Company registration number 03649118 (England and Wales)
THE WHITE SEA & BALTIC COMPANY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
THE WHITE SEA & BALTIC COMPANY LIMITED
COMPANY INFORMATION
Directors
M S Baskerville
A Carradice
I Desmonde
Secretary
R.E.A. Services Limited
Company number
03649118
Registered office
5th Floor North, Tennyson House
159 - 165 Great Portland Street
London
United Kingdom
W1W 5PA
Auditor
Azets Audit Services
Alpha House
4 Greek Street
Stockport
United Kingdom
SK3 8AB
THE WHITE SEA & BALTIC COMPANY LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Balance sheet
8
Statement of changes in equity
9
Notes to the financial statements
10 - 21
THE WHITE SEA & BALTIC COMPANY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -
The directors present the strategic report for the year ended 31 December 2024.
Review of the business
The company operates as a distributor of chemicals and associated products.
2024 has been a successful year and the prospect for 2025 is fair notwithstanding various challenges and headwinds that the we may face in our supply chain.
Principal risks and uncertainties
The company (“we” and “our”) face various risk and uncertainties in the normal course of our activities and our business. These risks and uncertainties are considered at our quarterly Board Meetings and at staff meetings held at regular intervals.
The most pressing risks and uncertainties are:
Production difficulties at our main suppliers resulting in our inability to fulfil orders in a timely manner or indeed potentially at all.
Decisions by our principal suppliers to curtail or discontinue to manufacture products which may be key to our business.
Identifying new sources for existing and new products and entering into agreements with them.
Rationalisations within our customer base can result in loss of business.
Price competition, exchange rates and tariffs.
Key performance indicators
The directors consider that the main KPIs are
the maintenance of close relationships with existing customers and suppliers
cultivating new relationships with potential customers and suppliers
achieving profitable margins on business.
M S Baskerville
Director
22 May 2025
THE WHITE SEA & BALTIC COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2024.
Principal activities
The principal activity of the company continued to be that of a distributor of specialist chemicals.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £300,000. 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:
M S Baskerville
A Carradice
I Desmonde
Auditor
The auditor, Azets Audit Services, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
THE WHITE SEA & BALTIC COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
On behalf of the board
M S Baskerville
Director
22 May 2025
THE WHITE SEA & BALTIC COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THE WHITE SEA & BALTIC COMPANY LIMITED
- 4 -
Opinion
We have audited the financial statements of The White Sea & Baltic Company Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 December 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.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
THE WHITE SEA & BALTIC COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE WHITE SEA & BALTIC COMPANY LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or 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; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
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.
THE WHITE SEA & BALTIC COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THE WHITE SEA & BALTIC COMPANY LIMITED
- 6 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
Reviewing minutes of meetings of those charged with governance;
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
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.
Lewis Cross
Senior Statutory Auditor
For and on behalf of Azets Audit Services
28 May 2025
Chartered Accountants
Statutory Auditor
Alpha House
4 Greek Street
Stockport
United Kingdom
SK3 8AB
THE WHITE SEA & BALTIC COMPANY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
2024
2023
Notes
£000
£000
Turnover
3
15,926
15,616
Cost of sales
(13,520)
(13,394)
Gross profit
2,406
2,222
Distribution costs
(251)
(258)
Administrative expenses
(1,567)
(1,457)
Operating profit
4
588
507
Interest payable and similar expenses
7
(2)
(2)
Profit before taxation
586
505
Tax on profit
8
(295)
(128)
Profit for the financial year
291
377
The profit and loss account has been prepared on the basis that all operations are continuing operations.
THE WHITE SEA & BALTIC COMPANY LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 8 -
2024
2023
Notes
£000
£000
£000
£000
Fixed assets
Goodwill
10
106
174
Tangible assets
11
200
209
306
383
Current assets
Stocks
12
1,901
1,995
Debtors
13
2,509
3,087
Cash at bank and in hand
531
289
4,941
5,371
Creditors: amounts falling due within one year
14
(1,833)
(2,467)
Net current assets
3,108
2,904
Total assets less current liabilities
3,414
3,287
Provisions for liabilities
Deferred tax liability
15
37
(99)
(37)
99
Net assets
3,377
3,386
Capital and reserves
Called up share capital
17
2,250
2,250
Revaluation reserve
18
38
38
Profit and loss reserves
19
1,089
1,098
Total equity
3,377
3,386
The financial statements were approved by the board of directors and authorised for issue on 22 May 2025 and are signed on its behalf by:
M S Baskerville
Director
Company Registration No. 03649118
THE WHITE SEA & BALTIC COMPANY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£000
£000
£000
£000
Balance at 1 January 2023
2,250
38
921
3,209
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
377
377
Dividends
9
-
-
(200)
(200)
Balance at 31 December 2023
2,250
38
1,098
3,386
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
291
291
Dividends
9
-
-
(300)
(300)
Balance at 31 December 2024
2,250
38
1,089
3,377
THE WHITE SEA & BALTIC COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
1
Accounting policies
Company information
The White Sea & Baltic Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor North, Tennyson House, 159-165 Great Portland Street, London, United Kingdom, W1W 5PA.
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 £000.
The financial statements have been prepared under the historical cost convention, modified to include the valuation of freehold properties at deemed cost on transition to FRS 102 and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
The financial statements of the company are consolidated in the financial statements of New Willington Limited as at 31 December 2024. These consolidated financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
1.2
Going concern
The directors have considered profitability and cash flow projections for a period of 12 months from the date of signing these accounts, and these demonstrate that the Company will remain profitable. true
The Company monitors its cash flow as part of its daily control procedures. The Directors consider the cash position and future requirements on a regular basis and ensure that appropriate facilities are available.
The directors believe and accordingly have assumed that all current available funding will continue and consider it appropriate that the accounts are prepared on the going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
THE WHITE SEA & BALTIC COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 11 -
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and reward of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction;
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses, as well as any subsequent adjustments to the earnout consideration paid. Having carried out a review of the carrying value of goodwill it has been considered appropriate to adjust the carrying value so as to write it off over a period of 4 years.
1.5
Tangible fixed assets
On transition to FRS102 the company elected to use a previous UK GAAP revaluation carried out before the date of transition as its deemed cost at the revaluation date. The company previously adopted a valuation policy for freehold land and buildings and has now adopted a cost model.
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Land is not depreciated. 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:
Freehold buildings
5% Straight line
Plant and equipment
10% - 26% Straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, or if there is an indication of a significant change since the last reporting date.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
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.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
THE WHITE SEA & BALTIC COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
THE WHITE SEA & BALTIC COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised when they become legally payable.
1.10
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 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.
THE WHITE SEA & BALTIC COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the income statement when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
1.13
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. Non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The company has elected to use the previous UK GAAP valuation of land and buildings as the deemed cost on transition to FRS 102. Land and buildings are depreciated in accordance with the company's accounting policies.
In preparing these financial statements, the directors have made the following judgements:
Determine whether there are indicators of impairment of the company's tangible and intangible assets including goodwill. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.
3
Turnover
An analysis of the company's turnover is as follows:
THE WHITE SEA & BALTIC COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover
(Continued)
- 15 -
2024
2023
£000
£000
Turnover analysed by geographical market
United Kingdom
13,517
15,147
Rest of Europe
2,085
345
Rest of the world
324
124
15,926
15,616
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£000
£000
Exchange losses
4
36
Fees payable to the company's auditor for the audit of the company's financial statements
22
14
Depreciation of owned tangible fixed assets
39
37
Profit on disposal of tangible fixed assets
(16)
(2)
Amortisation of intangible assets
68
68
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Operational
12
12
Their aggregate remuneration comprised:
2024
2023
£000
£000
Wages and salaries
797
746
Social security costs
90
86
Pension costs
58
68
945
900
THE WHITE SEA & BALTIC COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
6
Directors' remuneration
2024
2023
£000
£000
Remuneration for qualifying services
144
133
Company pension contributions to defined contribution schemes
11
10
155
143
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).
7
Interest payable and similar expenses
2024
2023
£000
£000
Interest on bank overdrafts and loans
2
2
THE WHITE SEA & BALTIC COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
8
Taxation
2024
2023
£000
£000
Current tax
UK corporation tax on profits for the current period
160
129
Deferred tax
Origination and reversal of timing differences
135
(1)
Total tax charge
295
128
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
£000
£000
Profit before taxation
586
505
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
147
119
Tax effect of expenses that are not deductible in determining taxable profit
13
9
Fixed asset timing differences
135
Taxation charge for the year
295
128
THE WHITE SEA & BALTIC COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
9
Dividends
2024
2023
£000
£000
Final paid
300
200
10
Intangible fixed assets
Goodwill
£000
Cost
At 1 January 2024 and 31 December 2024
3,153
Amortisation and impairment
At 1 January 2024
2,979
Amortisation charged for the year
68
At 31 December 2024
3,047
Carrying amount
At 31 December 2024
106
At 31 December 2023
174
11
Tangible fixed assets
Freehold buildings
Plant and equipment
Total
£000
£000
£000
Cost
At 1 January 2024
430
411
841
Additions
30
30
Disposals
(20)
(20)
At 31 December 2024
430
421
851
Depreciation and impairment
At 1 January 2024
276
356
632
Depreciation charged in the year
23
16
39
Eliminated in respect of disposals
(20)
(20)
At 31 December 2024
299
352
651
Carrying amount
At 31 December 2024
131
69
200
At 31 December 2023
154
55
209
THE WHITE SEA & BALTIC COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
12
Stocks
2024
2023
£000
£000
Finished goods and goods for resale
1,901
1,995
13
Debtors
2024
2023
Amounts falling due within one year:
£000
£000
Trade debtors
2,213
2,706
Amounts owed by group undertakings
238
295
Other debtors
53
Prepayments and accrued income
58
33
2,509
3,087
14
Creditors: amounts falling due within one year
2024
2023
£000
£000
Trade creditors
1,091
1,539
Amounts owed to group undertakings
57
58
Corporation tax
171
140
Other taxation and social security
482
658
Accruals and deferred income
32
72
1,833
2,467
15
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£000
£000
£000
£000
Accelerated capital allowances
37
-
-
99
2024
Movements in the year:
£000
Asset at 1 January 2024
(99)
Charge to profit or loss
136
Liability at 31 December 2024
37
THE WHITE SEA & BALTIC COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
16
Retirement benefit schemes
2024
2023
Defined contribution schemes
£000
£000
Charge to profit or loss in respect of defined contribution schemes
58
68
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
Defined benefit scheme
The company is a participating employer in the R.E.A Pension Scheme (the "Scheme"). The Scheme is a multi-employer contributory defined benefit scheme with assets held in a trustee-administered fund, which has a participating employer that is not a member of the same group as the company. The Scheme is closed to new members.
As the Scheme is a multi-employer scheme in which the company is unable to identify its share of the underlying assets and liabilities (because there is no segregation of the assets) and does not prepare valuations on an IAS 19 basis: the company accounts for the Scheme as if it were a defined contribution scheme.
A non-IAS 19 valuation of the Scheme was last prepared, using the attained age method, as at 31 December 2023. This method had been adopted in the previous valuation as at 31 December 2020 and in earlier valuations, as it was considered the appropriate method of calculating future service benefits as the Scheme is closed to new members. At 31 December 2023 the Scheme had an overall surplus of assets, when measured against the Scheme’s technical provisions, of £12.5m. The technical provisions were calculated using assumptions of an investment return of Bank of England (“BofE”) gilt curve plus 1.25% pa reducing to 0.25% over the 10 years following the valuation date.. The basis for the inflationary revaluation of deferred pensions and increases to pensions in payment was changed from the Retail Prices Index (RPI) to the Consumer Prices Index (CPI) with effect from 1 January 2011 in line with the statutory change, except that the change does not apply to pension accrual from 1 January 2006, where the RPI still applies. The rates of increase in the RPI was assumed to be in line with the BofE inflation curve and the CPI until 2030 at RPI less 0.75% and in line with RPI thereafter. It was further assumed that both non-retired and retired members’ mortality would reflect SP3XA tables (light version) at 100 per cent and that non-retired members would take on retirement the maximum cash sums permitted from 1 January 2021. Had the Scheme been valued at 31 December 2020 using the projected unit method and the same assumptions, the overall deficit would have been similar.
The Scheme has agreed a statement of funding principles with the principal employer and has also agreed a schedule of contributions with participating employers covering normal contributions which are payable at a rate calculated to cover future service benefits under the Scheme.
The normal contributions paid by the company in 2024 were £10,734 (2023: £20,000) and represented 56.2 per cent of pensionable salaries.
17
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£000
£000
Issued and fully paid
Ordinary of £1 each
2,250,000
2,250,000
2,250
2,250
THE WHITE SEA & BALTIC COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 21 -
18
Revaluation reserve
The revaluation reserve represents the cumulative effect of previous revaluations of freehold property. Freehold property is held at depreciated amount using a previous valuation prior to transition to FRS 102 as deemed cost.
19
Profit and loss reserves
The profit and loss account represents cumulative profits or losses net of dividends paid.
20
Ultimate controlling party
The ultimate parent undertaking is New Willington Limited, which is incorporated in the United Kingdom and registered in England and Wales.
The largest and smallest group of companies in which the results of the company are consolidated is the group headed by the ultimate parent company. A copy of the consolidated financial statements can be obtained from Companies House, Cardiff, CF4 3UZ.
Richard M Robinow and Jeremy J Robinow are the sole shareholders of New Willington Limited, both holding an equal shareholding. There is no ultimate controlling party.
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