Company registration number 11415123 (England and Wales)
HANKINSON WHITTLE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2025
HANKINSON WHITTLE LIMITED
COMPANY INFORMATION
Directors
Mr B P Russell
Mr C J Williams
Mr S Frame
Mr G P W Spence
(Appointed 27 September 2024)
Company number
11415123
Registered office
Unit 2
Prenton Way
North Cheshire Trading Estate
Prenton
CH43 3EA
Auditor
JS. Audit Limited
James House
Stonecross Business Park
Yew Tree Way
Golborne
Warrington
WA3 3JD
HANKINSON WHITTLE LIMITED
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 26
HANKINSON WHITTLE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 30 March 2025.

Review of the business

The directors are pleased to report a strong year of financial performance, with turnover increasing by £8.2m to £23.9m.

Contract performance improved during the year under review, with the company gross profit margin percentage increasing by 0.9% to 20.0%. We are targeting a similar gross profit margin percentage for the March 2026 year, with a heavy focus on improving procurement of materials, plant and subcontractor services. This is to counterbalance increased costs of raw materials, as well as direct labour arising from both the recent employer’s National Insurance rises and general wage inflation.

Following the significant investment in the company’s infrastructure in the March 2024 year, we have managed to grow revenue by 52.3% whilst limiting overhead increases to 16.4%. Cost control at an overhead level, coupled with improved gross profit performance, has helped the company improve its EBITDA position by £1.3m and profit before tax by £1.3m.

Pleasingly, there was an improvement in the number of our divisions achieving business plan budgets, with 50% exceeding their contribution targets, a 10% increase on the previous year.

At the start of the new financial year, our order book was 70% secured and with subsequent tender awards is now 100% secured at the time of signing these financial statements.

Cash balances improved by £0.4m, despite significant outflows reducing debt, this being another indicator of our improving financial position. Creditors continue to be paid on good terms, on average 33 days from the date of their invoice, and recovery rates from our clients have improved by 17 days to 48 days, with no material bad debts to report in the year. 

As a result of the profit recorded, the net asset position of the company increased by £0.6m to £1.0m, this being a 150% improvement. As part of our parent company’s commitment to support the achievement of our 5-year plan, no dividends were paid on the ordinary shares held by the parent company.

Principal risks and uncertainties

Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

 

Interest rate risk

The company is exposed to fair value interest rate risk on its fixed rate borrowings and cash flow interest rate risk on floating rate deposits, bank overdrafts and loans.

 

Credit risk

Investments of cash surpluses and borrowings are made through banks and companies which must fulfil credit rating criteria approved by the Board. All clients who wish to trade on credit terms are subject to credit verification procedures. Trade debtors are monitored on an ongoing basis and provision is made for doubtful debts where necessary.

 

HANKINSON WHITTLE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
- 2 -
Key performance indicators

 

2025

2024

Turnover

£23,939k

£15,715k

Gross profit

£4,788k

£3,004k

Gross profit margin %

20.0%

19.1%

Divisional contribution to central overheads

£2,779k

£1,401k

EBITDA

£1,107k

(£168k)

Profit/(loss) before tax

£760k

(£562k)

Cash balances at year end

£774k

£397k

Creditor days

33 days

44 days

Debtor days

48 days

65 days

Future developments

The Directors remain committed to building a well-balanced business, operating across various sectors, to ensure the risks associated with revenue fluctuations are managed effectively.

 

There is a strong desire to work in partnership with our clients, building upon new and existing relationships, with the end goal of transforming properties occupied for social, residential, and commercial purposes.

 

At the heart of our long-term strategy are our company brand values:

 

 

These values create an identity for the company and our people, which is critical for long-term success.

 

The company mission is to provide exceptional maintenance solutions, by embracing innovative approaches to service delivery, which includes promoting collaborative ways of working throughout the supply chain. This supports our vision of becoming the preferred choice for transformative maintenance solutions in the regions we operate in, enriching buildings, people, and communities.

 

The Directors set an ambitious 5-year plan in the year ended 30 March 2025, and at the time of signing these accounts are delivering results a year ahead of schedule, both in terms of financial performance and the non-financial objectives set. The high performance of the March 2025 year has allowed the Directors to accelerate the delivery of certain medium-term business plan objectives, in the main related to the IT infrastructure. The improvements scheduled for the coming financial year will place us in a strong position to achieve the 5-year plan and importantly allow our people to develop and prosper in a secure business for many years to come.

HANKINSON WHITTLE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
- 3 -

Future developments (continued)

Included within our 5-year plan is a commitment to reducing any negative environmental impact of our operations, by developing a comprehensive carbon reduction plan. Initially, we will focus on addressing Scope 1 and Scope 2 emissions—those directly under our control, such as fuel combustion and energy usage. This includes transitioning to renewable energy sources, optimising energy efficiency across operations and upgrading equipment to reduce on-site emissions. Once we establish a solid foundation in managing these areas, we will expand our efforts to Scope 3 emissions, targeting indirect emissions across our supply chain, business travel, and product lifecycle. This phased approach ensures measurable progress for long-term sustainability.

On behalf of the board

Mr S Frame
Director
8 August 2025
HANKINSON WHITTLE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 MARCH 2025
- 4 -

The directors present their annual report and financial statements for the year ended 30 March 2025.

Principal activities

The principal activity of the company continued to be that of planned, responsive and cyclical painting, maintenance and refurbishment.

Results and dividends

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

No dividends were paid on the Ordinary shares in the year. Dividends totalling £500 were paid on the Ordinary A shares in the year.

 

The Directors do not recommend payment of a final dividend on either class of shares.

Directors

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

Mr B P Russell
Mr C J Williams
Mr S Frame
Mr G P W Spence
(Appointed 27 September 2024)
Auditor

JS. Audit Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

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

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.

HANKINSON WHITTLE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
- 5 -
Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr S Frame
Director
8 August 2025
HANKINSON WHITTLE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HANKINSON WHITTLE LIMITED
- 6 -
Opinion

We have audited the financial statements of Hankinson Whittle Limited (the 'company') for the year ended 30 March 2025 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:

Basis for opinion

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

Conclusions relating to going concern

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

 

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

 

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

Other information

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

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

HANKINSON WHITTLE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HANKINSON WHITTLE LIMITED (CONTINUED)
- 7 -
Matters on which we are required to report by exception

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

 

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

Responsibilities of directors

As explained more fully in the directors' responsibilities statement included in the directors report, 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the company and the sectors in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to, but were not limited to, the Companies Act 2006, distributable profits, UK tax, employment, pension, health and safety and environmental legislation and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as UK Financing Reporting Standards and the Companies Act 2006.

 

We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates and judgements and the risk of fraudulent revenue recognition.

HANKINSON WHITTLE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF HANKINSON WHITTLE LIMITED (CONTINUED)
- 8 -

Our procedures to respond to risks identified included the following:

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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.

Angela Harrison BA FCA (Senior Statutory Auditor)
For and on behalf of JS. Audit Limited, Statutory Auditor
Chartered Accountants
James House
Stonecross Business Park
Yew Tree Way
Golborne
Warrington
WA3 3JD
8 August 2025
HANKINSON WHITTLE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 MARCH 2025
- 9 -
2025
2024
Notes
£
£
Turnover
3
23,938,799
15,714,613
Cost of sales
(19,151,160)
(12,710,486)
Gross profit
4,787,639
3,004,127
Administrative expenses
(3,927,347)
(3,372,954)
Other operating income
124,450
19,986
Other operating income - exceptional items
4
-
0
49,426
Operating profit/(loss)
5
984,742
(299,415)
Interest receivable and similar income
8
69,633
-
0
Interest payable and similar expenses
9
(293,927)
(262,186)
Profit/(loss) before taxation
760,448
(561,601)
Tax on profit/(loss)
10
(129,299)
127,447
Profit/(loss) for the financial year
631,149
(434,154)

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

HANKINSON WHITTLE LIMITED
BALANCE SHEET
AS AT
30 MARCH 2025
30 March 2025
- 10 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
13
364,368
420,311
Current assets
Debtors falling due after more than one year
14
238,863
548,390
Debtors falling due within one year
14
4,638,308
4,669,023
Cash at bank and in hand
773,688
396,782
5,650,859
5,614,195
Creditors: amounts falling due within one year
15
(4,827,103)
(5,381,343)
Net current assets
823,756
232,852
Total assets less current liabilities
1,188,124
653,163
Creditors: amounts falling due after more than one year
16
(147,289)
(243,110)
Net assets
1,040,835
410,053
Capital and reserves
Called up share capital
22
300,010
300,000
Share premium account
123
-
0
Profit and loss reserves
740,702
110,053
Total equity
1,040,835
410,053

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

The financial statements were approved by the board of directors and authorised for issue on 8 August 2025 and are signed on its behalf by:
Mr S Frame
Director
Company registration number 11415123 (England and Wales)
HANKINSON WHITTLE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 MARCH 2025
- 11 -
Share capital
Share premium account
Other reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
As restated for the period ended 30 March 2024:
Balance at 31 March 2023
185,000
-
0
406,331
409,997
1,001,328
Year ended 30 March 2024:
Loss and total comprehensive income
-
-
-
(434,154)
(434,154)
Issue of share capital
22
115,000
-
0
-
-
115,000
Transfers
-
-
(134,210)
134,210
-
Prior year adjustment
26
-
-
(272,121)
-
(272,121)
Balance at 30 March 2024
300,000
-
0
-
110,053
410,053
Year ended 30 March 2025:
Profit and total comprehensive income
-
-
-
631,149
631,149
Issue of share capital
22
10
123
-
-
133
Dividends
11
-
-
-
(500)
(500)
Balance at 30 March 2025
300,010
123
-
740,702
1,040,835
HANKINSON WHITTLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2025
- 12 -
1
Accounting policies
Company information

Hankinson Whittle Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2, Prenton Way, North Cheshire Trading Estate, Prenton. CH43 3EA.

 

The principal activities of the company are disclosed in the Strategic Report.

1.1
Accounting convention

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

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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

 

 

The financial statements of the company are consolidated in the financial statements of RW Integrated Solutions Limited. These consolidated financial statements are available from its registered office, Unit 2 Prenton Way, North Cheshire Trading Estate, Prenton, CH43 3EA.

1.2
Prior period adjustment

The directors have reconsidered the amounts recognised in other reserves and in amounts owed to group undertakings as at 30 March 2024 in respect of the present value of future loan payments discounted at a market rate of interest such that, a reallocation has been required. In accordance with FRS102 this has been accounted for by way of a prior year adjustment, details of which are disclosed in note 26 to the financial statements.

1.3
Going concern

As outlined in the business review on page 1 the company has delivered a strong year of financial performance, following the commercial and operational challenges of the prior two years. As a result of the strategy adopted in the year under review, significant growth has been realised in turnover, gross profit, and profit before tax, ultimately leading to a 150% increase in the net asset position.  This new level of financial performance has set the benchmark for future years, giving the directors both comfort and belief that the 5-year plan can be achieved. The directors set the company’s budget for the March 2026 year at a level higher than the original 5-year plan, given the overperformance of the March 2025 year and strong pipeline of work for the short to medium term. At the time of signing these accounts, turnover was 12% higher and profit before tax was 40% higher than the same period last year. Specifically, the directors have reviewed the forecasts for a period of 12 months from the date of these financial statements, concluding that the company will have sufficient trading performance to support consistent profitability and cash generation for at least the next year. With reference to the above, the directors are satisfied that it remains appropriate for the company to prepare its financial statements on a going concern basistrue

HANKINSON WHITTLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
1
Accounting policies
(Continued)
- 13 -
1.4
Turnover

Turnover represents the value of invoices raised in the year, net of value added tax and discounts where applicable, adjusted for movements in amounts recoverable on contracts.

 

All contracts are assessed on an individual basis, with the relevant profit and loss account entries recording turnover and matched contract costs reflective of activity on the relevant works under way. Turnover is established with reference to the stage of completion of the relevant works, with valuations periodically agreed by clients in line with the terms of the contract in place. Profits on contracts are realised when the outcome of the work being undertaken can be assessed with reasonable certainty and turnover will only be recognised where there is a contractual right to do so. Where applicable, losses on contracts are recognised as soon as it is apparent the contract cannot return a positive return over its full term. Where the outcome of contract cannot be reasonably assessed, the relevant costs are recorded in the profit and loss account with a corresponding amount included in turnover, to ensure no profit or loss is realised.

 

Where applicable, retentions may be applied by clients on the cumulative value of amounts invoiced. Such adjustments serve to reduce the value of trade debtors, with the future recoverable amount included within other debtors, however do not impact on the disclosure of turnover in the profit and loss account which continues to be disclosed gross of retentions.

1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill has been fully amortised.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.6
Tangible fixed assets

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

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

Leasehold improvements
3 years straight line
Fixtures and fittings
20% reducing balance
Computers
33% reducing balance
Motor vehicles
25% reducing balance

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

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 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.

HANKINSON WHITTLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
1
Accounting policies
(Continued)
- 14 -
1.8
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.

1.9
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 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

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

 

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

 

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

Derecognition of financial assets

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

HANKINSON WHITTLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
1
Accounting policies
(Continued)
- 15 -
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 and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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

 

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

Other financial liabilities

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.

1.10
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.

HANKINSON WHITTLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
1
Accounting policies
(Continued)
- 16 -
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

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

1.13
Share-based payments

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted using the Black-Scholes model. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

 

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

 

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

1.14
Leases
As lessee

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.

HANKINSON WHITTLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
- 17 -
2
Judgements and key sources of estimation uncertainty

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

 

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

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Amounts recoverable on maintenance contracts and work in progress

Amounts recoverable on maintenance contracts and work in progress are based on a stage of completion determined by the company on the basis of expected total revenue and expected total costs on projects. The recoverability of such amounts are subject to negotiation with customers which may cause adjustments up and down in determining final amounts.

Determining and reassessing residual values and useful economic lives of tangible assets

The company depreciates tangible assets over their estimated useful lives. In determining appropriate useful lives of assets, the directors have considered historic performance as well as future expectations for factors such as expected usage of the asset, physical wear and tear, technical and commercial obsolescence and legal limitations of the usage of the asset, such as lease terms. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.

 

Judgement is applied to determine the residual values for tangible assets. When determining the residual values, the directors have assessed the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. At each reporting date, the directors have also assessed whether there have been any indicators, such as a change in how the asset is used, significant unexpected wear and tear and changes in market prices, which suggest previous estimates may differ from current expectations. Where this is the case, the residual value and/or useful life is amended and accounted for on a prospective basis.

Share based payment

Management is required to use an appropriate pricing model to value the issue of equity to employees or those providing similar services. Any charge to the profit and loss account is therefore a function of the chosen pricing model, which is based on a range of assumptions. All conditional growth shares issued in the year at subscription price have a hurdle price calculated to be in excess of the current aggregate value of the company attributable to all other share classes. The cost to the company in issuing these shares at the subscription price is regarded by the directors to be £nil and therefore in their judgement no charge has been made to the profit and loss in the current period nor will be applicable to future periods.

HANKINSON WHITTLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
- 18 -
3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Planned, responsive and cyclical painting, maintenance and refurbishment
23,938,799
15,714,613
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
23,938,799
15,714,613
2025
2024
£
£
Other revenue
Interest income
69,633
-
Other operating income
124,450
19,986
Other operating income - exceptional items
-
49,426
4
Exceptional item
2025
2024
£
£
Income
Commissions received
-
49,426

During the prior year, the company earned commissions totalling £49,426, net of value added tax, in respect of debt recovery services delivered to a company in administration. The income is considered to be one-off in nature, and was therefore disclosed as an exceptional item in the profit and loss account.

5
Operating profit/(loss)
2025
2024
Operating profit/(loss) for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
14,000
15,950
Depreciation of owned tangible fixed assets
15,391
10,607
Depreciation of tangible fixed assets held under finance leases
107,455
121,093
Profit on disposal of tangible fixed assets
(551)
-
Operating lease charges
140,295
148,116
HANKINSON WHITTLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
- 19 -
6
Employees

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

2025
2024
Number
Number
Directors
4
3
Management
10
10
Administrative
7
10
Operations
123
122
Total
144
145

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
5,729,048
5,281,026
Social security costs
645,068
536,510
Pension costs
263,067
108,208
6,637,183
5,925,744
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
410,358
181,172
Company pension contributions to defined contribution schemes
80,670
9,600
491,028
190,772
Remuneration disclosed above include the following amounts paid to the highest paid director:
2025
2024
£
£
Remuneration for qualifying services
208,938
75,555
Company pension contributions to defined contribution schemes
27,200
3,750

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2024: 3).

HANKINSON WHITTLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
- 20 -
8
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest recharged to group undertakings
69,633
-
0
9
Interest payable and similar expenses
2025
2024
£
£
Interest on loans
248,009
134,356
Interest on finance leases and hire purchase contracts
38,282
35,202
Unwinding of discount on debt owed to group undertakings
-
92,517
Other interest
7,636
111
293,927
262,186
10
Taxation
2025
2024
£
£
Deferred tax
Origination and reversal of timing differences
129,299
(127,447)

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

2025
2024
£
£
Profit/(loss) before taxation
760,448
(561,601)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
190,112
(140,400)
Tax effect of expenses that are not deductible in determining taxable profit
7,978
2,317
Unutilised tax losses carried forward
-
0
165,616
Change in unrecognised deferred tax assets
(68,791)
-
0
Permanent capital allowances in excess of depreciation
-
0
(154,980)
Taxation charge/(credit) for the year
129,299
(127,447)
11
Dividends
2025
2024
2025
2024
Per share
Per share
Total
Total
£
£
£
£
Ordinary A shares
Interim paid
50.00
-
0
500
-
0
HANKINSON WHITTLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
- 21 -
12
Intangible fixed assets
Goodwill
£
Cost
At 31 March 2024 and 30 March 2025
22,402
Amortisation and impairment
At 31 March 2024 and 30 March 2025
22,402
Carrying amount
At 30 March 2025
-
0
At 30 March 2024
-
0
13
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 31 March 2024
17,352
13,707
14,842
517,442
563,343
Additions
-
0
-
0
10,086
81,495
91,581
Disposals
-
0
-
0
-
0
(39,375)
(39,375)
At 30 March 2025
17,352
13,707
24,928
559,562
615,549
Depreciation and impairment
At 31 March 2024
3,864
2,185
4,559
132,424
143,032
Depreciation charged in the year
5,784
2,305
5,959
108,798
122,846
Eliminated in respect of disposals
-
0
-
0
-
0
(14,697)
(14,697)
At 30 March 2025
9,648
4,490
10,518
226,525
251,181
Carrying amount
At 30 March 2025
7,704
9,217
14,410
333,037
364,368
At 30 March 2024
13,488
11,522
10,283
385,018
420,311

Tangible fixed assets includes assets held under finance leases or hire purchase contracts, as follows:

2025
2024
£
£
Motor vehicles
312,880
385,018
HANKINSON WHITTLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
- 22 -
14
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
3,105,784
2,746,854
Amounts recoverable on maintenance contracts and work in progress
758,490
1,144,525
Amounts owed by group undertakings
161,960
135,000
Other debtors
198,096
136,437
Prepayments and accrued income
330,681
293,611
4,555,011
4,456,427
Deferred tax asset (note 19)
83,297
212,596
4,638,308
4,669,023
2025
2024
Amounts falling due after more than one year:
£
£
Amounts recoverable on maintenance contracts and work in progress
219,363
528,890
Other debtors
19,500
19,500
238,863
548,390
Total debtors
4,877,171
5,217,413
15
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans and overdrafts
17
1,493
1,659
Obligations under finance leases
18
123,331
118,993
Trade creditors
1,921,291
1,690,110
Amounts owed to group undertakings
-
0
1,122,783
Taxation and social security
850,685
1,056,700
Other creditors
952,198
1,063,044
Accruals and deferred income
978,105
328,054
4,827,103
5,381,343

Amounts due to group undertakings as at 30 March 2024 include a balance of £1,122,783 which constituted a financing loan, where the transaction had been measured at the present value of future payments discounted at a market rate of interest. No discounting of future payments was required as at 30 March 2024 and the loan was repaid in full in the year ended 30 March 2025.

 

Included in other creditors is a balance owing to Bibbys Financial Services Limited totalling £856,484 (2024: £996,956) in respect of an invoice finance facility. This creditor is secured by way of a fixed and floating charge on certain company assets, dated 31 May 2023.

HANKINSON WHITTLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
- 23 -
16
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Obligations under finance leases
18
147,289
243,110
17
Loans and overdrafts
2025
2024
£
£
Bank overdrafts
1,493
1,659
Payable within one year
1,493
1,659
18
Finance lease obligations
2025
2024
Future minimum lease payments due under finance leases:
£
£
Within one year
123,331
118,993
In two to five years
147,289
243,110
270,620
362,103

Finance lease payments represent rentals payable by the company for certain items plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 4 years. All leases are on a fixed repayment basis and no arrangements have been into for contingent rental payments.

HANKINSON WHITTLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
- 24 -
19
Deferred taxation

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

Assets
Assets
2025
2024
Balances:
£
£
Accelerated capital allowances
(53,233)
(83,224)
Tax losses
136,530
295,820
83,297
212,596
2025
Movements in the year:
£
Asset at 31 March 2024
(212,596)
Charge to profit or loss
129,299
Asset at 30 March 2025
(83,297)

The deferred tax asset in respect of the tax losses is expected to reverse within 12 months. The deferred tax liability element related to accelerated capital allowances is expected to mature over the life of the assets to which it relates.

20
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
263,067
108,208

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. Contributions to the fund totalling £27,317 (2024: £16,857) were payable to the fund at the balance sheet date.

21
Share-based payment transactions

On 5 February 2025, 10 Ordinary A £1 shares were granted. These conditional growth shares issued had a subscription price of £13.33 each with a hurdle price calculated to be in excess of their fair value at the measurement date.

HANKINSON WHITTLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
- 25 -
22
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
300,000
300,000
300,000
300,000
Ordinary A shares of £1 each
10
0
10
-
0
300,010
300,000
300,010
300,000

On 5 February 2025, the company allotted 10 Ordinary A £1 shares for a total subscription price of £133.00. This sum was paid in full by the subscriber on that date.

 

The Ordinary shares and Ordinary A shares have independent rights to receive both dividends and a return of capital, subject to the terms outlined in the Articles of Association dated 5 February 2025.

 

The Ordinary A shares do not have voting rights.

23
Operating lease commitments
As lessee

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

 

2025
2024
£
£
Within 1 year
261,895
151,042
Years 2-5
343,204
237,922
After 5 years
12,750
-
617,849
388,964
24
Related party transactions

The company has taken advantage of the reduced disclosure exemptions available under Financial Reporting Standard 102 relating to the disclosure of related party transactions between wholly owned group companies.

 

25
Ultimate controlling party

The immediate and ultimate parent undertaking is RW Integrated Solutions Limited which has a registered office of Unit 2 Prenton Way North Cheshire Trading Estate Prenton CH43 3EA.

 

The smallest and largest group into which the results of this entity are consolidated is that headed by RW Integrated Solutions Limited.

 

Consolidated financial statements of RW Integrated Solutions Limited can be obtained from the following address: Unit 2 Prenton Way North Cheshire Trading Estate Prenton CH43 3EA.

 

The directors are of the opinion that RW Integrated Solutions Limited is controlled by Mr B P Russell.

HANKINSON WHITTLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2025
- 26 -
26
Prior period adjustment

The directors have reconsidered the amounts recognised in other reserves, and in amounts owed to group undertakings, as at 30 March 2024 in respect of the present value of future loan payments discounted at a market rate of interest. They have also reclassified amounts owed to group undertakings falling after more than one year, to amounts owed to group undertakings falling due within one year. In accordance with FRS102 these has been accounted for by way of a prior year adjustment. The following adjustments have been made to the figures as at 30 March 2024:

 

Other reserves has been restated to £nil, previously being £272,121. Amounts owed to group undertakings included in creditors: amounts falling due within one year has increased by £588,783 to £1,122,783, previously stated as £534,000. Amounts owed to group undertakings included in creditors: due after more than one year has reduced from £316,662, as previously stated to £nil. Total equity previously reported as £682,174 has been reduced by £272,121 and restated to £410,053.

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