REGISTERED NUMBER: 04671329 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FOR

WHITES OF COVENTRY LIMITED

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

9

Other Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

J White

D White

I White

REGISTERED OFFICE:

Ryton Mill

London Road

Ryton on Dunsmore

CV8 3DX

REGISTERED NUMBER:

04671329 (England and Wales)

AUDITORS:

Flint & Thompson

Statutory Auditors

2 Manor Square

Solihull

West Midlands

B91 3PX

The directors present their strategic report for the year ended 31 March 2025.

We are family run scrap metal recycling business that has been serving Coventry, Warwickshire and the surrounding counties of Leicestershire, Northamptonshire, and the West Midlands for over 40 years. During this time, we have built relationships with suppliers and buyers from all over the world that allow us to be very competitive and pay some of the best prices for ferrous and non-ferrous scrap metal. The Company's principal activity continues to be that of waste management.

Our mission is to serve the commercial trade and public market by recycling scrap metal to reduce waste and contribute to the ongoing development of a circular economy.

REVIEW OF BUSINESS

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company, these being turnover and gross margin.

The Company had a minor contraction in revenue in the year from £13.99m to £13.62m, largely due to movements in the market prices of scrap commodities. There was an increase in the gross margin from 9.03% to 15.86% and a slight decrease in the net margin from 6.05% to 5.01%.

As expected, the gross margin movement is due to better margins in the market as anticipated by management last year, expecting further growth and development.

At the reporting date, the Company had cash reserves of £604k (2024 - £297k) and net assets of £2.3m (2024 - £1.7m).

PRINCIPAL RISKS AND UNCERTAINTIES

We believe that the company, despite the challenges presented by the wider economic climate, will continue to provide waste management services. We continue to monitor the principal risks and uncertainties of the company and the wider industry are subject to such as:-

Customer credit risk:

There is a risk to the Company that customers will be unable to settle their obligations from sales made. To manage this risk, management carries out credit reviews of all major customers and carefully monitors the ageing of outstanding balances.

Macroeconomic conditions:

A recession or slowdown in the economy presents a risk to the Company that demand for their products will fall. Management manages this risk by focusing on scrap commodities which are less sensitive to economic conditions and carefully monitoring trends in scrap pricing when making purchases from suppliers.

Scrap commodity pricing:

Movements in the price of scrap products purchased from suppliers can sometimes be drastic, and this presents a risk to the Company in that a sudden fall in the price of a scrap commodity could lead to a loss making purchase. Management manages this risk by monitoring the price trends of their scrap products and retaining stock which is experiencing short-term pricing deficits, as well as identifying items where trends show an ongoing increase in price per tonne which could generate additional revenue for the Company.

FUTURE PROSPECTS

The company is expecting growth in the future in terms of turnover and profits. There are no significant plans to change the operations to the company.

ON BEHALF OF THE BOARD:

I White - Director

12 November 2025

The directors present their report with the financial statements of the company for the year ended 31 March 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of scrap metal and waste merchants.

DIVIDENDS

No interim dividend was paid during the year. The directors recommend a final dividend of £1,250 per share.

The total distribution of dividends for the year ended 31 March 2025 will be £ 125,000 .

DIRECTORS

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

J White

D White

I White

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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

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

-	select suitable accounting policies and then apply them consistently;

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

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

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

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he 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.

AUDITORS

The auditors, Flint & Thompson, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

I White - Director

12 November 2025

Opinion

We have audited the financial statements of Whites of Coventry Limited (the 'company') for the year ended 31 March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;

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

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

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

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

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

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

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

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

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

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

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

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

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

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We identify and assess risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

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 as follows:

- discussion with directors and management of the nature of the industry, control environment and business performance;

- results of our enquiries of management about their own identification and assessment of the risks of irregularities;

- any matters we have identified having reviewed the company's procedures for complying with laws and regulations and whether they were aware of any instances of non-compliance. The key laws we considered in this context included the Companies Act 2006, taxation legislation, data protection and health and safety legislation.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur by:

- reviewing balance sheet control accounts to ensure properly reconciled;

- addressing the risks of fraud through management override of controls by performing journal entry testing;

- performing analytical procedures to identify any unusual or unexpected relationships that may include risks of material misstatement due to fraud;

- enquiring with management concerning actual and potential litigation claims

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 or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Peter Georgiades BA FCA (Senior Statutory Auditor)

for and on behalf of Flint & Thompson

Statutory Auditors

2 Manor Square

Solihull

West Midlands

B91 3PX

12 November 2025

TURNOVER

13,624,856

13,991,858

Cost of sales

11,464,513

12,728,790

GROSS PROFIT

2,160,343

1,263,068

Administrative expenses

1,226,372

4,495,416

933,971

(3,232,348

)

Other operating income

1,605

-

OPERATING PROFIT/(LOSS)

4

935,576

(3,232,348

)

Interest payable and similar expenses

6

35,227

19,964

PROFIT/(LOSS) BEFORE TAXATION

900,349

(3,252,312

)

Tax on profit/(loss)

7

235,872

22,249

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

664,477

(3,274,561

)

PROFIT/(LOSS) FOR THE YEAR

664,477

(3,274,561

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

664,477

(3,274,561

)

FIXED ASSETS

Intangible assets

9

-

-

Tangible assets

10

1,488,389

1,161,358

Investment property

11

119,486

557,516

1,607,875

1,718,874

CURRENT ASSETS

Stocks

12

610,000

303,320

Debtors

13

1,364,093

410,142

Cash at bank and in hand

603,785

296,612

2,577,878

1,010,074

CREDITORS

Amounts falling due within one year

14

956,319

444,538

NET CURRENT ASSETS

1,621,559

565,536

TOTAL ASSETS LESS CURRENT LIABILITIES

3,229,434

2,284,410

CREDITORS

Amounts falling due after more than one year

15

(591,892

)

(290,902

)

PROVISIONS FOR LIABILITIES

17

(370,916

)

(266,359

)

NET ASSETS

2,266,626

1,727,149

CAPITAL AND RESERVES

Called up share capital

18

100

100

Retained earnings

19

2,266,526

1,727,049

SHAREHOLDERS' FUNDS

2,266,626

1,727,149

The financial statements were approved by the Board of Directors and authorised for issue on 12 November 2025 and were signed on its behalf by:

I White - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

100

5,126,610

5,126,710

Changes in equity

Dividends

-

(125,000

)

(125,000

)

Total comprehensive income

-

(3,274,561

)

(3,274,561

)

Balance at 31 March 2024

100

1,727,049

1,727,149

Changes in equity

Dividends

-

(125,000

)

(125,000

)

Total comprehensive income

-

664,477

664,477

Balance at 31 March 2025

100

2,266,526

2,266,626

1.	STATUTORY INFORMATION

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

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Financial Reporting Standard 102 - reduced disclosure exemptions

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

•

the requirements of Section 7 Statement of Cash Flows.

The Company is entitled to take this exemption as it is a subsidiary entity, with a consolidated Statement of Cash Flows available in the financial statements of the parent entity, White's Holding Limited.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Improvements to property

-

25% reducing balance

Plant and machinery

-

25% reducing balance

Fixtures and fittings

-

25% reducing balance

Motor vehicles

-

25% reducing balance

Computer equipment

-

33% per annum of cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at managements' estimate of their fair market value at the reporting date, as the stock purchasing process for scrap metals does not contain enough minute detail to assign and track each individual purchase of stock items. Management believe this departure from the FRS 102 reporting standard is required to provide a true and fair view of the value of stocks held for the financial statements. Any differences in stock valuation estimates between reporting dates and the amounts purchased in the year are posted to the profit and loss statement as a fair value gain/loss.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Hire purchase and leasing commitments

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

3.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

610,083

566,375

Social security costs

59,267

53,275

669,350

619,650

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

2025

2024

Directors

2

2

Cost of sales

11

10

Administrative

6

6

19

18

2025

2024

£

£

Directors' remuneration

104,000

95,600

4.	OPERATING PROFIT/(LOSS)

The operating profit (2024 - operating loss) is stated after charging/(crediting):

2025

2024

£

£

Hire of plant and machinery

-

2,616

Depreciation - owned assets

483,325

406,075

Profit on disposal of fixed assets

(413,685

)

-

Goodwill amortisation

-

6,000

Auditors' remuneration

8,750

8,750

5.	EXCEPTIONAL ITEMS

2025

2024

£

£

Exceptional items

-

(3,035,500

)

As at 31 March 2024 the intercompany loan balance with White's Property Limited - a company under common control - has been released and is no longer repayable.

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

£

£

Bank loan interest

35,227

19,964

7.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

131,315

(27,239

)

Deferred tax

104,557

49,488

Tax on profit/(loss)

235,872

22,249

8.

DIVIDENDS

2025

2024

£

£

Ordinary shares of 1 each

Final

125,000

125,000

9.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2024

and 31 March 2025

120,000

AMORTISATION

At 1 April 2024

and 31 March 2025

120,000

NET BOOK VALUE

At 31 March 2025

-

At 31 March 2024

-

10.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 April 2024

332,242

2,976,515

200,887

Additions

-

802,569

7,787

Disposals

(25,000

)

-

-

At 31 March 2025

307,242

3,779,084

208,674

DEPRECIATION

At 1 April 2024

325,938

2,087,264

72,503

Charge for year

1,576

413,312

34,043

Eliminated on disposal

(25,000

)

-

-

At 31 March 2025

302,514

2,500,576

106,546

NET BOOK VALUE

At 31 March 2025

4,728

1,278,508

102,128

At 31 March 2024

6,304

889,251

128,384

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2024

259,763

10,917

3,780,324

Additions

-

-

810,356

Disposals

-

-

(25,000

)

At 31 March 2025

259,763

10,917

4,565,680

DEPRECIATION

At 1 April 2024

122,451

10,810

2,618,966

Charge for year

34,289

105

483,325

Eliminated on disposal

-

-

(25,000

)

At 31 March 2025

156,740

10,915

3,077,291

NET BOOK VALUE

At 31 March 2025

103,023

2

1,488,389

At 31 March 2024

137,312

107

1,161,358

11.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2024

557,516

Disposals

(438,030

)

At 31 March 2025

119,486

NET BOOK VALUE

At 31 March 2025

119,486

At 31 March 2024

557,516

12.

STOCKS

2025

2024

£

£

Stocks

610,000

303,320

13.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

412,005

351,482

Amounts owed by group undertakings

886,221

-

S419 Debtor

1,181

1,181

Directors' current accounts

32,405

30,226

Prepayments

32,281

27,253

1,364,093

410,142

14.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Hire purchase contracts (see note 16)

351,591

129,140

Trade creditors

5,825

95,983

Amounts owed to group undertakings

3,425

3,675

Corporation tax

104,852

(126,037

)

Social security & other taxes

11,992

12,562

VAT

150,893

305,582

Other creditors

4,183

1,515

S455 Libility

3,662

-

Wages account

(565

)

5,368

Accruals and deferred income

303,711

-

Accrued expenses

16,750

16,750

956,319

444,538

15.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Hire purchase contracts (see note 16)

591,892

290,902

16.	LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2025

2024

£

£

Net obligations repayable:

Within one year

351,591

129,140

In more than five years

591,892

290,902

943,483

420,042

17.	PROVISIONS FOR LIABILITIES

2025

2024

£

£

Deferred tax

370,916

266,359