Year Ended
Registration number:
Whites Material Handling Limited
Contents
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Company Information |
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Strategic Report |
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Director's Report |
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Statement of Director's Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Whites Material Handling Limited
Company Information
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Director |
R F Avery |
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Company secretary |
L H Sinclair |
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Registered office |
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Auditors |
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Whites Material Handling Limited
Strategic Report for the Year Ended 31 March 2025
The director presents his strategic report together with the audited financial statements for the year ended 31 March 2025.
Fair review of the business
As has been the case for the sector as a whole, the year to 31 March 2025 was a challenging one for the business as a result of the uncertainty in the British and European economies due to a combination of the impact of elections in the UK and US and the ongoing conflicts in Ukraine and the Middle East. Furthermore, the company has not been immune from the inflationary economic environment, in terms of both raw materials and both production and administrative costs that has impacted UK manufacturing as a whole. As a result, turnover and margin reduced versus the prior year, however no significant customers were lost. As a result, and despite ongoing strong control of costs, the above conditions have resulted in the company reporting a pre tax loss of £972,542 (2024 - £648,155).
Whilst the results for the year ended 31 March 2025 are disappointing, the director was always confident that an upturn in the market and consequent return to profitability would occur and kept a consistent workforce in place, and continued to invest in new fixed assets in anticipation of that happening. Continued investment during the year in new product development and innovation will also bear fruit in future periods. Results did improve towards the end of the financial year, with a return to month on month profitability in the final quarter of the financial year. This has continued into the current financial year, with the current order book now back at historic profit-generating levels. As a result the director is satisfied with the result for the year, and looks forward to reporting a profit for the year ended 31 March 2026.
The year end balance sheet position remains strong this year with net assets of £2,858,155 (2024 - £3,511,454). The company maintained its policy of relatively high stock holding in order to ensure customer service and supply thereby retaining and enhancing those customer relationships in the face of significant challenges. The company value of stock was also impacted by high materials costs with the year end balance being £3,328,851 (2024 - £3,976,085).
Having given due consideration to the principal risk and uncertainties as described below, as well as the ongoing impact on global supply chains, steel, and oil and other energy prices (which impact the cost of steel production) of the conflicts in Ukraine and the Middle East, the director looks forward to a return to profitability during the year to March 2026 and beyond.
The company's key financial and other performance indicators during the year were as follows:
|
Financial KPIs |
Unit |
2025 |
2024 |
|
Turnover |
£ |
10,911,424 |
11,457,860 |
|
Gross profit margin |
% |
15 |
18 |
Whites Material Handling Limited
Strategic Report for the Year Ended 31 March 2025
Principal risks and uncertainties
The principal risks and uncertainties facing the company are the uncertainty of the British and European economies which impacts the company in a number of ways. The key customer sectors of construction and agriculture can be significantly impacted by economic uncertainty however the company has a well-diversified customer base. Within the company itself inflationary pressures in energy, distribution and staff costs lie outside the director's control to a significant degree.
The company is focused upon being an employer of choice and retains an experienced management and workforce team however as the business continues to grow the director recognises that availability of skilled staff is challenging in the current economic environment.
Steel prices have, once again, fluctuated during the year. The company closely monitors the steel market and prepares for anticipated prices changes by altering stock levels. In addition, the company's gross profit margin is under constant review and where possible any input price increase is passed on.
Approved and authorised by the
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Whites Material Handling Limited
Director's Report for the Year Ended 31 March 2025
The director presents his report and the financial statements for the year ended 31 March 2025.
Principal activities
The principal activities of the company are the design, manufacture and sale of specialised attachments for the construction and agriculture industries across Europe.
Results and dividends
The loss for the year, after taxation, amounted to £653,299 (2024 - £437,709). The director does not recommend the payment of a dividend (2024 - £Nil).
Director of the company
The director who held office during the year was as follows:
Information included in the Strategic Report
For a review of the business and description of future developments please see the strategic report on page 2.
Financial instruments
Objectives and policies
The company's financial risk management objective is broadly to seek to make neither profit nor loss from exposure to currency or interest rate risks.
The company does not use hedge accounting.
Price risk, credit risk, liquidity risk and cash flow risk
The company's exposure to the price risk of financial instuments is minimal. As the counterparty to all financial instruments is its bankers, it is also exposed to minimal credit and liquidity risks in respect of these instruments.
Its cash flow risk is also minimal as it aims to pay suppliers in accordance with their stated terms. The director does not consider any other risks attaching to the use of financial instruments to be material to an assessment of its financial position or profit.
Disclosure of information to the auditors
The director has taken steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. The director confirms that there is no relevant information that he knows of and of which he knows the auditors are unaware.
Whites Material Handling Limited
Director's Report for the Year Ended 31 March 2025
Reappointment of auditors
The auditor, PKF Francis Clark, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Approved and authorised by the
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Whites Material Handling Limited
Statement of Director's Responsibilities
The director acknowledges his responsibilities for preparing the Strategic Report, the Director's Report and the audited financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is 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 director is required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The director is 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 him to ensure that the financial statements comply with the Companies Act 2006. He is 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.
Whites Material Handling Limited
Independent Auditor's Report to the Members of Whites Material Handling Limited
Opinion
We have audited the financial statements of Whites Material Handling Limited (the 'company') for the year ended 31 March 2025, which comprise the Profit and Loss Account, 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 March 2025 and of its loss 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 auditor 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 director's 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 original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.
Other information
The director is responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report 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 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.
Whites Material Handling Limited
Independent Auditor's Report to the Members of Whites Material Handling Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Director's Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our 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 and the Director's Report.
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 director's remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
Responsibilities of the director
As explained more fully in the Statement of Director's Responsibilities set out on page 6, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor 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:
Whites Material Handling Limited
Independent Auditor's Report to the Members of Whites Material Handling Limited
As part of our planning we obtained an understanding of the legal and regulatory framework that is applicable to the company. We gained an understanding of the industry in which the company operates as part of this assessment to identify the key laws and regulations affecting the company. As part of this, we reviewed the company's website for indication of the regulations and certification in place and discussed these with the relevant individuals responsible for compliance.
The key regulations we identified were employment law, health and safety regulations, tax legislation and the Environment Act 2021. We have also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the UK Generally Accepted Accounting Practice and the Companies Act 2006.
We discussed with management how the compliance with these laws and regulations is monitored and discussed policies and procedures in place. As part of our planning procedures, we assessed the risk of non-compliance with laws and regulations on the company's ability to continue operating and the risk of material misstatement to the accounts. Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:
- Enquiries of management regarding their knowledge of any non-compliance with laws and regulations that could affect the financial statements.
- Review of the company's health and safety incident logs, for any instances of reportable breaches or non-compliance.
- Reviewed the legal and professional costs to identify any possible non-compliance or legal costs in respect of non-compliance.
As part of our enquiries, we discussed with management whether there had been any instances of known or alleged fraud, of which management confirmed that there were none. We remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
We assessed the susceptibility of the financial statements to material misstatements through management override or fraud and obtained an understanding of the controls in place to mitigate the manipulation of the financial statements. The key risk we identified was manipulation of results with the principal risks relating to overstatement of revenue to present a more favourable commercial position. Based upon our understanding we designed and conducted audit procedures including:
- Audited the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business.
-Reviewed estimates and judgements made in the accounts for any indication of bias and challenged assumptions used by management in making the estimates.
- Performed accuracy procedures on revenue;
- Performed cut off procedures on revenue both before the period end and after.
- Investigated the rationale behind significant or unusual transactions.
Whites Material Handling Limited
Independent Auditor's Report to the Members of Whites Material Handling Limited
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.
A further description of our responsibilities is available 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.
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Ground Floor
90 Victoria Street
BS1 6DP
Whites Material Handling Limited
Profit and Loss Account
Year Ended 31 March 2025
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Note |
2025 |
2024 |
|
|
Turnover |
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|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
( |
( |
|
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Other operating income |
|
- |
|
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Operating loss |
(972,606) |
(651,601) |
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|
Other interest receivable and similar income |
|
|
|
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Interest payable and similar expenses |
- |
( |
|
|
64 |
3,446 |
||
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Loss before tax |
( |
( |
|
|
Tax on loss |
|
|
|
|
Loss for the financial year |
( |
( |
The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Whites Material Handling Limited
Balance Sheet
31 March 2025
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Note |
2025 |
2024 |
|
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Fixed assets |
|||
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Tangible assets |
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Current assets |
|||
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Stocks |
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Debtors |
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Cash at bank and in hand |
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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|
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Total assets less current liabilities |
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|
|
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Provisions for liabilities |
( |
( |
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Net assets |
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|
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Capital and reserves |
|||
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Called up share capital |
1,000 |
1,000 |
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Share premium reserve |
2,000 |
2,000 |
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Profit and loss account |
2,855,155 |
3,508,454 |
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|
Shareholders' funds |
2,858,155 |
3,511,454 |
Approved and authorised by the
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Company Registration Number: 01248229
Whites Material Handling Limited
Statement of Changes in Equity
Year Ended 31 March 2025
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Share capital |
Share premium |
Profit and loss account |
Total |
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At 1 April 2024 |
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|
|
|
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Loss for the year |
- |
- |
( |
( |
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At 31 March 2025 |
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|
|
|
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Share capital |
Share premium |
Profit and loss account |
Total |
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At 1 April 2023 |
|
|
|
|
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Loss for the year |
- |
- |
( |
( |
|
At 31 March 2024 |
1,000 |
2,000 |
3,508,454 |
3,511,454 |
Whites Material Handling Limited
Notes to the Financial Statements
Year Ended 31 March 2025
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
17-19 Emery Road
Brislington
Bristol
BS4 5PF
These financial statements were authorised for issue by the
The nature of the company's operations and its principal activities are set out in the director's report.
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. There are no material departures from FRS 102.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The presentational currency of the company is pounds Sterling as this is the currency of the economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest pound.
Whites Material Handling Limited
Notes to the Financial Statements
Year Ended 31 March 2025
Summary of disclosure exemptions
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
• Section 4 ‘Statement of Financial Position’: Reconciliation of the opening and closing number of shares;
• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;
• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;
• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.
This information is included in the consolidated financial statements of F&B Profiles (Holdings) Limited as at 31 March 2025 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
Going concern
The director's report describes the company's exposure to credit risk and cash flow risk. The director has, at the time of approving the financial statements, a reasonable expectation that the group of which the company is a member has adequate resources to continue in operational existence for the foreseeable future and to support the company as required. The director is satisfied that the company will continue in operational existence for the foreseeable future having prepared forecasts to March 2027. Thus the company continues to adopt the going concern basis of accounting in preparing the financial statements.
Whites Material Handling Limited
Notes to the Financial Statements
Year Ended 31 March 2025
Judgements in applying accounting policies and key sources of estimation uncertainty
In the application of the Company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from the sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate where the revision affects only that period, or in the period of the revision and future periods where the revision reflects both current and future periods.
The key judgement that has a significant effect on the financial statements is in respect of going concern. The disclosure within the accounting policies describes the processes undertaken around the judgement in more detail.
The key estimates that have a significant effect on the amounts recognised in the financial statements are described below.
Determining whether stock is held at the correct value by ensuring it is stated at the lower of cost or net realisable value, the estimate being the selling price less costs to complete and sell. Stock is assessed for impairment and potential provision is estimated. Management undertake regular stocktakes and review the ageing and selling profile of stock. The carrying amount is £3,328,851 (2024 - £3,976,085).
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
Revenue is recognised when the goods are dispatched.
Finance income
Finance costs are charged to the statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Foreign currency transactions and balances
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'administrative expenses'. All other foreign exchange gains and losses are presented in the Statement of Comprehensive Income within 'administrative expenses'.
Whites Material Handling Limited
Notes to the Financial Statements
Year Ended 31 March 2025
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at historical cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date, the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Short-term leasehold property |
over the period of the lease |
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Plant and machinery |
15% straight line |
|
Fixtures and fittings |
15 - 25% straight line |
|
Forklift trucks |
15 - 20% straight line |
|
Motor vehicles |
25% straight line |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and recognised in the statement of comprehensive income.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Whites Material Handling Limited
Notes to the Financial Statements
Year Ended 31 March 2025
Trade debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on standard costing. Work in progress and finished goods include direct labour costs.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Trade creditors
Short term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Provisions
Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the statement of comprehensive income in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.
Operating leases: the company as a lessee
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight line basis over the lease term.
Defined contribution pension obligation
The company operates a defined contribution scheme for its employees. A defined contribution scheme is a pension scheme under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in the profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the scheme are held separately from the company in independently administered funds.
Whites Material Handling Limited
Notes to the Financial Statements
Year Ended 31 March 2025
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Intercompany debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Impairment
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the group would receive for the asset if it were to be sold at the reporting date.
Whites Material Handling Limited
Notes to the Financial Statements
Year Ended 31 March 2025
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Turnover |
The analysis of the company's Turnover for the year from continuing operations is as follows:
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2025 |
2024 |
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Sale of goods |
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The analysis of the company's Turnover for the year by market is as follows:
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2025 |
2024 |
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UK |
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Europe |
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Rest of world |
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Other operating income |
The analysis of the company's other operating income for the year is as follows:
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2025 |
2024 |
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Sub lease rental income |
|
- |
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Operating loss |
Arrived at after charging
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2025 |
2024 |
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Depreciation expense |
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Foreign exchange losses |
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|
|
Auditor's remuneration |
|
2025 |
2024 |
|
|
Audit of the financial statements |
|
|
Whites Material Handling Limited
Notes to the Financial Statements
Year Ended 31 March 2025
|
Staff costs |
The aggregate payroll costs were as follows:
|
2025 |
2024 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
Pension costs, defined contribution scheme |
|
|
|
|
|
The average number of persons employed by the company (including the director) during the year, analysed by category was as follows:
|
2025 |
2024 |
|
|
Production |
|
|
|
Administration and support |
|
|
|
|
|
There was £nil (2024 - £nil) director's remuneration during the year.
|
Other interest receivable and similar income |
|
2025 |
2024 |
|
|
Interest income on bank deposits |
- |
|
|
Other finance income |
|
|
|
|
|
|
Interest payable and similar expenses |
|
2025 |
2024 |
|
|
Interest on bank overdrafts |
- |
|
Whites Material Handling Limited
Notes to the Financial Statements
Year Ended 31 March 2025
|
Taxation |
Tax charged/(credited) in the profit and loss account
|
2025 |
2024 |
|
|
Current taxation |
||
|
UK corporation tax |
( |
( |
|
UK corporation tax adjustment to prior periods |
( |
( |
|
(296,874) |
(219,470) |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
( |
( |
|
Arising from changes in tax rates and laws |
- |
|
|
Total deferred taxation |
( |
|
|
Tax credit in the income statement |
( |
( |
The tax on loss before tax for the year is lower than the standard rate of corporation tax in the UK (2024 - lower than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2025 |
2024 |
|
|
Loss before tax |
( |
( |
|
Corporation tax at standard rate |
( |
( |
|
Effect of expense not deductible in determining taxable loss |
|
|
|
UK deferred tax expense relating to changes in tax rates or laws |
- |
|
|
Deferred tax expense from unrecognised tax loss or credit |
- |
|
|
Deferred tax credit from unrecognised temporary difference from a prior period |
( |
- |
|
Decrease in current tax from adjustment for prior periods |
( |
( |
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Tax increase arising from group relief |
|
|
|
Receipt of group relief |
( |
( |
|
Total tax credit |
( |
( |
Whites Material Handling Limited
Notes to the Financial Statements
Year Ended 31 March 2025
Deferred tax
Deferred tax assets and liabilities
|
2025 |
Asset |
Liability |
|
Fixed asset timing differences |
- |
|
|
Short term timing differences |
|
- |
|
|
|
|
2024 |
Asset |
Liability |
|
Fixed asset timing differences |
- |
|
|
Short term timing differences |
|
- |
|
|
|
Whites Material Handling Limited
Notes to the Financial Statements
Year Ended 31 March 2025
|
Tangible assets |
|
Short-term leasehold property |
Fixtures and fittings |
Motor vehicles and Forklifts |
Plant and machinery |
Total |
|
|
Cost |
|||||
|
At 1 April 2024 |
|
|
|
|
|
|
Additions |
- |
|
|
|
|
|
Disposals |
- |
( |
- |
- |
( |
|
At 31 March 2025 |
|
|
|
|
|
|
Depreciation |
|||||
|
At 1 April 2024 |
|
|
|
|
|
|
Charge for the year |
|
|
|
|
|
|
Eliminated on disposal |
- |
( |
- |
- |
( |
|
At 31 March 2025 |
|
|
|
|
|
|
Carrying amount |
|||||
|
At 31 March 2025 |
|
|
|
|
|
|
At 31 March 2024 |
|
|
|
|
|
Whites Material Handling Limited
Notes to the Financial Statements
Year Ended 31 March 2025
|
Stocks |
|
2025 |
2024 |
|
|
Raw materials and consumables |
|
|
|
Work in progress |
|
|
|
Finished goods and goods for resale |
|
|
|
|
|
|
Debtors |
|
Note |
2025 |
2024 |
|
|
Trade debtors |
|
|
|
|
Other debtors and prepayments |
|
|
|
|
Corporation tax asset |
|
|
|
|
|
|
|
Creditors |
|
2025 |
2024 |
|
|
Due within one year |
||
|
Trade creditors |
|
|
|
Amounts due to group undertakings |
|
|
|
Social security and other taxes |
|
|
|
Other creditors |
|
|
|
Accruals |
|
|
|
|
|
|
Provisions for liabilities |
|
Deferred tax |
Other provisions |
Total |
|
|
At 1 April 2024 |
|
|
|
|
Decrease in existing provisions |
( |
- |
( |
|
At 31 March 2025 |
|
|
|
|
|
|||
Other provisions relates to dilapidations and represents the best estimate of the liability to make good properties in accordance with the terms of lease agreements.
Whites Material Handling Limited
Notes to the Financial Statements
Year Ended 31 March 2025
|
Pension scheme |
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
|
Obligations under leases |
Operating leases
The total of future minimum lease payments is as follows:
|
2025 |
2024 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
Later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Share capital |
Allotted, called up and fully paid shares
|
2025 |
2024 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
1,000 |
|
1,000 |
Rights, preferences and restrictions
|
Ordinary shares are non-redeemable and attract full voting, equity and dividend rights. |
|
Related party transactions |
The company has taken advantage of the exemption given by section 33.1A of FRS 102 not to disclose transactions with its parent company and other wholly owned subsidiaries in the group.
During the year the company was charged rent of £275,000 (2024 - £206,250) by a company controlled by the director. At the year end the company owed £Nil (2024 - £85,754) to that company.
Whites Material Handling Limited
Notes to the Financial Statements
Year Ended 31 March 2025
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is
The parent of the smallest and largest group in which these financial statements are consolidated, which are available from Companies House, is
The address of F&B Profiles (Holdings) Limited is: