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REGISTERED NUMBER: 03722162 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

WHITHAM MILLS ENGINEERING LTD

WHITHAM MILLS ENGINEERING LTD (REGISTERED NUMBER: 03722162)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 28 February 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


WHITHAM MILLS ENGINEERING LTD

COMPANY INFORMATION
for the Year Ended 28 February 2023







DIRECTORS: B T E Smart
N Walton





REGISTERED OFFICE: Unit 70 Whitbrook Way
Stakehill Industrial Estate
Middleton
Manchester
Greater Manchester
M24 2SS





REGISTERED NUMBER: 03722162 (England and Wales)





ACCOUNTANTS: Fairhurst
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

WHITHAM MILLS ENGINEERING LTD (REGISTERED NUMBER: 03722162)

STATEMENT OF FINANCIAL POSITION
28 February 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 615,685 589,025

CURRENT ASSETS
Stocks 981,505 532,799
Debtors 5 5,297,120 5,100,010
Cash at bank 294,084 35,223
6,572,709 5,668,032
CREDITORS
Amounts falling due within one year 6 4,542,927 3,498,654
NET CURRENT ASSETS 2,029,782 2,169,378
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,645,467

2,758,403

CREDITORS
Amounts falling due after more than one
year

7

(596,389

)

(764,748

)

PROVISIONS FOR LIABILITIES (191,073 ) (138,043 )
NET ASSETS 1,858,005 1,855,612

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 1,857,005 1,854,612
SHAREHOLDERS' FUNDS 1,858,005 1,855,612

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

WHITHAM MILLS ENGINEERING LTD (REGISTERED NUMBER: 03722162)

STATEMENT OF FINANCIAL POSITION - continued
28 February 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 November 2023 and were signed on its behalf by:





B T E Smart - Director


WHITHAM MILLS ENGINEERING LTD (REGISTERED NUMBER: 03722162)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Whitham Mills Engineering Ltd 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.

Turnover
Turnover represents the net invoiced value of goods sold, excluding value added tax.

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 or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - over the remaining term of the lease
Plant and machinery - 25% on reducing balance and 20% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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
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.

WHITHAM MILLS ENGINEERING LTD (REGISTERED NUMBER: 03722162)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 28 February 2023

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 34 (2022 - 34 ) .

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 March 2022 83,363 549,469 288,200 57,720 978,752
Additions - 49,080 154,747 16,103 219,930
Disposals - - (77,611 ) - (77,611 )
At 28 February 2023 83,363 598,549 365,336 73,823 1,121,071
DEPRECIATION
At 1 March 2022 34,126 169,680 138,936 46,985 389,727
Charge for year 8,336 90,570 75,325 5,125 179,356
Eliminated on disposal - - (63,697 ) - (63,697 )
At 28 February 2023 42,462 260,250 150,564 52,110 505,386
NET BOOK VALUE
At 28 February 2023 40,901 338,299 214,772 21,713 615,685
At 28 February 2022 49,237 379,789 149,264 10,735 589,025

The net book value of tangible fixed assets includes £ 432,957 (2022 - £ 422,429 ) in respect of assets held under hire purchase contracts.

WHITHAM MILLS ENGINEERING LTD (REGISTERED NUMBER: 03722162)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 28 February 2023

5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 2,773,987 2,312,454
Other debtors 55,850 92,218
2,829,837 2,404,672

Amounts falling due after more than one year:
Amounts owed by group undertakings 2,467,283 2,695,338

Aggregate amounts 5,297,120 5,100,010

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 140,011 140,000
Hire purchase contracts 121,709 99,668
Trade creditors 2,446,126 1,693,176
Taxation and social security 537,007 273,933
Other creditors 1,298,074 1,291,877
4,542,927 3,498,654

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 303,333 443,334
Hire purchase contracts 293,056 321,414
596,389 764,748

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
RBS invoice finance 302,664 706,972

RBS Finance Limited holds a fixed and floating charge over the assets of the company.

9. RELATED PARTY DISCLOSURES

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.

WHITHAM MILLS ENGINEERING LTD (REGISTERED NUMBER: 03722162)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 28 February 2023

10. ULTIMATE CONTROLLING PARTY

The parent company is Whitham Group Limited.

In the opinion of the directors, the ultimate controlling party is Mr Ben Smart, by means of his shareholding in the Ultimate Parent company, WICB Holdings Limited..