Silverfin false false 31/05/2024 01/06/2023 31/05/2024 Mwamba Banza 19/05/2015 27 February 2025 The principal activity of the company during the financial year was that of running a guest house. SC506141 2024-05-31 SC506141 bus:Director1 2024-05-31 SC506141 2023-05-31 SC506141 core:CurrentFinancialInstruments 2024-05-31 SC506141 core:CurrentFinancialInstruments 2023-05-31 SC506141 core:Non-currentFinancialInstruments 2024-05-31 SC506141 core:Non-currentFinancialInstruments 2023-05-31 SC506141 core:ShareCapital 2024-05-31 SC506141 core:ShareCapital 2023-05-31 SC506141 core:RetainedEarningsAccumulatedLosses 2024-05-31 SC506141 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC506141 core:LandBuildings 2023-05-31 SC506141 core:PlantMachinery 2023-05-31 SC506141 core:Vehicles 2023-05-31 SC506141 core:FurnitureFittings 2023-05-31 SC506141 core:LandBuildings 2024-05-31 SC506141 core:PlantMachinery 2024-05-31 SC506141 core:Vehicles 2024-05-31 SC506141 core:FurnitureFittings 2024-05-31 SC506141 bus:OrdinaryShareClass1 2024-05-31 SC506141 2023-06-01 2024-05-31 SC506141 bus:FilletedAccounts 2023-06-01 2024-05-31 SC506141 bus:SmallEntities 2023-06-01 2024-05-31 SC506141 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 SC506141 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 SC506141 bus:Director1 2023-06-01 2024-05-31 SC506141 core:LandBuildings core:TopRangeValue 2023-06-01 2024-05-31 SC506141 core:PlantMachinery core:TopRangeValue 2023-06-01 2024-05-31 SC506141 core:Vehicles 2023-06-01 2024-05-31 SC506141 core:FurnitureFittings core:TopRangeValue 2023-06-01 2024-05-31 SC506141 2022-06-01 2023-05-31 SC506141 core:LandBuildings 2023-06-01 2024-05-31 SC506141 core:PlantMachinery 2023-06-01 2024-05-31 SC506141 core:FurnitureFittings 2023-06-01 2024-05-31 SC506141 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 SC506141 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC506141 (Scotland)

WHITE HORSE CORPORATION LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH THE REGISTRAR

WHITE HORSE CORPORATION LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024

Contents

WHITE HORSE CORPORATION LIMITED

BALANCE SHEET

AS AT 31 MAY 2024
WHITE HORSE CORPORATION LIMITED

BALANCE SHEET (continued)

AS AT 31 MAY 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 208,407 213,468
208,407 213,468
Current assets
Stocks 1,500 1,350
Debtors 4 11,182 9,364
Cash at bank and in hand 5 6,599 17,202
19,281 27,916
Creditors: amounts falling due within one year 6 ( 195,011) ( 188,669)
Net current liabilities (175,730) (160,753)
Total assets less current liabilities 32,677 52,715
Creditors: amounts falling due after more than one year 7 ( 4,892) ( 8,974)
Provision for liabilities 0 ( 85)
Net assets 27,785 43,656
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 27,685 43,556
Total shareholders' funds 27,785 43,656

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of White Horse Corporation Limited (registered number: SC506141) were approved and authorised for issue by the Director on 27 February 2025. They were signed on its behalf by:

Mwamba Banza
Director
WHITE HORSE CORPORATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
WHITE HORSE CORPORATION LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

White Horse Corporation Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 272 Bath Street, Glasgow, G2 4JR, Scotland, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The company has recorded a profit before tax of £5,614 for the financial period.

The director continue to adopt the going concern basis of accounting in preparing the financial statements. At the date of approving the financial statements, the director continues to closely monitor any risks which could effect the business.

Turnover

Turnover represents amounts receivable for services net of VAT and trade discounts and is recognised on an accrual basis.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costsare required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlements is recognised in the period in which the employee's services are received.

Taxation

Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax liabilities are generally recognised for all timing differences. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited to profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 10 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash at bank and in hand.

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Land and buildings Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 June 2023 237,500 6,841 19,199 19,378 282,918
Additions 1,000 1,324 0 690 3,014
At 31 May 2024 238,500 8,165 19,199 20,068 285,932
Accumulated depreciation
At 01 June 2023 34,277 4,212 15,783 15,178 69,450
Charge for the financial year 5,034 695 854 1,492 8,075
At 31 May 2024 39,311 4,907 16,637 16,670 77,525
Net book value
At 31 May 2024 199,189 3,258 2,562 3,398 208,407
At 31 May 2023 203,223 2,629 3,416 4,200 213,468

4. Debtors

2024 2023
£ £
Other debtors 11,182 9,364

5. Cash and cash equivalents

2024 2023
£ £
Cash at bank and in hand 6,599 17,202

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 4,082 3,981
Corporation tax 2,193 1,088
Other taxation and social security 2,145 1,756
Other creditors 186,591 181,844
195,011 188,669

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 4,892 8,974

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Related party transactions

Transactions with the entity's director

2024 2023
£ £
Amounts due from Directors 11,182 9,364

Amounts due from directors are unsecured, have no fixed terms of repayment and interest is charged at 2.5% on balances over £10,000.

Other related party transactions

2024 2023
£ £
Other related parties 174,530 174,530

The above loan is unsecured, interest free and has no fixed terms of payment.