Registered number
01614321
Whitebirk Finance Limited
Filleted Accounts
31 August 2023
Whitebirk Finance Limited
Registered number: 01614321
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 19,595 24,836
Investment Property 4 2,800,000 2,800,000
2,819,595 2,824,836
Current assets
Debtors 5 620,994 700,066
Cash at bank and in hand 367,819 343,206
988,813 1,043,272
Creditors: amounts falling due within one year 6 (723,145) (719,679)
Net current assets 265,668 323,593
Total assets less current liabilities 3,085,263 3,148,429
Creditors: amounts falling due after more than one year 7 (2,075,984) (2,063,197)
Provisions for liabilities (270,000) (270,000)
Net assets 739,279 815,232
Capital and reserves
Called up share capital 5,000 5,000
Profit and loss account 734,279 810,232
Shareholders' funds 739,279 815,232
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
HA Cann
Director
Approved by the board on 10 April 2024
Whitebirk Finance Limited
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of head office management services.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles over 4 years
Fixtures, fittings and office equipment over 10 years
Investment properties
Investment property is carried at fair value determined annually by external valuers or the directors and derived from the current market rents and investment property yields from comparable reaL estate adjusted as necessary. No depreciation is provided. Changes in fair value are recognised in profit or loss.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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 reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 September 2022 278,674 18,857 297,531
Disposals - (18,857) (18,857)
At 31 August 2023 278,674 - 278,674
Depreciation
At 1 September 2022 253,838 18,857 272,695
Charge for the year 5,241 - 5,241
On disposals - (18,857) (18,857)
At 31 August 2023 259,079 - 259,079
Net book value
At 31 August 2023 19,595 - 19,595
At 31 August 2022 24,836 - 24,836
4 Investment property
Other
investments
£
Cost
At 1 September 2022 2,800,000
At 31 August 2023 2,800,000
Historical cost
At 1 September 2022 1,378,633
At 31 August 2023 1,378,633
5 Debtors 2023 2022
£ £
Trade debtors 256,932 158,466
Amounts owed by entities under common control 255,083 310,083
Other debtors 108,979 231,517
620,994 700,066
Amounts due after more than one year included above 255,083 310,013
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 13,319 30,574
Amounts owed to entities under common control 655,083 655,083
Taxation and social security costs (2,755) (34,090)
Other creditors 57,498 68,112
723,145 719,679
7 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 2,075,984 2,063,197
8 Profit & loss account
The profit and loss account includes the cumulative retained earnings of the company comprising both distributable and non-distributable reserves.
Included within the profit and loss reserve are cumulative unrealised gains on revaluation of investment properties, net of associated deferred tax provision, amounting to £2,306,468 (2022: £2,306,468).
9 Other information
Whitebirk Finance Limited is a private company limited by shares and incorporated in England. Its registered office is:
Bowland House
Philips Road
Blackburn
Lancashire
BB1 5NA
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