Company registration number 05042198 (England and Wales)
EMANUEL WHITTAKER HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
EMANUEL WHITTAKER HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr J D Gallagher
Mr C Newton
Secretary
Mr C Newton
Company number
05042198
Registered office
400 Rochdale Road
Oldham
Lancashire
England
OL1 2LW
Auditor
Xeinadin Audit Limited
100 Barbirolli Square
Manchester
Greater Manchester
United Kingdom
M2 3BD
EMANUEL WHITTAKER HOLDINGS 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
Company statement of cash flows
14
Notes to the financial statements
15 - 27
EMANUEL WHITTAKER HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 1 -

The directors present the strategic report for the year ended 30 November 2024.

Review of the business

In June 2024 the holding company was sold by owners Clive Newton and John Gallagher to Emanuel Whittaker EOT Trustee Limited.

 

The principal activity of the company during the year remained the elemental upgrading of social housing stock. Elements included were new kitchens, bathrooms, roofs, windows & doors, rewires and central heating systems. Clients continue to spend on fire precaution works. Social Housing customers were primarily within a 40 mile radius of head office. Typically there were between 15 and 20 sites running at any one time.

 

Several clients continue to spend on fire precaution work.

Principal risks and uncertainties

Financial Risk

All of the group's major clients are Housing Associations or Local Authorities. All make stage payments monthly and all are deemed to be at negligible risk of defaulting.

 

Credit Risks

There have been no bad debts and credit checks are not undertaken.

A credit insurance policy is not deemed necessary.

 

Liquidity Risk

Cash flow is monitored to allow spare cash to be invested on the money market. Sufficient funds are always available for operational requirements.

Non-financial Risks

Non-financial risks are monitored constantly by the senior management team. The principal risks are:

Clients' cyclical spending reducing on certain elements as they meet the required standard. The company constantly seeks to increase its customer base and to identify clients at differing points on their long term spending profile.

 

Increased wage demands and subcontract tender prices. The new build sector is very active and that creates pressure on our refurbishment sector as both labour and subcontractors are transferable between the two sectors.

 

Increased efficiency and smarter buying are employed to offset the upward pressure of costs and to minimise increases in tender prices.

 

Policy On Payment To Supplier And Subcontractors

All suppliers and subcontractors are paid within 30 days of the end of the month in which the invoice was raised. Suppliers and subcontractors are offered even earlier payments in return for discounts.

 

Our People

The company employs 113 people and they are without doubt the key to our success. The company has a very low level of staff turnover. Site teams which include customer care professionals as well as technical managers are critical to client relationships. Often these teams move from one project to the next with the same client.

 

The company involves its employees in every aspect of operations and keeps them informed on issues affecting them and affecting the company. We continue to invest in apprenticeships and to develop the talent within the company.

 

Policies

The company has many policies covering all aspects of the business, including:

Anti-slavery and human trafficking policy

Blogging Policy

Bribery Policy

Corporate Social Responsibility Policy, and

Data Protection Policy

EMANUEL WHITTAKER HOLDINGS LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 2 -

Disabled Employees

Applications for employment by disabled persons are always fully considered. In the event of employees becoming disabled every effort is made to ensure that their employment with the company continues. It is the policy of the company that the training, career development and promotion of disabled persons should be identical to that of other employees.

Key performance indicators

                2024     2023

Turnover     £21.3m    £26.9m

Gross profit            £2.9m     £4.0m

Gross profit margin     13.7%     14.8%

Other performance indicators

                2024        2023        

Average number of employees    113        116

Cash at bank and equivalents    £273,306    £3,048,385

Debtors days            8 days        7 days

Creditors days            33 days        38 days

On behalf of the board

Mr C Newton
Director
28 August 2025
EMANUEL WHITTAKER HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 30 November 2024.

Principal activities

The principal activity of the company and group continued to be that of elemental upgrading of social housing stock.

Results and dividends

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

During the year dividend contributions were paid totalling £1,658,000 in respect of consideration to Emanuel Whittaker EOT Trustee Limited. Prior year dividends amounted to £600,000.

Directors

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

Mr J D Gallagher
Mr C Newton
Auditor

The auditor, Xeinadin Audit Limited, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of directors' responsibilities

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

 

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

Medium-sized companies exemption

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

EMANUEL WHITTAKER HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 4 -
On behalf of the board
Mr C Newton
Director
28 August 2025
EMANUEL WHITTAKER HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF EMANUEL WHITTAKER HOLDINGS LIMITED
- 5 -
Opinion

We have audited the financial statements of Emanuel Whittaker Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 November 2024 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, the company 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:

EMANUEL WHITTAKER HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EMANUEL WHITTAKER HOLDINGS 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.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations we have considered the following:

 

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud is the timing of recognition of income and going concern. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

EMANUEL WHITTAKER HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF EMANUEL WHITTAKER HOLDINGS LIMITED
- 7 -

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, environmental laws, employment law, health and safety, pensions legislation and tax legislation.

 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty.

 

Audit response to risks identified

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 remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

 

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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.

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.

Michael Butt FCCA ACCA (Senior Statutory Auditor)
For and on behalf of Xeinadin Audit Limited, Statutory Auditor
Chartered Accountants
100 Barbirolli Square
Manchester
Greater Manchester
M2 3BD
United Kingdom
28 August 2025
EMANUEL WHITTAKER HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 8 -
2024
2023
Notes
£
£
Turnover
3
21,290,780
26,880,367
Cost of sales
(18,423,952)
(22,896,107)
Gross profit
2,866,828
3,984,260
Administrative expenses
(2,348,972)
(2,584,308)
Operating profit
4
517,856
1,399,952
Interest receivable and similar income
6
47,346
24,464
Profit before taxation
565,202
1,424,416
Tax on profit
7
(154,092)
(326,500)
Profit for the financial year
18
411,110
1,097,916
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.
EMANUEL WHITTAKER HOLDINGS LIMITED
GROUP BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
1,581,947
1,643,982
Current assets
Debtors
12
4,888,139
4,465,873
Cash at bank and in hand
273,306
3,048,385
5,161,445
7,514,258
Creditors: amounts falling due within one year
13
(2,741,619)
(3,894,120)
Net current assets
2,419,826
3,620,138
Total assets less current liabilities
4,001,773
5,264,120
Provisions for liabilities
Deferred tax liability
14
216,176
231,133
(216,176)
(231,133)
Net assets
3,785,597
5,032,987
Capital and reserves
Called up share capital
16
100
100
Revaluation reserve
17
799,412
799,412
Profit and loss reserves
18
2,986,085
4,233,475
Total equity
3,785,597
5,032,987
The financial statements were approved by the board of directors and authorised for issue on 28 August 2025 and are signed on its behalf by:
28 August 2025
Mr C Newton
Director
Company registration number 05042198 (England and Wales)
EMANUEL WHITTAKER HOLDINGS LIMITED
COMPANY BALANCE SHEET
AS AT 30 NOVEMBER 2024
2024-11-30
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
1,365,000
1,365,000
Investments
10
1,550,002
1,550,002
2,915,002
2,915,002
Current assets
Debtors
12
100
100
Net current assets
100
100
Total assets less current liabilities
2,915,102
2,915,102
Provisions for liabilities
Deferred tax liability
14
170,588
170,588
(170,588)
(170,588)
Net assets
2,744,514
2,744,514
Capital and reserves
Called up share capital
16
100
100
Revaluation reserve
17
799,412
799,412
Profit and loss reserves
18
1,945,002
1,945,002
Total equity
2,744,514
2,744,514

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 £1,658,500 (2023 - £600,000 profit).

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 28 August 2025 and are signed on its behalf by:
28 August 2025
Mr C Newton
Director
Company registration number 05042198 (England and Wales)
EMANUEL WHITTAKER HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 11 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2022
100
799,412
3,735,559
4,535,071
Year ended 30 November 2023:
Profit and total comprehensive income
-
-
1,097,916
1,097,916
Dividends
8
-
-
(600,000)
(600,000)
Balance at 30 November 2023
100
799,412
4,233,475
5,032,987
Year ended 30 November 2024:
Profit and total comprehensive income
-
-
411,110
411,110
Dividends
8
-
-
(1,658,500)
(1,658,500)
Balance at 30 November 2024
100
799,412
2,986,085
3,785,597
EMANUEL WHITTAKER HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 12 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 December 2022
100
799,412
1,945,002
2,744,514
Year ended 30 November 2023:
Profit and total comprehensive income for the year
-
-
600,000
600,000
Dividends
8
-
-
(600,000)
(600,000)
Balance at 30 November 2023
100
799,412
1,945,002
2,744,514
Year ended 30 November 2024:
Profit and total comprehensive income
-
-
1,658,500
1,658,500
Dividends
8
-
-
(1,658,500)
(1,658,500)
Balance at 30 November 2024
100
799,412
1,945,002
2,744,514
EMANUEL WHITTAKER HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
21
(849,442)
2,547,807
Income taxes paid
(314,436)
(141,903)
Net cash (outflow)/inflow from operating activities
(1,163,878)
2,405,904
Investing activities
Purchase of tangible fixed assets
(22,660)
(139,097)
Proceeds from disposal of tangible fixed assets
22,613
250
Interest received
47,346
24,464
Net cash generated from/(used in) investing activities
47,299
(114,383)
Financing activities
Dividends paid to equity shareholders
(1,658,500)
(600,000)
Net cash used in financing activities
(1,658,500)
(600,000)
Net (decrease)/increase in cash and cash equivalents
(2,775,079)
1,691,521
Cash and cash equivalents at beginning of year
3,048,385
1,356,864
Cash and cash equivalents at end of year
273,306
3,048,385
EMANUEL WHITTAKER HOLDINGS LIMITED
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 14 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Investing activities
Dividends received
1,658,500
600,000
Net cash generated from investing activities
1,658,500
600,000
Financing activities
Dividends paid to equity shareholders
(1,658,500)
(600,000)
Net cash used in financing activities
(1,658,500)
(600,000)
Net increase in cash and cash equivalents
-
-
Cash and cash equivalents at beginning of year
-
0
-
0
Cash and cash equivalents at end of year
-
0
-
0
EMANUEL WHITTAKER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 15 -
1
Accounting policies
Company information

Emanuel Whittaker Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 400 Rochdale Road, Oldham, Greater Manchester, United Kingdom, OL1 2LW.

 

The group consists of Emanuel Whittaker Holdings 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.

 

Where properties are revalued, the revaluation is performed with sufficient regularity to ensure that the carrying amount does not differ materially from fair value at the reporting date. Revaluation gains are recognised in other comprehensive income and accumulated in the revaluation reserve.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Emanuel Whittaker Holdings 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 30 November 2024. 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.

1.3
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.

EMANUEL WHITTAKER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 16 -
1.4
Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured at the fair value of the consideration received or receivable. Turnover is reduced for estimated customer returns, rebates and other similar allowances. Specifically, turnover from the contracts is recognised when job valuation is agreed with clients and legal title is passed.

 

Construction contracts

Where the outcome of a construction contract can be estimated reliably, turnover and costs are recognised by reference to the stage of completion of the contract activity at the balance sheet date. This is normally measured by the proportion that contract costs incurred for work performed to date compared to the estimated total contract costs, except where this would not be representative of the stage of completion. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

 

Where the outcome of a construction contract cannot be estimated reliably, contract turnover is recognised to the extent of contract costs incurred where its is probable they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When it is probable that total contract costs will exceed total contract turnover the expected loss is recognised as an expense immediately. When contract costs incurred to date plus recognised profits less recognised losses exceed progress billings, the surplus is shown as amounts due from customers for contract work. For contracts where progress billings exceed contract costs incurred to date plus recognised profits less recognised losses, the surplus is shown as the amounts due to customers for the contract work. Amounts received before the related work is performed are included in the statement of financial position, as a liability, as advances received. Amounts billed for work performed but not yet paid by customer are included in the statement of financial position under trade and other receivables.

1.5
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
None
Plant and equipment
15% on reducing balance
Computers
25% on straight line
Motor vehicles
25% on 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 recognised in the profit and loss account.

1.6
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.

EMANUEL WHITTAKER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 17 -
1.7
Impairment of fixed assets

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

 

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.

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 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.

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.

EMANUEL WHITTAKER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 18 -
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.

1.10
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.11
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.

EMANUEL WHITTAKER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 19 -
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.

1.12
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.

1.13
Retirement benefits

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

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.

 

In applying the company’s accounting policies, management has made significant judgements in determining the timing and measurement of revenue recognition, particularly in relation to long-term refurbishment contracts. Revenue is recognised based on the stage of completion, which requires judgement in assessing the proportion of work performed at the reporting date. This involves estimating total contract costs and expected margins, which are subject to inherent uncertainty. Key sources of estimation include forecasted costs to complete, the allocation of overheads, and the assessment of recoverability of contract variations and retentions.

EMANUEL WHITTAKER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 20 -
3
Turnover and other revenue
2024
2023
£
£
Turnover analysed by class of business
Contracting
21,290,780
26,880,367
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
21,290,780
26,880,367
2024
2023
£
£
Other revenue
Interest income
47,346
24,464
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging/(crediting):
Fees payable to the group's auditor for the audit of the group's financial statements
-
-
Depreciation of owned tangible fixed assets
71,226
93,056
Profit on disposal of tangible fixed assets
(9,144)
(113)
5
Employees

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

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
55
57
-
-
58
59
-
-
Total
113
116
-
0
-
0
EMANUEL WHITTAKER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
5
Employees
(Continued)
- 21 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
4,300,559
4,412,321
-
0
-
0
Social security costs
432,832
449,279
-
-
Pension costs
124,878
127,436
-
0
-
0
4,858,269
4,989,036
-
0
-
0
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
47,346
24,464
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
47,346
24,464
7
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
169,888
314,436
Deferred tax
Origination and reversal of timing differences
(15,796)
12,064
Total tax charge
154,092
326,500
EMANUEL WHITTAKER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
7
Taxation
(Continued)
- 22 -

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

2024
2023
£
£
Profit before taxation
565,202
1,424,416
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.40%)
141,301
333,313
Tax effect of expenses that are not deductible in determining taxable profit
18,449
(6,737)
Effect of change in corporation tax rate
-
(89)
Permanent capital allowances in excess of depreciation
12,424
(12,052)
Deferred tax
(15,796)
12,065
Profit on sale of fixed asset
(2,286)
-
0
Taxation charge
154,092
326,500
8
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
1,658,500
-
Interim paid
-
600,000
1,658,500
600,000
EMANUEL WHITTAKER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 23 -
9
Tangible fixed assets
Group
Freehold land and buildings
Plant and equipment
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2023
1,365,000
26,815
5,648
702,696
2,100,159
Additions
-
0
-
0
-
0
22,660
22,660
Disposals
-
0
-
0
-
0
(100,800)
(100,800)
At 30 November 2024
1,365,000
26,815
5,648
624,556
2,022,019
Depreciation and impairment
At 1 December 2023
-
0
16,976
5,648
433,553
456,177
Depreciation charged in the year
-
0
1,642
-
0
69,584
71,226
Eliminated in respect of disposals
-
0
-
0
-
0
(87,331)
(87,331)
At 30 November 2024
-
0
18,618
5,648
415,806
440,072
Carrying amount
At 30 November 2024
1,365,000
8,197
-
0
208,750
1,581,947
At 30 November 2023
1,365,000
9,839
-
0
269,143
1,643,982
Company
Freehold land and buildings
£
Cost
At 1 December 2023 and 30 November 2024
1,365,000
Depreciation and impairment
At 1 December 2023 and 30 November 2024
-
0
Carrying amount
At 30 November 2024
1,365,000
At 30 November 2023
1,365,000

The freehold property was revalued during January 2022 by external valuers, Longden & Cook Real Estate Limited, on the basis of open market value. The directors believe this represents the accurate measurement of market value at the year end.

10
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
11
-
0
-
0
1,550,002
1,550,002
EMANUEL WHITTAKER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
10
Fixed asset investments
(Continued)
- 24 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 December 2023 and 30 November 2024
1,550,002
Carrying amount
At 30 November 2024
1,550,002
At 30 November 2023
1,550,002
11
Subsidiaries

Details of the company's subsidiaries at 30 November 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Clearcase Limited
400 Rochdale Road, Oldham, Greater Manchester, United Kingdom, OL1 2LW.
Ordinary
100.00
Emanuel Whittaker Limited
400 Rochdale Road, Oldham, Greater Manchester, United Kingdom, OL1 2LW.
Ordinary
100.00
12
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
466,190
481,201
-
0
-
0
Gross amounts owed by contract customers
4,223,744
3,814,603
-
0
-
0
Unpaid share capital
100
100
100
100
Other debtors
15,699
-
-
0
-
0
Prepayments and accrued income
182,406
169,969
-
0
-
0
4,888,139
4,465,873
100
100
EMANUEL WHITTAKER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 25 -
13
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Trade creditors
1,324,315
2,029,194
-
0
-
0
Corporation tax payable
169,888
315,275
-
0
-
0
Other taxation and social security
575,122
764,658
-
-
Other creditors
24,954
11,462
-
0
-
0
Accruals and deferred income
647,340
773,531
-
0
-
0
2,741,619
3,894,120
-
0
-
0
14
Deferred taxation

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

Liabilities
Liabilities
2024
2023
Group
£
£
Accelerated capital allowances
45,588
60,545
Revaluations
170,588
170,588
216,176
231,133
Liabilities
Liabilities
2024
2023
Company
£
£
Revaluations
170,588
170,588
Group
Company
2024
2024
Movements in the year:
£
£
Liability at 1 December 2023
231,133
170,588
Credit to profit or loss
(14,957)
-
Liability at 30 November 2024
216,176
170,588
EMANUEL WHITTAKER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 26 -
15
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
124,878
127,436

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.

16
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
100
100
100
100
17
Revaluation reserve
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning and end of the year
799,412
799,412
799,412
799,412
18
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
4,233,475
3,735,559
1,945,002
1,945,002
Profit for the year
411,110
1,097,916
1,658,500
600,000
Dividends
(1,658,500)
(600,000)
(1,658,500)
(600,000)
At the end of the year
2,986,085
4,233,475
1,945,002
1,945,002
19
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

 

During the year, the company paid £65,789 (2023: £123,782) in terms of remuneration to directors family members.

 

During the year, a total of key management personnel compensation of £483,935 (2023 - £561,168) was paid.

20
Controlling party
EMANUEL WHITTAKER HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
20
Controlling party
(Continued)
- 27 -

The Company’s ultimate controlling party is the Emanuel Whittaker EOT Trustee Limited, an employee ownership trust established for the benefit of the Company’s employees. The trust holds 100% of the issued share capital of the Company. As the trust is operated for the benefit of current and future employees, there is no single ultimate controlling party.

21
Cash (absorbed by)/generated from group operations
2024
2023
£
£
Profit after taxation
411,110
1,097,917
Adjustments for:
Taxation charged
154,092
326,500
Investment income
(47,346)
(24,464)
Gain on disposal of tangible fixed assets
(9,144)
(113)
Depreciation and impairment of tangible fixed assets
71,226
93,056
Movements in working capital:
Increase in debtors
(422,266)
(106,496)
(Decrease)/increase in creditors
(1,007,114)
1,161,407
Cash (absorbed by)/generated from operations
(849,442)
2,547,807
22
Cash generated from operations - company
2024
2023
£
£
Profit after taxation
1,658,500
600,000
Adjustments for:
Investment income
(1,658,500)
(600,000)
Cash generated from operations
-
-
23
Analysis of changes in net funds - group
1 December 2023
Cash flows
30 November 2024
£
£
£
Cash at bank and in hand
3,048,385
(2,775,079)
273,306
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