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REGISTERED NUMBER: 03722162 (England and Wales)


















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

WHITHAM MILLS ENGINEERING LTD

WHITHAM MILLS ENGINEERING LTD (REGISTERED NUMBER: 03722162)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 29 February 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


WHITHAM MILLS ENGINEERING LTD

COMPANY INFORMATION
for the Year Ended 29 February 2024







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)





AUDITORS: Fairhurst Audit Services Ltd
Statutory Auditor
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB

WHITHAM MILLS ENGINEERING LTD (REGISTERED NUMBER: 03722162)

STATEMENT OF FINANCIAL POSITION
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 771,442 615,685

CURRENT ASSETS
Stocks 901,139 981,504
Debtors 5 3,316,155 5,180,481
Cash at bank 70,216 294,084
4,287,510 6,456,069
CREDITORS
Amounts falling due within one year 6 3,228,769 4,426,287
NET CURRENT ASSETS 1,058,741 2,029,782
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,830,183

2,645,467

CREDITORS
Amounts falling due after more than one year 7 (512,194 ) (596,389 )

PROVISIONS FOR LIABILITIES (145,383 ) (191,073 )
NET ASSETS 1,172,606 1,858,005

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Retained earnings 1,171,606 1,857,005
SHAREHOLDERS' FUNDS 1,172,606 1,858,005

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 2024 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 29 February 2024

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.

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.

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.


WHITHAM MILLS ENGINEERING LTD (REGISTERED NUMBER: 03722162)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29 February 2024

2. ACCOUNTING POLICIES - continued
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.

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 35 (2023 - 34 ) .

WHITHAM MILLS ENGINEERING LTD (REGISTERED NUMBER: 03722162)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29 February 2024

4. TANGIBLE FIXED ASSETS
Improvements
to Plant and Motor Computer
property machinery vehicles equipment Totals
£    £    £    £    £   
COST
At 1 March 2023 83,363 598,549 365,336 73,823 1,121,071
Additions - 46,150 311,609 47,210 404,969
Disposals - - (75,849 ) - (75,849 )
At 29 February 2024 83,363 644,699 601,096 121,033 1,450,191
DEPRECIATION
At 1 March 2023 42,462 260,250 150,564 52,110 505,386
Charge for year 8,337 98,087 116,725 15,193 238,342
Eliminated on disposal - - (64,979 ) - (64,979 )
At 29 February 2024 50,799 358,337 202,310 67,303 678,749
NET BOOK VALUE
At 29 February 2024 32,564 286,362 398,786 53,730 771,442
At 28 February 2023 40,901 338,299 214,772 21,713 615,685

The net book value of tangible fixed assets includes £ 332,654 (2023 - £ 432,957 ) in respect of assets held under hire purchase contracts.

5. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 1,168,529 2,712,348
Amounts owed by group undertakings 92,811 472,181
Other debtors 102,213 55,850
1,363,553 3,240,379

Amounts falling due after more than one year:
Amounts owed by group undertakings 1,952,602 1,940,102

Aggregate amounts 3,316,155 5,180,481

WHITHAM MILLS ENGINEERING LTD (REGISTERED NUMBER: 03722162)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 29 February 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 140,035 140,011
Hire purchase contracts 181,593 121,709
Trade creditors 786,791 2,099,211
Amounts owed to group undertakings 643,629 230,275
Taxation and social security 288,448 537,007
Other creditors 1,188,273 1,298,074
3,228,769 4,426,287

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 163,334 303,333
Hire purchase contracts 348,860 293,056
512,194 596,389

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 303,334 -

National Westminster Bank PLC holds a fixed and floating charge (dated 25th February 2020) over the assets of the company.
RBS Finance Limited holds a fixed and floating charge (dated 18th April 2018) over the assets of the company.

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

The Report of the Auditors was unqualified.

Jane Dennis BA(Hons) FCA (Senior Statutory Auditor)
for and on behalf of Fairhurst Audit Services Ltd

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..