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Registration number: SC081064

Ian White Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

 

Ian White Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Ian White Limited

Company Information

Directors

Mr Stephen White

Ann White

Registered office

The Farm House
Upper Tarsappie
Rhynd
PERTH
PH2 8PT

Accountants

Morris & Young
Chartered Accountants
6 Atholl Crescent
PERTH
PH1 5JN

 

Ian White Limited

(Registration number: SC081064)
Statement of Financial Position as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

232,880

249,842

Current assets

 

Stocks

5

1,824

165,960

Debtors

6

1,157,001

1,182,109

Other financial assets

520,775

458,248

Cash at bank and in hand

 

541,437

444,851

 

2,221,037

2,251,168

Creditors: Amounts falling due within one year

7

(13,841)

(55,015)

Net current assets

 

2,207,196

2,196,153

Total assets less current liabilities

 

2,440,076

2,445,995

Provisions for liabilities

(3,490)

(14,102)

Net assets

 

2,436,586

2,431,893

Capital and reserves

 

Called up share capital

15,000

15,000

Retained earnings

2,421,586

2,416,893

Shareholders' funds

 

2,436,586

2,431,893

 

Ian White Limited

(Registration number: SC081064)
Statement of Financial Position as at 31 December 2024

For the financial year ending 31 December 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 accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A.

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 3 July 2025 and signed on its behalf by:
 

.........................................
Mr Stephen White
Director

.........................................
Ann White
Director

 

Ian White Limited

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

1

General information

The address of its registered office is:
The Farm House
Upper Tarsappie
Rhynd
PERTH
PH2 8PT

These financial statements were authorised for issue by the Board on 3 July 2025.

2

Accounting policies

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 are presented in sterling (£) and rounded to the nearest £1.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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 for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Ian White Limited

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

2

Accounting policies (continued)

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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are 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 the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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.

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

Buildings

2% reducing balance

Plant & machinery

20% reducing balance

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and on deposits.

Trade debtors

Trade debtors are amounts due from customers for goods in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and realisable value.

 

Ian White Limited

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

2

Accounting policies (continued)

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

Financial instruments

Classification
The company only have financial assets and liabilities of a kind that would qualify as basic financial instruments which are recognised at their transaction value and subsequently measured at their settlement value.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Ian White Limited

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2024

296,588

259,609

34,460

590,657

Additions

-

6,946

-

6,946

Disposals

-

(15,219)

-

(15,219)

At 31 December 2024

296,588

251,336

34,460

582,384

Depreciation

At 1 January 2024

121,666

210,526

16,133

348,325

Charge for the year

3,498

11,928

4,582

20,008

Eliminated on disposal

-

(18,829)

-

(18,829)

At 31 December 2024

125,164

203,625

20,715

349,504

Carrying amount

At 31 December 2024

171,424

47,711

13,745

232,880

At 31 December 2023

174,922

56,593

18,327

249,842

Included within the net book value of land and buildings above is £171,424 (2023 - £174,922) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Other inventories

1,824

165,960

 

Ian White Limited

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

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

2,007

30,643

Amounts owed by related parties

8

1,115,525

1,114,951

Prepayments

 

1,968

3,936

Other debtors

 

37,501

32,579

   

1,157,001

1,182,109

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

10,771

51,530

Taxation and social security

3,070

3,485

13,841

55,015

8

Related party transactions

Summary of transactions with parent

The company is a wholly owned subsidiary and is therefore exempt from disclosing transactions with its parent company.