Time out question

[BlueDevilRef]

Last night in the Nat'l Homeschool tourney, we had a loose ball. I'm at trail. During the scrum for control, both teams were batting the ball around. White Coach calls for time out and me, in my moronic state, I granted it just as Blue player gained control of the ball. I know in my head I screwed it up but at the time, I couldn't figure out a way to make it right.

My thought now is this: Inadvertant whistle, ask White if they still want the time out, however, the ball will be placed at the disposal of Blue? Or Would it be best to go IW and then AP arrow? Thanks for the replies!