| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 |
| FOR |
| Whiteland Engineering Limited |
| REGISTERED NUMBER: |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 |
| FOR |
| Whiteland Engineering Limited |
| Whiteland Engineering Limited (Registered number: 00564477) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| for the year ended 30 June 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 | to | 3 |
| Notes to the Financial Statements | 4 | to | 10 |
| Whiteland Engineering Limited |
| COMPANY INFORMATION |
| for the year ended 30 June 2024 |
| Directors: |
| Secretary: |
| Registered office: |
| Registered number: |
| Accountants: |
| 129 North Hill |
| Plymouth |
| Devon |
| PL4 8JY |
| Whiteland Engineering Limited (Registered number: 00564477) |
| BALANCE SHEET |
| 30 June 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ |
| Fixed assets |
| Tangible assets | 4 |
| Investments | 5 |
| Current assets |
| Stocks |
| Debtors | 6 |
| Creditors |
| Amounts falling due within one year | 7 |
| Net current liabilities | ( |
) | ( |
) |
| Total assets less current liabilities |
| Creditors |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| Provisions for liabilities | 10 | ( |
) | ( |
) |
| Net assets |
| Capital and reserves |
| Called up share capital | 11 |
| Revaluation reserve | 12 |
| Capital redemption reserve |
| Retained earnings |
| Shareholders' funds |
| Whiteland Engineering Limited (Registered number: 00564477) |
| BALANCE SHEET - continued |
| 30 June 2024 |
| 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. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| Whiteland Engineering Limited (Registered number: 00564477) |
| NOTES TO THE FINANCIAL STATEMENTS |
| for the year ended 30 June 2024 |
| 1. | STATUTORY INFORMATION |
| Whiteland Engineering Limited is a private company, limited by shares, registered in England and Wales. The company's registered number, registered office address, and business address can be found on the company information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents amounts invoiced in respect of goods and services, net of value added tax. Revenue is recognised on the dispatch of goods to customers. |
| Tangible fixed assets |
| Depreciation is calculated to write down the value of tangible fixed assets, on a daily basis over their expected useful economic lives using the following rates: |
| Land & buildings - Fair value basis |
| Plant, machinery and equipment - between 10% and 25% reducing balance |
| Motor vehicles - 20% reducing balance |
| During the period the directors chose to amend their recognition estimate relating to Land & Buildings to adopt the revaluation model for that class of asset on the basis that this presents a fairer view of the Company's state of affairs. |
| Investments in subsidiaries |
| Investments in subsidiary undertakings are recognised at cost. |
| Stock and work in progress |
| Stock and work in progress are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items. In the case of work in progress, direct cost represents the amount incurred to date on labour, materials and processing. |
| Taxation |
| Taxation for the year comprises current and deferred tax. 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. |
| 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 balance sheet date. |
| Whiteland Engineering Limited (Registered number: 00564477) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 June 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 balance sheet 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 held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. the interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. rentals paid under the operating leases are charged to income on a straight line basis over the lease term. |
| Pensions |
| The company operates two defined contribution pension schemes for the benefit of its various employees, a group personal pension plan and an executive scheme. The funds of the money purchase and executive schemes are administered by trustees and are separate from the company. the group personal pension operates where the company pays a fixed amount and employees' pensions are based upon the value of their pension funds as at the date of retirement. The money purchase scheme is now closed to new members. |
| Debtors |
| Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
| Creditors |
| Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
| Provisions |
| Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
| Whiteland Engineering Limited (Registered number: 00564477) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 June 2024 |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | TANGIBLE FIXED ASSETS |
| Plant, |
| machinery |
| Land & | and | Motor |
| buildings | equipment | vehicles | Totals |
| £ | £ | £ | £ |
| Cost or valuation |
| At 1 July 2023 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 30 June 2024 |
| Depreciation |
| At 1 July 2023 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 30 June 2024 |
| Net book value |
| At 30 June 2024 |
| At 30 June 2023 |
| 2024 | 2023 |
| £ | £ |
| Net book value of plant and machinery included above held under |
| finance leases and hire purchase contracts | 520,689 | 225,140 |
| Cost or valuation at 30 June 2024 is represented by: |
| Plant, |
| machinery |
| Land & | and | Motor |
| buildings | equipment | vehicles | Totals |
| £ | £ | £ | £ |
| Valuation in 2022 | 308,803 | - | - | 308,803 |
| Cost | 1,060,808 | 2,113,157 | 73,260 | 3,247,225 |
| 1,369,611 | 2,113,157 | 73,260 | 3,556,028 |
| Whiteland Engineering Limited (Registered number: 00564477) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 June 2024 |
| 4. | TANGIBLE FIXED ASSETS - continued |
| If Freehold property had not been revalued it would have been included at the following historical cost and aggreagate depreciation:- |
| 2024 | 2023 |
| £ | £ |
| Cost | 1,040,597 | 1,040,597 |
| Aggregate depreciation | 15,145 | 15,145 |
| Freehold property is valued on an open market/fair value basis at the year end. Of the two properties owned, one was valued at £400,000 on 17 September 2021 by Stuart Smith FRICS of Underwood Wright Ltd, Barnstaple, EX32 7BZ. The other property was acquired in 2022 and is carried at the directors value of £ 969,610 based on the acquisition and associated improvement costs, on the basis that those costs are materially equivalent to market/fair value. |
| 5. | FIXED ASSET INVESTMENTS |
| Shares in |
| group |
| undertakings |
| £ |
| Cost |
| At 1 July 2023 |
| and 30 June 2024 |
| Net book value |
| At 30 June 2024 |
| At 30 June 2023 |
| The company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Registered office: 129 North Hill, Plymouth, Devon, PL4 8JY |
| Nature of business: |
| % |
| Class of shares: | holding |
| 2024 | 2023 |
| £ | £ |
| Aggregate capital and reserves | ( |
) | ( |
) |
| Profit for the year |
| The 30th June 2024 capital and reserves; and associated profit are estimated due to the accounts for the subsidiary not being complete at the date of approval of these accounts. |
| Whiteland Engineering Limited (Registered number: 00564477) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 June 2024 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| Hire purchase contracts |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Bank overdrafts |
| Hire purchase contracts | 397,656 | 328,504 |
| The Hire Purchase contracts are secured on the relevant asset. Bank loans and overdrafts are secured on a fixed and floating charge. |
| Whiteland Engineering Limited (Registered number: 00564477) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 June 2024 |
| 10. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax |
| Tax losses carried forward | ( |
) | ( |
) |
| Deferred tax | 243,000 | 243,000 |
| 108,000 | 108,000 |
| Deferred |
| tax |
| £ |
| Balance at 1 July 2023 |
| Balance at 30 June 2024 |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| Ordinary | £1 | 200 | 200 |
| 12. | RESERVES |
| Revaluation |
| reserve |
| £ |
| At 1 July 2023 |
| and 30 June 2024 |
| Whiteland Engineering Limited (Registered number: 00564477) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| for the year ended 30 June 2024 |
| 13. | TRANSACTIONS WITH RELATED PARTIES AND DIRECTORS |
| At the balance sheet date the company owed/ (was owed) the following amounts to/(by) directors and related parties: |
| Individuals with control or significant influence: |
| Mrs Pamela Diana Whiteland | £ 120,408 |
| Neil David Whiteland | £ 15,407 |
| Subsidiary company: |
| Whiteland Engineering Software Limited |
£(116,253) |
| Other connected entities: |
| Elegant Arrivals Ltd | £(79,121) |
| - a company owned by Neil David Whiteland |
| Whiteland Properties Ltd | £(9,756) |
| - a company owned by Neil David Whiteland |
| All amounts are payable and repayable on demand and carry no payment of interest. |
| 14. | CONTROLLING PARTY |
| The controlling party throughout the period was the director and sole shareholder Mr Neil David Whiteland. |