29 28 Till and Whitehead Limited 00046963 false 2024-04-01 2025-03-31 2025-03-31 The principal activity of the company is that of suppliers of fastenings and fixings and wholesale ironmongers and suppliers of industrial products Digita Accounts Production Advanced 6.30.9574.0 true true 00046963 2024-04-01 2025-03-31 00046963 2025-03-31 00046963 core:HirePurchaseContracts core:CurrentFinancialInstruments 2025-03-31 00046963 core:CurrentFinancialInstruments 2025-03-31 00046963 core:CurrentFinancialInstruments core:WithinOneYear 2025-03-31 00046963 core:Non-currentFinancialInstruments 2025-03-31 00046963 core:Non-currentFinancialInstruments core:AfterOneYear 2025-03-31 00046963 core:FurnitureFittingsToolsEquipment 2025-03-31 00046963 core:LandBuildings 2025-03-31 00046963 bus:SmallEntities 2024-04-01 2025-03-31 00046963 bus:AuditExemptWithAccountantsReport 2024-04-01 2025-03-31 00046963 bus:FilletedAccounts 2024-04-01 2025-03-31 00046963 bus:SmallCompaniesRegimeForAccounts 2024-04-01 2025-03-31 00046963 bus:RegisteredOffice 2024-04-01 2025-03-31 00046963 bus:Director1 2024-04-01 2025-03-31 00046963 bus:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 00046963 core:FurnitureFittings 2024-04-01 2025-03-31 00046963 core:FurnitureFittingsToolsEquipment 2024-04-01 2025-03-31 00046963 core:LandBuildings 2024-04-01 2025-03-31 00046963 core:OfficeEquipment 2024-04-01 2025-03-31 00046963 core:PlantMachinery 2024-04-01 2025-03-31 00046963 5 2024-04-01 2025-03-31 00046963 countries:England 2024-04-01 2025-03-31 00046963 2024-03-31 00046963 core:FurnitureFittingsToolsEquipment 2024-03-31 00046963 core:LandBuildings 2024-03-31 00046963 2023-04-01 2024-03-31 00046963 2024-03-31 00046963 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-31 00046963 core:CurrentFinancialInstruments 2024-03-31 00046963 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 00046963 core:Non-currentFinancialInstruments 2024-03-31 00046963 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 00046963 core:FurnitureFittingsToolsEquipment 2024-03-31 00046963 core:LandBuildings 2024-03-31 xbrli:pure iso4217:GBP

Registration number: 00046963

Till and Whitehead Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2025

 

Till and Whitehead Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Financial Statements

3 to 8

 

Till and Whitehead Limited

(Registration number: 00046963)
Statement of Financial Position as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

4

2,211,536

1,750,851

Current assets

 

Stocks

1,169,593

1,398,387

Debtors

5

1,022,520

1,013,039

Cash at bank and in hand

 

830

197,309

 

2,192,943

2,608,735

Creditors: Amounts falling due within one year

6

(2,090,905)

(2,172,053)

Net current assets

 

102,038

436,682

Total assets less current liabilities

 

2,313,574

2,187,533

Creditors: Amounts falling due after more than one year

6

(1,366,146)

(1,554,423)

Provisions for liabilities

(77,339)

(8,403)

Net assets

 

870,089

624,707

Capital and reserves

 

Called up share capital

175,000

175,000

Revaluation reserve

353,798

168,310

Retained earnings

341,291

281,397

Shareholders' funds

 

870,089

624,707

 

Till and Whitehead Limited

(Registration number: 00046963)
Statement of Financial Position as at 31 March 2025

For the financial year ending 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

Approved and authorised by the Board on 30 July 2025 and signed on its behalf by:
 

.........................................
Mr S D Padmore
Director

 

Till and Whitehead Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Eadon House,
2 Lonsdale Road,
Bolton,
BL1 4PW

These financial statements were authorised for issue by the Board on 30 July 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financual statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The company has made a profit for the year. The company has an invoice discounting facility for working capital and a mortgage facility for its buildings, and is fully able to work within these facilities. The Directors expect the company to continue to generate positive cash flows on its own account for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

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 amounts 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 if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

 

Till and Whitehead Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, to net realisable value over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% reducing balance

Fixtures and fittings

10% reducing balance

General equipment

20% or 33% on cost

Freehold property

1% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

 

Till and Whitehead Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Income and Retained Earnings over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.

Lease payments are apportioned between finance costs in the Statement of Inome and Retained Earnings and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 29 (2024 - 28).

 

Till and Whitehead Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2024

1,627,738

172,833

1,800,571

Revaluations

247,318

-

247,318

Additions

199,944

30,614

230,558

At 31 March 2025

2,075,000

203,447

2,278,447

Depreciation

At 1 April 2024

-

49,719

49,719

Charge for the year

-

17,192

17,192

At 31 March 2025

-

66,911

66,911

Carrying amount

At 31 March 2025

2,075,000

136,536

2,211,536

At 31 March 2024

1,627,738

123,113

1,750,851

Included within the net book value of land and buildings above is £2,075,000 (2024 - £1,627,738) in respect of freehold land and buildings.

The properties were revalued by the directors during the year, based on market evidence of recent comparable sales, resulting in a carrying amount of £2,075,000. They consider the value at 31 March 2025 to be similar and therefore no depreciation has been charged. Had no revaluations been undertaken, the carrying amount under the historical cost convention would have been £1,260,680.

5

Debtors

2025
£

2024
£

Trade debtors

985,798

975,780

Prepayments

30,888

35,352

Other debtors

5,834

1,907

1,022,520

1,013,039

At 31 March 2025 the amount of debt subject to invoice discounting included within trade debtors was £981,325 (2024 - £959,468). The amount owed to invoice discounters at the year end was £798,736 (2024 - £819,451).

 

Till and Whitehead Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

6

Creditors

Creditors: amounts falling due within one year

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

7

78,778

124,464

Trade creditors

 

485,125

403,270

Taxation and social security

 

248,048

331,424

Accruals and deferred income

 

138,568

127,898

Other creditors

 

1,140,386

1,184,997

 

2,090,905

2,172,053

The balances advanced under invoice discounting are secured over various book debts as set out in the debtors note.

Creditors: amounts falling due after more than one year

Note

2025
£

2024
£

Due after one year

 

Loans and borrowings

7

1,366,146

1,554,423

7

Loans and borrowings

Non-current loans and borrowings

2025
£

2024
£

Bank borrowings

1,355,766

1,446,628

Other borrowings

-

107,795

HP and finance lease liabilities

10,380

-

1,366,146

1,554,423

 

Till and Whitehead Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

Current loans and borrowings

2025
£

2024
£

Bank borrowings

59,653

124,464

Bank overdrafts

12,897

-

Hire purchase contracts

6,228

-

78,778

124,464

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the statement of financial position is £199,080 (2024 - £142,818).