FOR THE YEAR ENDED 31 DECEMBER 2025
T. H. WHITE HOLDINGS LIMITED
COMPANY INFORMATION
T. H. WHITE HOLDINGS LIMITED
CONTENTS
T. H. WHITE HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present the strategic report and financial statements for the year ended 2025.
T. H. WHITE Holdings Ltd is a privately owned company, originally founded in 1832. Whilst its principal activity is that of a holdings company with property assets, its subsidiaries operate in a diverse range of engineering services markets. Collectively the company is known as the T H WHITE Group (“the Group”).
The Group’s purpose is to help customers get the best from innovation to support livelihoods for generations. Its activities are based around its engineering services capabilities with a major presence in the machinery and equipment markets of agriculture, professional groundcare, construction, lorry loader cranes, construction cranes and forestry cranes. Additionally, the Group designs and project manages the construction of grain stores, grain processing plants and dairy parlours. It also has a specialist electrical, fire and security design and installation division. Whilst it is based in Devizes, it has offices, workshops and parts stores in locations throughout the United Kingdom, as well as mobile service technicians spread across the country.
The Group has over thirty franchise machinery partners, which include Palfinger, New Holland, Case IH, Manitou, Kuhn, DeLaval, Develon, Toro, Iseki, Ferris, Jensen, Ohashi and Sany.
The Group aspires to operate with a values led culture, empowering employees to make good decisions that provide positive solutions for customers. The service provided by the Group’s employees helps to ensure that customers come first, remain for many years and recommend others. The Group hopes that staff also remain long term, which is encouraged through the Employee Share Plan, to which 16% of the company’s shares are allocated. Personal development is actively encouraged with tailored appraisals and training plans central to the approach in helping employees achieve their potential.
The Group’s purpose is to help customers get the best from innovation to support livelihoods for generations. Its activities are based around its engineering services capabilities with a major presence in the machinery and equipment markets of agriculture, professional groundcare, construction, lorry loader cranes, construction cranes and forestry cranes. Additionally, the Group designs and project manages the construction of grain stores, grain processing plants and dairy parlours. It also has a specialist electrical, fire and security design and installation division. Whilst it is based in Devizes, it has offices, workshops and parts stores in locations throughout the United Kingdom, as well as mobile service technicians spread across the country.
The Group has over thirty franchise machinery partners, which include Palfinger, New Holland, Case IH, Manitou, Kuhn, DeLaval, Develon, Toro, Iseki, Ferris, Jensen, Ohashi and Sany.
The Group aspires to operate with a values led culture, empowering employees to make good decisions that provide positive solutions for customers. The service provided by the Group’s employees helps to ensure that customers come first, remain for many years and recommend others. The Group hopes that staff also remain long term, which is encouraged through the Employee Share Plan, to which 16% of the company’s shares are allocated. Personal development is actively encouraged with tailored appraisals and training plans central to the approach in helping employees achieve their potential.
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T. H. WHITE HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The impact of restructuring several divisions in 2024, combined with improved margin performance and lower borrowings, resulted in a more positive financial performance in 2025. This outcome was achieved despite increased employment costs and continued challenges within the machinery and capital equipment markets.
Average farm incomes in the arable sector remained subdued during the year, although incomes in the livestock sector showed improvement. Overall demand for agricultural machinery declined further, with tractor registrations at their lowest levels since records began. Against this backdrop of market consolidation, the Group benefited from the closure of a neighbouring New Holland dealer and expanded its territory into Shropshire and Powys. This expansion included the opening of two new depots in Knighton and Shrewsbury, both supported by New Holland. Further synergy benefits have informed strategic decisions in 2026, including the acquisition of the assets of Cotswold Farm Machinery Ltd, a Case IH dealer, in April. These changes are expected to enhance the Group’s profitability in 2026.
Palfinger UK opened a new depot in Dartford in 2025, fulfilling a long term objective to establish a dedicated service centre in the Southeast. While the costs of establishing the depot were absorbed during the year, the investment has already contributed to growth in both service activity and sales volumes.
Following several challenging years within the Construction Machinery division, the Group entered into a dealer agreement with Sany, a Chinese multinational equipment manufacturer and the world’s third largest producer of heavy construction equipment. Initial focus in 2026 will be on the sale of construction machinery; however, Sany’s extensive product portfolio across multiple industries presents broader medium-term opportunities.
Although Group revenue decreased by 6.3% compared with 2024, primarily due to lower Groundcare and Palfinger UK sales, operating profits improved significantly. Reductions in the cost base, stock levels and working capital achieved in 2024 had a positive impact on pre tax profits, which increased by approximately £1m year on year.
During the year, the Group renewed and maintained its banking facilities with HSBC, supporting both ongoing operations and planned investment.
With the benefit of strategic initiatives implemented during 2025, the Group is forecasting further growth in revenue and profitability in 2026. Alongside this growth, continued investment is being made in premises and information technology to support future operations. Investment properties recognised in the accounts remain fully let.
Average farm incomes in the arable sector remained subdued during the year, although incomes in the livestock sector showed improvement. Overall demand for agricultural machinery declined further, with tractor registrations at their lowest levels since records began. Against this backdrop of market consolidation, the Group benefited from the closure of a neighbouring New Holland dealer and expanded its territory into Shropshire and Powys. This expansion included the opening of two new depots in Knighton and Shrewsbury, both supported by New Holland. Further synergy benefits have informed strategic decisions in 2026, including the acquisition of the assets of Cotswold Farm Machinery Ltd, a Case IH dealer, in April. These changes are expected to enhance the Group’s profitability in 2026.
Palfinger UK opened a new depot in Dartford in 2025, fulfilling a long term objective to establish a dedicated service centre in the Southeast. While the costs of establishing the depot were absorbed during the year, the investment has already contributed to growth in both service activity and sales volumes.
Following several challenging years within the Construction Machinery division, the Group entered into a dealer agreement with Sany, a Chinese multinational equipment manufacturer and the world’s third largest producer of heavy construction equipment. Initial focus in 2026 will be on the sale of construction machinery; however, Sany’s extensive product portfolio across multiple industries presents broader medium-term opportunities.
Although Group revenue decreased by 6.3% compared with 2024, primarily due to lower Groundcare and Palfinger UK sales, operating profits improved significantly. Reductions in the cost base, stock levels and working capital achieved in 2024 had a positive impact on pre tax profits, which increased by approximately £1m year on year.
During the year, the Group renewed and maintained its banking facilities with HSBC, supporting both ongoing operations and planned investment.
With the benefit of strategic initiatives implemented during 2025, the Group is forecasting further growth in revenue and profitability in 2026. Alongside this growth, continued investment is being made in premises and information technology to support future operations. Investment properties recognised in the accounts remain fully let.
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T. H. WHITE HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Risk Management
The Group provides a range of business-critical products and services to a range of customers across a diversified range of industrial sectors. The directors regularly monitor and re-evaluate the risks faced to ensure that the approach is appropriate.
The principal risks and uncertainties within the group are as follows:
Market risk
The Group's market demand is affected by economic cycles, sector specific factors (such as commodity prices for farmers) and, for some of its businesses, government subsidies. By operating in a diverse set of businesses the Group is able to mitigate the risk of severe drops in demand in any one market. It also seeks to maintain a strong balance sheet and take a long-term view in building customer and supplier relationships, both of which help it cope with short-term risks.
Credit Risk
The Group allows normal trade terms to customers but has in place a series of controls to ensure that the level of exposure or risk is carefully monitored.
Liquidity Risk
The Group operates a consolidated banking facility operating across all subsidiary companies. By virtue of its strong balance sheet and historical trading results the Group has access to significant bank and supplier stocking facilities that can be used to mitigate working capital fluctuations.
The level of working capital is closely monitored and controlled across all the Group and normal demands are covered by the overdraft facility. Longer term investments are typically funded with an element of long-term debt linked to SONIA and secured on property.
Foreign exchange risk
The Group will quote Sterling prices to customers for items purchased from overseas suppliers and therefore carries a level of foreign exchange exposure. In order to mitigate this risk, forward contracts are purchased to protect against short-term fluctuations.
People
As with all business, the Group’s performance is dependent upon its employees, particularly for the sales and aftersales activities, as well as the management and leadership functions. The Group mitigates the risk of attrition by careful recruitment activities, good leadership practices, appropriate policies and management systems as well as an appropriately resourced HR team. Long-term succession planning reviews are carried out annually.
Health and Safety
The Board believes that excellence in the management of health and safety is an essential element within its business plan, and effective control of health and safety is achieved through cooperative effort at all levels within the organisation. The Group is committed to continuous improvement of its management of health and safety on legal, moral and economic grounds. This is achieved through its core values that govern the way in which it relates to its colleagues, customers, suppliers, and the wider community.
Franchise partners
The Group operates with over thirty franchise partners on both a formal and informal basis in the supply and servicing of equipment, aiming to provide customers with an exceptional level of service. Continued success remains dependent upon the ongoing development of product solutions and product quality, as well as the sustaining of good relationships with supplier partners. The Group seeks to work closely with all its franchise partners in order to understand and influence their plans as appropriate.
Business Relationships
The Group has well-established and long-standing relationships with many of its key suppliers and its core customer base. These relationships are greatly valued and have an underlying influence on the business strategy.
The Group provides a range of business-critical products and services to a range of customers across a diversified range of industrial sectors. The directors regularly monitor and re-evaluate the risks faced to ensure that the approach is appropriate.
The principal risks and uncertainties within the group are as follows:
Market risk
The Group's market demand is affected by economic cycles, sector specific factors (such as commodity prices for farmers) and, for some of its businesses, government subsidies. By operating in a diverse set of businesses the Group is able to mitigate the risk of severe drops in demand in any one market. It also seeks to maintain a strong balance sheet and take a long-term view in building customer and supplier relationships, both of which help it cope with short-term risks.
Credit Risk
The Group allows normal trade terms to customers but has in place a series of controls to ensure that the level of exposure or risk is carefully monitored.
Liquidity Risk
The Group operates a consolidated banking facility operating across all subsidiary companies. By virtue of its strong balance sheet and historical trading results the Group has access to significant bank and supplier stocking facilities that can be used to mitigate working capital fluctuations.
The level of working capital is closely monitored and controlled across all the Group and normal demands are covered by the overdraft facility. Longer term investments are typically funded with an element of long-term debt linked to SONIA and secured on property.
Foreign exchange risk
The Group will quote Sterling prices to customers for items purchased from overseas suppliers and therefore carries a level of foreign exchange exposure. In order to mitigate this risk, forward contracts are purchased to protect against short-term fluctuations.
People
As with all business, the Group’s performance is dependent upon its employees, particularly for the sales and aftersales activities, as well as the management and leadership functions. The Group mitigates the risk of attrition by careful recruitment activities, good leadership practices, appropriate policies and management systems as well as an appropriately resourced HR team. Long-term succession planning reviews are carried out annually.
Health and Safety
The Board believes that excellence in the management of health and safety is an essential element within its business plan, and effective control of health and safety is achieved through cooperative effort at all levels within the organisation. The Group is committed to continuous improvement of its management of health and safety on legal, moral and economic grounds. This is achieved through its core values that govern the way in which it relates to its colleagues, customers, suppliers, and the wider community.
Franchise partners
The Group operates with over thirty franchise partners on both a formal and informal basis in the supply and servicing of equipment, aiming to provide customers with an exceptional level of service. Continued success remains dependent upon the ongoing development of product solutions and product quality, as well as the sustaining of good relationships with supplier partners. The Group seeks to work closely with all its franchise partners in order to understand and influence their plans as appropriate.
Business Relationships
The Group has well-established and long-standing relationships with many of its key suppliers and its core customer base. These relationships are greatly valued and have an underlying influence on the business strategy.
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T. H. WHITE HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Group’s key financial performance indicators during the year were as follows:
The Group operates a number of KPI measures specific to each trading division but focused around operational performance, profitability and cash generation. These are reported monthly.
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T. H. WHITE HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Directors' duties
The board of directors of T H WHITE Holdings Ltd consider that they have fulfilled their individual and collective duty under section 172(1) of the Companies Act 2006 to act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of shareholders as a whole and in doing so, have regard to a number of broader matters which are set out below.
T H WHITE Holdings Ltd is a holding company whose success is dependent on the success of its subsidiaries, the Group.
Employees
The Group is committed to maintaining its reputation as a responsible employer and ensuring that good channels of communication exist throughout the business. Employees are incentivised with competitive remuneration and regular appraisals setting clear goals. The directors believe that the Employee Share Plan also provides a good motivation to employees.
Employees receive regular reports from the Chief Executive Office and Divisional Directors on operational staff matters. Staff turnover is regarded as a key performance indicator, which is monitored monthly. Annual salary reviews are supplemented by regular benchmarking exercises.
The non-executive directors’ experience and other business interests ensure that they have a very clear idea of best practice in the way that the Group treats its staff.
Customers & Suppliers
The Group engages with suppliers on pre-agreed terms appropriate to the market, and it pays supplier invoices promptly. Building strong and enduring relationships with customers is a key strategic intention of the Group, and this is measured and reviewed on a regular basis.
Compliance
T. H. WHITE Ltd, a subsidiary of T. H. WHITE Holdings Ltd, is authorised and regulated by the FCA for credit broking services. The Group is conscious of its responsibility to regulators and has the appropriate management functions in place to oversee this activity.
The board of directors of T H WHITE Holdings Ltd consider that they have fulfilled their individual and collective duty under section 172(1) of the Companies Act 2006 to act in the way they consider, in good faith, would be most likely to promote the success of the company for the benefit of shareholders as a whole and in doing so, have regard to a number of broader matters which are set out below.
T H WHITE Holdings Ltd is a holding company whose success is dependent on the success of its subsidiaries, the Group.
Employees
The Group is committed to maintaining its reputation as a responsible employer and ensuring that good channels of communication exist throughout the business. Employees are incentivised with competitive remuneration and regular appraisals setting clear goals. The directors believe that the Employee Share Plan also provides a good motivation to employees.
Employees receive regular reports from the Chief Executive Office and Divisional Directors on operational staff matters. Staff turnover is regarded as a key performance indicator, which is monitored monthly. Annual salary reviews are supplemented by regular benchmarking exercises.
The non-executive directors’ experience and other business interests ensure that they have a very clear idea of best practice in the way that the Group treats its staff.
Customers & Suppliers
The Group engages with suppliers on pre-agreed terms appropriate to the market, and it pays supplier invoices promptly. Building strong and enduring relationships with customers is a key strategic intention of the Group, and this is measured and reviewed on a regular basis.
Compliance
T. H. WHITE Ltd, a subsidiary of T. H. WHITE Holdings Ltd, is authorised and regulated by the FCA for credit broking services. The Group is conscious of its responsibility to regulators and has the appropriate management functions in place to oversee this activity.
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T. H. WHITE HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Group complies with several quality management and safety management systems. Independent auditors are regularly engaged to support the Group in compliance matters.
Community and the Environment
The communities in which the Group operates are a key aspect of its continued success. The Group has a policy of supporting local events, clubs and societies. Community engagement by employees is encouraged and a number of staff are actively engaged with projects within their own communities. The Group has a charitable giving programme, which supports a wide variety of projects in the UK, often linked to employees, customers or suppliers’ own activities.
The Group aims to minimise its environmental impact and continually works towards reducing its carbon footprint. The Group engages with the Environmental, Social and Governance (ESG) aspects of companies with which it is associated with. Investing in technology that helps reduce the impact on the wider environment is an ongoing programme and the Group regularly looks at ways to innovate its practices, reporting on these activities at Board level.
Shareholders
T. H. WHITE Holdings Ltd directors are responsible for ensuring the fair treatment of all shareholders in accordance with the articles of association and the various shareholders’ agreements, such as the Employee Share Plan. The non-executive directors are responsible for liaison with shareholders and representing them at board meetings. Building long-term value for the shareholders is a fundamental consideration in the Group’s strategic plan.
Community and the Environment
The communities in which the Group operates are a key aspect of its continued success. The Group has a policy of supporting local events, clubs and societies. Community engagement by employees is encouraged and a number of staff are actively engaged with projects within their own communities. The Group has a charitable giving programme, which supports a wide variety of projects in the UK, often linked to employees, customers or suppliers’ own activities.
The Group aims to minimise its environmental impact and continually works towards reducing its carbon footprint. The Group engages with the Environmental, Social and Governance (ESG) aspects of companies with which it is associated with. Investing in technology that helps reduce the impact on the wider environment is an ongoing programme and the Group regularly looks at ways to innovate its practices, reporting on these activities at Board level.
Shareholders
T. H. WHITE Holdings Ltd directors are responsible for ensuring the fair treatment of all shareholders in accordance with the articles of association and the various shareholders’ agreements, such as the Employee Share Plan. The non-executive directors are responsible for liaison with shareholders and representing them at board meetings. Building long-term value for the shareholders is a fundamental consideration in the Group’s strategic plan.
This report was approved by the board and signed on its behalf.
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T. H. WHITE HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the financial statements for the year ended 31 December 2025.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £583,700 (2024: loss £207,064).
During the year dividends of £293,032 (2024: £146,516) were declared and paid.
The directors who served during the year were:
The Group continues to seek opportunities to develop or enhance its range of services and geographical presence.
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T. H. WHITE HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Employee involvement
The Group ensures there is active employee participation within the businesses. During the year, the policy of providing employees with information, including that relating to the economic and financial factors affecting the performance of the Group, has been continued. Regular meetings are held between company and local management with employees to allow a free flow of information and ideas. Employees participate directly in the success of the business through the Group profit sharing schemes and through the means of the employee share incentive scheme and share incentive plan.
Disabled employees
Applications for employment by disabled persons are always considered fully, having taken into account the specific role and aptitude of the applicant concerned. In the event that employees become disabled during their employment every effort is made to facilitate their role within the business. The Group policy is that training, career development and promotion will be equally available to all employees regardless of disability.
The Group ensures there is active employee participation within the businesses. During the year, the policy of providing employees with information, including that relating to the economic and financial factors affecting the performance of the Group, has been continued. Regular meetings are held between company and local management with employees to allow a free flow of information and ideas. Employees participate directly in the success of the business through the Group profit sharing schemes and through the means of the employee share incentive scheme and share incentive plan.
Disabled employees
Applications for employment by disabled persons are always considered fully, having taken into account the specific role and aptitude of the applicant concerned. In the event that employees become disabled during their employment every effort is made to facilitate their role within the business. The Group policy is that training, career development and promotion will be equally available to all employees regardless of disability.
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T. H. WHITE HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
T. H. WHITE Holdings Limited is the parent company within the T. H. WHITE Group and it is reporting on behalf of all its UK subsidiaries. This report is for the 12 months ending 31 March 2025 (which is different to the accounting period).
As a major user of energy, the T. H. WHITE Group has an important role to play tackling climate change by reducing the CO2 emissions arising from its operations. The Group is committed to responsible energy management and the best possible standards of energy efficiency in compliance with applicable legislation, in particular, the Energy Saving Opportunity Scheme (ESOS), and ESOS Phase 2.
There is both a business and an environmental imperative to be efficient in the use of energy. The directors seek to engage the continuous commitment of all stakeholders in the business. Through them the Group will identify potential for increased efficiency, minimising waste and will monitor and reduce energy consumption.
The T. H. WHITE Group Commitment
As a major user of energy, the T. H. WHITE Group has an important role to play tackling climate change by reducing the CO2 emissions arising from its operations. The Group is committed to responsible energy management and the best possible standards of energy efficiency in compliance with applicable legislation, in particular, the Energy Saving Opportunity Scheme (ESOS), and ESOS Phase 2.
There is both a business and an environmental imperative to be efficient in the use of energy. The directors seek to engage the continuous commitment of all stakeholders in the business. Through them the Group will identify potential for increased efficiency, minimising waste and will monitor and reduce energy consumption.
The T. H. WHITE Group Commitment
∙Increasing Energy Efficiency
∙Reducing Energy Consumption
∙Reducing Consumption of Fossil fuels
∙Reducing emissions of CO2 and other harmful greenhouse gases
∙Investing in clean, energy efficient sustainable technology
∙Reducing the environmental impact of our business activities
∙Reducing consumption of raw and processed materials and minimizing waste disposal
∙Supporting the purchase of energy-efficient products and services as appropriate to the business.
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T. H. WHITE HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
At 31 March 2025 the T H White Group energy usage and carbon emissions for the 12 month period were as follows:
Intensity Ratio
An Intensity Ratio is a way of assessing the CO2 emissions generated by the Group by way of an appropriate business metric. The metric chosen by T H White is Turnover.
Turnover in the reporting period (£): 154.9M
Total Carbon Emissions: 2,930T
Intensity Ratio: 18.91 (tCO2e/£M) (2024: 19.27 (tCO2e/£M))
Methodology
Electricity and gas consumption is measured from monthly meter readings. Fleet transport fuel use is measured from a mixture of fuel card data and returns from fuel drawn from company diesel tanks.
Company car transport fuel use is calculated from employee expense returns. Biomass, LPG and heating oil consumption is drawn from invoices for the supply of fuel. Red diesel consumption is drawn from records of fuel issued to the service department.
Carbon usage is calculated using standard conversion factors with the exception of electricity. The Group has negotiated contracts for the supply of electricity from suppliers who generate a greater proportion of electricity by way of lower carbon methods than the average. The conversion factor is specific to the supplier.
An Intensity Ratio is a way of assessing the CO2 emissions generated by the Group by way of an appropriate business metric. The metric chosen by T H White is Turnover.
Turnover in the reporting period (£): 154.9M
Total Carbon Emissions: 2,930T
Intensity Ratio: 18.91 (tCO2e/£M) (2024: 19.27 (tCO2e/£M))
Methodology
Electricity and gas consumption is measured from monthly meter readings. Fleet transport fuel use is measured from a mixture of fuel card data and returns from fuel drawn from company diesel tanks.
Company car transport fuel use is calculated from employee expense returns. Biomass, LPG and heating oil consumption is drawn from invoices for the supply of fuel. Red diesel consumption is drawn from records of fuel issued to the service department.
Carbon usage is calculated using standard conversion factors with the exception of electricity. The Group has negotiated contracts for the supply of electricity from suppliers who generate a greater proportion of electricity by way of lower carbon methods than the average. The conversion factor is specific to the supplier.
Details regarding engagement with suppliers, customers and others is included within the strategic report.
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T. H. WHITE HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Following the year end, T. H. White Limited acquired the assets of Cotswold Farm Machinery Ltd, a Case IH dealer.
The auditors, Bishop Fleming Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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T. H. WHITE HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF T. H. WHITE HOLDINGS LIMITED
We have audited the financial statements of T. H. White Holdings Limited (the ' Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated Statement of comprehensive income, the Consolidated and Company Statements of financial position, the Consolidated Statement of cash flows, Consolidated analysis of net debt, the Consolidated and Company Statement of changes in equity 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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T. H. WHITE HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF T. H. WHITE HOLDINGS LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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T. H. WHITE HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF T. H. WHITE HOLDINGS LIMITED (CONTINUED)
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 Auditors' 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 Group 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:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we have considered the following:
∙The nature of the industry and sector, control environment and business performance;
∙Results of our enquires of management and directors in relation to their own identification and assessment of the risks of irregularities within the Group; and
∙any matters we identified having obtained and reviewed the Group’s documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or noncompliance with laws and regulations.
As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest areas of risk to be in relation to revenue recognition. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.
We have also obtained an understanding of the legal and regulatory frameworks that the group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures within the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and UK tax legislation. In addition we considered provision of other laws and regulations that do not have a direct effect on the financial statements but compliance with may be fundamental for the Group’s ability to operate or avoid a material penalty. These included health and safety regulations, employment legislation and data protection laws.
Our audit procedures performed to respond to the risks identified included, but were not limited to:
We have also obtained an understanding of the legal and regulatory frameworks that the group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures within the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and UK tax legislation. In addition we considered provision of other laws and regulations that do not have a direct effect on the financial statements but compliance with may be fundamental for the Group’s ability to operate or avoid a material penalty. These included health and safety regulations, employment legislation and data protection laws.
Our audit procedures performed to respond to the risks identified included, but were not limited to:
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
∙Reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
∙Challenging assumptions and judgments made by management in their significant accounting estimates;
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙Reviewing board minutes; and
∙Identifying and testing journal entries, evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Page 14
T. H. WHITE HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF T. H. WHITE HOLDINGS LIMITED (CONTINUED)
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
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 Auditors' 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 Auditors' 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
10 Temple Back
BS1 6FL
Page 15
T. H. WHITE HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 16
T. H. WHITE HOLDINGS LIMITED
REGISTERED NUMBER:00133886
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 22 to 47 form part of these financial statements.
Page 17
T. H. WHITE HOLDINGS LIMITED
REGISTERED NUMBER:00133886
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 22 to 47 form part of these financial statements.
Page 18
T. H. WHITE HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 19
T. H. WHITE HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 20
T. H. WHITE HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 21
T. H. WHITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
T. H. WHITE Holdings Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is located at Nursteed Road, Devizes, Wiltshire, SN10 3EA.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The Consolidated Financial Statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between Group companies are therefore eliminated in full.
The Consolidated Financial Statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.
These accounts have been prepared on a going concern basis which the directors believe to be appropriate. As in previous years the Directors remain focused on liquidity management, through diligent cash controls, cash flow forecasting and working with the Operational Divisions to ensure the Return on Capital Employed (ROCE) objectives are met. We have remained within the facility provided by the Bank.
The stock levels in 2025 are now at a more manageable level due to the control measures introduced in 2024. The management of working capital has remained a significant focus for the Board and the control measures introduced have seen the working capital return to a more normal level. Improved cash forecasting and management of debtors has significantly improved during the year allowing the cash position to be greatly improved. Therefore, the Directors continue to adopt the going concern basis whilst preparing the annual reports and accounts for the financial year ending 31 December 2025.
The stock levels in 2025 are now at a more manageable level due to the control measures introduced in 2024. The management of working capital has remained a significant focus for the Board and the control measures introduced have seen the working capital return to a more normal level. Improved cash forecasting and management of debtors has significantly improved during the year allowing the cash position to be greatly improved. Therefore, the Directors continue to adopt the going concern basis whilst preparing the annual reports and accounts for the financial year ending 31 December 2025.
Page 22
T. H. WHITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to profit or loss.
The Group uses forward currency contracts to reduce exposure to foreign exchange rates. The criteria for entering into forward foreign currency contracts are based on a combination of the Group's order book and anticipated expenditure.
Turnover is stated net of Value Added Tax and trade discounts. Turnover from the sale of goods is recognised when risk and reward of ownership have passed to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date turnover represents the value of the service provided to date based on a proportion of the total contract value. Where payments are received from customers in advance of services provided the amounts are recorded as deferred income and included as part of creditors.
In respect of maintenance contracts, where there is a high degree of estimation uncertainty, revenue is only recognised during the contract to the extent that costs are considered recoverable. Any remaining revenue is recognised upon completion of the contract or when the outcome is highly probable. If these contracts become loss making then the loss is immediately recognised in the Statement of Comprehensive Income.
Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end date, by recording turnover and related costs as contract activity progresses.
Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.
Finance commissions are recognised on an earned basis. Interest income is accrued on a time-apportioned basis by reference to the principal outstanding at the effective interest rate. Other interest is recognised on an earned basis.
Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
Page 23
T. H. WHITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
Page 24
T. H. WHITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the Group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Goodwill is capitalised and written off over a period not longer than 10 years. The directors use their judgement to decide on a basis which best represents the time over which economic benefit will arise.
Page 25
T. H. WHITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using various methods.
Depreciation is provided on the following basis:
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 are recognised in profit or loss.
Investment property is carried at fair value determined from time to time by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. This value is reviewed annually by the management team and adjusted if appropriate. Freehold properties owned but not occupied by the Group have been revalued at market value based on a combination of yield, market prices and management's judgement. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.
Page 26
T. H. WHITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Group's Statement of financial position when the Group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Page 27
T. H. WHITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow Group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Page 28
T. H. WHITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.ACCOUNTING POLICIES (CONTINUED)
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
The Group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all its financial instruments. Financial instruments are recognised when the group becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Page 29
T. H. WHITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
There is a high-degree of estimation uncertainty relating to service maintenance contracts where the Group is required to maintain machinery for a fixed period at a pre-determined price. There is a significant range in the profitability of these contracts, which depends on the performance of each machine and management have determined that it is not possible to accurately forecast the work required in completing each contract. As a result of this revenue is only recognised to the extent that costs are recoverable with the remainder on completion of the contract.
The recognition of profit on long-term contracts is sensitive to management’s ability to assess the final outcome. Regular management review enables management to identify changes to contract outcomes as soon as possible.
The annual depreciation charge is sensitive to any changes in the estimated useful life and residual value of tangible assets. The useful economic lives and residual value are assessed on an annual basis and amended only when evidence shows a change in the estimated economic lives or residual life. Criteria used to assess the economic life and residual value includes technological advancement, economic utilisation, physical condition of the assets and future investment.
The Group’s products are subject to changing market demand. It is therefore necessary to consider on a periodic basis the recoverability of the cost of stocks and the associated impairment. Management calculates impairments by considering the nature and condition of the stocks and applies assumptions around anticipated saleability of finished goods and future usage of raw materials, overheads and labour.
On a periodic basis management makes an estimation of the recoverability of debtors. Management makes such estimation based on the credit rating of debtors, the aging profile, and historical experience.
Freehold properties owned but not occupied by the Group have been revalued at market value based on a combination of yield, market prices and management's judgement. There is also an associated deferred taxation element of the investment property revaluations.
Page 30
T. H. WHITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 31
T. H. WHITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 32
T. H. WHITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 33
T. H. WHITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 34
T. H. WHITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
12.TAXATION (CONTINUED)
There were no factors that may affect future tax charges.
Page 35
T. H. WHITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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T. H. WHITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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T. H. WHITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
15.TANGIBLE FIXED ASSETS (CONTINUED)
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Page 38
T. H. WHITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Page 39
T. H. WHITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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The 2025 valuations were made by directors, on an open market value for existing use basis.
Page 40
T. H. WHITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 41
T. H. WHITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 42
T. H. WHITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 43
T. H. WHITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Page 44
T. H. WHITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Page 45
T. H. WHITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Capital redemption reserve
Profit and loss account
The Company and its subsidiary undertakings have entered into a cross-guarantee and debenture over an all assets arrangement in favour of HSBC UK Bank plc to support the borrowings of the Group. At the end of the year, the Company had a contingent liability of £9,045,041 (2024: £13,493,103) under this arrangement. The Group has a potential exposure to repurchase other goods sold to customers up to £1,095,581 (2024: £1,093,816). The directors consider that the liability under the buy-back arrangements does not exceed the value of the goods that may be repurchased.
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £1,956,346 (2024: £1,908,933) . Contributions totalling £244,714 (2024: £245,750) were payable to the fund at the reporting date and are included in other creditors.
Page 46
T. H. WHITE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors consider that there is no controlling party by virtue of no shareholder holding a controlling stake in the Company.
Page 47