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REGISTERED NUMBER: 00894034 (England and Wales)















WHITELEGG MACHINES LIMITED

Unaudited Financial Statements for the Year Ended 31 December 2023






WHITELEGG MACHINES LIMITED (REGISTERED NUMBER: 00894034)






Contents of the Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WHITELEGG MACHINES LIMITED

Company Information
for the year ended 31 December 2023







DIRECTOR: G C Dawson





REGISTERED OFFICE: 4 The Boulevard
Altira Park
Herne Bay
Kent
CT6 6GZ





REGISTERED NUMBER: 00894034 (England and Wales)





ACCOUNTANTS: Tudor John Limited
Nightingale House
46-48 East Street
Epsom
Surrey
KT17 1HQ

WHITELEGG MACHINES LIMITED (REGISTERED NUMBER: 00894034)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 145,042 182,668
145,042 182,668

CURRENT ASSETS
Stocks 6 583,090 689,966
Debtors 7 737,118 779,790
Cash at bank and in hand 11,325 270,288
1,331,533 1,740,044
CREDITORS
Amounts falling due within one year 8 1,119,557 1,585,626
NET CURRENT ASSETS 211,976 154,418
TOTAL ASSETS LESS CURRENT
LIABILITIES

357,018

337,086

CREDITORS
Amounts falling due after more than one year 9 142,947 232,082
NET ASSETS 214,071 105,004

CAPITAL AND RESERVES
Called up share capital 12 150,100 150,100
Retained earnings 13 63,971 (45,096 )
SHAREHOLDERS' FUNDS 214,071 105,004

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

WHITELEGG MACHINES LIMITED (REGISTERED NUMBER: 00894034)

Balance Sheet - continued
31 December 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 director and authorised for issue on 4 September 2024 and were signed by:





G C Dawson - Director


WHITELEGG MACHINES LIMITED (REGISTERED NUMBER: 00894034)

Notes to the Financial Statements
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Whitelegg Machines 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 principal activity of the company was the manufacturing of wire bending machines.

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.

The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Where an order has been received and a machine is in the process of being built income is recognised based on the level of completion at the accounting date.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

STOCKS
Work in progress is valued at the lower of cost and net realisable value.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

WHITELEGG MACHINES LIMITED (REGISTERED NUMBER: 00894034)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued

FINANCIAL INSTRUMENTS
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party, or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial Liabilities

Basic financial liabilities, including trade and other payables, loans from fellow group companies that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.


WHITELEGG MACHINES LIMITED (REGISTERED NUMBER: 00894034)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued
TAXATION
Taxation expense for the period comprises current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case tax is also recognised in other comprehensive income or directly in equity respectively.

Current or deferred taxation assets and liabilities are not discounted.

(i) Current tax
Current tax is the amount of income tax payable in respect of the taxable profit for the year or prior years. Tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the period end.

(ii) Deferred tax
Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These 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 recognised on all timing differences at the reporting date except for certain exceptions. Unrelieved tax losses and other deferred tax assets are only recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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
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.

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.

FINANCIAL INSTRUMENTS
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2022 - 6 ) .

WHITELEGG MACHINES LIMITED (REGISTERED NUMBER: 00894034)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 40,000 43,805 83,805
AMORTISATION
At 1 January 2023
and 31 December 2023 40,000 43,805 83,805
NET BOOK VALUE
At 31 December 2023 - - -
At 31 December 2022 - - -

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 292,143 71,880 90,558 97,127 551,708
Additions 3,380 - - 2,374 5,754
At 31 December 2023 295,523 71,880 90,558 99,501 557,462
DEPRECIATION
At 1 January 2023 186,572 25,898 73,974 82,596 369,040
Charge for year 26,763 8,762 4,145 3,710 43,380
At 31 December 2023 213,335 34,660 78,119 86,306 412,420
NET BOOK VALUE
At 31 December 2023 82,188 37,220 12,439 13,195 145,042
At 31 December 2022 105,571 45,982 16,584 14,531 182,668

WHITELEGG MACHINES LIMITED (REGISTERED NUMBER: 00894034)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023
and 31 December 2023 21,090
DEPRECIATION
At 1 January 2023
and 31 December 2023 7,249
NET BOOK VALUE
At 31 December 2023 13,841
At 31 December 2022 13,841

6. STOCKS
2023 2022
£    £   
Stocks 583,090 689,966

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 93,251 141,947
Amounts recoverable on contract 242,721 155,906
Other debtors 206,995 259,113
VAT - 79,050
Prepayments and accrued income 194,151 143,774
737,118 779,790

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 10) 60,514 132,567
Hire purchase contracts 25,668 35,053
Trade creditors 261,690 1,373,157
Social security and other taxes 7,223 4,185
VAT 1,736 -
Other creditors 36,129 7,217
Directors' current accounts 26,000 -
Accrued expenses 700,597 33,447
1,119,557 1,585,626

WHITELEGG MACHINES LIMITED (REGISTERED NUMBER: 00894034)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 10) 122,336 186,333
Hire purchase contracts 20,611 45,749
142,947 232,082

10. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 91,185
Bank loans 60,514 41,382
60,514 132,567

Amounts falling due between one and two years:
Bank loans - 1-2 years 66,917 45,760

Amounts falling due between two and five years:
Bank loans - 2-5 years 55,419 140,573

11. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdraft - 91,185
Bank loans 182,850 227,715
Hire purchase contracts 46,279 80,802
229,129 399,702

The bank has a fixed and floating charge over all assets and undertakings both present and future of Whitelegg Machines Limited.

12. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
150,100 Ordinary £1 150,100 150,100

WHITELEGG MACHINES LIMITED (REGISTERED NUMBER: 00894034)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

13. RESERVES
Retained
earnings
£   

At 1 January 2023 (45,096 )
Profit for the year 135,067
Dividends (26,000 )
At 31 December 2023 63,971

14. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
G C Dawson
Balance outstanding at start of year 192,820 141,580
Amounts advanced - 51,240
Amounts repaid (88,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 104,820 192,820

15. RELATED PARTY DISCLOSURES

During the year the company was charged £46,800 (2022: £118,600) from Whitelegg Limited for consultancy fees. Whitelegg Limited is a company owned and controlled by the wife of Mr G Dawson.