REGISTERED NUMBER: 05031948 (England and Wales)

Audited Financial Statements

for the Year Ended 30th April 2025

for

P. M. White Dry Lining Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P M White

Ms H Mayor

G Cox

SECRETARY:

Ms H Mayor

REGISTERED OFFICE:

Sovereign House

155 High Street

Aldershot

Hampshire

GU11 1TT

REGISTERED NUMBER:

05031948 (England and Wales)

AUDITORS:

Whiteleys

Chartered Certified Accountants

& Statutory Auditor

Sovereign House

155 High Street

Aldershot

Hampshire

GU11 1TT

FIXED ASSETS

Intangible assets

5

-

-

Tangible assets

6

205,465

227,915

205,465

227,915

CURRENT ASSETS

Stocks

345,683

364,459

Debtors

7

3,537,032

2,966,918

Cash at bank

343,927

1,535,392

4,226,642

4,866,769

CREDITORS

Amounts falling due within one year

8

1,022,510

1,942,646

NET CURRENT ASSETS

3,204,132

2,924,123

TOTAL ASSETS LESS CURRENT LIABILITIES

3,409,597

3,152,038

CREDITORS

Amounts falling due after more than one year

9

(39,753

)

(38,713

)

PROVISIONS FOR LIABILITIES

(45,125

)

(48,344

)

NET ASSETS

3,324,719

3,064,981

CAPITAL AND RESERVES

Called up share capital

152

152

Retained earnings

3,324,567

3,064,829

SHAREHOLDERS' FUNDS

3,324,719

3,064,981

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5th November 2025 and were signed on its behalf by:

P M White - Director

1.	STATUTORY INFORMATION

P. M. White Dry Lining Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company’s interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business.

Goodwill recognised at acquisition is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over it's useful life which is estimated to be 10 years from 2004.

Goodwill amortisation is charged on a straight line basis so as to write off the cost of the asset, less its residual value assumed to be zero, over its useful economic life, which is assumed to be zero.

Goodwill amortisation is included in administrative expenses in the statement of comprehensive income.

Tangible fixed assets

Tangible fixed assets are carried at cost less accumulated depreciation and accumulated impairment losses.

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over their estimated useful lives as follows:

Improvements to property

-

10% on cost

Plant and machinery

-

25% on cost

Fixtures and fittings

-

25% and 10% on cost

Motor vehicles

-

25% on cost

Office Equipment

-

25% on cost

On disposal, the difference between the net disposal proceeds and the carrying amount of the item sold is recognised in profit or loss.

Stocks

Stocks are measured at the lower of cost and selling price less cost to complete and sell.

Cost is calculated on a first in, first out basis and includes all costs of purchase.

Taxation

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

Current or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

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

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

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

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Long term contracts

Amounts recoverable on long term contracts, which are included in debtors are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an 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.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit or loss.

Stocks are also assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less costs to complete and sell. If an item of stock or group of similar items is impaired, its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss is subsequently reversed, the carrying amount of the asset or group of related assets is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset or group of related assets in prior periods. A reversal of an impairment loss is recognised immediately in profit or loss.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2024 - 22 ) .

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st May 2024

and 30th April 2025

32,800

AMORTISATION

At 1st May 2024

and 30th April 2025

32,800

NET BOOK VALUE

At 30th April 2025

-

At 30th April 2024

-

6.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1st May 2024

20,594

83,639

14,964

Additions

-

3,235

-

Disposals

-

-

-

At 30th April 2025

20,594

86,874

14,964

DEPRECIATION

At 1st May 2024

20,594

60,434

14,964

Charge for year

-

9,648

-

Eliminated on disposal

-

-

-

At 30th April 2025

20,594

70,082

14,964

NET BOOK VALUE

At 30th April 2025

-

16,792

-

At 30th April 2024

-

23,205

-

Motor

Office

vehicles

equipment

Totals

£

£

£

COST

At 1st May 2024

413,391

34,051

566,639

Additions

84,583

1,925

89,743

Disposals

(60,250

)

-

(60,250

)

At 30th April 2025

437,724

35,976

596,132

DEPRECIATION

At 1st May 2024

215,968

26,764

338,724

Charge for year

93,855

4,106

107,609

Eliminated on disposal

(55,666

)

-

(55,666

)

At 30th April 2025

254,157

30,870

390,667

NET BOOK VALUE

At 30th April 2025

183,567

5,106

205,465

At 30th April 2024

197,423

7,287

227,915

7.

DEBTORS

2025

2024

£

£

Amounts falling due within one year:

Trade debtors

2,241,174

2,072,351

Amounts owed by group undertakings

354,888

844

Other debtors

385,828

451,716

2,981,890

2,524,911

Amounts falling due after more than one year:

Trade debtors

555,142

442,007

Aggregate amounts

3,537,032

2,966,918

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

587,986

753,366

Amounts owed to group undertakings

28,810

964,043

Taxation and social security

108,954

50,966

Other creditors

296,760

174,271

1,022,510

1,942,646

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Other creditors

39,753

38,713

10.	SECURED DEBTS

The company has a debenture over the bank borrowings of it's parent company, P. M. White Property Holdings Limited dated 22 October 2009.

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Neil Dennis Hollingshead FCCA (Senior Statutory Auditor)

for and on behalf of Whiteleys

12.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

P M White Dry Lining Limited is a wholly owned subsidiary of P M White Property Holdings Limited, which prepares group financial statements. Its registered office is at Sovereign House, 155 High Street, Aldershot, Hampshire, GU11 1TT.

13.	FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements.