Whitehouse Construction Co. Limited - Period Ending 2022-06-30
Whitehouse Construction Co. Limited - Period Ending 2022-06-30
Registration number:
Whitehouse Construction Co. Limited
for the Year Ended 30 June 2022
Whitehouse Construction Co. Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Independent Auditor's Report |
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Profit and Loss Account |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Whitehouse Construction Co. Limited
Company Information
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Directors |
J M Ewart-Sear R J Ewart-Sear D B Renshaw R Jamieson C Jamieson |
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Company secretary |
R J Ewart-Sear |
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Registered office |
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Auditors |
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Whitehouse Construction Co. Limited
Strategic Report for the Year Ended 30 June 2022
The directors present their strategic report for the year ended 30 June 2022.
Business Culture
Since our inception in 1977, we remain 100% family owned and are proud of the reputation we have established. A contributing factor to our success is the family ethos instilled throughout the company.
Our people are one of our most important assets, being 100% directly employed across the business. This approach gives us our single biggest advantage within the marketplace. Having the correct people and culture is key to making our business successful.
Fair review of the business
We operate as main contractor for 100% of our turnover. Compiled from a combination of long-term frameworks and competitively tendered projects. Frameworks in water, aviation, highways, environmental and power sectors have contributed to turnover whilst we continue to explore new and emerging markets.
While margins on contracts remain competitive, we continually drive efficient and innovative ways to provide best value for our clients which has helped us achieve current levels of profitability. Our ambition, determination and confidence combined with our directly employed, highly skilled workforce allows us to perform well, delivering a distinctive high-quality service for our clients.
Our policy of undertaking all core works with our directly employed, highly skilled workforce remains a key business principal. As such investment in training and professional development is a continuous theme across our business.
Competition within the UK construction industry is expected to remain aggressive due to the UK and worldwide economic pressures.
The company's key financial and other performance indicators during the year were as follows:
|
Unit |
2022 |
2021 |
|
|
Turnover |
£ |
11,292,474 |
16,055,310 |
|
Turnover growth |
% |
(30) |
33 |
|
Gross margin |
% |
22 |
23 |
|
Profit before tax |
£ |
297,735 |
587,838 |
Whitehouse Construction Co. Limited
Strategic Report for the Year Ended 30 June 2022
Safety & Health, Environmental and Quality (SHEQ)
Our trade brings us into constant contact with multiple ‘blue-chip’ organisations, who demand the highest levels of service, with Safety, Health, Environmental impact and Quality always at the forefront.
These key disciplines are monitored constantly by our in house SHEQ team and audited regularly by external independent bodies and clients, to ensure we are exceeding levels required by our clientele and the industry as a whole.
Our integrated management system meets and exceeds the requirements of OHSAS 45001; ISO 14001:2015 and ISO 9001:2015.
All areas of our operations fall under the jurisdiction of these policies which are audited at random by third party consultants and a host of client led review teams.
In addition to the above industry standards, we have developed innovative measures of SHEQ cultural awareness amongst our employees, these being:
• Positive Intervention Reporting - Being any occasion where our people have intervened in a given situation to create betterment. These are recorded, monitored and trends identified.
• Personal Safety Moments - Employees are encouraged to share personal safety moments, being a moment at work or at home where they could have gone about a task in a safer way. Sharing these learning opportunities amongst colleagues ensures personal safety is within the hearts and minds of our people.
These are pioneering metrics, with little to benchmark against externally:
• Reportable Accident Frequency Rate (RIDDOR - Reporting of Injuries, Diseases and Dangerous Occurrences Regulations) incidents:
2021/2022 = 0.00
2020/2021 = 0.00
2019/2020 = 0.00
2018/2019 = 0.00
2017/2018 = 0.00
2016/2017 = 0.00
(Note - The UK average is 0.8).
(All measures are per 100,000 hours worked this being the national standard in the UK).
Whitehouse Construction Co. Limited
Strategic Report for the Year Ended 30 June 2022
Environment
In line with the UK’s target to become Net Zero by 2050 we are taking steps to measure our carbon footprint with increased accuracy.
To reinforce our vision, we have signed the UK SME Climate Commitment to;
• Halve our greenhouse gas emissions before 2030
• Achieve net zero emissions before 2050
• Disclose our progress on a yearly basis
Our current targets are to reduce our own emissions and influence change within our workforce. Since starting to measure our carbon footprint in 2015 we have reduced our Scope 1 and 2 emissions by 35%.
Principal risks and uncertainties
Risk Management
Our company strategy is to follow an appropriate risk policy, which effectively manages exposures related to the achievement of business objectives. The key risks which management face are detailed as follows:
Health and Safety Risk
We are committed to providing a safe working environment. These risks are managed through the strong promotion of a Health, Safety and Wellbeing culture; and well defined, easily interpreted Integrated Management System (IMS).
Business Performance Risk
Business performance risk is the risk that the company may not perform as expected due to either internal factors or external competitive pressures in the UK construction industry. The risk is managed through a number of measures: ensuring the appropriate management team is in place; budget and business planning; monthly reporting and analysis; financial controls; key performance indicators (as demonstrated above); and regular forecasting.
As part of our normal business processes we monitor all these measures constantly to ensure we operate as efficiently as possible.
Whitehouse Construction Co. Limited
Strategic Report for the Year Ended 30 June 2022
Business Control
Strong financial and business controls are necessary to ensure the integrity and reliability of financial and other information on which the company relies for day-to-day operations, external reporting and for long term planning.
The company operates throughout the UK which is managed through the recruitment of a local management team in each region, which are supported and controlled by the directors of Whitehouse Construction Company Limited.
We exercise financial and business control through a combination of, qualified and experienced financial teams, performance analysis, budgeting and cash flow forecasting and clearly defined approval limits. External advisors provide advice on specific accounting and tax issues as they arise.
Management Development
Long-term growth of the business depends on the company’s ability to retain and promote succession planning coupled with the ability to attract personnel of high quality. This risk is managed through development plans which are regularly reviewed and updated. These are accompanied by specific policies in such areas as training, management development and performance management.
Financial Risk Management
Our principal financial instruments comprise of bank balances, trade debtors and trade creditors. The main purpose is to finance the business' operations.
In respect of bank balances, the liquidity risk is not a factor as there are no loans or overdrafts. All of the business' cash balances are held in such a way that achieves a competitive rate of interest. The business makes use of money market facilities where funds are available.
During this economic period we believe that retaining cash within the company will help solidify it's position within the market sector over the coming years, whilst also providing clients with evidence that the company is of a solid financial standing.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for any doubtful debtors.
Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
Approved and authorised by the
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Whitehouse Construction Co. Limited
Directors' Report for the Year Ended 30 June 2022
The directors present their report and the financial statements for the year ended 30 June 2022.
Statement of directors responsibilities
The directors acknowledge their responsibilities for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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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 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.
Directors of the company
The directors who held office during the year were as follows:
Principal activity
The principal activity of the company is that of civil engineering and building construction work.
Matters covered in the strategic report
The company has chosen in accordance with s414C(11) of the Companies Act 2006 to set out in the company's strategic report information required by Schedule 7 of the Large and Medium sized Companies and Group Regulation 2008 to be contained in the directors' report. It has done so in respect of financial instruments and future developments.
Whitehouse Construction Co. Limited
Directors' Report for the Year Ended 30 June 2022
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Approved by the
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Whitehouse Construction Co. Limited
Independent Auditor's Report to the Members of Whitehouse Construction Co. Limited
Opinion
We have audited the financial statements of Whitehouse Construction Co. Limited (the 'company') for the year ended 30 June 2022, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, and Notes to the Financial Statements, 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 30 June 2022 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. |
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 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 UK, including the FRC’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 director's 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 original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Whitehouse Construction Co. Limited
Independent Auditor's Report to the Members of Whitehouse Construction Co. Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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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; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where 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. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 7], 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.
Whitehouse Construction Co. Limited
Independent Auditor's Report to the Members of Whitehouse Construction Co. Limited
Auditor 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We are not responsible for preventing irregularities. Our approach to detecting irregularities included, but was not limited to, the following:
• obtaining an understanding of the legal and regulatory framework applicable to the entity and how the entity is complying with that framework;
• obtaining an understanding of the entity's policies and procedures and how the entity has complied with these, through discussions and walkthrough testing;
• obtaining an understanding of the entity's risk assessment process, including the risk of fraud;
• enquiring of management as to actual and potential fraud, litigation and claims;
• designing our audit procedures to respond to our risk assessment;
• performing audit testing over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness and evaluating the business rationale of significant transactions outside the normal course of business;
• assessing whether judgements and assumptions made in determining the accounting estimates set out in note 2 were indicative of potential bias; and
• performing analytical procedures to identify any large, unusual or unexpected relationships.
• review minutes of the meetings of management and those charged with governance.
Whilst considering how our audit work addressed the detection of irregularities, we also consider the likelihood of detection based on our approach. Irregularities arising from fraud are inherently more difficult to detect than those arising from error.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Whitehouse Construction Co. Limited
Independent Auditor's Report to the Members of Whitehouse Construction Co. Limited
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.
For and on behalf of
5 Prospect Place
Millennium Way
Pride Park
DE24 8HG
Whitehouse Construction Co. Limited
Profit and Loss Account for the Year Ended 30 June 2022
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Note |
2022 |
2021 |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
|
|
|
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Administrative expenses |
( |
( |
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Other operating income |
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|
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Operating profit |
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|
|
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Other interest receivable and similar income |
|
|
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Profit before tax |
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Taxation |
( |
( |
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Profit for the financial year |
|
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The above results were derived from continuing operations.
The company has no recognised gains or losses for the year other than the results above.
Whitehouse Construction Co. Limited
(Registration number: 01331981)
Balance Sheet as at 30 June 2022
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Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Current assets |
|||
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Stocks |
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Debtors |
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Cash at bank and in hand |
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||
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
|||
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Called up share capital |
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Profit and loss account |
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Total equity |
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Approved and authorised by the
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Whitehouse Construction Co. Limited
Statement of Changes in Equity for the Year Ended 30 June 2022
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Share capital |
Profit and loss account |
Total |
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At 1 July 2021 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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At 30 June 2022 |
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Share capital |
Profit and loss account |
Total |
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At 1 July 2020 |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
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At 30 June 2021 |
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Whitehouse Construction Co. Limited
Notes to the Financial Statements for the Year Ended 30 June 2022
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General information |
The address of the registered office is given in the company information on page 1 of these financial statements.
The company is a private company limited by share capital, incorporated in England & Wales.
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' ('FRS102'), and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in Sterling (£) and rounded to the nearest £1.
Summary of disclosure exemptions
The company has taken advantage of the disclosure exemption in relation to the requirements of section 7 and section 3 paragraph 3.17(d). The equivalent disclosures are included within the consolidated financial statements of the group in which the company is consolidated.
Going concern
The financial statements have been prepared on a going concern basis.
Whitehouse Construction Co. Limited
Notes to the Financial Statements for the Year Ended 30 June 2022
Key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised in the period in which the estimate is revised, if the revision only affects that period, or in the period of revision and future period if the revision affects both the current and future periods.
The estimates and assumptions which have risk of causing material adjustment to the carrying amount of assets and liabilities are set out below:
Revenue recognition and amounts recoverable on contracts:
Judgement is required to identify when it is appropriate to recognise revenue on contracts. Management estimate this based on their knowledge of the contract at the balance sheet date and also take previous experience into account.
Revenue recognition
Turnover is stated net of value added tax. Turnover from the sale of goods is recognised when the risk and reward of ownership have passed to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date, turnover represents the value of the service provided to date based on a proportion of the total contract value. Where payments are received from customers in advance of services provided the amounts are recorded as deferred income and included as part of creditors.
Contract revenue recognition
Profit on long term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Revenue derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.
Government grants
Government grants are recognised in the profit and loss account as income when such grant does not impose specified future performance-related conditions, in accordance with the performance model.
Whitehouse Construction Co. Limited
Notes to the Financial Statements for the Year Ended 30 June 2022
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
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Motor vehicles |
25% reducing balance basis and 20% straight line basis |
|
Furniture, fittings and equipment |
13.33% and 16.66% straight line basis |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Whitehouse Construction Co. Limited
Notes to the Financial Statements for the Year Ended 30 June 2022
Hire purchase and leasing
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
The aggregate benefit of lease incentives are recognised as a reduction to the expense recognised over the lease term on a straight line basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
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Revenue |
The analysis of the company's revenue for the year from continuing operations is as follows:
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2022 |
2021 |
|
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Construction contracts |
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Other operating income |
The analysis of the company's other operating income for the year is as follows:
|
2022 |
2021 |
|
|
Government grants |
|
|
|
Miscellaneous other operating income |
|
|
|
|
|
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Operating profit |
Arrived at after charging/(crediting)
|
2022 |
2021 |
|
|
Depreciation expense |
|
|
Whitehouse Construction Co. Limited
Notes to the Financial Statements for the Year Ended 30 June 2022
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Other interest receivable and similar income |
|
2022 |
2021 |
|
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Bank interest received |
|
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Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2022 |
2021 |
|
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Wages and salaries |
|
|
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Social security costs |
|
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Pension costs, defined contribution scheme |
|
|
|
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The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:
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2022 |
2021 |
|
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Production |
|
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Administration and support |
|
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|
|
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Whitehouse Construction Co. Limited
Notes to the Financial Statements for the Year Ended 30 June 2022
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Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2022 |
2021 |
|
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Remuneration |
|
|
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Contributions paid to money purchase schemes |
|
|
|
404,192 |
451,744 |
During the year the number of directors who were receiving benefits and share incentives was as follows:
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2022 |
2021 |
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Accruing benefits under money purchase pension scheme |
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In respect of the highest paid director:
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2022 |
2021 |
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Remuneration |
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Auditors' remuneration |
|
2022 |
2021 |
|
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Audit of the financial statements |
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Taxation |
Tax charged/(credited) in the income statement
|
2022 |
2021 |
|
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Current taxation |
||
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UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
( |
( |
|
15,085 |
112,480 |
|
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Deferred taxation |
||
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Arising from origination and reversal of timing differences |
( |
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Tax expense in the income statement |
|
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Whitehouse Construction Co. Limited
Notes to the Financial Statements for the Year Ended 30 June 2022
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2021 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2022 |
2021 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
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Effect of tax losses |
- |
|
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Deferred tax (credit)/expense relating to changes in tax rates or laws |
( |
|
|
Decrease in UK and foreign current tax from adjustment for prior periods |
( |
( |
|
Tax increase from effect of capital allowances and depreciation |
|
|
|
Tax increase/(decrease) from changes in pension fund prepayment |
|
( |
|
Tax decrease from effect of adjustment in research and development tax credit |
( |
- |
|
Total tax charge |
|
|
Deferred tax
Deferred tax assets and liabilities
|
2022 |
Asset |
|
Pension creditor |
|
|
Accelerated capital allowances |
|
|
|
|
2021 |
Asset |
|
Pension creditor |
|
|
Accelerated capital allowances |
|
|
|
The amount of the net reversal of deferred tax assets and deferred tax liabilities expected to occur during the year beginning after the reporting period is £2,347 (2021 - £5,621).
Whitehouse Construction Co. Limited
Notes to the Financial Statements for the Year Ended 30 June 2022
|
Tangible assets |
|
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
|||
|
At 1 July 2021 |
|
|
|
|
Disposals |
- |
( |
( |
|
At 30 June 2022 |
|
|
|
|
Depreciation |
|||
|
At 1 July 2021 |
|
|
|
|
Charge for the year |
|
|
|
|
Eliminated on disposal |
- |
( |
( |
|
At 30 June 2022 |
|
|
|
|
Carrying amount |
|||
|
At 30 June 2022 |
- |
|
|
|
At 30 June 2021 |
|
|
|
|
Stocks |
|
2022 |
2021 |
|
|
Raw materials and consumables |
|
|
|
Debtors |
|
Note |
2022 |
2021 |
|
|
Trade debtors |
|
|
|
|
Other debtors |
- |
|
|
|
Prepayments and accrued income |
|
|
|
|
Amounts recoverable on long term contracts |
|
|
|
|
Deferred tax assets |
|
|
|
|
|
|
Whitehouse Construction Co. Limited
Notes to the Financial Statements for the Year Ended 30 June 2022
|
Creditors |
|
2022 |
2021 |
|
|
Due within one year |
||
|
Trade creditors |
|
|
|
Amounts due to group undertakings |
- |
|
|
Social security and other taxes |
|
|
|
Other creditors |
|
|
|
Accrued expenses |
|
|
|
Corporation tax |
21,607 |
113,060 |
|
|
|
|
Pension and other schemes |
Defined contribution pension scheme
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2022 |
2021 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
10,000 |
|
10,000 |
Rights, preferences and restrictions
|
Ordinary shares have the following rights, preferences and restrictions: |
|
Reserves |
Proft and loss account
The profit and loss account represents cumulative profits net of dividends and other adjustments.
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
Whitehouse Construction Co. Limited
Notes to the Financial Statements for the Year Ended 30 June 2022
|
2022 |
2021 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
- |
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
Operating leases - lessor
The total of future minimum lease payments is as follows:
|
2022 |
2021 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
- |
|
|
|
|
Dividends |
|
2022 |
2021 |
|||
|
£ |
£ |
|||
|
Interim dividend of £Nil (2021 - £ |
- |
300,000 |
||
Whitehouse Construction Co. Limited
Notes to the Financial Statements for the Year Ended 30 June 2022
|
Related party transactions |
Summary of transactions with other related parties
Income and receivables from related parties
|
2022 |
Other related parties |
|
Rental income |
|
|
Plant hire |
|
|
|
|
|
2021 |
Other related parties |
|
Rental income |
|
|
Plant hire |
|
|
|
|
Expenditure with and payables to related parties
|
2022 |
Other related parties |
|
Purchases |
|
|
Rent |
|
|
|
|
|
2021 |
Other related parties |
|
Purchases |
|
|
Rent |
|
|
|
|
Whitehouse Construction Co. Limited
Notes to the Financial Statements for the Year Ended 30 June 2022
Loans from related parties
|
2022 |
Other related parties |
|
At start of period |
|
|
Repaid |
( |
|
At end of period |
( |
|
2021 |
Other related parties |
|
At start of period |
( |
|
Advanced |
|
|
At end of period |
|
The company has taken advantage of the exemption in FRS102 Section 33 "Related Party Disclosures" from disclosing transactions with other members of the group.
|
Parent and ultimate parent undertaking |
The company's immediate parent is
The parent of the smallest and largest group in which these financial statements are consolidated is Ewart Holdings Limited, incorporated in England & Wales.
The address of Ewart Holdings is:
The Homestead, Yeldersley Lane, Bradley, Ashbourne, Derbyshire, DE6 1PJ.
These financial statements are available upon request from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.
The ultimate controlling party is J M Ewart-Sear.