H_T_WHITE_&_COMPANY_LIMIT - Accounts

Turnover for the year increased by 6.4% (2014 - 12.2%) and gross profit increased from £4,730k to £5,633k. Administrative expenses increased during the year by £463k (2014 - £368k) and the profit before tax was £717k compared to £295k for the previous year.

The principal risks and uncertainties affecting the company relate to competition risk from other businesses, foreign exchange risk that could result in increased purchase costs if Sterling falls against the Euro and the risk of the UK economy deteriorating. If interest rates rise and individuals have less disposable income then this could result in turnover falling together with an increased risk of bad debts.

At the year end the company's net assets had increased from £4.7m to £5.1m whilst net current assets were £3.6m compared to £3.1m for the previous year. The company's year end cash position was also healthy at £1.2m compared to £1.1m for the previous year. The directors consider the company to be in a strong financial position at the year end.

The directors are confident that the company will continue to trade profitably for the foreseeable future.

An interim ordinary dividend was paid amounting to £203,444 (2014 £74,585). The directors do not recommend payment of a final dividend.

We have audited the financial statements of H T White & Company Limited for the year ended 31 March 2015 set out on pages 6 to 18. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

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.

As explained more fully in the Directors' Responsibilities Statement set out on pages 2 - 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Annual Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

In our opinion the financial statements: give a true and fair view of the state of the company's affairs as at 31 March 2015 and of its profit for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. In our opinion the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.

give a true and fair view of the state of the company's affairs as at 31 March 2015 and of its profit for the year then ended;

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

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

In our opinion the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.

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

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

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

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at a fixed rate that is used as an approximation for the actual rate. The fixed rates used are reviewed periodically. All differences are taken to profit and loss account.

The company operates a defined contribution pension scheme for two of its directors and makes contributions to an employee's personal pension scheme. The assets of the schemes are held separately from those of the company in independently administered funds. The pension cost charge represents contributions payable by the company to the fund. Contributions totalling £1,959 (2014- £Nil) were payable to the fund at the year end and are included in creditors.

Dividends were paid to the following directors during the year:

The amounts shown above for D N T Lees, C M Lees and S C Lees also include dividend payments made to their spouses.

The company rents property from a bare trust of which Mr DNT Lees and Mrs S Read, directors of the company, are beneficiaries. During the year the company made rental payments of £37,260 (2014 - £37,260) to the trust.

Mr S C Lees, a director of the company, is also a partner in The Long Man Brewery. During the year The Long Man Brewery sold £675,852 (2014 - £505,212) of goods to H T White & Co and purchased £53,446 (2014 - £42,739) of goods from H T White & Co, all on normal commercial terms. At the year end H T White & Co owed The Long Man Brewery £29,745 (2014 - £34,499).