Whitemud Ironworks UK Limited 08676460 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is Structural engineers Digita Accounts Production Advanced 6.30.9574.0 true false true 08676460 2023-09-01 2024-08-31 08676460 2024-08-31 08676460 core:RetainedEarningsAccumulatedLosses 2024-08-31 08676460 core:ShareCapital 2024-08-31 08676460 core:CurrentFinancialInstruments 2024-08-31 08676460 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 08676460 core:FurnitureFittingsToolsEquipment 2024-08-31 08676460 bus:SmallEntities 2023-09-01 2024-08-31 08676460 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 08676460 bus:FilletedAccounts 2023-09-01 2024-08-31 08676460 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 08676460 bus:RegisteredOffice 2023-09-01 2024-08-31 08676460 bus:Director1 2023-09-01 2024-08-31 08676460 bus:Director2 2023-09-01 2024-08-31 08676460 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 08676460 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 08676460 core:OfficeEquipment 2023-09-01 2024-08-31 08676460 1 2023-09-01 2024-08-31 08676460 countries:EnglandWales 2023-09-01 2024-08-31 08676460 2023-08-31 08676460 core:FurnitureFittingsToolsEquipment 2023-08-31 08676460 2022-09-01 2023-08-31 08676460 2023-08-31 08676460 core:RetainedEarningsAccumulatedLosses 2023-08-31 08676460 core:ShareCapital 2023-08-31 08676460 core:CurrentFinancialInstruments 2023-08-31 08676460 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 08676460 core:FurnitureFittingsToolsEquipment 2023-08-31 iso4217:GBP xbrli:pure

Registration number: 08676460

Whitemud Ironworks UK Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Whitemud Ironworks UK Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Whitemud Ironworks UK Limited

Company Information

Directors

E M Cote

P R Cote

Registered office

No 1 Weightmans Llp Whitehall Riverside
Whitehall Road
Leeds
LS1 4BN

 

Whitemud Ironworks UK Limited

(Registration number: 08676460)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

27,352

12,840

Current assets

 

Debtors

5

50,336

56,983

Cash at bank and in hand

 

28,112

52,575

 

78,448

109,558

Creditors: Amounts falling due within one year

6

(267,834)

(219,749)

Net current liabilities

 

(189,386)

(110,191)

Total assets less current liabilities

 

(162,034)

(97,351)

Provisions for liabilities

(37,788)

2,033

Net liabilities

 

(199,822)

(95,318)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(199,823)

(95,319)

Shareholders' deficit

 

(199,822)

(95,318)

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

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 9 May 2025 and signed on its behalf by:
 

 

Whitemud Ironworks UK Limited

(Registration number: 08676460)
Balance Sheet as at 31 August 2024

.........................................
E M Cote
Director

.........................................
P R Cote
Director

 

Whitemud Ironworks UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 08676460.

The address of its registered office is:
No 1 Weightmans Llp Whitehall Riverside
Whitehall Road
Leeds
LS1 4BN

These financial statements were authorised for issue by the Board on 9 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements have been prepared in sterling and are rounded to the nearest pound.

Group accounts not prepared

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 within the group..

Going concern

The directors recognise that there is concern regarding the going concern status of the Company due to the insolvent balance sheet position showing net liabilities of £199,822. The balance includes a large intercompany loan which will not be required to be repaid until there are sufficient funds to do so.

Revenue recognition

Turnover arises from the provision of services. Turnover is measured at the fair value of the consideration received or receivable and represents amounts for the rendering of engineering design activities for industrial process and production, net of discounts and other sales-related taxes.

Turnover from the provision of services is recognised when the service is performed.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met of each of the companies activities.

 

Whitemud Ironworks UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Government grants

Government grants which become receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, are recognised as income in the period in which they become receivable

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are recognised in the financial statements. 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable tangible fixed assets and investment properties is measure using the rates and allowances that apply to the sale of the asset.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss account.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss has been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

20% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Whitemud Ironworks UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the Company (including Directors) during the year, was 12 (2023 - 14).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2023

65,978

65,978

Additions

19,361

19,361

At 31 August 2024

85,339

85,339

Depreciation

At 1 September 2023

53,138

53,138

Charge for the year

4,849

4,849

At 31 August 2024

57,987

57,987

Carrying amount

At 31 August 2024

27,352

27,352

At 31 August 2023

12,840

12,840

 

Whitemud Ironworks UK Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

5

Debtors

2024
£

2023
£

Other debtors

7,234

3,796

Prepayments

5,314

17,432

Deferred tax assets

37,788

35,755

50,336

56,983

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

1,787

9,925

Amounts owed to Company undertakings and undertakings in which the Company has a participating interest

253,032

196,276

Taxation and social security

8,907

8,881

Accruals and deferred income

3,132

2,893

Other creditors

976

1,774

267,834

219,749

7

Parent and ultimate parent undertaking

Whitemud Ironworks UK Limited is a wholly owned subsidiary, the company has taken advantage of exemption available under FRS 102 section 1a, available to wholly owned group members, not to disclose transactions with their parent entity.

 The Company's immediate parent is Whitemud Ironworks Group, incorporated in Canada.

  These financial statements are available upon request from No 1 Weightmans Llp No 1 Whitehall Riverside, Whitehall Road, Leeds, England, LS1 4BN