Company No: SC506141 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Tangible assets	3	200,306		208,407
		200,306		208,407
Current assets
Stocks		1,470		1,500
Debtors	4	9,722		11,182
Cash at bank and in hand	5	16		6,599
		11,208		19,281
Creditors: amounts falling due within one year	6	( 22,801)		( 195,011)
Net current liabilities		(11,593)		(175,730)
Total assets less current liabilities		188,713		32,677
Creditors: amounts falling due after more than one year	7	( 175,058)		( 4,892)
Net assets		13,655		27,785
Capital and reserves
Called-up share capital	8	100		100
Profit and loss account		13,555		27,685
Total shareholders' funds		13,655		27,785

For the financial year ending 31 May 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of White Horse Corporation Limited (registered number: SC506141) were approved and authorised for issue by the Director on 03 March 2026. They were signed on its behalf by:

Mwamba Banza Director

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 £2,899 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, 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, 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.

2. Employees

	2025		2024
	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 2024	238,500		8,165		19,199		20,068		285,932
Disposals	0		0		0		( 2,721)		( 2,721)
At 31 May 2025	238,500		8,165		19,199		17,347		283,211
Accumulated depreciation
At 01 June 2024	39,311		4,907		16,637		16,670		77,525
Charge for the financial year	5,054		817		641		1,333		7,845
Disposals	0		0		0		( 2,465)		( 2,465)
At 31 May 2025	44,365		5,724		17,278		15,538		82,905
Net book value
At 31 May 2025	194,135		2,441		1,921		1,809		200,306
At 31 May 2024	199,189		3,258		2,562		3,398		208,407

4. Debtors

	2025		2024
	£		£
Other debtors	9,722		11,182

5. Cash and cash equivalents

	2025		2024
	£		£
Cash at bank and in hand	16		6,599
Less: Bank overdrafts	( 1,359)		0
	(1,343)		6,599

6. Creditors: amounts falling due within one year

	2025		2024
	£		£
Bank loans and overdrafts	5,544		4,082
Trade creditors	526		0
Corporation tax	2,028		2,193
Other taxation and social security	1,238		2,145
Other creditors	13,465		186,591
	22,801		195,011

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

	2025		2024
	£		£
Bank loans	708		4,892
Other creditors	174,350		0
	175,058		4,892

8. Called-up share capital

	2025		2024
	£		£
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

	2025		2024
	£		£
Amounts due from Directors	9,722		11,182

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

	2025		2024
	£		£
Other related parties	174,350		174,530

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