ACCOUNTS - Final Accounts

Caseware UK (AP4) 2020.0.247 2020.0.247 2021-03-312021-03-3102020-04-01false0truefalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00449599 2020-04-01 2021-03-31 00449599 2019-04-01 2020-03-31 00449599 2021-03-31 00449599 2020-03-31 00449599 2019-04-01 00449599 1 2020-04-01 2021-03-31 00449599 1 2019-04-01 2020-03-31 00449599 3 2020-04-01 2021-03-31 00449599 3 2019-04-01 2020-03-31 00449599 6 2020-04-01 2021-03-31 00449599 6 2019-04-01 2020-03-31 00449599 d:Director1 2020-04-01 2021-03-31 00449599 d:Director2 2020-04-01 2021-03-31 00449599 d:Director5 2020-04-01 2021-03-31 00449599 d:RegisteredOffice 2020-04-01 2021-03-31 00449599 e:CurrentFinancialInstruments 2021-03-31 00449599 e:CurrentFinancialInstruments 2020-03-31 00449599 e:Non-currentFinancialInstruments 2021-03-31 00449599 e:Non-currentFinancialInstruments 2020-03-31 00449599 e:CurrentFinancialInstruments e:WithinOneYear 2021-03-31 00449599 e:CurrentFinancialInstruments e:WithinOneYear 2020-03-31 00449599 e:Non-currentFinancialInstruments e:AfterOneYear 2021-03-31 00449599 e:Non-currentFinancialInstruments e:AfterOneYear 2020-03-31 00449599 e:ShareCapital 2021-03-31 00449599 e:ShareCapital 2020-03-31 00449599 e:ShareCapital 2019-04-01 00449599 e:SharePremium 2021-03-31 00449599 e:SharePremium 2020-03-31 00449599 e:SharePremium 2019-04-01 00449599 e:RetainedEarningsAccumulatedLosses 2020-04-01 2021-03-31 00449599 e:RetainedEarningsAccumulatedLosses 2021-03-31 00449599 e:RetainedEarningsAccumulatedLosses 2019-04-01 2020-03-31 00449599 e:RetainedEarningsAccumulatedLosses 2020-03-31 00449599 e:RetainedEarningsAccumulatedLosses 2019-04-01 00449599 d:OrdinaryShareClass1 2020-04-01 2021-03-31 00449599 d:OrdinaryShareClass1 2021-03-31 00449599 d:OrdinaryShareClass1 2020-03-31 00449599 d:FRS102 2020-04-01 2021-03-31 00449599 d:Audited 2020-04-01 2021-03-31 00449599 d:FullAccounts 2020-04-01 2021-03-31 00449599 d:PrivateLimitedCompanyLtd 2020-04-01 2021-03-31 00449599 e:Subsidiary1 2020-04-01 2021-03-31 00449599 e:Subsidiary2 2020-04-01 2021-03-31 00449599 e:Subsidiary3 2020-04-01 2021-03-31 00449599 e:Subsidiary4 2020-04-01 2021-03-31 00449599 e:Subsidiary5 2020-04-01 2021-03-31 00449599 e:Subsidiary1 1 2020-04-01 2021-03-31 00449599 e:Subsidiary2 1 2020-04-01 2021-03-31 00449599 e:Subsidiary3 1 2020-04-01 2021-03-31 00449599 e:Subsidiary4 1 2020-04-01 2021-03-31 00449599 e:Subsidiary5 1 2020-04-01 2021-03-31 00449599 e:AcceleratedTaxDepreciationDeferredTax 2021-03-31 00449599 e:AcceleratedTaxDepreciationDeferredTax 2020-03-31 00449599 e:TaxLossesCarry-forwardsDeferredTax 2021-03-31 00449599 e:TaxLossesCarry-forwardsDeferredTax 2020-03-31 00449599 2 2020-04-01 2021-03-31 00449599 6 2020-04-01 2021-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 00449599

WHITES LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

WHITES LIMITED

COMPANY INFORMATION

Directors	S F Gavin
	L C Levin
	A H Smith


Registered number	00449599


Registered office	2nd Floor
	Clifton House
	Bunnian Place
	Basingstoke
	Hampshire
	RG21 7JE


Independent auditor	James Cowper Kreston
	Chartered Accountants and Statutory Auditor
	Reading Bridge House
	George Street
	Reading
	Berkshire
	RG1 8LS

WHITES LIMITED

CONTENTS

	Page
Directors' Report	1 - 2
Independent Auditor's Report	3 - 5
Profit and Loss Account	6
Balance Sheet	7
Statement of Changes in Equity	8
Notes to the Financial Statements	9 - 18

WHITES LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 MARCH 2021

The directors present their report and the financial statements for the year ended 31 March 2021.

Principal activity

The principal activity of the company is that of a holding company.

Directors

The directors who served during the year were:

S F Gavin

L C Levin

A H Smith

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgements and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors have taken all the steps that ought to have been taken as directors in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Disclosure of information to auditor

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Auditor

The auditor, James Cowper Kreston, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Page 1

WHITES LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

................................................

S F Gavin

Director

Date: 25 August 2021

Page 2

WHITES LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WHITES LIMITED

Opinion

We have audited the financial statements of Whites Limited (the 'Company') for the year ended 31 March 2021, which comprise the Statement of Comprehensive Income, the Balance Sheet, the 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 our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 March 2021 and of its loss 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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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 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.

Other information

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.

Page 3

WHITES LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WHITES LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙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

∙we have not received all the information and explanations we require for our audit; or

∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 4

WHITES LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF WHITES LIMITED (CONTINUED)

Auditor's responsibilities for the audit of the financial statements

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 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:

- Enquiry of management around actual and potential litigation and claims.
- Enquiry of management to identify any material instances of non-compliance with laws and regulations.
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
- Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and revieing accounting estimates for bias.

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.

Use of our 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 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.

Alexander Peal BSc (Hons) FCA DChA (Senior Statutory Auditor)

for and on behalf of

James Cowper Kreston

Chartered Accountants and Statutory Auditor

Reading Bridge House

George Street

Reading

Berkshire

RG1 8LS

2 September 2021

Page 5

WHITES LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 MARCH 2021

	2021	2020
Note	£	£


Administrative expenses		(179,697)	(89,534)
Revaluation of listed and unlisted investments		-	20,190
Operating loss		(179,697)	(69,344)
Income from participating interests		-	75,000
Income from fixed assets investments		11,831	68,910
Profit on sale of investments		-	2,843,290
(Loss)/profit before tax		(167,866)	2,917,856
Tax on (loss)/profit	6	(53)	27,154
(Loss)/profit for the financial year		(167,919)	2,945,010

There was no other comprehensive income for 2021 (2020:£NIL).

The notes on pages 9 to 18 form part of these financial statements.

Page 6

WHITES LIMITED

REGISTERED NUMBER: 00449599

BALANCE SHEET

AS AT 31 MARCH 2021

		2021		2020
Note		£		£

Fixed assets
Investments	7		733,376		740,461
			733,376		740,461
Current assets
Debtors: amounts falling due after more than one year	8	11,956,849		5,923,715
Debtors: amounts falling due within one year	8	152,241		152,294
Cash at bank and in hand	9	12,562		84,008
		12,121,652		6,160,017
Creditors: amounts falling due within one year	10	(936,692)		(887,358)
Net current assets			11,184,960		5,272,659
Total assets less current liabilities			11,918,336		6,013,120
Creditors: amounts falling due after more than one year	11		(6,100,135)		(27,000)

Net assets			5,818,201		5,986,120

Capital and reserves
Called up share capital	13	14,830	14,830
Share premium account		570	570
Profit and loss account		5,802,801	5,970,720
		5,818,201	5,986,120

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 were approved and authorised for issue by the board and were signed on its behalf by:

................................................

S F Gavin

Director

Date: 25 August 2021

The notes on pages 9 to 18 form part of these financial statements.

Page 7

WHITES LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2021

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 April 2020	14,830	570	5,970,720	5,986,120

Loss for the year	-	-	(167,919)	(167,919)
At 31 March 2021	14,830	570	5,802,801	5,818,201

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH 2020

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 April 2019	14,830	570	3,025,710	3,041,110

Profit for the year	-	-	2,945,010	2,945,010
At 31 March 2020	14,830	570	5,970,720	5,986,120

The notes on pages 9 to 18 form part of these financial statements.

Page 8

WHITES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1.	General information

Whites Limited is a company limited by share capital and incorporated in England and Wales. The address of the registered office and principal place of business is 2nd Floor, Clifton House, Bunnian Place, Basingstoke, Hampshire, RG21 7JE.
The principal activity of the company is that of a holding company.

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 Section 1A of 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 management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Exemption from preparing consolidated financial statements

The Company is a parent Company that is also a subsidiary included in the consolidated financial statements of its immediate parent undertaking established under the law of an EEA state and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

2.3

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

2.4

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.

2.5

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.

Page 9

WHITES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2.Accounting policies (continued)

2.6

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet 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.

2.7

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.

2.8

Defined benefit scheme

The company operates a defined benefit pension scheme. The regular pension cost is charged to the profit and loss account and is based on the expected pension costs over the service life of the ex-employees. The current pension surplus is spread in the profit and loss account over the remaining service lives of current employees, currently estimated at nil years.
Because the scheme is closed the current service cost under the projected unit method will increase as the members of the scheme approach retirement. The regular pension cost is charged to the profit & loss account and is based on the expected pension costs over the service life of the ex-employees. The contributions to the scheme are determined by a qualified independent actuary on the basis of triennial actuarial valuations. The company has adopted in full the provisions of Financial Reporting Standard 102.

2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 10

WHITES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2.Accounting policies (continued)

2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

3.	Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
Taxation (see note 6)
The company establishes provisions based on reasonable estimates, for possible consequences of audits by the tax authorities of the consequences of audits by the tax authorities of the respective countries in which it operates. The amount of such provisions is based on various factors, such as experience with previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority. Management estimation is required to determine the amount of deferred tax assets that can be recognised, based upon likely timing and level of future taxable profits together with an assessment of the effect of future tax planning strategies. Further details are contained in note 12.

Page 11

WHITES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Employees

	The company does not have any employees.

5.	Income from investments
		2021	2020
		£	£

	Income from fixed asset investments	11,831	68,910

6.	Taxation

		2021	2020
		£	£



Total current tax	-	-

Deferred tax
Origination and reversal of timing differences	53	2,746
Adjustments in respect of prior periods	-	(13,580)
Effect of increased tax rate on opening balance	-	(16,320)
Total deferred tax	53	(27,154)


	Taxation on profit/(loss) on ordinary activities	53	(27,154)

Page 12

WHITES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

6.Taxation (continued)

Factors affecting tax charge for the year
The tax assessed for the year is higher than (2020 - higher than) the standard rate of corporation tax in the UK of 19% (2020 - 19%). The differences are explained below:
	2021	2020
	£	£

(Loss)/profit on ordinary activities before tax

(167,866)

2,917,856

(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2020 - 19%)	(31,895)	554,393
Adjustments to tax charge in respect of prior periods- deferred tax	-	(13,580)
Non-taxable income	(6,084)	(571,404)
Adjustments to brought forward values	3,836	-
Group relief	34,196	20,116
Deferred tax not recognised	-	969
Adjust opening deferred tax to average rate of 19.00%	-	(17,648)
Total tax charge for the year	53	(27,154)

Factors that may affect future tax charges

In the Spring Budget 2021, the Government announced that from 1 April 2023 the corporation tax rate will increase to 25%. As the proposal to increase the rate to 25% had not been substantively enacted at the balance sheet date, its effects are not included in these financial statements. However, it is likely that the overall effect of the change, had it been substantively enacted by the balance sheet date, would be to increase the tax expense for the period by £10,072 and increase the deferred tax liability by £64,192.

7.	Fixed asset investments

	Investments in subsidiary companies	Unlisted investments	Total
	£	£	£
Cost or valuation
At 1 April 2020	686,524	53,937	740,461
Disposals	-	(7,085)	(7,085)
At 31 March 2021	686,524	46,852	733,376

Page 13

WHITES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Class of shares	Holding

Hartford Care Limited	Ordinary	100%
Hartford Care (2) Limited	Ordinary	100%
Hartford Care (3) Limited	Ordinary	100%
Hartford Care (Southern) Limited *	Ordinary	100%
Hartford Care (South West) Limited *	Ordinary	100%

* denotes indirect shareholding in a subsidiary.

8.	Debtors
		2021	2020
		£	£

Due after more than one year
Amounts owed by group undertakings	11,956,849	5,923,715

					2021	2020
					£	£

Due within one year
Deferred taxation	152,241	152,294

9.	Cash and cash equivalents
		2021	2020
		£	£

	Cash at bank and in hand	12,562	84,008

10.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Trade creditors	2,340	-
Other creditors	800,000	800,000
Accruals and deferred income	134,352	87,358
	936,692	887,358

Page 14

WHITES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

11.	Creditors: Amounts falling due after more than one year
		2021	2020
		£	£

	Amounts owed to group undertakings	6,100,135	27,000

The intercompany payable is repayable on a rolling 367 day basis and accrues no interest.

12.	Deferred taxation

	2021	2020
	£	£

At beginning of year	152,294	125,140
Credited to profit or loss	(53)	27,154
At end of year	152,241	152,294

The deferred tax asset is made up as follows:
	2021	2020
	£	£

Fixed asset timing differences	241	294
Short term timing differences	152,000	152,000
	152,241	152,294

13.	Share capital
		2021	2020
		£	£

Allotted, called up and fully paid

14,830 (2020 - 14,830) Ordinary shares of £1.00 each	14,830	14,830

Page 15

WHITES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

14.	Pension commitments

The Company operates a Defined Benefit Pension Scheme.

This is a separate trustee administered fund holding the pension scheme assets to meet long term pension liabilities. A full actuarial valuation was carried out at 5 April 2020 and updated to 31 March 2021 by a qualified actuary, independent of the scheme's sponsoring employer, Whites Limited. The major assumptions used by the actuary are shown over the page.
The actuarial valuation as at 5 April 2020 showed a deficit of £443,000. The employer agreed with the trustees to eliminate the deficit by the payment of annual contributions of £109,000 until 5 January 2025. Of these £91,924 increasing at 3% per annum is being paid in respect of the deficit and the balance of the annual contribution is being used to meet expenses of running the plan, excluding the Pension Protection Fund levy which is being separately paid by the employer. The first 3% increase occurs on 6 April 2022.

Reconciliation of present value of plan liabilities:
	2021	2020
	£	£

Reconciliation of present value of plan liabilities
At the beginning of the year	1,704,000	1,776,000
Expenses	27,000	27,000
Interest cost	40,000	40,000
Actuarial losses/(gains)	113,000	(53,000)
Benefits paid	(79,000)	(86,000)
At the end of the year	1,805,000	1,704,000

Reconciliation of present value of plan assets:
	2021	2020
	£	£

At the beginning of the year	1,870,000	1,858,000
Interest income	45,000	43,000
Actuarial gains/(losses)	44,000	(54,000)
Contributions	109,000	109,000
Benefits paid	(79,000)	(86,000)
At the end of the year	1,989,000	1,870,000

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WHITES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

14.Pension commitments (continued)

					2021	2020
					£	£

Fair value of plan assets	1,989,000	1,870,000
Present value of plan liabilities	(1,805,000)	(1,704,000)
Assets not recognised in the financial statements	(184,000)	(166,000)
Net pension scheme liability	-	-

The cumulative amount of actuarial gains and losses recognised in the Statement of Comprehensive Income was £NIL (2020 - £NIL).
The Company expects to contribute £109,000 to its Defined Benefit Pension Scheme in 2022.
Principal actuarial assumptions at the Balance Sheet date (expressed as weighted averages):

		2021	2020
		%	%

Discount rate	2.0	2.4
Proportion of employees opting for early retirement	3.5	2.8
Inflation assumption	3.5	2.8
Mortality rates
- for a male aged 65 now	22.1	21.8
- at 65 for a male aged 45 now	23.4	23.1
- for a female aged 65 now	23.8	23.7
- at 65 for a female aged 45 now	25.4	25.2

Amounts for the current and previous four periods are as follows:
Defined benefit pension schemes
	2021	2020	2019	2018	2017
	£	£	£	£	£

Defined benefit obligation	(1,805,000)	(1,704,000)	(1,776,000)	(2,063,000)	(2,030,000)
Scheme assets	1,989,000	1,870,000	1,858,000	2,201,000	2,159,000
Surplus	184,000	166,000	82,000	138,000	129,000

Page 17

WHITES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

15.	Contingent liabilities

Along with fellow subsidiaries, the Company is a guarantor in the Facilities Agreement, entered into by Hartford Care Group Limited with National Westminster Bank plc. Under this agreement the bank holds a charge over its assets.

16.	Related party transactions
	The Company is exempt from disclosing related party transactions with other 100% owned members of the Group headed by Hartford Care Group Limited by virtue of FRS 102 section 33.1A. Balances due from and to members of the Group are disclosed in notes 8 and 11.

17.	Controlling party

The immediate parent company is Hartford Care Group Limited, a company incorporated in England and Wales.
The ultimate parent company and the smallest and largest group in which the company’s results are consolidated is Hartford Care Group Limited, a company incorporated in England and Wales. The consolidated accounts of Hartford Care Group Limited are available from Companies House, Crown Way, Cardiff, CF14 3UZ.
There is no one ultimate controlling party.

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