ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number: 00379962
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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GANDER AND WHITE SHIPPING LIMITED
Company Information
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GANDER AND WHITE SHIPPING LIMITED
Contents
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GANDER AND WHITE SHIPPING LIMITED
Group strategic report
For the Year Ended 31 December 2022
The UK & French operations continued to show signs of recovery in 2022 however this was outpaced by the US operations, which saw growth out of all locations. The new warehouses in San Francisco and Los Angeles were fully operational from the beginning of 2022 and the benefits are evident in the results achieved.
We will continue to expand our facilities in 2023, already having taken on additional warehouse space in Paris and Miami. The results for the year show a profit before tax of £3,740,990 and turnover of £52,359,391, the group continues to perform well across all of its branches and continues to maintain its market position.
Brexit
The UK operations continue face the effects of Brexit. To mitigate the impact we continue to prepare for all scenarios, and have in place facilities to ease the burden of potential custom delays and challenges across borders. Competition The group operates within a highly competitive industry and in times of a shrinking market this will heighten the pressure upon our margins and profitability. To maintain our position in the market we will continue to monitor and ensure that our high standards are always met. Liquidity risk The group manages its cash requirements by ensuring sufficient liquid resources are readily available to meet operating needs. Credit risk Trade debtors are managed and amounts due are monitored on a regular basis. In addition strict criteria is applied to the extension of credit to clients and credit limits given. Foreign Currency risk The group trades in Sterling, US Dollars and Euros. These currencies are centrally monitored, and currency risks are mitigated by hedging where appropriate.
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GANDER AND WHITE SHIPPING LIMITED
Group strategic report (continued)
For the Year Ended 31 December 2022
Business performance is monitored by key performance indicators (KPI’s) to track growth and profitability, using the 3 criteria noted below. These are measured on a month by month basis on each of the offices by the board, and can be summarised at the year end as follows:
When making decisions, the Directors ensure that they act in the way they consider, in good faith, would most likely promote the group's success for the benefit of its members as a whole, and in doing so have regard (among other matters) to:
S172(1) (A) “The likely consequences of any decision in the long term” The Directors understand the market that the group operates in and the problems and opportunities it faces. The strategy for the group is set at board level using this knowledge and with the aim to further our group's position in the world of fine art logistics. S172(1) (B) “The interests of the group’s employees” The Directors recognise the direct correlation between the calibre and wellbeing of employees and the success of the business, therefore place great importance on the recruiting, training, retaining and motivating of employees. As a privately owned business we consider our employees as partners, ensuring that we act as a responsible employer in all areas from pay, benefits, health, safety and workplace environment. We are committed to promoting and supporting the growth of a diverse and inclusive workforce and when making decisions the Directors consider, where feasible and relevant, the impact on the workforce. S172(1) (C) “The need to foster the group’s business relationships with suppliers, customers and others” The strength of our relationship with our customers, suppliers and others is paramount to the success of our business. We actively cultivate, promote and maintain these strong mutually beneficial relationships to ensure delivery of our strategy. We constantly review partnership to ensures that they high standards of our group are met.
S172(1) (D) “The impact of the group’s operations on the community and the environment”
The Directors are actively seeking ways to mitigate the group's impact on the environment. We are currently fitting LED lighting within our new premises and retrofitting where possible. All of our fleet are Euro 6 compliant therefore reducing emissions. The majority of waste is recycled or diverted from landfill. Sustainable packing is used, using only FSC approved wood and plywood suppliers, we also offer reusable cases by ROKBOX and all surplus/waste packing materials that can’t be repurposed are recycled.
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GANDER AND WHITE SHIPPING LIMITED
Group strategic report (continued)
For the Year Ended 31 December 2022
172(1) (E) “The desirability of the group maintaining a reputation for high standards of business conduct”
Gander & White Shipping Limited maintains a standards manual, which is constantly reviewed and amended where necessary to ensure that the group's high level of service is maintained and that both our mission statement and code of ethical conduct is clear to all stakeholders. In addition to this we have a diversity and inclusion and Modern Slavery statement and comply with statutory regulations covering Health and Safety, Employment Rights, Equality, Data Protections and Pensions. All these documents promote the group's ethical business conduct across the organisations.
S172(1) (F) “The need to act fairly as between members of the group”
The Directors take into consideration all relevant factors and the impact on its stakeholders before deciding upon which course of action to take, which would best ensure the delivery of the group strategy, through the long-term.
This report was approved by the board on 19 September 2023 and signed on its behalf.
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GANDER AND WHITE SHIPPING LIMITED
Directors' report
For the Year Ended 31 December 2022
The directors present their report and the financial statements for the year ended 31 December 2022.
The profit for the year, after taxation, amounted to £2,414,134 (2021 - £4,220,539).
Details of dividends paid in the year can be found in note 11 to the financial statements.
The directors who served during the year were:
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
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 the Group and of the profit or loss of the Group for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The company intends to continue to provide fine art packing, handling, transportation and storage services.
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GANDER AND WHITE SHIPPING LIMITED
Directors' report (continued)
For the Year Ended 31 December 2022
The Board has regard for all its stakeholders including its workforce, customers, suppliers and the wide community and environment in which it operates. Consideration is given to how company activities may impact both current and future stakeholders including impacts on the environment. The Strategic Report provides more detail on stakeholder engagement practice which ensure a sustainable future for the company, its stakeholders and the environment.
The group currently has one branch that operates outside the UK, which is based in Paris, France.
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GANDER AND WHITE SHIPPING LIMITED
Directors' report (continued)
For the Year Ended 31 December 2022
Disclosures of strategic importance that would usually be contained in the Directors' Report are presented in the Strategic Report.
The auditor, Sayers Butterworth LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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GANDER AND WHITE SHIPPING LIMITED
Independent auditor's report to the members of Gander and White Shipping Limited
We have audited the financial statements of Gander and White Shipping Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2022, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company 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).
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 Group 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.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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GANDER AND WHITE SHIPPING LIMITED
Independent auditor's report to the members of Gander and White Shipping Limited (continued)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.
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GANDER AND WHITE SHIPPING LIMITED
Independent auditor's report to the members of Gander and White Shipping Limited (continued)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Discussions were held with, and enquiries made of management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcome of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
∙Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pension legislation, and distributable profits legislations.
∙It is considered that non-compliance with the requirements of the Civil Aviation Authority (CAA) and the Department of Transport (DoT) may be fundamental to the operating aspects of the business.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; review the results of the latest inspections and audits from the regulating bosies; enquiries with management concerning any actual or potential litigation or claims; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
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GANDER AND WHITE SHIPPING LIMITED
Independent auditor's report to the members of Gander and White Shipping Limited (continued)
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Statutory Auditor
3rd Floor
12 Gough Square
EC4A 3DW
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GANDER AND WHITE SHIPPING LIMITED
Consolidated statement of comprehensive income
For the Year Ended 31 December 2022
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GANDER AND WHITE SHIPPING LIMITED
Registered number: 00379962
Consolidated balance sheet
As at
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GANDER AND WHITE SHIPPING LIMITED
Registered number: 00379962
Consolidated balance sheet (continued)
As at 31 December 2022
The were approved and authorised for issue by the board and were signed on behalf on
The notes on pages 21 to 45 form part of these financial statements.
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GANDER AND WHITE SHIPPING LIMITED
Registered number: 00379962
Company balance sheet
As at
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GANDER AND WHITE SHIPPING LIMITED
Registered number: 00379962
Company balance sheet (continued)
As at 31 December 2022
The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in the financial statements. The profit after tax of the parent company for the year was £1,135,703 (2021: £361,312).
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 21 to 45 form part of these financial statements.
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GANDER AND WHITE SHIPPING LIMITED
Consolidated statement of changes in equity
For the Year Ended 31 December 2022
Consolidated statement of changes in equity
For the Year Ended 31 December 2021
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GANDER AND WHITE SHIPPING LIMITED
Company statement of changes in equity
For the Year Ended 31 December 2022
Company statement of changes in equity
For the Year Ended 31 December 2021
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GANDER AND WHITE SHIPPING LIMITED
Consolidated statement of cash flows
For the Year Ended 31 December 2022
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GANDER AND WHITE SHIPPING LIMITED
Consolidated statement of cash flows (continued)
For the Year Ended 31 December 2022
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GANDER AND WHITE SHIPPING LIMITED
Consolidated Analysis of Net Funds
For the Year Ended 31 December 2022
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GANDER AND WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2022
Gander and White Shipping Limited is a private limited company incorporated and domiciled in England and Wales. The company's registered office and principal place of business is Unit 1, St Martin's Way, Wimbledon, London, SW17 0JH.
The principal activity of both the company and group is that of fine art packing, handling, transportation and storage services.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.
Financial reporting standard 102 - reduced disclosure exemptions in preparing the separate financial statements of the parent company, advantage has been taken of the following disclosure exemptions available in FRS 102:
∙Only one reconciliation of the number of shares outstanding at the beginning and end of the year has been presented as the reconciliations for the group and the parent company would be identical;
∙No statement of Cash Flows has been presented for the parent company;
∙Disclosures in respect of the parent company's financial instruments have not been presented as equivalent disclosures have been provided in respect of the group as a whole; and
∙No disclosures have been given for the aggregate remuneration of the key management personnel of the parent company as their remuneration is included in the totals for the group as a whole.
The following principal accounting policies have been applied:
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GANDER AND WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2022
2.Accounting policies (continued)
The consolidated financial statements incorporate the financial statements of the company and all group undertakings ("the group") as they formed a single entity. These are adjusted, where appropriate, to conform to group accounting policies. As a consolidated profit and loss account is published, a separate profit and loss accounts for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006.
Subsidiaries are consolidated from the date of their acquisition, being the date on which the group obtains control and continue to be consolidated until the date that such control ceases. Control comprises the power to govern the financial and operating policies of the investee so as to obtain benefit from its activities. Where there is a change in shareholding, but no change in control during the year, this is reflected in the non-controlling interest at the year end on the balance sheet. The consolidated financial statements incorporate the results of subsidiaries and business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
An entity is treated as an associated entity where the group has a participating interest and exercises significant influence over its operating and financial policy decisions.
In the group accounts, interest in associated undertakings are accounted for using the equity method of accounting. The consolidated statement of comprehensive income includes the group's share of the operating results, interest, pre-tax results and attributable taxation of such undertakings based on audited financial statements. In the consolidated balance sheet, the interests in associated undertakings are shown as the group's share of the identifiable net assets.
The group meets its day-to-day working capital requirements through its bank facilities and all of the group's forecasts and projections show that the group is able to operate within these facilities. After making the necessary enquiries, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. On this basis, the group continues to adopt the going concern basis in preparing its financial statements.
In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover in respect of long-term contracts and contracts for on-going services is recognised by reference to the stage of completion.
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GANDER AND WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2022
2.Accounting policies (continued)
Goodwill
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Computer Software
Computer software is stated at historical cost less accumilated amortisation. Amortisation is not recognised until the software is brought into operation. Amortisation is recognised to over the useful economic life of the software.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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GANDER AND WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2022
2.Accounting policies (continued)
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
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GANDER AND WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2022
2.Accounting policies (continued)
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the group after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the group will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.
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GANDER AND WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2022
2.Accounting policies (continued)
Amounts received under the Paycheck Protection Program and Economic Injury Disaster Loan scheme are accounted for in accordance with the agreed repayment terms, and included within other loans. Amounts waived by the US Small Business Administration will be shown in Profit and loss account once the group has no further obligation to repay these sums.
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
The company's functional and presentational currency is GBP.
On consolidation the results of group companies are translated into sterling using the average rate for the year. All assets and liabilities of group companies are translated at the rate ruling at the reporting date. Exchange differences arising on the retranslation of opening net assets at opening rate, and the results of the group companies at average rate, are recognised in other comprehensive income. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At the period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Statement of comprehensive income within 'administrative expenses'.
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GANDER AND WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2022
2.Accounting policies (continued)
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.
The group operates a defined contribution pension scheme. The assets of the scheme are held separately to those of the group. The pension charge represents the amounts payable by the group to the scheme in respect of the year.
Provisions are charged as an expense to profit or loss in the year that the group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance sheet.
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GANDER AND WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2022
2.Accounting policies (continued)
Page 28
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GANDER AND WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2022
(a) Critical judgments in applying the entity's accounting policies (i) Amounts recoverable on long-term contracts Revenue from on-going contracts is assessed on an individual basis, with reference to the date of the work carried out, the milestones of the contract, and a review of the amounts invoiced to date. (ii) Leases When determining whether leases entered into by the group are operating leases or finance leases the directors consider whether the risks and rewards of ownership have been transferred to the group on a lease by lease basis. (b) Critical accounting estimates and assumptions The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. (i) Depreciation of fixed assets Depreciation is provided at rates calculated to write off the cost of fixed assets less their estimated residual value, over their expected useful lives. (iii) Bad debt provision The company makes an estimate of the recoverable value of trade and other debtors. In making this assessment the directors consider the age profiling of the debtor, historical experience and prevailing economic conditions.
The turnover and profit before tax are attributable to the one principal activity of the group, being that of fine art packing, handling, transportation and storage services.
In the opinion of the directors, it would be prejudicial to the group's interest to disclose an analysis of turnover by geographical market.
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GANDER AND WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2022
Page 30
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GANDER AND WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2022
Page 31
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GANDER AND WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2022
Page 32
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GANDER AND WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2022
10.Taxation (continued)
There were no factors that may affect future tax charges.
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GANDER AND WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2022
Page 34
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GANDER AND WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2022
Page 35
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GANDER AND WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2022
13.Tangible fixed assets (continued)
Page 36
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GANDER AND WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2022
13.Tangible fixed assets (continued)
Page 37
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GANDER AND WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2022
Page 38
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GANDER AND WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2022
Page 39
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GANDER AND WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2022
Page 40
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GANDER AND WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2022
Page 41
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GANDER AND WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2022
Page 42
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GANDER AND WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2022
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £18,738 (2021: £26,238) were payable to the fund at the balance sheet date and are included in creditors.
Page 43
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GANDER AND WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2022
Page 44
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GANDER AND WHITE SHIPPING LIMITED
Notes to the financial statements
For the Year Ended 31 December 2022
During the current and previous year the group was under the control of P F A White.
Page 45
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