REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements For The Year Ended 30 November 2022 |
for |
A C Whyte & Co Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements For The Year Ended 30 November 2022 |
for |
A C Whyte & Co Limited |
A C Whyte & Co Limited (Registered number: SC054565) |
Contents of the Financial Statements |
For The Year Ended 30 November 2022 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 3 |
Report of the Independent Auditors | 5 |
Statement of Comprehensive Income | 9 |
Statement of Financial Position | 10 |
Statement of Changes in Equity | 11 |
Statement of Cash Flows | 12 |
Notes to the Statement of Cash Flows | 13 |
Notes to the Financial Statements | 14 |
A C Whyte & Co Limited |
Company Information |
For The Year Ended 30 November 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
Chartered Accountants & Statutory Auditors |
Regent Court |
70 West Regent Street |
Glasgow |
G2 2QZ |
A C Whyte & Co Limited (Registered number: SC054565) |
Strategic Report |
For The Year Ended 30 November 2022 |
The directors present their strategic report for the year ended 30 November 2022. |
REVIEW OF BUSINESS |
The key performance indicators for the company are turnover, gross profit, customer satisfaction and employee morale. Turnover has increased from £12,893,530 to £21,093,849 and the gross profit has increased from £2,078,081 to £3,620,671. Looking forward, the directors are confident that the company will continue to thrive through driving net zero and maximising market opportunities thereby delivering strong results. The directors have implemented robust strategic plans, developing the business to support in the economic recovery and Scotland's ambition to achieve net zero by 2045, whilst focusing on maintaining a strong margin and increasing overall efficiency. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The key risks and uncertainties facing the business are: |
Credit risk - the company aims to mitigate credit risk by continuing to trade mainly with local authorities and housing associations. |
Liquidity risk - the company aims to mitigate liquidity risk by managing cash generation from its operations and applying cash collection targets. Investment and ongoing expansion is carefully controlled, with authorisation limits operating at different levels up to board level. The directors are satisfied that the company has adequate resources to enable it to meet its liabilities as they fall due for the foreseeable future. |
Contract risk - the company aims to mitigate contract risk through robust tendering procedures supported by effective operational management. |
ON BEHALF OF THE BOARD: |
A C Whyte & Co Limited (Registered number: SC054565) |
Report of the Directors |
For The Year Ended 30 November 2022 |
The directors present their report with the financial statements of the company for the year ended 30 November 2022. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of energy efficiency contractors. |
DIVIDENDS |
No dividends will be distributed for the year ended 30 November 2022. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 December 2021 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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: |
- | select suitable accounting policies 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 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. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
A C Whyte & Co Limited (Registered number: SC054565) |
Report of the Directors |
For The Year Ended 30 November 2022 |
AUDITORS |
The auditors, Robb Ferguson, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
A C Whyte & Co Limited |
Opinion |
We have audited the financial statements of A C Whyte & Co Limited (the 'company') for the year ended 30 November 2022 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, 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 November 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 Auditors' 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 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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 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. |
Opinions 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
A C Whyte & Co Limited |
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 Strategic Report or the Report of the Directors. |
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 three, 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 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. |
Report of the Independent Auditors to the Members of |
A C Whyte & Co Limited |
Auditors' 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 a Report of the Auditors 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: |
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows: |
- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our wider knowledge and experience; |
- We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and FRS 102. |
- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and |
- Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: |
- Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
- Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations |
Audit response to risks identified |
To address the risk of fraud through management bias and override of controls, we: |
- Performed analytical procedures to identify any unusual or unexpected relationships; |
- Tested journal entries to identify unusual transactions; |
- Assessed whether judgements and assumptions made in determining the accounting estimates set out were indicative of potential bias; and |
- Investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: |
- Agreeing financial statement disclosures to underlying supporting documentation; |
- Reading the minutes of meetings of those charged with governance; |
- Enquiring of management as to actual and potential litigation and claims; and |
- Requesting correspondence with HMRC, Companies House and the company's legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
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 Report of the Auditors. |
Report of the Independent Auditors to the Members of |
A C Whyte & 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 a Report of the Auditors 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 Auditors |
Regent Court |
70 West Regent Street |
Glasgow |
G2 2QZ |
A C Whyte & Co Limited (Registered number: SC054565) |
Statement of Comprehensive |
Income |
For The Year Ended 30 November 2022 |
2022 | 2021 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
204,847 | (535,624 | ) |
Other operating income | 4 |
OPERATING PROFIT/(LOSS) | 6 | ( |
) |
Interest receivable and similar income |
273,989 | (111,363 | ) |
Interest payable and similar expenses | 7 |
PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
Tax on profit/(loss) | 8 | ( |
) | ( |
) |
PROFIT FOR THE FINANCIAL YEAR |
OTHER COMPREHENSIVE LOSS |
Purchase of own shares | ( |
) |
Income tax relating to other comprehensive loss |
OTHER COMPREHENSIVE LOSS FOR THE YEAR, NET OF INCOME TAX |
( |
) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
A C Whyte & Co Limited (Registered number: SC054565) |
Statement of Financial Position |
30 November 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 9 |
CURRENT ASSETS |
Debtors | 10 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 11 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 12 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 16 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 17 |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
A C Whyte & Co Limited (Registered number: SC054565) |
Statement of Changes in Equity |
For The Year Ended 30 November 2022 |
Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
Balance at 1 December 2020 |
Changes in equity |
Total comprehensive income | - |
Balance at 30 November 2021 |
Changes in equity |
Reduction in share capital | (13 | ) | - | 13 | - |
Total comprehensive income | - |
Balance at 30 November 2022 |
A C Whyte & Co Limited (Registered number: SC054565) |
Statement of Cash Flows |
For The Year Ended 30 November 2022 |
2022 | 2021 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) | ( |
) |
Interest element of hire purchase payments paid |
( |
) |
Tax repaid |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of tangible fixed assets |
Interest received |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Loan repayments in year | ( |
) | ( |
) |
Capital repayments in year | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Increase/(decrease) in cash and cash equivalents | ( |
) |
Cash and cash equivalents at beginning of year |
2 |
1,705,915 |
Cash and cash equivalents at end of year | 2 | 1,375,043 | 987,376 |
A C Whyte & Co Limited (Registered number: SC054565) |
Notes to the Statement of Cash Flows |
For The Year Ended 30 November 2022 |
1. | RECONCILIATION OF PROFIT/(LOSS) BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2022 | 2021 |
£ | £ |
Profit/(loss) before taxation | ( |
) |
Depreciation charges |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Finance costs |
Finance income | ( |
) | ( |
) |
213,594 | (16,431 | ) |
Increase in trade and other debtors | ( |
) | ( |
) |
Increase in trade and other creditors |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts: |
Year ended 30 November 2022 |
30.11.22 | 1.12.21 |
£ | £ |
Cash and cash equivalents | 1,375,043 | 987,376 |
Year ended 30 November 2021 |
30.11.21 | 1.12.20 |
£ | £ |
Cash and cash equivalents | 987,376 | 1,705,915 |
3. | ANALYSIS OF CHANGES IN NET DEBT |
At 1.12.21 | Cash flow | At 30.11.22 |
£ | £ | £ |
Net cash |
Cash at bank | 987,376 | 387,667 | 1,375,043 |
987,376 | 1,375,043 |
Debt |
Finance leases | - | (543,427 | ) | (543,427 | ) |
Debts falling due within 1 year | (220,000 | ) | - | (220,000 | ) |
Debts falling due after 1 year | (1,710,000 | ) | 375,000 | (1,335,000 | ) |
(1,930,000 | ) | (168,427 | ) | (2,098,427 | ) |
Total | (942,624 | ) | 219,240 | (723,384 | ) |
A C Whyte & Co Limited (Registered number: SC054565) |
Notes to the Financial Statements |
For The Year Ended 30 November 2022 |
1. | STATUTORY INFORMATION |
A C Whyte & Co Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The significant accounting policies applied in the preparation of the financial statements are set out below. The policies have been consistently applied to all years presented unless otherwise stated. |
Turnover |
Turnover is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the goods are physically delivered 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 the 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 due within one year. |
Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the Statement of Comprehensive Income turnover and related costs as contract activity progresses. Turnover is calculated by reference to the value of work performed to date as a proportion of the total contract value. |
Tangible fixed assets |
Heritable and leasehold property | - |
Fixed plant and equipment | - |
Motor vehicles | - |
Computer equipment | - |
During the year, in relation to Motor vehicles, the entity changed its deprecation policy from 25% straight line to 25% reducing balance. |
Financial instruments |
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss. |
A C Whyte & Co Limited (Registered number: SC054565) |
Notes to the Financial Statements - continued |
For The Year Ended 30 November 2022 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Government grants |
Government grants relating to tangible fixed assets are treated as deferred income and released to Statement of Comprehensive Income over the expected useful lives of the assets concerned. Other grants are credited to the Statement of Comprehensive Income as the related expenditure is incurred. |
Amounts recoverable on contracts |
Amounts recoverable on contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. |
3. | TURNOVER |
The turnover and profit (2021 - loss) before taxation are attributable to the one principal activity of the company. |
A C Whyte & Co Limited (Registered number: SC054565) |
Notes to the Financial Statements - continued |
For The Year Ended 30 November 2022 |
4. | OTHER OPERATING INCOME |
2022 | 2021 |
£ | £ |
Rents received |
Training grant received | 7,503 | 8,499 |
CJRS grants received |
Insurance claims |
57,338 | 407,235 |
5. | EMPLOYEES AND DIRECTORS |
2022 | 2021 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the year was as follows: |
2022 | 2021 |
Direct labour | 72 | 81 |
Administration | 47 | 31 |
2022 | 2021 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
Information regarding the highest paid director is as follows: |
2022 | 2021 |
£ | £ |
Emoluments etc |
Pension contributions to money purchase schemes |
A C Whyte & Co Limited (Registered number: SC054565) |
Notes to the Financial Statements - continued |
For The Year Ended 30 November 2022 |
6. | OPERATING PROFIT/(LOSS) |
The operating profit (2021 - operating loss) is stated after charging/(crediting): |
2022 | 2021 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets | ( |
) |
Depreciation - assets on hire purchase contracts |
Profit on disposal of fixed assets | ( |
) | ( |
) |
Auditors' remuneration |
7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2022 | 2021 |
£ | £ |
Bank loan interest |
Hire purchase |
8. | TAXATION |
Analysis of the tax credit |
The tax credit on the profit for the year was as follows: |
2022 | 2021 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) | ( |
) |
Deferred tax |
Tax on profit/(loss) | ( |
) | ( |
) |
UK corporation tax has been charged at 19% (2021 - 19%). |
A C Whyte & Co Limited (Registered number: SC054565) |
Notes to the Financial Statements - continued |
For The Year Ended 30 November 2022 |
8. | TAXATION - continued |
Reconciliation of total tax credit included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2022 | 2021 |
£ | £ |
Profit/(loss) before tax | ( |
) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Effect of timing differences | (107,721 | ) | (21,494 | ) |
Deferred tax | 131,717 | 20,335 |
R&D claim | (104,653 | ) | (292,604 | ) |
Prior year underprovision | - | 153 |
Total tax credit | (37,593 | ) | (328,827 | ) |
Tax effects relating to effects of other comprehensive income |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Purchase of own shares | ( |
) | - | (208,000 | ) |
2021 |
Gross | Tax | Net |
£ | £ | £ |
Purchase of own shares |
A C Whyte & Co Limited (Registered number: SC054565) |
Notes to the Financial Statements - continued |
For The Year Ended 30 November 2022 |
9. | TANGIBLE FIXED ASSETS |
Heritable |
and | Fixed |
leasehold | plant and | Motor | Computer |
property | equipment | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 December 2021 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 30 November 2022 |
DEPRECIATION |
At 1 December 2021 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) | ( |
) |
At 30 November 2022 |
NET BOOK VALUE |
At 30 November 2022 |
At 30 November 2021 |
Included in heritable and leasehold property is land at a cost of £52,989 (2021 - £52,989) which is not depreciated. |
Included in heritable and leasehold properties are long leasehold property with a net book value of £594,567 (2021 - £609,388). |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
Additions |
Transferred from ownership | 437,329 |
At 30 November 2022 |
DEPRECIATION |
Charge for year |
Transferred from ownership | 242,514 |
At 30 November 2022 |
NET BOOK VALUE |
At 30 November 2022 |
A C Whyte & Co Limited (Registered number: SC054565) |
Notes to the Financial Statements - continued |
For The Year Ended 30 November 2022 |
10. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Amounts recoverable on contract |
Other debtors |
Tax |
Prepayments and accrued income |
11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts (see note 13) |
Hire purchase contracts (see note 14) |
Trade creditors |
Social security and other taxes |
VAT |
Other creditors |
Accruals and deferred income |
12. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans (see note 13) |
Hire purchase contracts (see note 14) |
13. | LOANS |
An analysis of the maturity of loans is given below: |
2022 | 2021 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
A C Whyte & Co Limited (Registered number: SC054565) |
Notes to the Financial Statements - continued |
For The Year Ended 30 November 2022 |
13. | LOANS - continued |
2022 | 2021 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 455,000 | 830,000 |
14. | LEASING AGREEMENTS |
Minimum lease payments under hire purchase fall due as follows: |
2022 | 2021 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
15. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Bank loans |
Hire purchase contracts | 543,427 | - |
Handelsbanken PLC holds fixed and floating charges over the property of the company. |
16. | PROVISIONS FOR LIABILITIES |
2022 | 2021 |
£ | £ |
Deferred tax | 163,959 | 32,242 |
Deferred |
tax |
£ |
Balance at 1 December 2021 |
Accelerated capital allowances | 131,717 |
Balance at 30 November 2022 |
A C Whyte & Co Limited (Registered number: SC054565) |
Notes to the Financial Statements - continued |
For The Year Ended 30 November 2022 |
17. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 250 | 250 |
Ordinary B Shares | £1 | 49 | 62 |
299 | 312 |
18. | POST BALANCE SHEET EVENTS |
During the year ending 30 November 2020, the company entered into a contract to undertake a share buy back with one of the company's shareholders. The agreement contains provisions that require the company to purchase further tranches of shares at specified future completion dates over the next few years. At the year end the total liability in respect of future obligations under this agreement amounts to £784,000. Since the year end, a further 13 shares have been purchased by the company for a consideration of £208,000 reducing the liability in respect of future obligations under this agreement to £576,000 at the date the financial statements were approved. |
19. | ULTIMATE CONTROLLING PARTY |
The company is under the control of R J Phin. |