Company registration number 00062172 (England and Wales)
WHITPORT LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
WHITPORT LIMITED
COMPANY INFORMATION
Directors
Mr D Vitoria
Ms I A Turner
Mr A W White
Mr R W White
Ms R C Owers
Mr I M Palmer
Secretary
Mr D J M Vitoria
Company number
00062172
Registered office
Hillsons Road
Bottings Industrial Estate
Botley
Southampton
England
SO30 2DY
Auditor
Fiander Tovell Limited
Stag Gates House
63/64 The Avenue
Southampton
Hampshire
SO17 1XS
WHITPORT LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 33
WHITPORT LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
- 1 -

The directors present the strategic report for the year ended 31 January 2025.

Principal activities

Principal activity The principal activity of the group (Whitport Limited and its subsidiaries) is the operation of depots and vehicles in the UK, Channel Islands and Spain for export packing, overseas shipping, industrial storage, warehousing, household, office and industrial removals and haulage.

Review of the business

The Geopolitical situation throughout world markets continues to disrupt and impact on international business, especially that controlled by American corporate accounts whose business levels in Europe have decreased significantly. This slowdown combined with continued inflationary cost increases has resulted in lower net profit compared to the previous trading year.

Principal risks and uncertainties

At present the principal risk to the group is the performance of the domestic property market which remains subdued as sales activity has steadied. A reduction in mortgage interest rates is a major factor in the recovery of market activity.

The group has a wide spread of customers and suppliers. The credit risk is primarily attributed to its trade debtors, which is managed by running credit checks on new customers and by monitoring payments against contractual agreements.

 

The group monitors cash flow as part of its day to day control procedures. The board considers cash flow projections on a monthly basis and ensures that appropriate facilities are available to be drawn upon as necessary.

 

The directors consider the company and group to have adequate resources to continue in operational existence for at least the next 12 months. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Development and performance

Shareholders' funds at 31st January 2025 amounted to £17,867,224 (2024: £18,275,992).

Key performance indicators

The directors use a number of measures, mostly financial, to monitor and benchmark the performance of the group, of which turnover and net profit before taxation being regarded as the key financial indicators of financial performance, as set out hereunder:

 

Turnover     £34,106,161 (2024: £33,470,897)

Net Profit    £223,003 (2024: £440,105)

The future

The group continues to pursue new market opportunities, and consider the long term future of the group to be secure.

Environmental matters

The company is committed to complying with accepted environmental practices, including the commitment to meet or exceed applicable legal and other requirements.

Section 172 statement

In accordance with the requirements of section 172 of the Companies Act 2006, the directors consider that, during the financial year ended 31 January 2025, they have acted in a way that they consider, in good faith, would most likely promote the success of the company for the benefit of its stakeholders as a whole, having regard to the likely consequences of any decision in the long term and the broader interests of other stakeholders, as required by the Act.

WHITPORT LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 2 -

On behalf of the board

Mr D Vitoria
Director
19 June 2025
WHITPORT LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 JANUARY 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 January 2025.

Results and dividends

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

The directors recommend the payment of a final dividend at the rate of 5% which distributes a total of £200,000 for the year ended 31st January 2025 (2024: £200,000) to shareholders.

Directors

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

Mr D Vitoria
Ms I A Turner
Mr A W White
Mr R W White
Ms R C Owers
Mr I M Palmer
Directors' interests in ordinary shares
As at the year end, the directors' interest in ordinary shares of the entity were as follows:
At 31.1.2025
At 31.1.2024
Beneficial
As Trustees
Beneficial
As Trustees
R W White
304,793
-
304,609
-
R C Owers
199,628
165,301
199,628
-
D J M Vitoria
957
-
957
-
I M Palmer
59,432
165,301
54,827
-
A W White
22,795
165,301
22,795
-
I Turner
8,109
-
8,109
-
Disabled persons

In considering applications for employment from disabled people the group seeks to ensure that fair consideration is given to the abilities and aptitudes of the applicant while having regard to the requirements of the job for which he or she has applied. Employees who become unable to carry out the job for which they are employed are given individual consideration and depending on the nature, severity and duration of the disability may be considered for alternative work.

Employee involvement

The success of the group depends upon the skill and competence of the executive staff and operatives. We are fortunate to have built up successful teams in all trading areas. The directors are happy to record their appreciation of the performance of our employees at all levels.

 

Group companies are committed to the training and development of all employees and to a policy of internal promotion.

 

Health and Safety precautions are kept under constant review with the aim of maintaining the highest standards.

 

The group is committed to a policy of developing employee involvement and awareness on matters of concern to all employees throughout the group. Staff involvement will continue to be carried out at a local level both on a formal and informal basis.

Post reporting date events

Since the financial year end the registered address has moved to Hillsons Road, Botley, Southampton S030 2DY.

WHITPORT LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 4 -
Auditor

In accordance with the company's articles, a resolution proposing that be reappointed as auditor of the group will be put at a General Meeting.

Energy and carbon report

The company has improved its energy consumption on the previous year. The annual quantity of energy consumed for the year to 31 January 2025 was 302,500 kWh, compared to 315,000 kWh for the previous year. An intensity ratio of kWh per employee was calculated at 646:1 (2024: 644:1). The installation of LED lighting across all our branches and our head office facility has been completed. 83% of our fleet of vehicles are Euro 6 compliant. The business is ESOS (Energy Savings Opportunity Scheme) compliant. ESOS is a mandatory scheme for large organisations in the UK to audit their energy use and identify carbon and cost-effective savings.

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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

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

On behalf of the board
Mr D Vitoria
Director
19 June 2025
WHITPORT LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF WHITPORT LIMITED
- 5 -
Opinion

We have audited the financial statements of Whitport Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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

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

 

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

Responsibilities of directors

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

Auditor's responsibilities for the audit of the financial statements

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

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

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

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

WHITPORT LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF WHITPORT LIMITED
- 7 -
Audit response to risks identified

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

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

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

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

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

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Gregory ACA (Senior Statutory Auditor)
For and on behalf of Fiander Tovell Limited, Statutory Auditor
Chartered Accountants
Stag Gates House
63/64 The Avenue
Southampton
Hampshire
SO17 1XS
19 June 2025
WHITPORT LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
34,106,161
33,470,897
Cost of sales
(33,470,641)
(32,734,577)
Gross profit
635,520
736,320
Administrative expenses
(596,307)
(612,990)
Other operating income
12,281
161,434
Operating profit
4
51,494
284,764
Interest receivable and similar income
8
224,715
195,305
Interest payable and similar expenses
9
(53,206)
(39,964)
Profit before taxation
223,003
440,105
Tax on profit
10
(419,739)
(185,792)
(Loss)/profit for the financial year
25
(196,736)
254,313
Other comprehensive income
Currency translation (loss)/gain taken to retained earnings
(12,032)
4,246
Total comprehensive income for the year
(208,768)
258,559
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
WHITPORT LIMITED
GROUP BALANCE SHEET
AS AT
31 JANUARY 2025
31 January 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Goodwill
12
561,098
666,586
Tangible assets
13
14,034,951
13,403,982
14,596,049
14,070,568
Current assets
Debtors
16
3,601,791
4,136,837
Cash at bank and in hand
5,652,386
6,003,319
9,254,177
10,140,156
Creditors: amounts falling due within one year
17
(4,267,132)
(4,049,201)
Net current assets
4,987,045
6,090,955
Total assets less current liabilities
19,583,094
20,161,523
Creditors: amounts falling due after more than one year
18
(394,560)
(695,369)
Provisions for liabilities
Provisions
20
-
0
289,061
Deferred tax liability
21
1,321,310
901,101
(1,321,310)
(1,190,162)
Net assets
17,867,224
18,275,992
Capital and reserves
Called up share capital
23
4,000,000
4,000,000
Revaluation reserve
24
74,180
77,849
Profit and loss reserves
25
13,793,044
14,198,143
Total equity
17,867,224
18,275,992
The financial statements were approved by the board of directors and authorised for issue on 19 June 2025 and are signed on its behalf by:
19 June 2025
Mr D Vitoria
Director
Company registration number 00062172 (England and Wales)
WHITPORT LIMITED
COMPANY BALANCE SHEET
AS AT 31 JANUARY 2025
31 January 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
13
3,874,870
3,915,451
Investments
14
3,019,442
3,019,442
6,894,312
6,934,893
Current assets
Debtors
16
5,055,447
4,921,954
Cash at bank and in hand
4,496,673
4,938,062
9,552,120
9,860,016
Creditors: amounts falling due within one year
17
(157,291)
(458,542)
Net current assets
9,394,829
9,401,474
Total assets less current liabilities
16,289,141
16,336,367
Creditors: amounts falling due after more than one year
18
(533,362)
(533,361)
Provisions for liabilities
Provisions
20
-
0
289,061
Deferred tax liability
21
48,900
-
0
(48,900)
(289,061)
Net assets
15,706,879
15,513,945
Capital and reserves
Called up share capital
23
4,000,000
4,000,000
Profit and loss reserves
25
11,706,879
11,513,945
Total equity
15,706,879
15,513,945

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £392,934 (2024 - £662,608 profit).

The financial statements were approved by the board of directors and authorised for issue on 19 June 2025 and are signed on its behalf by:
19 June 2025
Mr D Vitoria
Director
Company registration number 00062172 (England and Wales)
WHITPORT LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 February 2023
4,000,000
81,518
14,175,915
18,257,433
Year ended 31 January 2024:
Profit for the year
-
-
254,313
254,313
Other comprehensive income:
Currency translation differences
-
-
4,246
4,246
Total comprehensive income
-
-
258,559
258,559
Dividends
11
-
-
(240,000)
(240,000)
Transfers
-
(3,669)
3,669
-
Balance at 31 January 2024
4,000,000
77,849
14,198,143
18,275,992
Year ended 31 January 2025:
Loss for the year
-
-
(196,736)
(196,736)
Other comprehensive income:
Currency translation differences
-
-
(12,032)
(12,032)
Total comprehensive income
-
-
(208,768)
(208,768)
Dividends
11
-
-
(200,000)
(200,000)
Transfers
-
(3,669)
3,669
-
Balance at 31 January 2025
4,000,000
74,180
13,793,044
17,867,224
WHITPORT LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2025
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 February 2023
4,000,000
11,091,337
15,091,337
Year ended 31 January 2024:
Profit and total comprehensive income for the year
-
662,608
662,608
Dividends
11
-
(240,000)
(240,000)
Balance at 31 January 2024
4,000,000
11,513,945
15,513,945
Year ended 31 January 2025:
Profit and total comprehensive income
-
392,934
392,934
Dividends
11
-
(200,000)
(200,000)
Balance at 31 January 2025
4,000,000
11,706,879
15,706,879
WHITPORT LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
2,317,377
2,037,299
Interest paid
(53,206)
(39,964)
Income taxes refunded/(paid)
21,460
(83,522)
Net cash inflow from operating activities
2,285,631
1,913,813
Investing activities
Purchase of business
-
(123,064)
Purchase of tangible fixed assets
(2,424,314)
(1,331,035)
Proceeds from disposal of tangible fixed assets
65,157
66,040
Interest received
224,715
195,305
Net cash used in investing activities
(2,134,442)
(1,192,754)
Financing activities
Payment of finance leases obligations
(290,090)
(344,787)
Dividends paid to equity shareholders
(200,000)
(240,000)
Net cash used in financing activities
(490,090)
(584,787)
Net (decrease)/increase in cash and cash equivalents
(338,901)
136,272
Cash and cash equivalents at beginning of year
6,003,319
5,862,801
Effect of foreign exchange rates
(12,032)
4,246
Cash and cash equivalents at end of year
5,652,386
6,003,319
WHITPORT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2025
- 14 -
1
Accounting policies
Company information

Whitport Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Hillsons Road, Bottings Industrial Estate, Botley, Southampton, England, SO30 2DY.

 

The group consists of Whitport Limited and all of its subsidiaries.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of a property in 1982. The principal accounting policies adopted are set out below.

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

 

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

WHITPORT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 15 -
1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Whitport Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 January 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

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

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

1.4
Going concern

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

1.5
Turnover

Revenue arising from services provided is recognised in the period in which the services are provided to customers. For Whitport Limited, revenue is recognised monthly for management charges etc. Revenue is measured at fair value at the consideration received or receivable, excluding discounts, rebates and their sale taxes.

1.6
Intangible fixed assets - goodwill

Goodwill arising on the acquisition of businesses is amortised through the statement of comprehensive income on a straight line basis over its estimated useful economic life of 10 years.

1.7
Tangible fixed assets

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

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

Freehold land and buildings
50 years
Long leaseholds
50 years
Plant and equipment
3 to 25 years
Motor vehicles
3 to 10 years
Short leaseholds
Over the period of the lease

Depreciation is provided on all tangible fixed assets with the exception of land and the cost of 999 year leases.

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

WHITPORT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 16 -
1.8
Fixed asset investments

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

 

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

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

1.9
Impairment of fixed assets

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

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

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

1.10
Cash and cash equivalents

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

1.11
Financial instruments

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

 

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

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price 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.

WHITPORT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 17 -
Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

Classification of financial liabilities

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

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.12
Taxation

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

Current tax

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

WHITPORT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 18 -
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 if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Provisions

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

 

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

1.14
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.

1.15
Retirement benefits

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

1.16
Leases

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

 

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

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

WHITPORT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
1
Accounting policies
(Continued)
- 19 -

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.17
Foreign exchange

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

On consolidation the profit and loss account of the overseas subsidiary is translated at the average rate for the year, and the balance sheet at the closing rate.

1.18

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

 

It is considered that the company has no significant judgements, estimates and assumptions that would have a material impact on the financial statements.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Rendering of services
34,106,161
33,470,897
2025
2024
£
£
Turnover analysed by geographical market
UK
31,560,861
30,959,518
Europe
2,545,300
2,511,379
34,106,161
33,470,897
WHITPORT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
3
Turnover and other revenue
(Continued)
- 20 -
2025
2024
£
£
Other revenue
Bank interest income
196,315
115,809
Other interest received
84
147
Rent recieved
5,050
5,050
Profit on sale of asset
67,165
40,428
268,614
161,434
4
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses
25,844
7,323
Depreciation of owned tangible fixed assets
1,672,841
1,530,678
Depreciation of tangible fixed assets held under finance leases
122,512
130,340
Profit on disposal of tangible fixed assets
(67,165)
(40,388)
Amortisation of intangible assets
105,488
133,776
Operating lease charges
802,257
1,542,929
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
12,500
12,200
Audit of the financial statements of the company's subsidiaries
52,000
57,750
64,500
69,950
For other services
Taxation compliance services
12,000
10,245
WHITPORT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 21 -
6
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Operatives
330
343
-
-
Salaried
138
138
2
2
Directors
8
8
6
4
Total
476
489
8
6

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
14,672,797
12,882,240
200,053
190,418
Social security costs
1,458,423
1,474,626
18,417
17,310
Pension costs
392,707
376,528
43,257
20,747
Pension reserve fund
-
20,000
-
20,000
16,523,927
14,753,394
261,727
248,475
7
Directors' remuneration
2025
2024
£
£
Fees
64,917
63,846
Remuneration for qualifying services
199,783
181,870
Company pension contributions to defined contribution schemes
30,721
55,752
295,421
301,468

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2024 - 2).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
116,324
102,692
Company pension contributions to defined contribution schemes
21,044
34,082
WHITPORT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 22 -
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
224,523
195,124
Other interest income
192
181
Total income
224,715
195,305
9
Interest payable and similar expenses
2025
2024
£
£
Interest on bank overdrafts and loans
4,312
4,243
Interest on finance leases and hire purchase contracts
48,894
35,721
Total finance costs
53,206
39,964
10
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
-
0
83,560
Adjustments in respect of prior periods
-
0
3,015
Total UK current tax
-
0
86,575
Foreign current tax on profits for the current period
-
0
(1,415)
Total current tax
-
0
85,160
Deferred tax
Origination and reversal of timing differences
237,658
100,632
Adjustment in respect of prior periods
182,081
-
0
Total deferred tax
419,739
100,632
Total tax charge
419,739
185,792
WHITPORT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
10
Taxation
(Continued)
- 23 -

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:

2025
2024
£
£
Profit before taxation
223,003
440,105
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 24.22%)
55,751
106,574
Tax effect of expenses that are not deductible in determining taxable profit
9,981
7,118
Change in unrecognised deferred tax assets
110,278
-
0
Adjustments in respect of prior years
-
0
3,015
Depreciation on assets not qualifying for tax allowances
34,949
53,208
Amortisation on assets not qualifying for tax allowances
10,462
10,044
Other non-reversing timing differences
16,237
5,833
Deferred tax adjustments in respect of prior years
182,081
-
0
Taxation charge
419,739
185,792
11
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Final paid
200,000
240,000

For proposed current year dividends see directors' report.

12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 February 2024 and 31 January 2025
1,641,730
Amortisation and impairment
At 1 February 2024
975,144
Amortisation charged for the year
105,488
At 31 January 2025
1,080,632
Carrying amount
At 31 January 2025
561,098
At 31 January 2024
666,586
The company had no intangible fixed assets at 31 January 2025 or 31 January 2024.
WHITPORT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
12
Intangible fixed assets
(Continued)
- 24 -
13
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost or valuation
At 1 February 2024
10,806,949
4,766,462
13,373,019
28,946,430
Additions
100,354
72,821
2,245,440
2,418,615
Disposals
-
0
(33,763)
(1,515,124)
(1,548,887)
Exchange adjustments
-
0
-
0
4,872
4,872
At 31 January 2025
10,907,303
4,805,520
14,108,207
29,821,030
Depreciation and impairment
At 1 February 2024
4,264,246
3,777,463
7,500,739
15,542,448
Depreciation charged in the year
191,867
226,931
1,376,555
1,795,353
Eliminated in respect of disposals
-
0
(33,763)
(1,517,132)
(1,550,895)
Exchange adjustments
-
0
-
0
(827)
(827)
At 31 January 2025
4,456,113
3,970,631
7,359,335
15,786,079
Carrying amount
At 31 January 2025
6,451,190
834,889
6,748,872
14,034,951
At 31 January 2024
6,542,703
988,999
5,872,280
13,403,982
WHITPORT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
13
Tangible fixed assets
(Continued)
- 25 -
Company
Freehold land and buildings
Plant and equipment
Total
£
£
£
Cost or valuation
At 1 February 2024
6,513,546
2,114,361
8,627,907
Additions
77,102
39,575
116,677
Disposals
-
0
(8,663)
(8,663)
At 31 January 2025
6,590,648
2,145,273
8,735,921
Depreciation and impairment
At 1 February 2024
2,826,052
1,886,404
4,712,456
Depreciation charged in the year
121,648
35,610
157,258
Eliminated in respect of disposals
-
0
(8,663)
(8,663)
At 31 January 2025
2,947,700
1,913,351
4,861,051
Carrying amount
At 31 January 2025
3,642,948
231,922
3,874,870
At 31 January 2024
3,687,494
227,957
3,915,451

The carrying value of land and buildings comprises:

Group
Company
2025
2024
2025
2024
£
£
£
£
Freehold
5,623,565
5,681,648
2,816,760
2,827,876
Long leasehold
826,188
859,618
826,188
859,618
Short leasehold
1,437
1,437
-
0
-
0
6,451,190
6,542,703
3,642,948
3,687,494

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

Group
Company
2025
2024
2025
2024
£
£
£
£
Motor vehicles
905,219
1,320,588
-
0
-
0

Included in group land and buildings is the cost of land amounting to £1,544,982 (2024: £1,544,982). Included in company land and buildings is the cost of land amounting to £788,044 (2024: £788,044).

WHITPORT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
13
Tangible fixed assets
(Continued)
- 26 -

Cost or valuation at 31st January 2025 comprises:

 

£

Valuation 1982

 

325,000

Cost

 

10,299,956

 

 

10,624,956

 

The revaluation surplus is disclosed in note 24.

The following assets are carried at valuation. If the assets were measured using the cost model, the carrying amounts would be as follows:

2025
2024
£
£
Group
Cost
10,441,499
10,623,492
Accumulated depreciation
(4,100,387)
(4,187,197)
Carrying value
6,341,112
6,436,295
14
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
3,019,442
3,019,442
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 February 2024 and 31 January 2025
3,019,442
Carrying amount
At 31 January 2025
3,019,442
At 31 January 2024
3,019,442
WHITPORT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 27 -
15
Subsidiaries

Details of the company's subsidiaries at 31 January 2025 are as follows:

Name of undertaking
Address
Class of
% Held
shares held
Direct
Indirect
White & Co Plc
1
Ordinary
100.00
-
White & Co of Scotland Limited
2
Ordinary
100.00
-
Maidmans Moving and Storage Limited
1
Ordinary
100.00
-
GoodMove Moving and Storage Limited
1
Ordinary
100.00
-
R. H. Pardy Moving and Storage Limited
1
Ordinary
100.00
-
Security Self Storage Limited
1
Ordinary
100.00
-
Barnes of Lincoln Limited
1
Ordinary
100.00
-
Curtiss & Sons Limited
1
Ordinary
100.00
-
Grampian International Removers Limited
2
Ordinary
100.00
-
Southampton Removals and Storage Limited
1
Ordinary
100.00
-
Portsmouth Removals and Storage Limited
1
Ordinary
100.00
-
Record Management Limited
1
Ordinary
100.00
-
Landguard Property Investments Plc
1
Ordinary
100.00
-
Ivybridge Moving & Storage Limited
1
Ordinary
100.00
-
Inverness Moving & Storage Limited
1
Ordinary
100.00
-
Milton Keynes Removals and Storage Limited
1
Ordinary
100.00
-
Edinburgh Removals & Storage Limited
2
Ordinary
100.00
-
Chichester Removals Limited
1
Ordinary
100.00
-
Lund-Conlon Removers & Storers Limited
1
Ordinary
100.00
-
Wrekin Moving and Storage Limited
1
Ordinary
100.00
-
Archibald of Chichester Moving & Storage Limited
1
Ordinary
100.00
-
South Hams Moving and Storage Limited
1
Ordinary
100.00
-
Moving and Storage Limited
1
Ordinary
100.00
-
The Moving Shop (UK) Limited
1
Ordinary
100.00
-
Whites Moving and Storage Spain SL
3
Ordinary
0
100.00
White Van Lines Limited
1
Ordinary
0
100.00
Lawrence & Hall Limited
1
Ordinary
0
100.00

Registered office addresses (all UK unless otherwise indicated):

1
Hillsons Road, Bottings Industrial Estate, Botley, Southampton, SO30 2DY
2
8 Cumming Street, Forres, Morayshire, IV36 1NS
3
Sant Miquel, Palma, 07002, Mallorca, Spain

Security Self Storage Limited (company number 04620084) and R. H. Pardy Moving and Storage Limited (company number 07959180) are exempt from preparing individual audited accounts by virtue of section 479A of the Companies Act 2006 for the period ended 31st January 2025. In order to obtain the the above exemption Whitport Limited has guaranteed the outstanding liabilities to which R. H. Pardy Moving and Storage Limited and Security Self Storage Limited is subject to at 31st January 2025.

 

All the above subsidiaries have been included in the consolidated financial statements.

WHITPORT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 28 -
16
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,322,759
2,472,283
-
0
-
0
Corporation tax recoverable
84,891
105,881
90,000
64,649
Amounts owed by group undertakings
-
-
203,456
62,194
Other debtors
15,209
18,081
1,471
8,300
Prepayments and accrued income
1,175,165
1,533,092
93,520
68,249
3,598,024
4,129,337
388,447
203,392
Deferred tax asset (note 21)
-
0
-
0
-
0
25,300
3,598,024
4,129,337
388,447
228,692
Amounts falling due after more than one year:
Trade debtors
3,767
7,500
-
0
-
0
Amounts owed by group undertakings
-
-
4,667,000
4,693,262
3,767
7,500
4,667,000
4,693,262
Total debtors
3,601,791
4,136,837
5,055,447
4,921,954
17
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Obligations under finance leases
19
245,825
290,090
-
0
-
0
Trade creditors
2,191,725
1,885,682
-
0
4,320
Amounts owed to group undertakings
-
0
-
0
109,033
332,641
Other taxation and social security
1,081,729
936,819
17,285
-
Other creditors
100,266
113,386
13,529
94,416
Accruals and deferred income
647,587
823,224
17,444
27,165
4,267,132
4,049,201
157,291
458,542
WHITPORT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 29 -
18
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Obligations under finance leases
19
394,560
640,385
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
533,362
533,361
Accruals and deferred income
-
0
54,984
-
0
-
0
394,560
695,369
533,362
533,361
19
Finance lease obligations
Group
Company
2025
2024
2025
2024
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
245,825
290,090
-
0
-
0
In two to five years
394,560
640,385
-
0
-
0
640,385
930,475
-
-

Obligations under finance leases are secured on the assets concerned.

20
Provisions for liabilities
Group
Company
2025
2024
2025
2024
£
£
£
£
Pensions
-
289,061
-
289,061
Movements on provisions:
Pensions
Group
£
At 1 February 2024
289,061
Utilisation of provision
(289,061)
At 31 January 2025
-
WHITPORT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
20
Provisions for liabilities
(Continued)
- 30 -
Company
£
At 1 February 2024
289,061
Utilisation of provision
(289,061)
At 31 January 2025
-
21
Deferred taxation

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

Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Group
£
£
£
£
Accelerated capital allowances
1,430,146
1,017,147
-
-
Tax losses
(108,237)
-
-
-
Retirement benefit obligations
(599)
(116,046)
-
-
1,321,310
901,101
-
-
Liabilities
Liabilities
Assets
Assets
2025
2024
2025
2024
Company
£
£
£
£
Accelerated capital allowances
48,900
-
-
25,300
Group
Company
2025
2025
Movements in the year:
£
£
Liability/(Asset) at 1 February 2024
901,101
(25,300)
Charge to profit or loss
420,209
74,200
Liability at 31 January 2025
1,321,310
48,900
22
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
392,707
396,528
WHITPORT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
22
Retirement benefit schemes
(Continued)
- 31 -

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

As at 31st January 2025 outstanding pension contributions were £1,196 (2024: £18,561).

 

Whitport Limited also pays voluntary pensions which amount to £27,661 (2024: £27,706).

23
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
4,000,000
4,000,000
4,000,000
4,000,000

There is a single class of ordinary shares. There are no restrictions on the distribution of dividends and the repayment of capital.

24
Revaluation reserve
Group
Company
2025
2024
2025
2024
£
£
£
£
At the beginning of the year
77,849
81,518
-
0
-
0
Transfer to retained earnings
(3,669)
(3,669)
-
-
At the end of the year
74,180
77,849
-
0
-
25
Profit and loss reserves
Group
Company
2025
2024
2025
2024
£
£
£
£
At the beginning of the year
14,198,143
14,175,915
11,513,945
11,091,337
Profit/(loss) for the year
(196,736)
254,313
392,934
662,608
Dividends
(200,000)
(240,000)
(200,000)
(240,000)
Transfer from revaluation reserve
3,669
3,669
-
-
Currency translation differences
(12,032)
4,246
-
0
-
0
At the end of the year
13,793,044
14,198,143
11,706,879
11,513,945
WHITPORT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 32 -
26
Operating lease commitments
Lessee

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

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
743,516
822,894
106,126
106,126
Between two and five years
1,741,291
2,214,563
142,168
248,044
In over five years
1,492,542
1,754,640
245,667
245,917
3,977,349
4,792,097
493,961
600,087
27
Capital commitments

Amounts contracted for but not provided in the financial statements:

Group
Company
2025
2024
2025
2024
£
£
£
£
Acquisition of tangible fixed assets
1,775,075
2,133,762
-
-
28
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
862,753
890,098
Other information

The company is exempt from disclosing related party transactions with companies that are wholly owned within the group.

29
Controlling party

There is no ultimate controlling party of the company.

30
Contingent liabilities

At 31st January 2025, Whitport Limited had the following guarantee:

 

Subsidiaries - annual rent on property leases £317,591 (2024: £279,591)

WHITPORT LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2025
- 33 -
31
Cash generated from group operations
2025
2024
£
£
(Loss)/profit after taxation
(196,736)
254,313
Adjustments for:
Taxation charged
419,739
185,792
Finance costs
53,206
39,964
Investment income
(224,715)
(195,305)
Gain on disposal of tangible fixed assets
(67,165)
(40,388)
Amortisation and impairment of intangible assets
105,488
133,776
Depreciation and impairment of tangible fixed assets
1,795,353
1,661,018
Decrease in provisions
(289,061)
(1,057)
Movements in working capital:
Decrease in debtors
514,056
328,691
Increase/(decrease) in creditors
207,212
(329,465)
Cash generated from operations
2,317,377
2,037,339
32
Analysis of changes in net funds - group
1 February 2024
Cash flows
Exchange rate movements
31 January 2025
£
£
£
£
Cash at bank and in hand
6,003,319
(338,901)
(12,032)
5,652,386
Obligations under finance leases
(930,475)
290,090
-
(640,385)
5,072,844
(48,811)
(12,032)
5,012,001
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