REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2021 |
for |
Whessoe Engineering Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
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 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
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 |
AMORTISATION |
At 1 January 2021 |
and 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
5. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
& software |
£ |
COST |
At 1 January 2021 |
Disposals | ( |
) |
At 31 December 2021 |
DEPRECIATION |
At 1 January 2021 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2021 |
NET BOOK VALUE |
At 31 December 2021 |
At 31 December 2020 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts recoverable on contract |
Other debtors |
Prepayments |
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 |
Amounts invoiced in excess of amounts recoverable on contracts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Accruals |
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 |
Between one and five years |
In more than five years |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2021 | 2020 |
£ | £ |
Bank overdraft |
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: | £ | £ |
Ordinary | £1 | 100 | 100 |
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. |
for and on behalf of |
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. |