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REGISTERED NUMBER: 06453867 (England and Wales)













Financial Statements

for the Year Ended 31 December 2021

for

Whessoe Engineering Limited

Whessoe Engineering Limited (Registered number: 06453867)






Contents of the Financial Statements
for the Year Ended 31 December 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Whessoe Engineering Limited

Company Information
for the Year Ended 31 December 2021







DIRECTORS: S U Kim
J Kim



REGISTERED OFFICE: Whessoe Technology Centre
Alderman Best Way
Morton Palms
DARLINGTON
Co Durham
DL1 4WB



REGISTERED NUMBER: 06453867 (England and Wales)



SENIOR STATUTORY AUDITOR: Antony Luckett BCom BFP FCA DChA



AUDITORS: Clive Owen LLP
Chartered Accountants
& Statutory Auditors
140 Coniscliffe Road
Darlington
County Durham
DL3 7RT

Whessoe Engineering Limited (Registered number: 06453867)

Balance Sheet
31 December 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 - 33,322
- 33,322

CURRENT ASSETS
Debtors 6 983,545 650,865
Cash at bank 723,683 99,297
1,707,228 750,162
CREDITORS
Amounts falling due within one year 7 4,912,621 5,229,080
NET CURRENT LIABILITIES (3,205,393 ) (4,478,918 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(3,205,393

)

(4,445,596

)

CAPITAL AND RESERVES
Called up share capital 10 3,000,100 3,000,100
Retained earnings (6,205,493 ) (7,445,696 )
SHAREHOLDERS' FUNDS (3,205,393 ) (4,445,596 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 September 2022 and were signed on its behalf by:





S U Kim - Director


Whessoe Engineering Limited (Registered number: 06453867)

Notes to the Financial Statements
for the Year Ended 31 December 2021

1. STATUTORY INFORMATION

Whessoe Engineering Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Going concern
The directors believe that preparing the financial statements on the going concern basis is appropriate due to the continued financial support of the ultimate parent company, Samsung C&T Corporation. The directors have received confirmation that Samsung C&T Corporation intends to support the company in order to meet its liabilities as they fall due for at least one year after these financial statements are signed.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group, or those conducted under normal market conditions.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The principal estimation technique used by the company in establishing attributable profit on long term contracts is on a contract by contract basis, focusing on costs to complete and evaluating the final outcome anticipated on that contract, once this can be foreseen with reasonable certainty. Profit on short term contracts is recognised on completion. Provision is made for losses incurred on contracts (or foreseen to be incurred) as soon as they become apparent.

Turnover recognised on long term contracts in excess of payments received from customers are disclosed as amounts recoverable from contracts in debtors. Payments received in advance of turnover recognised are disclosed as amounts invoiced in excess of amounts recoverable on contracts in creditors.

Intangible assets
Intangible assets relate to trademarks, which have previously been fully amortised.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Computer equipment - 3 to 10 years

Tangible fixed assets are initially measured at cost and subsequently measured at cost net of accumulated depreciation and any impairment losses.

Whessoe Engineering Limited (Registered number: 06453867)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

2. ACCOUNTING POLICIES - continued

Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 54 (2020 - 55 ) .

Whessoe Engineering Limited (Registered number: 06453867)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

4. INTANGIBLE FIXED ASSETS
Trademarks
£   
COST
At 1 January 2021
and 31 December 2021 550,000
AMORTISATION
At 1 January 2021
and 31 December 2021 550,000
NET BOOK VALUE
At 31 December 2021 -
At 31 December 2020 -

5. TANGIBLE FIXED ASSETS
Computer
equipment
& software
£   
COST
At 1 January 2021 2,403,677
Disposals (1,258,535 )
At 31 December 2021 1,145,142
DEPRECIATION
At 1 January 2021 2,370,355
Charge for year 33,322
Eliminated on disposal (1,258,535 )
At 31 December 2021 1,145,142
NET BOOK VALUE
At 31 December 2021 -
At 31 December 2020 33,322

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Trade debtors 258,239 92,041
Amounts owed by group undertakings 203,435 31,230
Amounts recoverable on contract 185,426 224,853
Other debtors 44,053 37,141
Prepayments 292,392 265,600
983,545 650,865

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

Whessoe Engineering Limited (Registered number: 06453867)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Bank loans and overdrafts - 544,151
Amounts invoiced in excess of amounts
recoverable on contracts

247,492

129,838
Trade creditors 202,494 193,805
Amounts owed to group undertakings 3,849,827 3,685,946
Taxation and social security 95,726 103,602
Accruals 517,082 571,738
4,912,621 5,229,080

Amounts owed to group undertakings are unsecured, repayable on demand and an element of the debt (2021: £1,382,876; 2020: £1,295,741) is subject to interest at a rate of 4.6%.

8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2021 2020
£    £   
Within one year 448,729 454,139
Between one and five years 1,740,311 1,750,068
In more than five years 362,500 797,500
2,551,540 3,001,707

9. SECURED DEBTS

The following secured debts are included within creditors:

2021 2020
£    £   
Bank overdraft - 544,151

The company's assets are held as security against the bank overdraft, which carries an interest rate of 1.25% over Base Rate.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2021 2020
value: £    £   
100 Ordinary £1 100 100
38 A Ordinary £78,9 47.3 3,000,000 3,000,000
3,000,100 3,000,100

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Antony Luckett BCom BFP FCA DChA (Senior Statutory Auditor)
for and on behalf of Clive Owen LLP

Whessoe Engineering Limited (Registered number: 06453867)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

12. PARENT COMPANY

The company is a wholly owned subsidiary of Samsung C&T Corporation, a company registered in South Korea.

Samsung C&T Corporation is the smallest and largest group to consolidate these financial statements. Copies of the company's consolidated financial statements may be obtained from 9F Samsung C&T building, Tower 2 dong, Pankyoyeokro 145, BundangGu, Sungnam Si, KyunggiDo, South Korea 13530.