal of fixed assets | (43,643 | ) | 25,234 |
Goodwill amortisation | 1,408,024 | 1,408,024 |
Auditors' remuneration | 19,500 | - |
WHITEHOUSE INDUSTRIES LIMITED (REGISTERED NUMBER: 11937577) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 August 2024 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2024 | 2023 |
(Unaudited) |
£ | £ |
Loan note interest | 7,155 | 13,134 |
HMRC interest | - | 38 |
7,155 | 13,172 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the loss for the year was as follows: |
2024 | 2023 |
(Unaudited) |
£ | £ |
Current tax: |
UK corporation tax | 56,072 | 46,557 |
Prior year tax adjustment | (289 | ) | (1,136 | ) |
Total current tax | 55,783 | 45,421 |
Deferred tax | 137,756 | 112,321 |
Tax on loss | 193,539 | 157,742 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
2024 | 2023 |
(Unaudited) |
£ | £ |
Loss before tax | (559,007 | ) | (674,068 | ) |
Loss multiplied by the standard rate of corporation tax in the UK of 25 % (2023 - 25 %) | (139,752 | ) | (168,517 | ) |
Effects of: |
Expenses not deductible for tax purposes | 7,931 | 10,912 |
Income not taxable for tax purposes | (6,664 | ) | (4,304 | ) |
Utilisation of tax losses | - | (34,649 | ) |
Adjustments to tax charge in respect of previous periods | (289 | ) | (1,136 | ) |
Adjustment to deferred tax charge in respect of previous periods | 915 | (727 | ) |
Super deduction capital allowances | - | (10,990 | ) |
Change in rate of taxation | - | 17,945 |
Marginal rate relief | (160 | ) | (74 | ) |
Unrealised (gains) / losses on revaluation of investments | (20,127 | ) | (9,261 | ) |
(Utilisation) / carry forward of capital losses | (321 | ) | 6,537 |
Amortisation of goodwill on consolidation | 352,006 | 352,006 |
Total tax charge | 193,539 | 157,742 |
WHITEHOUSE INDUSTRIES LIMITED (REGISTERED NUMBER: 11937577) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 August 2024 |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
2024 | 2023 |
(Unaudited) |
£ | £ |
Preference shares of £1 each |
Interim | 66,000 | 61,000 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 September 2023 |
and 31 August 2024 | 7,040,119 |
AMORTISATION |
At 1 September 2023 | 2,019,809 |
Amortisation for year | 1,408,024 |
At 31 August 2024 | 3,427,833 |
NET BOOK VALUE |
At 31 August 2024 | 3,612,286 |
At 31 August 2023 | 5,020,310 |
WHITEHOUSE INDUSTRIES LIMITED (REGISTERED NUMBER: 11937577) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 August 2024 |
11. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Long | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 1 September 2023 | 16,820 | 720,549 | 97,589 |
Additions | - | 471,854 | - |
Disposals | - | (14,233 | ) | - |
At 31 August 2024 | 16,820 | 1,178,170 | 97,589 |
DEPRECIATION |
At 1 September 2023 | 6,761 | 97,012 | 17,470 |
Charge for year | 4,828 | 116,852 | 22,907 |
Eliminated on disposal | - | (6,400 | ) | - |
At 31 August 2024 | 11,589 | 207,464 | 40,377 |
NET BOOK VALUE |
At 31 August 2024 | 5,231 | 970,706 | 57,212 |
At 31 August 2023 | 10,059 | 623,537 | 80,119 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 September 2023 | 102,793 | 3,693 | 941,444 |
Additions | 22,536 | - | 494,390 |
Disposals | (7,451 | ) | - | (21,684 | ) |
At 31 August 2024 | 117,878 | 3,693 | 1,414,150 |
DEPRECIATION |
At 1 September 2023 | 26,423 | 589 | 148,255 |
Charge for year | 21,497 | 789 | 166,873 |
Eliminated on disposal | (3,864 | ) | - | (10,264 | ) |
At 31 August 2024 | 44,056 | 1,378 | 304,864 |
NET BOOK VALUE |
At 31 August 2024 | 73,822 | 2,315 | 1,109,286 |
At 31 August 2023 | 76,370 | 3,104 | 793,189 |
WHITEHOUSE INDUSTRIES LIMITED (REGISTERED NUMBER: 11937577) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 August 2024 |
12. | FIXED ASSET INVESTMENTS |
Group |
Listed |
investments |
£ |
COST OR VALUATION |
At 1 September 2023 | 2,302,522 |
Additions | 123,406 |
Disposals | (146,410 | ) |
Revaluations | 300,743 |
Exchange differences | 1,019 |
Dividends received | 26,654 |
At 31 August 2024 | 2,607,934 |
NET BOOK VALUE |
At 31 August 2024 | 2,607,934 |
At 31 August 2023 | 2,302,522 |
Cost or valuation at 31 August 2024 is represented by: |
Listed |
investments |
£ |
Valuation in 2022 | (117,551 | ) |
Valuation in 2023 | 37,042 |
Valuation in 2024 | 300,743 |
Cost | 2,387,700 |
2,607,934 |
Company |
Shares in |
group | Listed |
undertakings | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 September 2023 | 2,302,602 |
Additions | 123,406 |
Disposals | ( | ) | (146,410 | ) |
Revaluations | 300,743 |
Exchange differences | 1,019 |
Dividends received | - | 26,654 | 26,654 |
At 31 August 2024 | 2,608,014 |
NET BOOK VALUE |
At 31 August 2024 | 2,608,014 |
At 31 August 2023 | 2,302,602 |
WHITEHOUSE INDUSTRIES LIMITED (REGISTERED NUMBER: 11937577) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 August 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
Company |
Cost or valuation at 31 August 2024 is represented by: |
Shares in |
group | Listed |
undertakings | investments | Totals |
£ | £ | £ |
Valuation in 2022 | - | (117,551 | ) | (117,551 | ) |
Valuation in 2023 | - | 37,042 | 37,042 |
Valuation in 2024 | - | 300,743 | 300,743 |
Cost | 80 | 2,387,700 | 2,387,780 |
80 | 2,607,934 | 2,608,014 |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 1110 Elliott Court, Coventry Business Park, Herald Avenue, Coventry, West Midlands, CV5 6UB |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Units 3, 4 & 5 Maple Business Park, Walter Street, Birmingham, West Midlands, B7 5ET |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 1110 Elliott Court, Coventry Business Park, Herald Avenue, Coventry, West Midlands, CV5 6UB |
Nature of business: |
% |
Class of shares: | holding |
| Ordinary | 80% |
| B Ordinary | 80% |
| C Ordinary | 80% |
Registered office: 1110 Elliott Court, Coventry Business Park, Herald Avenue, Coventry, West Midlands, CV5 6UB |
Nature of business: |
% |
Class of shares: | holding |
WHITEHOUSE INDUSTRIES LIMITED (REGISTERED NUMBER: 11937577) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 August 2024 |
12. | FIXED ASSET INVESTMENTS - continued |
Registered office: 1110 Elliott Court, Coventry Business Park, Herald Avenue, Coventry, West Midlands, CV5 6UB |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 1110 Elliott Court, Coventry Business Park, Herald Avenue, Coventry, West Midlands, CV5 6UB |
Nature of business: |
% |
Class of shares: | holding |
13. | STOCKS |
Group |
2024 | 2023 |
(Unaudited |
£ | £ |
Stocks | 583,986 | 753,280 |
Work-in-progress | 99,802 | 108,036 |
683,788 | 861,316 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
(Unaudited) | (Unaudited) |
£ | £ | £ | £ |
Trade debtors | 1,241,381 | 1,244,876 |
Amounts owed by group undertakings | - | - |
Other debtors | 1,786 | 3,512 |
Tax | 56,497 | 34,938 |
Prepayments | 165,840 | 128,230 |
1,465,504 | 1,411,556 |
WHITEHOUSE INDUSTRIES LIMITED (REGISTERED NUMBER: 11937577) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 August 2024 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
(Unaudited) | (Unaudited) |
£ | £ | £ | £ |
Other loans (see note 17) | 75,000 | 100,000 |
Trade creditors | 718,134 | 749,105 |
Amounts owed to group undertakings | - | - |
Social security and other taxes | 75,909 | 93,688 |
VAT | 67,986 | 110,899 | 16,205 | 85,868 |
Other creditors | 28,869 | 11,850 |
Directors' current accounts | 1,024,010 | 1,432,392 | 944,010 | 1,352,392 |
Accruals and deferred income | 80,668 | 167,888 |
2,070,576 | 2,665,822 |
16. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group | Company |
2024 | 2023 | 2024 | 2023 |
(Unaudited) | (Unaudited) |
£ | £ | £ | £ |
Other loans (see note 17) | - | 75,000 |
17. | LOANS |
An analysis of the maturity of loans is given below: |
Group | Company |
2024 | 2023 | 2024 | 2023 |
(Unaudited) | (Unaudited) |
£ | £ | £ | £ |
Amounts falling due within one year or | on demand: |
Loan notes repayable in |
less than one year by |
instalments | 75,000 | 100,000 |
75,000 | 100,000 |
Amounts falling due between one and | two years: |
Loan notes repayable in |
1 to 2 years by instalments | - | 75,000 | - |
- | 75,000 |
18. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
WHITEHOUSE INDUSTRIES LIMITED (REGISTERED NUMBER: 11937577) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 August 2024 |
Group |
Non-cancellable | operating leases |
2024 | 2023 |
(Unaudited) |
£ | £ |
Within one year | 96,265 | 96,792 |
Between one and five years | 113,626 | 202,750 |
209,891 | 299,542 |
Company |
Non-cancellable | operating leases |
2024 | 2023 |
(Unaudited) |
£ | £ |
Within one year |
Between one and five years |
19. | PROVISIONS FOR LIABILITIES |
Group | Company |
2024 | 2023 | 2024 | 2023 |
(Unaudited) | (Unaudited) |
£ | £ | £ | £ |
Deferred tax |
Accelerated capital allowances | 277,322 | 195,009 |
Other timing differences | 52,997 | (2,447 | ) | 54,792 | - |
330,319 | 192,562 | 54,792 | - |
Group |
Deferred |
tax |
£ |
Balance at 1 September 2023 | 192,562 |
Charge to Income Statement during year | 137,757 |
Balance at 31 August 2024 | 330,319 |
Company |
Deferred |
tax |
£ |
Charge to Income Statement during year |
Balance at 31 August 2024 |
WHITEHOUSE INDUSTRIES LIMITED (REGISTERED NUMBER: 11937577) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
for the year ended 31 August 2024 |
20. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 34,000 | 34,000 |
Preference | £1 | 66,000 | 66,000 |
100,000 | 100,000 |
21. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 September 2023 | 8,025,826 |
Deficit for the year | (828,382 | ) |
Dividends | (66,000 | ) |
At 31 August 2024 | 7,131,444 |
Company |
Retained |
earnings |
£ |
At 1 September 2023 |
Profit for the year |
Dividends | ( | ) |
At 31 August 2024 |
22. | NON-CONTROLLING INTERESTS |
Group |
Non-controlling interests |
2024 | 2023 |
(Unaudited) |
£ | £ |
At 1 September 2023 | 1,012,559 | 932,755 |
Profit attributable to non-controlling interests | 75,836 | 79,804 |
At 31 August 2024 | 1,088,398 | 1,012,559 |
23. | RELATED PARTY DISCLOSURES |
Other related parties |
At 31st August 2024 the company owed £1,099,010 (2023 - £1,607,392) to Mrs E V Whitehouse and Mr S E J Whitehouse in respect of their directors loan account and loan notes. |