REGISTERED NUMBER: 01357459 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

WHITEFURZE LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

P Lanni

Mrs T L Stone

S A Hockin

REGISTERED OFFICE:

Burnsall Road

Canley

Coventry

West Midlands

CV5 6BT

REGISTERED NUMBER:

01357459 (England and Wales)

AUDITORS:

HB&O Ltd

Chartered Accountants and Statutory Auditors

Seven Stars House

1 Wheler Road

Coventry

CV3 4LB

BANKERS:

National Westminster Bank

36 Earlsdon Street

Coventry

CV5 6ZZ

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS

The directors present their strategic report for what has been and continues to be a challenging operating environment for the company. Nonetheless, in spite of the continued challenges on trade and operations in the year, including a decline in turnover, demand held up sufficiently well and costs were adequately well controlled enough such that the company's margins were stable and profit before tax was again over £1million as in the previous year.

The directors and management are therefore satisfied with company's overall solid trading performance.

Furthermore, the directors are confident that with continued support from both its parent and fellow subsidiary undertaking, as well as its own adequate financial headroom, the company can continue to trade as a going concern and as such, the financial statements have been prepared on this basis.

PRINCIPAL RISKS AND UNCERTAINTIES

Given the straightforward nature of the business, management are of the opinion that analysis using key performance indicators is not necessary for an understanding of the performance or position of the company. Management are mindful of the potential risk and uncertainties associated with running the company. The major risk relates to competition and management are constantly seeking efficiencies to ensure the company continues to be competitive.

FUTURE DEVELOPMENTS

The directors believe the company will be able to continue to trade profitably throughout 2025 and beyond. Attention in the short to medium term has been on managing working capital and raw material stock in particular so that lead times can be honoured to keep pace with customer demand for finished goods. Cash flow remains healthy, with the directors of the opinion that the company can continue to operate within its current and future financial parameters and so continue to meet its debts as they fall due.

The company's longer term strategy is to maintain its market share and profitability and ultimately, to continue to grow. The directors have continued to put measures in place to try and expand the markets in which the company operates in order to achieve this.

ON BEHALF OF THE BOARD:

P Lanni - Director

8 April 2025

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the manufacture of plastic house and garden ware.

DIVIDENDS

No dividends will be distributed for the year ended 31 December 2024.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

P Lanni

Mrs T L Stone

Other changes in directors holding office are as follows:

S A Hockin - appointed 24 June 2024

DISCLOSURE IN THE STRATEGIC REPORT

The company's review of business, principal risks and uncertainties and future developments are disclosed within the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

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

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:

P Lanni - Director

8 April 2025

Opinion

We have audited the financial statements of Whitefurze Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

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 Report of the Directors.

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

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, 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 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.

Auditors' 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 a Report of the Auditors 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:

The audit process includes an assessment of the entity's risk environment, through enquiry of and discussion with management, including an assessment of any key laws and regulations with which the company must comply in the ordinary course of its business.

Additionally, the overall risks of irregular transactions occurring are assessed following our observations and confirmation of the design and implementation of management's controls. Whilst we are mindful of these risks, our audit focus is geared towards the risk of material misstatement in the financial statements as a whole.

As such, our procedures cannot guarantee that all transactions have been fully compliant with all relevant laws and regulations, including those regulations relating to fraud, as our procedures are not designed to detect all instances of non-compliance. By definition, the risk of our detection of non-compliance is greater where compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. The risk is also greater regarding irregularities due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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 a Report of the Auditors 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.

Wayne Gutteridge ACA (Senior Statutory Auditor)

for and on behalf of HB&O Ltd

Chartered Accountants and Statutory Auditors

Seven Stars House

1 Wheler Road

Coventry

CV3 4LB

8 April 2025

TURNOVER

3

16,504,227

18,620,060

Cost of sales

13,138,707

14,768,884

GROSS PROFIT

3,365,520

3,851,176

Administrative expenses

2,374,739

2,570,461

OPERATING PROFIT and

PROFIT BEFORE TAXATION

990,781

1,280,715

Tax on profit

6

177,076

234,243

PROFIT FOR THE FINANCIAL YEAR

813,705

1,046,472

PROFIT FOR THE YEAR

813,705

1,046,472

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

813,705

1,046,472

FIXED ASSETS

Tangible assets

7

677,520

722,895

CURRENT ASSETS

Stocks

8

3,663,334

3,730,455

Debtors

9

10,682,589

10,148,862

Cash at bank and in hand

109,223

42,212

14,455,146

13,921,529

CREDITORS

Amounts falling due within one year

10

875,557

1,201,020

NET CURRENT ASSETS

13,579,589

12,720,509

TOTAL ASSETS LESS CURRENT LIABILITIES

14,257,109

13,443,404

CAPITAL AND RESERVES

Called up share capital

13

100

100

Retained earnings

14

14,257,009

13,443,304

SHAREHOLDERS' FUNDS

14,257,109

13,443,404

The financial statements were approved by the Board of Directors and authorised for issue on 8 April 2025 and were signed on its behalf by:

P Lanni - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

100

12,396,832

12,396,932

Changes in equity

Total comprehensive income

-

1,046,472

1,046,472

Balance at 31 December 2023

100

13,443,304

13,443,404

Changes in equity

Total comprehensive income

-

813,705

813,705

Balance at 31 December 2024

100

14,257,009

14,257,109

1.	STATUTORY INFORMATION

Whitefurze Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The accounts have been prepared in accordance with applicable accounting standards. The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Critical accounting judgements and key sources of estimation uncertainty

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

Accounting estimates:

i) Inventory provisioning

The company commits to significant stock holdings of a wide range of consumable goods which it purchases from a fellow subsidiary undertaking. Demand for such items can vary and there is a risk that items may be held for a significant time and for which a future sale is not guaranteed. When calculating the inventory provision, management consider both the historic movement of individual lines and the wider market appetite for the stock lines, as this may necessitate a mode of sale or resale value that was not originally intended.

Accounting judgements:

ii) Operating leases

The company utilises assets which it does not own and pays for on an ongoing basis. In making the judgement as to whether such arrangements constitute finance leases or operating leases, management have assessed where the substantial risk and rewards of the ownership of the assets fall, and assessed that the counter-party, rather than the company, bears substantially all of the risks and rewards of ownership of the assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:-

Sale of goods

Turnover from the sale of goods is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on despatch of goods.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

over 8 years

Equipment, fixtures and fittings

over 3 to 5 years

Motor vehicles

over 4 years

Tangible fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks

Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase and other costs incurred in bringing stock to its present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Financial instruments

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement.

3.

TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

13,999,019

16,231,785

Europe

2,307,430

2,214,545

Rest of the world

197,778

173,730

16,504,227

18,620,060

All turnover is derived from the sale of goods.

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

2,278,141

2,295,145

Social security costs

218,949

206,320

Other pension costs

46,140

42,085

2,543,230

2,543,550

The average number of employees during the year was as follows:

2024

2023

Distribution

21

21

Administration

31

31

52

52

2024

2023

£

£

Directors' remuneration

199,047

130,780

Directors' pension contributions to money purchase schemes

2,091

1,321

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

1

1

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024

2023

£

£

Depreciation - owned assets

338,248

440,538

Profit on disposal of fixed assets

(18,091

)

(65,645

)

Auditors' remuneration

11,405

9,975

Foreign exchange differences

(70,602

)

(17,461

)

Rent payable

900,000

900,000

6.

TAXATION

Analysis of the tax charge

The tax charge on the profit for the year was as follows:

2024

2023

£

£

Current tax:

UK corporation tax

163,999

231,740

Deferred tax

13,077

2,503

Tax on profit

177,076

234,243

UK corporation tax has been charged at 25% (2023 - 23.50%).

Reconciliation of total tax charge included in profit and loss

The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Profit before tax

990,781

1,280,715

Profit multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 23.500%)

247,695

300,968

Effects of:

Expenses not deductible for tax purposes

19,357

124

Income not taxable for tax purposes

(4,523

)

(15,294

)

Depreciation in excess of capital allowances

4,523

15,427

Group relief

(89,976

)

(66,982

)

Total tax charge

177,076

234,243

From April 2023 the UK corporation tax rate increased from 19% to 25% and is set to remain at 25% for the foreseeable future.

The effective rate for the year under review was 25% (2023: 23.5%).

7.	TANGIBLE FIXED ASSETS

Equipment,

fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 January 2024

12,666,073

1,036,083

1,453,626

15,155,782

Additions

103,469

70,863

145,750

320,082

Disposals

(118,348

)

(378,721

)

(333,372

)

(830,441

)

At 31 December 2024

12,651,194

728,225

1,266,004

14,645,423

DEPRECIATION

At 1 January 2024

12,459,756

946,491

1,026,640

14,432,887

Charge for year

66,246

38,828

233,174

338,248

Eliminated on disposal

(118,348

)

(378,721

)

(306,163

)

(803,232

)

At 31 December 2024

12,407,654

606,598

953,651

13,967,903

NET BOOK VALUE

At 31 December 2024

243,540

121,627

312,353

677,520

At 31 December 2023

206,317

89,592

426,986

722,895

8.

STOCKS

2024

2023

£

£

Raw materials

250,001

367,688

Finished goods

3,413,333

3,362,767

3,663,334

3,730,455

An impairment loss of £45,853 (2023: £83,641) was recognised in cost of sales against stock during the year.

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

2,499,275

3,070,910

Amounts owed by group undertakings

4,223,235

2,547,634

Other debtors

3,502,243

4,157,171

Tax

154,951

88,268

Deferred tax asset

Accelerated capital allowances

35,335

48,412

Prepayments and accrued income

267,550

236,467

10,682,589

10,148,862

An impairment loss of £19,953 (2023: £24,000) was recognised against trade debtors during the year.

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

426,920

729,154

Social security and other taxes

66,816

88,680

VAT

143,714

26,589

Accruals and deferred income

238,107

356,597

875,557

1,201,020

11.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

900,000

900,000

12.	DEFERRED TAX

£

Balance at 1 January 2024

(48,412

)

Provided during year

13,077

Balance at 31 December 2024

(35,335

)

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary

£1

100

100

All ordinary shares rank pari passu with respect to voting rights, the rights to distribution of dividends and the repayment of capital.

14.

RESERVES

Retained

earnings

£

At 1 January 2024

13,443,304

Profit for the year

813,705

At 31 December 2024

14,257,009

Retained earnings includes all current and prior period retained profits and losses.

15.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme with the assets of the scheme held separately from those of the company. The pension charge relating to the defined contribution pensions scheme for the year was £46,140 (2023: £42,085). Outstanding contributions at the year end amounted to £11,338 (2023: £9,721).

16.	ULTIMATE PARENT COMPANY AND CONTROLLING PARTY

Barnes Lincoln Investments Limited is regarded by the directors as being the company's ultimate parent company.

Barnes Lincoln Investments Limited consolidates these financial statements, and these are available on request from the registered office address:

Burnsall Road

Canley

Coventry

West Midlands

CV5 6BT

Mr P Lanni is the company's overall controlling party.

17.	CAPITAL COMMITMENTS

2024

2023

£

£

Contracted but not provided for in the

financial statements

53,200

-

18.	RELATED PARTY DISCLOSURES

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.

Fox Lima Holdings Limited - Company under common influence.

During the financial year, the company was charged rent of £900,000 (2023: £900,000) by Fox Lima Holdings Limited and as disclosed in other debtors was owed £3,502,243 (2023: £4,157,171) as at 31 December 2024 by Fox Lima Holdings Limited.

The directors are considered to be key management. Their total remuneration is included in the notes above.