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COMPANY REGISTRATION NUMBER: 11003793

WHITEMEADOW INVESTMENTS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 December 2024

WHITEMEADOW INVESTMENTS LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024

Contents | Page

Officers and professional advisers | 1

Strategic report | 2

Directors' report | 7

Independent auditor's report to the members | 11

Consolidated statement of comprehensive income | 15

Consolidated statement of financial position | 16

Company statement of financial position | 17

Consolidated statement of changes in equity | 18

Company statement of changes in equity | 19

Consolidated statement of cash flows | 20

Notes to the financial statements | 21

WHITEMEADOW INVESTMENTS LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

The board of directors | P Ainley
| M Clarridge
| A Kitchen
| D Oscroft
| I Oscroft
| A Price
| N Wilkinson

Registered office | Orchard Way
| Calladine Business Park
| Sutton In Ashfield
| Nottinghamshire
| NG17 1JU

Auditor | Streets Audit LLP
| Chartered accountants & statutory auditor
| Windsor House
| A1 Business Park at
| Long Bennington
| Notts
| NG23 5JR

WHITEMEADOW INVESTMENTS LIMITED

STRATEGIC REPORT

YEAR ENDED 31 DECEMBER 2024
The directors present the strategic report for the year ended 31 December 2023. Fair review of the business Turnover for the year was £44.9m compared to £58.1m in 2023, with a pre-tax profit for the year of £3.4m, our gross margin has increased by 1.4% year on year, a change in group structure has contributed to the decreased turnover, combined with a fall in the trading entity's turnover. Turnover has reduced by 6.5%, overall market conditions have been very challenging with tightening of the customer base, with increased imports from certain market areas, combined with pressure on consumer incomes driving reduced spending in the furniture sector. Raw Material price stabilisation and improved availability has helped realise the benefits of the efficiency programmes, where in the past few years this has been in constant decline, the removal of labour costs has also been very significant. The reduced global economic activity has brought about significant restructuring requirements across the business as it contends higher interest rates, higher labour costs and the higher Selling prices, there has been an industry decline in overall production volumes. Principle risks and uncertainties The shareholders of the business are heavily involved in the day-to-day management of the group of companies and hold regular meetings to review the performance of the group. They analyse the potential risks and opportunities and put into place appropriate plans to mitigate risks and promote opportunities. Cash and Debtors are constantly monitored to optimise the business cash flow. Principle risks and uncertainties include: - The key function of the business is the properties which support the trading entities, during the previous 18-24 months as the trading entities have reduced volumes this has given rise to excess production capability and managing this is key. - The current economic downturn is now one of the main uncertainties, the end consumers ability to purchase is being significantly dampened as the institutions fight to curb inflation, which is a key factor in UK manufacturing of larger items. Key Performance Indicators Level of orders- we continually monitor the level of orders into and out of the business. This is categorised by customer accounts and product ranges and gives us a direct opportunity to enhance ongoing relationships whilst exploring opportunities with new customers. This achieved a growth in turnover whilst developing our overall customer base. Raw material and Gross Margin- tracking of these are key to the long-term success of the business. Along with the customer base, our material requirement is a key aspect of our product. Energy- we have seen major changes in the pricing structure of UK energy supplies in the last 12 months, not only does this impact direct energy costs it impacts on all other purchased items inflating at levels not seen for many years, we are also reviewing our energy efficiency. Labour- is a key resource to our future, and as such we are investing in this area continually through training and employee welfare. We work with our key customers and legislation changes to ensure we meet and stay ahead of their requirements and are proud to employ a wide range of nationalities. Transport costs- these are key drivers within the business and have significant impacts on operational efficiencies, the underlying cost structure, and the environment whilst providing our customer base with a quality service. We are constantly therefore challenging this area to develop and improve our service. Other Key Performance Indicators As a property owner key occupancy rates on our premises is also key, and offers a challenge in its own right, finding suitable tenants to cohabit larger production facilities is key.
S172 Report Company Vision- Driven to lead. Proud to impress. Our mission at Whitemeadow is to constantly strive to lead in our industry, both in terms of product, service, and innovation. We're proud of the work we do and the people we work alongside. Most companies exist to simply make and sell product. We're different. We exist because we believe in inspiring, impressing and innovating. Our Values There are six pillars on which the Whitemeadow brands rests: - Crafted- everything we do we do with care and accuracy. Crafting British- made upholstery skills that have taken years to master. - Vibrant- our vibrant workplace culture helps inspire creativity and craftsmanship. - Proud- we're proud of what we do. We're proud of who we are. We're proud of how far we've come and where we're going. - Dynamic- dynamic working is instrumental to our everyday operations. Instilling a high-trust, high-performance culture within our business. - Dependable- constantly delivering on our designs, quality, and service. - Best in Class- We aspire to be the best we can be crafting innovative products that people are proud to own, taking the lead in our industry. Employee Engagement Our vision takes a multi-disciplined workforce, each with skills that contribute to pushing us ahead of our competition and impressing our loyal customer base. We encourage engagement from everyone in the business and truly believe by doing this our vision and values will become the unifying components of our company culture and in time this will ultimately lead to a better workplace for all, and a company that has a strong and bright future. We offer a competitive salary, generous holiday allowance, formal and informal training opportunities, good welfare facilities and a wide range of employee benefits and opportunities to enable our employees to fulfill their potential. Our Joint Consultative Committee and Health and Safety enables all employees to feel involved and have a voice. We are working hard to create an environment where employees feel valued and are recognised for their hard work and successful demonstration of our company values. We hold monthly and annual employee recognition awards and are proud to be an Investors in People accredited employer. We take our commitment to the development of our employees very seriously and invest in their future by offering training courses and accessible routes to career progression. Our industry leading in-house Sewing Academy has now trained a number of fully qualified Sewing Machinists. Our commitment to improvement will see us complete our ISO journey which we started in 2024, something that will benefit the future of the Whitemeadow group. Community and Industry Commitment Whitemeadow continues to lead the charge on educating and inspiring the next generation of skilled furniture makers. By sharing our knowledge and skills with local students, we hope to show them that there are some fantastic career opportunities right on their doorstep in the future. Whitemeadow also work with partners such as job centres, parole services and the Armed Forces Community to provide pathways into work. Charity Work Whitemeadow have our own charity team, who continue to raise money through regular fund-raising events to support local charities. Whitemeadow are members of the Furniture Makers which support the industries commitment to all employees past and present. Environmental Responsibilities Our commitment to the environment and sustainably is at the heart of the future for Whitemeadow. FSC- In 2020 we became one of the first upholstery manufacturers to achieve FSC accreditation. All the timber we use is sourced legally, ethically, and sustainably, from plantations or Forestry commissions that replant and replace to ensure that species continue to thrive and provide a sustainable source of timber for generations to come. We do not purchase any materials that do not come with FSC (Forestry Stewardship Commission) accreditation. Recycling- We recycle all forms of paper and card. All confidential waste is shredded and recycled, and all other paper waste goes directly to recycling plants across the UK, with zero to landfill. In partnership with Biffa and Flame, all our sites now divert over 94% of wastage away from landfills and 100% of our plastic packaging is recyclable. Our plastic packaging is made from 30% recycled plastic. Energy- We use HVO to fuel some of our fleet and continue to drive for efficiencies throughout. HVO (hydro-treated vegetable oil) is a premium, high quality diesel fuel, made from renewable, sustainable, raw materials and can reduce our net CO2 greenhouse gas emissions by up to 90%. Our current project involves looking at the use of solar energy to reduce reliance on the grid and contribute to a lower carbon process. 85% of our factory lighting is energy efficient LED and our Biomass units are powered by recycled wood, providing 100% of the heating at our Orchard Way, Design, Export Drive and Stores sites. Product innovation- Whitemeadow are early adopters of innovation and sustainability practices in the upholstery industry. We were the first in the sector to invest in sustainable components such as interiors made of recycled bottles and fabrics made from recycled yarns. We currently work with like-minded organisations such as Plastic Bank, which is a social enterprise that builds recycling ecosystems in under-developed communities in an effort to fight both plastic pollution in oceans, as well as high poverty levels in developing countries. Securing the Future of Whitemeadow We know our people are our biggest strength, and we're determined to improve the way we manage, develop, and lead. A successful review of our Investor in People accreditation was achieved in 2024, which will help us to continue to focus on the right areas and make positive changes for all those that choose to work at Whitemeadow. We will continue to expand the number of ethical suppliers we work with to ensure our supply chains are as committed to positive change as we are, making a substantial effort to reduce harmful impact on the planet. We will continue to try and improve our carbon footprint, through better energy usage and generation. Our aim is to be recognised as a company known for its integrity and creativity, that paves the way for the future of upholstery making.
This report was approved by the board of directors on 10 September 2025 and signed on behalf of the board by:

M Clarridge
Director

Registered office:
Orchard Way
Calladine Business Park
Sutton In Ashfield
Nottinghamshire
NG17 1JU

WHITEMEADOW INVESTMENTS LIMITED

DIRECTORS' REPORT

YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements of the group for the year ended 31 December 2024 .
Directors
The directors who served the company during the year were as follows:

P Ainley |
M Clarridge |
A Kitchen |
D Oscroft |
I Oscroft |
A Price |
N Wilkinson |

Dividends
Particulars of recommended dividends are detailed in note to the financial statements.
Greenhouse gas emissions and energy consumption

| Unit | 2024 | 2023
Emissions resulting from activities for which the group is responsible | tCO2e | 940 | 1,121
Emissions resulting from the purchase of electricity by the group for its own use | tCO2e | 354 | 360
|  | ------- | -------
Total emissions | tCO2e | 1,294 | 1,481
Total energy consumption | kWh | 7,953,061 | 8,009,984
Intensity metric - Tonnes CO2e per m2 |  | 0.05 | 0.06
|  | ------------ | ------------

Methodologies for energy and emissions calculations
Quantification and reporting methodology - we have followed the 2019 HM Government Environmental Reporting Guidelines. We have also used the GHG Reporting Protocol - Corporate Standard and have used the 2024 UK Government's Conversion Factors for Company Reporting. Intensity measurement - the chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per m2 of property floor space, the recommended ratio for the sector.
Principal measures taken to increase energy efficiency
During the 2024 reporting year, Whitemeadow did not undertake any major new energy efficiency initiatives. However, the company continued its programme of replacing inefficient lighting with energy-efficient LED fittings across its sites. These LED fittings are equipped with PIR (passive infrared) sensors to reduce unnecessary lighting usage by automatically switching off when areas are unoccupied. Whitemeadow also continues to assess and implement appropriate measures identified under the Energy Savings Opportunity Scheme (ESOS). No significant operational changes occurred in 2024. Nevertheless, total energy consumption fell by 56,922.10 kWh, representing a 0.71% reduction compared to the previous year. This decrease was primarily driven by reductions in gas and electricity usage, which declined by 15.04% and 2.30%, respectively. As a result of these efforts, total greenhouse gas emissions from Whitemeadow's operations decreased by 188.50 tCO2e, a 12.72% reduction. The reductions in energy and emissions are attributed largely to ongoing energy efficiency improvements, behavioural changes initiated in previous financial years, and the continued transition to lower-carbon energy sources, including the installation of biomass boilers. It is worth noting that fuel consumption rose significantly during the reporting period, increasing by 206,122.59 kWh (a 4.31% rise). The cause of this increase is a result of the increased consumption of wood to fuel biomass boilers heating large warehouses. Whilst this has resulted in increased overall energy consumption, it should be noted that because of moving from carbon-intensive fuels to renewable biofuel, carbon emissions from fuel combustion have fallen by 56.31 tCO2e. Furthermore, by utilising wood offcuts in the Frames site, Whitemeadow has reduced its carbon footprint by 229.08 tCO2e when comparing on-site combustion against sending the waste to landfill. Using the selected intensity metric, tCO2e per square metre, Whitemeadow achieved a reduction of 0.00718 tCO2e/m², equating to a 12.71% improvement. This progress reinforces the impact of reduced reliance on fossil fuels and the strategic shift towards renewable and less carbon-intensive sources of energy.
Employment of disabled persons
Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.
Employee involvement
The group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests. Information of matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance. There is no employee share scheme at present, but the directors are considering the introduction of such a scheme as a means of further encouraging the involvement of employees in the company performance.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to enable it to continue to meet its obligations as they fall due for a period of 12 months from the date of sign off of these financial statements.
The directors have considered current bank reserves and have prepared detailed profit and cashflow forecasts for a period of 12 months from the date of sign off of these financial statements.
Directors' responsibilities statement
The directors are responsible for preparing the strategic report, directors' 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 the company and the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: - select suitable accounting policies and then apply them consistently; - make judgments 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. Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the group and the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the group and the company's auditor is aware of that information.
This report was approved by the board of directors on 10 September 2025 and signed on behalf of the board by:

M Clarridge
Director

Registered office:
Orchard Way
Calladine Business Park
Sutton In Ashfield
Nottinghamshire
NG17 1JU

WHITEMEADOW INVESTMENTS LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WHITEMEADOW INVESTMENTS LIMITED

YEAR ENDED 31 DECEMBER 2024
Opinion
We have audited the financial statements of Whitemeadow Investments Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated statement of cash flows and the related notes, 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 FRS 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 group's and of the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - 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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 or the 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. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or - the parent company 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 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 group's and 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 group or 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was that we identified the material laws and regulations applicable to the group through discussions with management, and from our commercial knowledge and experience of the group. We then assessed the extent of compliance with these laws and regulations through making enquiries of management. We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. To address the risk of fraud through management bias and override of controls we tested journal entries to identify unusual transactions, we assessed whether judgements and assumptions made in determining the accounting estimates set out in Note 3 were indicative of potential bias; and we investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to agreeing financial statement disclosures to underlying supporting documentation and reviewing correspondence with relevant regulators. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities 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 auditor’s report. Use of our report
This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

MARK BRADSHAW
(Senior Statutory Auditor)

For and on behalf of
Streets Audit LLP
Chartered accountants & statutory auditor
Windsor House
A1 Business Park at
Long Bennington
Notts
NG23 5JR

12 September 2025

WHITEMEADOW INVESTMENTS LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

YEAR ENDED 31 DECEMBER 2024

| 2024 | 2023
Note | £ | £
Turnover | 4 | 44,920,828 | 58,153,587

Cost of sales | ( 29,902,220) | ( 39,070,030)
| ------------- | -------------
Gross profit | 15,018,608 | 19,083,557

Distribution costs | ( 52,599) | ( 154,080)
Administrative expenses | ( 12,828,119) | ( 15,249,633)
Other operating income | 5 | 475,223 | 99,165
Exceptional item | 1,064,830 | –
|  | ------------- | -------------
Operating profit | 6 | 3,677,943 | 3,779,009

Share of profit of associates | 16 | 7,934 | 184,090
Share of profit of joint ventures | 16 | 178,701 | 292,830
Other interest receivable and similar income | 11 | 45 | 8,691
Interest payable and similar expenses | 12 | ( 409,241) | ( 622,730)
| ------------- | -------------
Profit before taxation | 3,455,382 | 3,641,890

Tax on profit | 13 | ( 880,168) | ( 851,886)
| ------------ | ------------
Profit for the financial year and total comprehensive income | 2,575,214 | 2,790,004
| ------------ | ------------

All the activities of the group are from continuing operations.

WHITEMEADOW INVESTMENTS LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

31 December 2024

|  | 2024 | 2023
Note |  | £ | £

Fixed assets

Tangible assets | 15 |  | 10,241,077 | 12,251,290
Investments | 16 |  | – | 1,429,552
|  | ------------- | -------------
|  | 10,241,077 | 13,680,842

Current assets

Stocks | 17 | – |  | 1,664,777
Debtors | 18 | 503,422 |  | 9,524,915
Cash at bank and in hand | 67,699 |  | 518,472
| --------- |  | -------------
| 571,121 |  | 11,708,164

Creditors: amounts falling due within one year | 19 | ( 3,188,344) |  | ( 14,913,461)
| ------------ |  | -------------
Net current liabilities |  | ( 2,617,223) | ( 3,205,297)
|  | ------------- | -------------
Total assets less current liabilities |  | 7,623,854 | 10,475,545

Creditors: amounts falling due after more than one year | 20 |  | ( 2,900,000) | ( 4,767,280)

Provisions | 22 |  | ( 107,376) | ( 239,495)
|  | ------------ | -------------
Net assets |  | 4,616,478 | 5,468,770
|  | ------------ | -------------

Capital and reserves

Called up share capital | 25 |  | 3,678 | 10,000
Capital redemption reserve | 26 |  | 6,322 | –
Profit and loss account | 26 |  | 4,606,478 | 5,458,770
|  | ------------ | ------------
Shareholders funds |  | 4,616,478 | 5,468,770
|  | ------------ | ------------

These financial statements were approved by the board of directors and authorised for issue on 10 September 2025 , and are signed on behalf of the board by:

M Clarridge
Director

Company registration number: 11003793

WHITEMEADOW INVESTMENTS LIMITED

COMPANY STATEMENT OF FINANCIAL POSITION

31 December 2024

|  | 2024 | 2023
Note |  | £ | £

Fixed assets

Tangible assets | 15 |  | 7,868,037 | 8,078,988
Investments | 16 |  | 3,550,000 | 16,500,065
|  | ------------- | -------------
|  | 11,418,037 | 24,579,053

Current assets

Debtors | 18 | 503,422 |  | 147,694
Cash at bank and in hand | 58,992 |  | 58,824
| --------- |  | ---------
| 562,414 |  | 206,518

Creditors: amounts falling due within one year | 19 | ( 3,084,302) |  | ( 5,193,245)
| ------------ |  | ------------
Net current liabilities |  | ( 2,521,888) | ( 4,986,727)
|  | ------------- | -------------
Total assets less current liabilities |  | 8,896,149 | 19,592,326

Creditors: amounts falling due after more than one year | 20 |  | ( 2,900,000) | ( 4,658,000)

Provisions | 22 |  | ( 76,210) | –
|  | ------------ | -------------
Net assets |  | 5,919,939 | 14,934,326
|  | ------------ | -------------

Capital and reserves

Called up share capital | 25 |  | 3,678 | 10,000
Capital redemption reserve | 26 |  | 6,322 | –
Profit and loss account | 26 |  | 5,909,939 | 14,924,326
|  | ------------ | -------------
Shareholders funds |  | 5,919,939 | 14,934,326
|  | ------------ | -------------

The profit for the financial year of the parent company was £ 7,078,048 (2023: £ 1,439,095 ).
These financial statements were approved by the board of directors and authorised for issue on 10 September 2025 , and are signed on behalf of the board by:

M Clarridge
Director

Company registration number: 11003793

WHITEMEADOW INVESTMENTS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

YEAR ENDED 31 DECEMBER 2024

| Called up share capital | Capital redemption reserve | Profit and loss account | Total
| £ | £ | £ | £
At 1 January 2023 | 10,000 | – | 2,668,766 | 2,678,766
Profit for the year |  |  | 2,790,004 | 2,790,004
| -------- | ---- | ------------ | ------------
Total comprehensive income for the year | – | – | 2,790,004 | 2,790,004
At 31 December 2023 | 10,000 | – | 5,458,770 | 5,468,770
Profit for the year |  |  | 2,575,214 | 2,575,214
| -------- | ---- | ------------ | ------------
Total comprehensive income for the year | – | – | 2,575,214 | 2,575,214
Redemption of shares | ( 6,322) | 6,322 | – | –
User defined investments by and distributions to owners movement 1 | – | – | ( 3,427,506) | ( 3,427,506)
| ------- | ------- | ------------ | ------------
Total investments by and distributions to owners | ( 6,322) | 6,322 | ( 3,427,506) | ( 3,427,506)
| ------- | ------- | ------------ | ------------
At 31 December 2024 | 3,678 | 6,322 | 4,606,478 | 4,616,478
| ------- | ------- | ------------ | ------------

WHITEMEADOW INVESTMENTS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

YEAR ENDED 31 DECEMBER 2024

| Called up share capital | Capital redemption reserve | Profit and loss account | Total
| £ | £ | £ | £
At 1 January 2023 | 10,000 | – | 13,485,231 | 13,495,231
Profit for the year |  |  | 1,439,095 | 1,439,095
| -------- | ---- | ------------- | -------------
Total comprehensive income for the year | – | – | 1,439,095 | 1,439,095
At 31 December 2023 | 10,000 | – | 14,924,326 | 14,934,326
Profit for the year |  |  | 7,078,048 | 7,078,048
| -------- | ---- | ------------- | -------------
Total comprehensive income for the year | – | – | 7,078,048 | 7,078,048
Dividends paid and payable | – | – | ( 16,092,435) | ( 16,092,435)
Redemption of shares | ( 6,322) | 6,322 | – | –
| ------- | ------- | ------------- | -------------
Total investments by and distributions to owners | ( 6,322) | 6,322 | ( 16,092,435) | ( 16,092,435)
| ------- | ------- | ------------- | -------------
At 31 December 2024 | 3,678 | 6,322 | 5,909,939 | 5,919,939
| ------- | ------- | ------------- | -------------

WHITEMEADOW INVESTMENTS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

YEAR ENDED 31 DECEMBER 2024

| 2024 | 2023
| £ | £

Cash flows from operating activities

Profit for the financial year | 2,575,214 | 2,790,004

Adjustments for: |  |
Depreciation of tangible assets | 725,178 | 864,290
Share of profit of associates | ( 7,934) | ( 184,090)
Share of profit of joint ventures | ( 178,701) | ( 292,830)
Other interest receivable and similar income | ( 45) | ( 8,691)
Interest payable and similar expenses | 409,241 | 622,730
Loss/(gains) on disposal of tangible assets | 24,149 | ( 90,519)
Tax on profit | 880,168 | 851,886
Accrued (income)/expenses | ( 729,015) | 562,779

Changes in: |  |
Stocks | ( 14,665) | 180,986
Trade and other debtors | ( 697,828) | 373,995
Trade and other creditors | ( 582,398) | ( 2,209,702)
| ------------ | ------------
Cash generated from operations | 2,403,364 | 3,460,838

Interest paid | ( 409,241) | ( 622,730)
Interest received | 45 | 8,691
Tax paid | ( 710,485) | ( 388,597)
| ------------ | ------------
Net cash from operating activities | 1,283,683 | 2,458,202
| ------------ | ------------

Cash flows from investing activities

Purchase of tangible assets | ( 121,074) | ( 488,599)
Proceeds from sale of tangible assets | 59,975 | 385,592
Investment in associates | ( 7,934) | ( 184,090)
Investment in joint venture | 205,936 | ( 97,830)
Other investment income received | 256,998 | 622,328
Cashflow effect of the distribution in specie | ( 476,669) | –
| ------------ | ------------
Net cash (used in)/from investing activities | ( 82,768) | 237,401
| ------------ | ------------

Cash flows from financing activities

Repayments of borrowings | ( 1,500,000) | ( 2,258,271)
Payments of finance lease liabilities | ( 151,688) | ( 144,651)
| ------------ | ------------
Net cash used in financing activities | ( 1,651,688) | ( 2,402,922)
| ------------ | ------------

Net (decrease)/increase in cash and cash equivalents | ( 450,773) | 292,681
Cash and cash equivalents at beginning of year | 518,472 | 225,791
| --------- | ---------
Cash and cash equivalents at end of year | 67,699 | 518,472
| --------- | ---------

WHITEMEADOW INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Orchard Way, Calladine Business Park, Sutton In Ashfield, Nottinghamshire, NG17 1JU.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and in sterling, which is the functional currency of the entity.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to enable it to continue to meet its obligations as they fall due for a period of 12 months from the date of sign off of these financial statements. The directors have considered current bank reserves and have prepared detailed profit and cashflow forecasts for a period of 12 months from the date of sign off of these financial statements.
Disclosure exemptions
No disclosure exemptions have been taken by the Group. The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not included its individual statement of comprehensive income.
Consolidation
The consolidated financial statements incorporate those of Whitemeadow Investments Limited and all of its subsidiaries (i.e. entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies uses 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. Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates. Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the groups share of net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. - Key sources of estimation uncertainty The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:- (i) Dilapidation provision Estimation is required in respect of amounts contractually payable to restore leasehold premises back to their original condition. The Director's have obtained professional advice in determining the best estimate of amounts which may become payable should the premises be exited at a future point in time. The Directors have also considered where landlords are connected parties whether the full dilapidations provision is required. (ii) Rebates The group benefits from supplier rebates and are required to estimate the level of rebate to which the company is entitled to claim at the year end date.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

| Goodwill | - | 5-15 years straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

| Freehold land and buildings | - | 15-40 years straight line
| Plant and machinery | - | 25% straight line
| Fixtures and fittings | - | 5%-33% straight line
| Motor vehicles | - | 25% straight line

Investments
In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date.
Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities
Investments in associates
Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the associate.
Investments in joint ventures
Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group's share of the profit or loss, other comprehensive income and equity of the joint venture.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase and, where applicable, direct labour costs and other costs incurred in bringing the stock to its present location and condition. Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only holds basic financial instruments as defined in FRS 102. The financial assets and financial liabilities of the company and their measurement basis are as follows: Financial assets - trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at amortised cost. Financial liabilities - trade creditors, accruals and other creditors are financial instruments, and are measured at amortised cost. Taxation and social security are not included in the financial instruments disclosure definition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Turnover
Turnover arises from:

| 2024 | 2023
| £ | £
Sale of goods | 44,920,828 | 58,153,587
| ------------- | -------------

The turnover is attributable to the one principal activity of the group. An analysis of turnover by the geographical markets that substantially differ from each other is given below:

| 2024 | 2023
| £ | £
United Kingdom | 41,320,546 | 54,370,752
Overseas | 3,600,282 | 3,782,835
| ------------- | -------------
| 44,920,828 | 58,153,587
| ------------- | -------------

5. Other operating income

| 2024 | 2023
| £ | £
Rental income | 162,692 | –
Management charges receivable | 310,147 | 92,171
Other operating income | 2,384 | 6,994
| --------- | --------
| 475,223 | 99,165
| --------- | --------

6. Operating profit
Operating profit or loss is stated after charging/crediting:

| 2024 | 2023
| £ | £
Depreciation of tangible assets | 725,178 | 864,290
Loss/(gains) on disposal of tangible assets | 24,149 | ( 90,519)
Impairment of trade debtors | (24,815) | (132,103)
Foreign exchange differences | 7,371 | ( 4,588)
Operating lease charges | – | 825,837
| --------- | ---------

7. Auditor's remuneration

| 2024 | 2023
| £ | £
Fees payable for the audit of the financial statements | 31,503 | 37,500
| -------- | --------

Fees payable to the company's auditor and its associates for other services:

Taxation compliance services | 1,500 | 8,500
Taxation advisory services | 64,000 | –
| -------- | --------
| 65,500 | 8,500
| -------- | --------

8. Staff costs
The average number of persons employed by the group during the year, including the directors, amounted to:

| 2024 | 2023
| No. | No.
Production staff | 322 | 452
Administrative staff | 100 | 124
| ---- | ----
| 422 | 576
| ---- | ----

The aggregate payroll costs incurred during the year, relating to the above, were:

| 2024 | 2023
| £ | £
Wages and salaries | 12,278,631 | 16,186,834
Social security costs | 1,165,295 | 1,416,015
Other pension costs | 468,398 | 426,403
| ------------- | -------------
| 13,912,324 | 18,029,252
| ------------- | -------------

9. Directors' remuneration
The directors' aggregate remuneration in respect of qualifying services was:

| 2024 | 2023
| £ | £
Remuneration | 988,467 | 1,338,806
Company contributions to defined contribution pension plans | 202,713 | 94,998
| ------------ | ------------
| 1,191,180 | 1,433,804
| ------------ | ------------

The number of directors who accrued benefits under company pension plans was as follows:

| 2024 | 2023
| No. | No.
Defined contribution plans | 6 | 6
| ---- | ----

Remuneration of the highest paid director in respect of qualifying services:

| 2024 | 2023
| £ | £
Aggregate remuneration | 229,473 | 290,695
Company contributions to defined contribution pension plans | 31,979 | 17,500
| --------- | ---------
| 261,452 | 308,195
| --------- | ---------

10. Exceptional items
As part of the management buyout, loan balances which remained outstanding from a previous buyout were waived by the recipients.
11. Other interest receivable and similar income

| 2024 | 2023
| £ | £
Interest on cash and cash equivalents | 45 | 8,691
| ---- | -------

12. Interest payable and similar expenses

| 2024 | 2023
| £ | £
Interest on banks loans and overdrafts | 400,181 | 567,298
Interest on obligations under finance leases and hire purchase contracts | 6,286 | 11,004
Other interest payable and similar charges | 2,774 | 44,428
| --------- | ---------
| 409,241 | 622,730
| --------- | ---------

13. Tax on profit
Major components of tax expense

| 2024 | 2023
| £ | £

Current tax:

UK current tax expense | 685,971 | 819,980
Adjustments in respect of prior periods | ( 5,967) | –
| --------- | ---------
Total current tax | 680,004 | 819,980
| --------- | ---------

Deferred tax:

Origination and reversal of timing differences | 200,164 | 31,906
| --------- | ---------
Tax on profit | 880,168 | 851,886
| --------- | ---------

Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 23.50 %).

| 2024 | 2023
| £ | £
Profit on ordinary activities before taxation | 3,455,382 | 3,641,890
| ------------ | ------------
Profit on ordinary activities by rate of tax | 863,846 | 856,593
Adjustment to tax charge in respect of prior periods | ( 5,967) | –
Effect of expenses not deductible for tax purposes | 79,335 | 3,934
Effect of capital allowances and depreciation | 45,708 | 101,647
Effect of different UK tax rates on some earnings | – | 1,886
Profits/losses from associates | ( 1,984) | ( 43,299)
Profits/losses from joint ventures | ( 44,675) | ( 68,875)
Effect of the restructure transactions | ( 56,095) | –
| ------------ | ------------
Tax on profit | 880,168 | 851,886
| ------------ | ------------

14. Intangible assets

Group | Goodwill
| £
Cost |
At 1 January 2024 | 10,912,415
Disposals of previously acquired businesses | ( 10,912,415)
| -------------
At 31 December 2024 | –
| -------------
Amortisation |
At 1 January 2024 | 10,912,415
Disposals of previously acquired businesses | ( 10,912,415)
| -------------
At 31 December 2024 | –
| -------------
Carrying amount |
At 31 December 2024 | –
| -------------
At 31 December 2023 | –
| -------------

The company has no intangible assets.
15. Tangible assets

Group | Freehold land and buildings | Plant and machinery | Fixtures and fittings | Motor vehicles | Total
| £ | £ | £ | £ | £
Cost |  |  |  |  |
At 1 January 2024 | 11,974,651 | 2,293,249 | 1,643,798 | 2,126,359 | 18,038,057
Additions | – | 121,074 | – | – | 121,074
Disposals | – | ( 18,350) | – | ( 217,269) | ( 235,619)
Disposals through business combinations | – | ( 2,395,973) | ( 1,441,098) | ( 1,909,090) | ( 5,746,161)
| ------------- | ------------ | ------------ | ------------ | -------------
At 31 December 2024 | 11,974,651 | – | 202,700 | – | 12,177,351
| ------------- | ------------ | ------------ | ------------ | -------------
Depreciation |  |  |  |  |
At 1 January 2024 | 1,565,050 | 1,985,937 | 702,333 | 1,533,447 | 5,786,767
Charge for the year | 338,091 | 176,533 | 90,586 | 119,968 | 725,178
Disposals | – | ( 15,833) | – | ( 135,662) | ( 151,495)
Disposals through business combinations | – | ( 2,146,637) | ( 759,786) | ( 1,517,753) | ( 4,424,176)
| ------------- | ------------ | ------------ | ------------ | -------------
At 31 December 2024 | 1,903,141 | – | 33,133 | – | 1,936,274
| ------------- | ------------ | ------------ | ------------ | -------------
Carrying amount |  |  |  |  |
At 31 December 2024 | 10,071,510 | – | 169,567 | – | 10,241,077
| ------------- | ------------ | ------------ | ------------ | -------------
At 31 December 2023 | 10,409,601 | 307,312 | 941,465 | 592,912 | 12,251,290
| ------------- | ------------ | ------------ | ------------ | -------------

Company | Freehold land and buildings | Fixtures and fittings | Total
| £ | £ | £
Cost |  |  |
At 1 January 2024 and 31 December 2024 | 8,424,500 | 202,700 | 8,627,200
| ------------- | --------- | ------------
Depreciation |  |  |
At 1 January 2024 | 525,213 | 22,999 | 548,212
Charge for the year | 200,817 | 10,134 | 210,951
| ------------- | --------- | ------------
At 31 December 2024 | 726,030 | 33,133 | 759,163
| ------------- | --------- | ------------
Carrying amount |  |  |
At 31 December 2024 | 7,698,470 | 169,567 | 7,868,037
| ------------- | --------- | ------------
At 31 December 2023 | 7,899,287 | 179,701 | 8,078,988
| ------------- | --------- | ------------

Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:

Group | Plant and machinery | Motor vehicles | Total
| £ | £ | £
At 31 December 2024 | – | – | –
| ---- | ---- | ----
At 31 December 2023 | 48,332 | 257,546 | 305,878
| -------- | --------- | ---------

The company has no tangible assets held under finance lease or hire purchase agreements.
16. Investments

Group | Interests in associates | Joint ventures | Total
| £ | £ | £
Share of net assets/cost |  |  |
At 1 January 2024 | 663,046 | 766,506 | 1,429,552
Disposals | ( 670,980) | ( 490,207) | ( 1,161,187)
Share of profit or loss | 7,934 | 178,701 | 186,635
Dividends received | – | ( 455,000) | ( 455,000)
| --------- | --------- | ------------
At 31 December 2024 | – | – | –
| --------- | --------- | ------------
Impairment |  |  |
At 1 January 2024 and 31 December 2024 | – | – | –
| --------- | --------- | ------------

Carrying amount |  |  |
At 31 December 2024 | – | – | –
| --------- | --------- | ------------
At 31 December 2023 | 663,046 | 766,506 | 1,429,552
| --------- | --------- | ------------

Company | Shares in group undertakings | Shares in participating interests | Total
| £ | £ | £
Cost |  |  |
At 1 January 2024 | 16,000,000 | 500,065 | 16,500,065
Additions | 1,861,621 | – | 1,861,621
Disposals | ( 14,311,621) | ( 500,065) | ( 14,811,686)
| ------------- | --------- | -------------
At 31 December 2024 | 3,550,000 | – | 3,550,000
| ------------- | --------- | -------------
Impairment |  |  |
At 1 January 2024 and 31 December 2024 | – | – | –
| ------------- | --------- | -------------

Carrying amount |  |  |
At 31 December 2024 | 3,550,000 | – | 3,550,000
| ------------- | --------- | -------------
At 31 December 2023 | 16,000,000 | 500,065 | 16,500,065
| ------------- | --------- | -------------

On 24 October 2024 the Group's interests in Whitemeadow Furniture Ltd, Peak Converters Limited and The Branded Furniture Company Limited were demerged.
Subsidiaries, associates and other investments
Details of the investments in which the group and the parent company have an interest of 20% or more are as follows:

| Class of share | Percentage of shares held
Subsidiary undertakings |  |
Orchard Way Property Group Limited | Ordinary | 100
Whitemeadow Furniture Limited | Ordinary | 100
W M Frames Limited (dormant) | Ordinary | 100

Other significant holdings |  |
Peak Converters Limited | Ordinary | 45
The Branded Furniture Company Limited | Ordinary | 65

17. Stocks

| Group | Company
| 2024 | 2023 | 2024 | 2023
| £ | £ | £ | £
Raw materials and consumables | – | 1,065,837 | – | –
Work in progress | – | 472,407 | – | –
Finished goods and goods for resale | – | 126,533 | – | –
| ---- | ------------ | ---- | ----
| – | 1,664,777 | – | –
| ---- | ------------ | ---- | ----

18. Debtors

| Group | Company
| 2024 | 2023 | 2024 | 2023
| £ | £ | £ | £
Trade debtors | 500,565 | 8,636,917 | 500,565 | –
Deferred tax asset | – | 147,694 | – | 147,694
Prepayments and accrued income | 2,857 | 728,714 | 2,857 | –
Other debtors | – | 11,590 | – | –
| --------- | ------------ | --------- | ---------
| 503,422 | 9,524,915 | 503,422 | 147,694
| --------- | ------------ | --------- | ---------

The debtors above include the following amounts falling due after more than one year:

| Group | Company
| 2024 | 2023 | 2024 | 2023
| £ | £ | £ | £
Deferred tax asset | – | 137,458 | – | 137,458
| ---- | --------- | ---- | ---------

19. Creditors: amounts falling due within one year

| Group | Company
| 2024 | 2023 | 2024 | 2023
| £ | £ | £ | £
Bank loans and overdrafts | 600,000 | 342,000 | 600,000 | 342,000
Trade creditors | – | 4,479,142 | – | –
Amounts owed to group undertakings | – | – | – | 2,185,000
Accruals and deferred income | 18,516 | 3,000,654 | 14,780 | 1,079,304
Corporation tax | 161,293 | 593,554 | 77,987 | 133,133
Social security and other taxes | 167,768 | 1,240,171 | 150,768 | 134,723
Obligations under finance leases and hire purchase contracts | – | 106,148 | – | –
Other creditors | 2,240,767 | 5,151,792 | 2,240,767 | 1,319,085
| ------------ | ------------- | ------------ | ------------
| 3,188,344 | 14,913,461 | 3,084,302 | 5,193,245
| ------------ | ------------- | ------------ | ------------

Amounts included in other creditors totalling £nil (2023 - £3,241,711) are secured against trade debtors. At 31 December 2024 the following charges were held by lenders:- - HSBC UK Bank plc held a fixed charge by way of a legal mortgage over all of the freehold and leasehold properties. The bank also held fixed and floating changes over all the assets of the group at this date and a legal assignment of contract monies. - HSBC Invoice Finance (UK) Limited held a fixed and floating charges over all the property of the group at this date. - The following entitled persons; Ian Oscroft, Paul Wesson, Andrew Kitchen and Peter Garnett held a fixed charge by way of a legal mortgage over all of the freehold and leasehold properties. The entitled persons also held fixed and floating charges over all the assets of the group at this date.
20. Creditors: amounts falling due after more than one year

| Group | Company
| 2024 | 2023 | 2024 | 2023
| £ | £ | £ | £
Bank loans and overdrafts | 2,900,000 | 4,658,000 | 2,900,000 | 4,658,000
Obligations under finance leases and hire purchase contracts | – | 109,280 | – | –
| ------------ | ------------ | ------------ | ------------
| 2,900,000 | 4,767,280 | 2,900,000 | 4,658,000
| ------------ | ------------ | ------------ | ------------

The long-term loans are secured by:- - Debenture from Orchard Way Property Group Limited - Debenture from Whitemeadow Investments Limited - Guarantee from Whitemeadow Furniture Limited, Orchard Way Property Group Limited Limited and Whitemeadow Investments Limited.- Legal mortgage from Whitemeadow Group Holdings Limited over Units 1&2. - Legal mortgage from Orchard Way Property Group Limited over Unit 1 Export Drive, Huthwaite, Nottinghamshire.- Legal mortgage from Whitemeadow Investments Limited over Langham Park, Berristow Lane, South Normanton.
21. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

| Group | Company
| 2024 | 2023 | 2024 | 2023
| £ | £ | £ | £
Not later than 1 year | – | 106,148 | – | –
Later than 1 year and not later than 5 years | – | 109,280 | – | –
| ---- | --------- | ---- | ----
| – | 215,428 | – | –
| ---- | --------- | ---- | ----

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

Group | Deferred tax (note 23)
| £
At 1 January 2024 | 239,495
Additions | 76,210
Charge against provision | ( 23,740)
Transfers | ( 184,589)
| ---------
At 31 December 2024 | 107,376
| ---------

Company | Deferred tax (note 23)
| £
At 1 January 2024 | –
Additions | 76,210
| --------
At 31 December 2024 | 76,210
| --------

23. Deferred tax
The deferred tax included in the statement of financial position is as follows:

| Group | Company
| 2024 | 2023 | 2024 | 2023
| £ | £ | £ | £
Included in debtors (note 18) | – | 147,694 | – | 147,694
Included in provisions (note 22) | ( 107,376) | ( 239,495) | ( 76,210) | –
| --------- | --------- | -------- | ---------
| ( 107,376) | ( 91,801) | ( 76,210) | 147,694
| --------- | --------- | -------- | ---------

The deferred tax account consists of the tax effect of timing differences in respect of:

| Group | Company
| 2024 | 2023 | 2024 | 2023
| £ | £ | £ | £
Accelerated capital allowances | 107,376 | 374,891 | – | –
Deferred tax - other timing differences | – | ( 283,090) | – | –
| --------- | --------- | ---- | ----
| 107,376 | 91,801 | – | –
| --------- | --------- | ---- | ----

24. Employee benefits
Defined contribution plans
The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 468,398 (2023: £ 426,403 ).
25. Called up share capital
Issued, called up and fully paid

| 2024 | 2023
| No. | £ | No. | £
Ordinary shares of £ 0.10 each | 100,000 | 10,000 | 100,000 | 10,000
| --------- | -------- | --------- | --------

26. Reserves
Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.
27. Analysis of changes in net debt

| At 1 Jan 2024 | Cash flows | Other changes | At 31 Dec 2024
| £ | £ | £ | £
Cash at bank and in hand | 518,472 | (450,773) | – | 67,699
Debt due within one year | (448,148) | 1,715,428 | (1,867,280) | (600,000)
Debt due after one year | (4,767,280) | – | 1,867,280 | (2,900,000)
| ------------ | ------------ | ------------ | ------------
| ( 4,696,956) | 1,264,655 | – | ( 3,432,301)
| ------------ | ------------ | ------------ | ------------

WHITEMEADOW INVESTMENTS LIMITED

NOTES TO THE FINANCIAL STATEMENTS (continued)

YEAR ENDED 31 DECEMBER 2024
28. Disposals
On 24 October 2024 a series of transactions took place which involved a demerger of the trading subsidiary, joint venture and associate. The group profit and loss account therefore reflects the results up to this date for those entities.
At the year end the Group activities were just property investments.
29. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:

| Group | Company
| 2024 | 2023 | 2024 | 2023
| £ | £ | £ | £
Not later than 1 year | – | 1,283,148 | – | –
Later than 1 year and not later than 5 years | – | 3,853,481 | – | –
Later than 5 years | – | 323,972 | – | –
| ---- | ------------ | ---- | ----
| – | 5,460,601 | – | –
| ---- | ------------ | ---- | ----

30. Related party transactions
Group
Transactions with related parties Rental amounts were paid by the group to I R Oscroft's pension scheme. I R Oscroft is a director of Whitemeadow Investments Limited. The annual rent paid was £38,125 (2023 - £45,250). Following the demerger on 24 October 2024 the group received rental income of £162,692 from Whitemeadow Furniture Limited. Key management personnel In accordance with Section 33.7A of FRS 102, the entity has elected not to disclose key management personnel compensation separately, as the directors are the same individuals as the key management personnel. The compensation paid to the directors are disclosed in accordance with company law requirements.
31. Controlling party
In the opinion of the directors the controlling and ultimate controlling party is I R Oscroft .