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Registered number: 00046963
| UNAUDITED FINANCIAL STATEMENTS
| FOR THE YEAR ENDED 31 MARCH 2026
| TILL AND WHITEHEAD LIMITED
TILL AND WHITEHEAD LIMITED REGISTERED NUMBER:00046963 |  |
STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2026
|  | 2026 |  | 2025
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 2,204,888 |  | 2,211,538
|  |  | 2,204,888 |  | 2,211,538
Current assets |  |  |  |  |
Stocks |  | 1,247,490 |  | 1,169,593 |
Debtors: amounts falling due within one year | 5 | 999,351 |  | 1,022,520 |
Cash balances |  | 825 |  | 830 |
|  | 2,247,666 |  | 2,192,943 |
Creditors: amounts falling due within one year | 6 | (2,195,930) |  | (2,090,907) |
Net current assets |  |  | 51,736 |  | 102,036
Total assets less current liabilities |  |  | 2,256,624 |  | 2,313,574
Creditors: amounts falling due after more than one year | 7 |  | (1,244,220) |  | (1,366,146)
Provisions for liabilities |  |  |  |  |
Deferred tax |  | (76,834) |  | (77,339) |
|  |  | (76,834) |  | (77,339)
Net assets |  |  | 935,570 |  | 870,089
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 175,000 |  | 175,000
Revaluation reserve |  |  | 353,798 |  | 353,798
Profit and loss account |  |  | 406,772 |  | 341,291
|  |  | 935,570 |  | 870,089
Page 1
TILL AND WHITEHEAD LIMITED REGISTERED NUMBER:00046963 |  |
STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2026 The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 14 July 2026.
................................................ Mr S D Padmore
Director
The notes on pages 5 to 11 form part of these financial statements. Page 2
TILL AND WHITEHEAD LIMITED |  |
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2026
| Called up share capital | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 April 2025 | 175,000 | 353,798 | 341,291 | 870,089
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 189,622 | 189,622
Total comprehensive income for the year | - | - | 189,622 | 189,622
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (124,141) | (124,141)
Total transactions with owners | - | - | (124,141) | (124,141)
At 31 March 2026 | 175,000 | 353,798 | 406,772 | 935,570
| The notes on pages 5 to 11 form part of these financial statements.
Page 3
TILL AND WHITEHEAD LIMITED |  |
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2025
| Called up share capital | Revaluation reserve | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 April 2024 | 175,000 | 168,310 | 281,397 | 624,707
Comprehensive income for the year |  |  |  |
Profit for the year | - | - | 140,007 | 140,007
Surplus on revaluation of freehold property | - | 185,488 | - | 185,488
Other comprehensive income for the year | - | 185,488 | - | 185,488
Total comprehensive income for the year | - | 185,488 | 140,007 | 325,495
Contributions by and distributions to owners |  |  |  |
Dividends: Equity capital | - | - | (80,113) | (80,113)
Total transactions with owners | - | - | (80,113) | (80,113)
At 31 March 2025 | 175,000 | 353,798 | 341,291 | 870,089
| The notes on pages 5 to 11 form part of these financial statements.
Page 4
TILL AND WHITEHEAD LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
1. | General information
The company is a private company limited by share capital, incorporated in England. The address of its registered office is: Eadon House, 2 Lonsdale Road, Bolton, BL1 4PW 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
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 disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Going concern
The company has made a profit for the year. The company has an invoice discounting facility for working capital and a mortgage facility for its buildings, and is fully able to work within these facilities. The Directors expect the company to continue to generate positive cash flows on its own account for the foreseeable future.Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
| 2.3 | Key sources of estimation uncertainty
In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.
| 2.4 | Revenue
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. Page 5
TILL AND WHITEHEAD LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.5 | Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation. Lease payments are apportioned between finance costs in the Statement of Inome and Retained Earnings and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | Borrowing costs
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
| 2.9 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds. Page 6
TILL AND WHITEHEAD LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.10 | Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income. Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.
| 2.11 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives. Depreciation is provided on the following basis:
|  |  |  | Freehold property | - | 1% on cost
|  |  |  | Plant and machinery | - | 10% reducing balance
|  |  |  | Fixtures and fittings | - | 10% reducing balance
|  |  |  | General equipment | - | 20% or 33% on cost
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. Page 7
TILL AND WHITEHEAD LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.12 | Revaluation of tangible fixed assets
Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date. Fair values are determined from market based evidence normally undertaken by professionally qualified valuers. Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.
| 2.13 | Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.
| 2.14 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.15 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.16 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.17 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 8
TILL AND WHITEHEAD LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.18 | Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Income and Retained Earnings over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
| 2.19 | Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
3. | Employees
| The average monthly number of employees, including directors, during the year was 26 (2025 - 29).
4. | Tangible fixed assets
|  | Freehold property | Furniture, fittings and equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 April 2025 | 2,075,000 | 203,448 | 2,278,448
| Additions | 7,241 | 3,947 | 11,188
| At 31 March 2026 | 2,082,241 | 207,395 | 2,289,636
| Depreciation |  |  |
| At 1 April 2025 | - | 66,910 | 66,910
| Charge for the year | - | 17,838 | 17,838
| At 31 March 2026 | - | 84,748 | 84,748
| Net book value |  |  |
| At 31 March 2026 | 2,082,241 | 122,647 | 2,204,888
| At 31 March 2025 | 2,075,000 | 136,538 | 2,211,538
Page 9
TILL AND WHITEHEAD LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 4.Tangible fixed assets (continued)
| included within the net book value of land and buildings above is £2,075,000 (2025 - £2,075,000) in respect of freehold land and buildings. The properties were not revalued by the directors during the year. They consider the value at 31 March 2026 to be similar and therefore no depreciation has been charged. Had no revaluations been undertaken, the carrying amount under the historical cost convention would have been £1,260,680.
5. | Debtors
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Trade debtors | 967,586 | 985,798
| Other debtors | 2,487 | 5,834
| Prepayments and accrued income | 29,278 | 30,888
|  | 999,351 | 1,022,520
6. | Creditors: Amounts falling due within one year
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Loans and borrowings | 218,593 | 78,778
| Trade creditors | 587,436 | 485,125
| Other taxation and social security | 235,615 | 248,048
| Amounts due to invoice discounters | 761,212 | 798,736
| Other creditors | 265,508 | 341,650
| Accruals and deferred income | 127,566 | 138,570
|  | 2,195,930 | 2,090,907
7. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Loans and borrowings | 1,244,220 | 1,366,146
|  | 1,244,220 | 1,366,146
Page 10
TILL AND WHITEHEAD LIMITED |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
8. | Loans and borrowings
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Current loans and borrowings |  |
| Bank borrowings | 200,612 | 59,653
| Bank overdrafts | 11,753 | 12,898
| Hire purchase contracts | 6,228 | 6,228
|  | 218,593 | 78,779
| Non-current loans and borowings |  |
| Bank borrowings | 1,240,068 | 1,355,766
| Hire purchase contracts | 4,152 | 10,380
|  | 1,244,220 | 1,366,146
|  | 1,462,813 | 1,444,925
9. | Financial commitments, guarantees and contingencies
Amounts not provided for in the statement of financial position The total amount of financial commitments in respect of vehicle leases not included in the statement of financial position is £112,258 (2025: £199,080).
Page 11