Registered number: 00379962
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
GANDER & WHITE SHIPPING LIMITED
Company Information
GANDER & WHITE SHIPPING LIMITED
Contents
GANDER & WHITE SHIPPING LIMITED
Group strategic report
For the Year Ended 31 December 2025
The company had a challenging year, particularly in the US, where our financial results saw the impact of a slowing market and increased competition. Alongside these challenges, good progress was made on our new ERP system, with initial modules successfully going live at the end of 2025, and the remainder scheduled for rollout in 2026. We also completed works on our new Miami warehouse and operations were successfully transitioned into the new facility.
Sustainability remains an important priority for us as we continue to track and reduce our impact. Our recent work includes measuring our entire footprint for the Planet Mark Scope 3 certification and keeping up with our annual business certifications. As a result, we have committed to a net-zero target of 2045, which we believe is both ambitious and achievable. We have also retained our active GCC membership for a third year.
Looking ahead, we anticipate even further challenges in the coming year as market and competitive pressures continue. However, we are well equipped and determined to face these difficulties by drawing on the strengths of our workforce, implementing cost-management measures and maintaining our commitment to providing high-quality, reliable customer service.
Sustainability remains an important priority for us as we continue to track and reduce our impact. Our recent work includes measuring our entire footprint for the Planet Mark Scope 3 certification and keeping up with our annual business certifications. As a result, we have committed to a net-zero target of 2045, which we believe is both ambitious and achievable. We have also retained our active GCC membership for a third year.
Looking ahead, we anticipate even further challenges in the coming year as market and competitive pressures continue. However, we are well equipped and determined to face these difficulties by drawing on the strengths of our workforce, implementing cost-management measures and maintaining our commitment to providing high-quality, reliable customer service.
Brexit
The UK operations continue face the effects of Brexit. To mitigate the impact we continue to prepare for all scenarios, and have in place facilities to ease the burden of potential custom delays and challenges across borders.
Competition
The group operates within a highly competitive industry and in times of a shrinking market this will heighten the pressure upon our margins and profitability. To maintain our position in the market we will continue to monitor and ensure that our high standards are always met.
Liquidity risk
The group manages its cash requirements by ensuring sufficient liquid resources are readily available to meet operating needs.
Credit risk
Trade debtors are managed and amounts due are monitored on a regular basis. In addition strict criteria is applied to the extension of credit to clients and credit limits given.
Foreign Currency risk
The group trades in Sterling, US Dollars and Euros. These currencies are centrally monitored, and currency risks are mitigated by hedging where appropriate.
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GANDER & WHITE SHIPPING LIMITED
Group strategic report (continued)
For the Year Ended 31 December 2025
Business performance is monitored by key performance indicators (KPI’s) to track growth and profitability, using the 3 criteria noted below. These are measured on a month by month basis on each of the offices by the board, and can be summarised at the year end as follows:
When making decisions, the Directors ensure that they act in the way they consider, in good faith, would most likely promote the group's success for the benefit of its members as a whole, and in doing so have regard (among other matters) to:
S172(1) (A) “The likely consequences of any decision in the long term”
The Directors understand the market that the group operates in and the problems and opportunities it faces. The strategy for the group is set at board level using this knowledge and with the aim to further our group's position in the world of fine art logistics.
S172(1) (B) “The interests of the group’s employees”
The Directors recognise the direct correlation between the calibre and wellbeing of employees and the success of the business, therefore place great importance on the recruiting, training, retaining and motivating of employees. As a privately owned business we consider our employees as partners, ensuring that we act as a responsible employer in all areas from pay, benefits, health, safety and workplace environment. We are committed to promoting and supporting the growth of a diverse and inclusive workforce and when making decisions the Directors consider, where feasible and relevant, the impact on the workforce.
S172(1) (C) “The need to foster the group’s business relationships with suppliers, customers and others”
The strength of our relationship with our customers, suppliers and others is paramount to the success of our business. We actively cultivate, promote and maintain these strong mutually beneficial relationships to ensure delivery of our strategy. We constantly review partnerships to ensure that the high standards of our group are met.
S172(1) (D) “The impact of the group’s operations on the community and the environment”
The Directors are actively seeking ways to mitigate the group's impact on the environment. We are currently fitting LED lighting within our new premises and retrofitting where possible. All of our fleet are Euro 6 compliant therefore reducing emissions. The majority of waste is recycled or diverted from landfill. Sustainable packing is used, using only FSC approved wood and plywood suppliers, we also offer reusable cases by ROKBOX and all surplus/waste packing materials that can’t be repurposed are recycled.
S172(1) (A) “The likely consequences of any decision in the long term”
The Directors understand the market that the group operates in and the problems and opportunities it faces. The strategy for the group is set at board level using this knowledge and with the aim to further our group's position in the world of fine art logistics.
S172(1) (B) “The interests of the group’s employees”
The Directors recognise the direct correlation between the calibre and wellbeing of employees and the success of the business, therefore place great importance on the recruiting, training, retaining and motivating of employees. As a privately owned business we consider our employees as partners, ensuring that we act as a responsible employer in all areas from pay, benefits, health, safety and workplace environment. We are committed to promoting and supporting the growth of a diverse and inclusive workforce and when making decisions the Directors consider, where feasible and relevant, the impact on the workforce.
S172(1) (C) “The need to foster the group’s business relationships with suppliers, customers and others”
The strength of our relationship with our customers, suppliers and others is paramount to the success of our business. We actively cultivate, promote and maintain these strong mutually beneficial relationships to ensure delivery of our strategy. We constantly review partnerships to ensure that the high standards of our group are met.
S172(1) (D) “The impact of the group’s operations on the community and the environment”
The Directors are actively seeking ways to mitigate the group's impact on the environment. We are currently fitting LED lighting within our new premises and retrofitting where possible. All of our fleet are Euro 6 compliant therefore reducing emissions. The majority of waste is recycled or diverted from landfill. Sustainable packing is used, using only FSC approved wood and plywood suppliers, we also offer reusable cases by ROKBOX and all surplus/waste packing materials that can’t be repurposed are recycled.
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GANDER & WHITE SHIPPING LIMITED
Group strategic report (continued)
For the Year Ended 31 December 2025
S172(1) (E) “The desirability of the group maintaining a reputation for high standards of business conduct”
Gander & White Shipping Limited maintains a standards manual, which is constantly reviewed and amended where necessary to ensure that the group's high level of service is maintained and that both our mission statement and code of ethical conduct is clear to all stakeholders. In addition to this we have a diversity and inclusion and Modern Slavery statement and comply with statutory regulations covering Health and Safety, Employment Rights, Equality, Data Protections and Pensions. All these documents promote the group's ethical business conduct across the organisations.
Gander & White Shipping Limited maintains a standards manual, which is constantly reviewed and amended where necessary to ensure that the group's high level of service is maintained and that both our mission statement and code of ethical conduct is clear to all stakeholders. In addition to this we have a diversity and inclusion and Modern Slavery statement and comply with statutory regulations covering Health and Safety, Employment Rights, Equality, Data Protections and Pensions. All these documents promote the group's ethical business conduct across the organisations.
S172(1) (F) “The need to act fairly as between members of the group”
The Directors take into consideration all relevant factors and the impact on its stakeholders before deciding upon which course of action to take, which would best ensure the delivery of the group strategy, through the long-term.
The Directors take into consideration all relevant factors and the impact on its stakeholders before deciding upon which course of action to take, which would best ensure the delivery of the group strategy, through the long-term.
This report was approved by the board on 8 October 2026 and signed on its behalf.
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GANDER & WHITE SHIPPING 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 who served during the year were:
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 judgments 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 loss for the year, after taxation, amounted to £871,399 (2024 - £227,232).
Details of dividends paid in the year can be found in note 11 to the financial statements.
The Company intends to continue to provide fine art packing, handling, transportation and storage services.
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GANDER & WHITE SHIPPING LIMITED
Directors' report (continued)
For the Year Ended 31 December 2025
The Board has regard for all its stakeholders including its workforce, customers, suppliers, and the wide community and environment in which it operates. Consideration is given to how company activities may impact both current and future stakeholders including impacts on the environment. The Strategic Report provides more detail on stakeholder engagement practice which ensure a sustainable future for the Company, its stakeholders and the environment.
The group currently has one branch that operates outside the UK, which is based in Paris, France.
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GANDER & WHITE SHIPPING LIMITED
Directors' report (continued)
For the Year Ended 31 December 2025
Disclosures of strategic importance that would usually be contained in the Directors' Report are presented in the Strategic Report.
The auditor, Sayers Butterworth LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 8 October 2026 and signed on its behalf.
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GANDER & WHITE SHIPPING LIMITED
Independent auditor's report to the members of Gander & White Shipping Limited
We have audited the financial statements of Gander & White Shipping Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2025, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of changes in equity, the Company statement of changes in equity, the Consolidated statement of cash flows, the Consolidated analysis of net funds 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 Parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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GANDER & WHITE SHIPPING LIMITED
Independent auditor's report to the members of Gander & White Shipping Limited (continued)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information 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.
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 Parent 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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GANDER & WHITE SHIPPING LIMITED
Independent auditor's report to the members of Gander & White Shipping 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 Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these 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:
Discussions were held with, and enquiries made of management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcome of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
∙Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pension legislation, distributable profits legislations, and applicable customs, import and export control legislation, including customs duty, tariff and border compliance requirements.
∙The entity is subject to customs and international trade regulations governing the importation and exportation of goods. Compliance with customs declarations, duty requirements, sanctions, and border control legislation is considered significant to the entity's operations.
Audit procedures undertaken in response to the potential risks relating to irregularities (which includes fraud and non-compliance with laws and regulations) comprise of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
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GANDER & WHITE SHIPPING LIMITED
Independent auditor's report to the members of Gander & White Shipping Limited (continued)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Statutory Auditor
3rd Floor
12 Gough Square
EC4A 3DW
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GANDER & WHITE SHIPPING LIMITED
Consolidated statement of comprehensive income
For the Year Ended 31 December 2025
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GANDER & WHITE SHIPPING LIMITED
Registered number: 00379962
Consolidated balance sheet
As at 31 December 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 October 2026 .
The notes on pages 20 to 41 form part of these financial statements.
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GANDER & WHITE SHIPPING LIMITED
Registered number: 00379962
Company balance sheet
As at 31 December 2025
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GANDER & WHITE SHIPPING LIMITED
Registered number: 00379962
Company balance sheet (continued)
As at 31 December 2025
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 the financial statements. The profit after tax of the parent company for the year was £753,048 (2024: £877,460).
The financial statements were approved and authorised for issue by the board and were signed on its behalf on8 October 2026 .
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 20 to 41 form part of these financial statements.
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GANDER & WHITE SHIPPING LIMITED
Consolidated statement of changes in equity
For the Year Ended 31 December 2025
Consolidated statement of changes in equity
For the Year Ended 31 December 2024
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GANDER & WHITE SHIPPING LIMITED
Company statement of changes in equity
For the Year Ended 31 December 2025
Company statement of changes in equity
For the Year Ended 31 December 2024
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GANDER & WHITE SHIPPING LIMITED
Consolidated statement of cash flows
For the Year Ended 31 December 2025
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GANDER & WHITE SHIPPING LIMITED
Consolidated statement of cash flows (continued)
For the Year Ended 31 December 2025
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GANDER & WHITE SHIPPING LIMITED
Consolidated Analysis of Net Funds
For the Year Ended 31 December 2025
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GANDER & WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2025
Gander and White Shipping Limited is a private limited company incorporated and domiciled in England and Wales. The company's registered office and principal place of business is Unit 1, St Martin's Way, Wimbledon, London, SW17 0JH.
The principal activity of both the company and group is that of fine art packing, handling, transportation and storage services.
The principal activity of both the company and group is that of fine art packing, handling, transportation and storage services.
2.Accounting policies
The consolidated 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 consolidated financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment 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.
Advantage has been taken of the reduced disclosure exemption available in FRS 102 to not present the Statement of Cash Flows for the parent company.
Only one reconciliation of the number of shares outstanding at the beginning and end of the year has been presented as the reconciliations for the group and the parent company would be identical.
The following principal accounting policies have been applied:
The consolidated financial statements incorporate the financial statements of the company and all group undertakings ("the group") as they formed a single entity. These are adjusted, where appropriate, to conform to group accounting policies. As a consolidated profit and loss account is published, a separate profit and loss accounts for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.
Subsidiaries are consolidated from the date of their acquisition, being the date on which the group obtains control and continue to be consolidated until the date that such control ceases. Control comprises the power to govern the financial and operating policies of the investee so as to obtain benefit from its activities. Where there is a change in shareholding, but no change in control during the year, this is reflected in the non-controlling interest at the year end on the balance sheet.
The consolidated financial statements incorporate the results of subsidiaries and 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.
Subsidiaries are consolidated from the date of their acquisition, being the date on which the group obtains control and continue to be consolidated until the date that such control ceases. Control comprises the power to govern the financial and operating policies of the investee so as to obtain benefit from its activities. Where there is a change in shareholding, but no change in control during the year, this is reflected in the non-controlling interest at the year end on the balance sheet.
The consolidated financial statements incorporate the results of subsidiaries and 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.
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GANDER & WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
An entity is treated as an associated entity where the group has a participating interest and exercises significant influence over its operating and financial policy decisions.
In the group accounts, interest in associated undertakings are accounted for using the equity method of accounting. The consolidated statement of comprehensive income includes the group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings based on audited financial statements. In the consolidated balance sheet, the interests in associated undertakings are shown as the group's share of the identifiable net assets.
In the group accounts, interest in associated undertakings are accounted for using the equity method of accounting. The consolidated statement of comprehensive income includes the group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings based on audited financial statements. In the consolidated balance sheet, the interests in associated undertakings are shown as the group's share of the identifiable net assets.
The group meets its day-to-day working capital requirements through its bank facilities and all of the group's forecasts and projections show that the group is able to operate within these facilities. After making the necessary enquiries, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. On this basis, the group continues to adopt the going concern basis in preparing its financial statements.
In respect of contracts on-going at the year-end, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of on-going services is recognised by reference to the stage of completion.
Goodwill
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Computer Software
Computer software is stated at historical cost less accumulated amortisation. Amortisation is not recognised until the software is brought into operation. Amortisation is recognised over the useful economic life of the software.
Software license - 3 years straight line
Computer software is stated at historical cost less accumulated amortisation. Amortisation is not recognised until the software is brought into operation. Amortisation is recognised over the useful economic life of the software.
Software license - 3 years straight line
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GANDER & WHITE SHIPPING 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 the straight-line method.
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.
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GANDER & WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Impairment of financial assets
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GANDER & WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
Derecognition of financial assets
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
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GANDER & WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
The company's functional and presentational currency is GBP.
On consolidation the results of group companies are translated into sterling using the average rate for the year. All assets and liabilities of group companies are translated at the rate ruling at the reporting date. Exchange differences arising on the retranslation of opening net assets at opening rate, and the results of the group companies at average rate, are recognised in other comprehensive income.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At the period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'administrative expenses'.
On consolidation the results of group companies are translated into sterling using the average rate for the year. All assets and liabilities of group companies are translated at the rate ruling at the reporting date. Exchange differences arising on the retranslation of opening net assets at opening rate, and the results of the group companies at average rate, are recognised in other comprehensive income.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At the period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'administrative expenses'.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.
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GANDER & WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
The group operates a defined contribution pension scheme. The assets of the scheme are held separately to those of the group. The pension charge represents the amounts payable by the group to the scheme in respect of the year.
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GANDER & WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2025
2.Accounting policies (continued)
(a) Critical judgments in applying the entity's accounting policies
(i) Amounts recoverable on long-term contracts
Revenue from on-going contracts is assessed on an individual basis, with reference to the date of the work carried out, the milestones of the contract, and a review of the amounts invoiced to date.
(ii) Leases
When determining whether leases entered into by the group are operating leases or finance leases the directors consider whether the risks and rewards of ownership have been transferred to the group on a lease by lease basis.
(b) Critical accounting estimates and assumptions
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.
(i) Depreciation of fixed assets
Depreciation is provided at rates calculated to write off the cost of fixed assets less their estimated residual value, over their expected useful lives.
(ii) Bad debt provision
The company makes an estimate of the recoverable value of trade and other debtors. In making this assessment the directors consider the age profiling of the debtor, historical experience and prevailing economic conditions.
The turnover and profit before tax are attributable to the one principal activity of the group, being that of fine art packing, handling, transportation and storage services.
In the opinion of the directors, it would be prejudicial to the group's interest to disclose an analysis of turnover by geographical market.
In the opinion of the directors, it would be prejudicial to the group's interest to disclose an analysis of turnover by geographical market.
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GANDER & WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2025
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GANDER & WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2025
7.Employees (continued)
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GANDER & WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2025
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GANDER & WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2025
10.Taxation (continued)
The Group has unrecognised tax losses carried forward equivalent to £795,309 to be utilised against future taxable profits arising in that country. These losses do not have an expiry.
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GANDER & WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2025
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GANDER & WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2025
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GANDER & WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2025
14.Tangible fixed assets (continued)
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Page 34
GANDER & WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2025
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Page 35
GANDER & WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2025
Page 36
GANDER & WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2025
Page 37
GANDER & WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2025
Page 38
GANDER & WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2025
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Page 39
GANDER & WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2025
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £21,578 (2024: £22,037) were payable to the fund at the balance sheet date and are included in creditors.
Page 40
GANDER & WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2025
During the current and previous year the group was under the control of P F A White.
Page 41