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COMPANY REGISTRATION NUMBER: 09698811
Whitefield Property Holdings Ltd
Filleted Unaudited Financial Statements
31 December 2023
Whitefield Property Holdings Ltd
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
622,331
622,395
Investments
7
6,604
13,184
---------
---------
628,935
635,579
Current assets
Debtors
8
5,205
4,335
Cash at bank and in hand
2,405
1,375
-------
-------
7,610
5,710
Creditors: amounts falling due within one year
9
3,438
3,291
-------
-------
Net current assets
4,172
2,419
---------
---------
Total assets less current liabilities
633,107
637,998
Creditors: amounts falling due after more than one year
10
622,300
627,300
Provisions
11
3,155
3,634
---------
---------
Net assets
7,652
7,064
---------
---------
Capital and reserves
Called up share capital
13
21,200
16,200
Profit and loss account
( 13,548)
( 9,136)
--------
--------
Shareholders funds
7,652
7,064
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 December 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Whitefield Property Holdings Ltd
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 31 July 2024 , and are signed on behalf of the board by:
Mr GR Lee
Director
Company registration number: 09698811
Whitefield Property Holdings Ltd
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Whitefields, Daisy Lane, Mill Hill, Edenbridge, Kent, TN8 5DB, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Rental debtors bad and doubtful debt provision
Property rentals outstanding more than 14 days after the Assured Short-term Tenancy Agreement payment date will be subject to review and a provision made for their bad or doubtful debt status. The value of the provision will be a matter for management judgement on a case by case basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for property services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. To ensure that apartments continue to generate rent it is necessary to maintain them in a good state of decoration. The costs of re-decoration are considerable and the process of re-decoration will be repeated every four to five years, if not sooner. Accordingly provisions are also required annually to build a reserve to pay this liability. The company has a policy to assume quinquennial re-decoration and accrue costs based upon the expense incurred at the previous re-decoration.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. Tax on loss
Major components of tax expense/(income)
2023
2022
£
£
Current tax:
Adjustments in respect of prior periods
( 38)
Deferred tax:
Origination and reversal of timing differences
1
( 312)
----
----
Tax on loss
1
( 350)
----
----
Listed investments are stated at market value by making a fair value adjustment at each balance sheet date. Deferred tax is provided on the revaluation surplus or deficit as this revaluation will change at the next balance sheet date. Conversely Rental Income (Schedule A) losses are not recognised by a deterred tax assets as the timing for recovery against future profits can not be accurately foreseen .
Reconciliation of tax expense/(income)
The tax assessed on the loss on ordinary activities for the year is higher than (2022: higher than) the standard rate of corporation tax in the UK of 19 % (2022: 19 %).
2023
2022
£
£
Loss on ordinary activities before taxation
( 4,411)
( 6,487)
-------
-------
Loss on ordinary activities by rate of tax
( 838)
( 1,301)
Adjustment to tax charge in respect of prior periods
( 38)
Effect of expenses not deductible for tax purposes
312
Effect of capital allowances and depreciation
12
( 37)
Effect of revenue exempt from tax
( 73)
( 33)
Unused tax losses
899
1,059
Deferred tax on fair value adjustment to state Listed Investments at market value
1
( 312)
Unused capital tax losses
( 21)
Effect of capital losses exempt from tax
21
-------
-------
Tax on loss
1
( 350)
-------
-------
6. Tangible assets
Long leasehold property
Equipment
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
622,204
191
622,395
---------
----
---------
Depreciation
At 1 January 2023
Charge for the year
64
64
---------
----
---------
At 31 December 2023
64
64
---------
----
---------
Carrying amount
At 31 December 2023
622,204
127
622,331
---------
----
---------
At 31 December 2022
622,204
191
622,395
---------
----
---------
7. Investments
Listed investments at valuation
£
Cost
At 1 January 2023
13,184
Additions
1,928
Disposals
( 8,513)
Revaluations
5
--------
At 31 December 2023
6,604
--------
Impairment
At 1 January 2023 and 31 December 2023
--------
Carrying amount
At 31 December 2023
6,604
--------
At 31 December 2022
13,184
--------
Investments currently comprise only listed investments. The listed investments are valued at Market Value by making a Fair Value Adjustment.
8. Debtors
2023
2022
£
£
Amounts owed by group undertakings
4,419
3,672
Prepayments and accrued income
786
663
-------
-------
5,205
4,335
-------
-------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,677
Accruals and deferred income
887
1,161
Director loan accounts
2,551
453
-------
-------
3,438
3,291
-------
-------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
622,300
627,300
---------
---------
6% Redeemable Cumulative Preference shares classes A and B were issued to acquire rental properties. The Preference share agreements state that these shares are redeemable immediately on disposal of those properties and are undated as disposal dates cannot be predetermined.
The preliminary issue of class C in 2016 was small. The company never proceeded to acquired the third property. This year all the 6% Redeemable Cumulative Preference shares were redeemed, but further Ordinary shares were issued for a like value.
The company's ultimate controlling party has a 62% interest in both Preference share classes A and B.
11. Provisions
Deferred tax
Re-decoration costs
Total
£
£
£
At 1 January 2023
( 46)
3,680
3,634
Additions
1,790
1,790
Charge against provision
1
( 2,270)
( 2,269)
----
-------
-------
At 31 December 2023
( 45)
3,200
3,155
----
-------
-------
12. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2023
2022
£
£
Financial assets measured at fair value through profit or loss
Listed investments measured at original cost
6,838
13,424
-------
--------
13. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Amounts presented in equity:
Ordinary Class A shares of £ 1 each
10,600
10,600
8,100
8,100
Ordinary Class B shares of £ 1 each
10,600
10,600
8,100
8,100
--------
--------
--------
--------
21,200
21,200
16,200
16,200
--------
--------
--------
--------
Amounts presented in liabilities:
6% Redeemable Cumulative Preference Class A shares of £ 1 each
309,050
309,050
309,050
309,050
6% Redeemable Cumulative Preference Class B shares of £ 1 each
313,250
313,250
313,250
313,250
6% Redeemable Cumulative Preference Class C shares of £– (2022 - £1) each
5,000
5,000
---------
---------
---------
---------
622,300
622,300
627,300
627,300
---------
---------
---------
---------
14. Contingencies
Debenture breaches The Company owns 2 apartments financed by borrowings. There are two August 2015 Facility agreements, one per apartment and two March 2016 Debenture Agreements, one per apartment. These specify how the lenders are to be remunerated defining minimum monthly payments and long term payments when the apartments are sold. They also define lenders rights should the company breach the debenture agreements. These include an option for one or all lenders to secure a charge over the leasehold properties at any time of their choosing. The Company continued to suffer cashflow difficulties and could not maintain the minimum payments required under the debentures. The underpayments were £3,897 on property A and £3,958 on property B. Teken with the prevoius year's underpayments the cumulative balances are £6,382 for property A and £6,481 for property B. The lenders have allowed the Company to defer payments until the Company returns to full profitability. The Lenders have also agreed to waive interest charges. Community heating and hot water The building estate where the Company owns apartments has a communal supply to over two hundred residences of hot water for heating and domestic use. The head lease makes the Company stand as guarantor for apartment hot water charges when a tenant defaults. The Letting Agent gave instructions to suspend supply to the apartment where legal action had begun to evict a tenant. As requested by the Utility company the Company confirmed this action and also provided a second set of written instruction to suspend this supply. The unpaid charges when the Court gave the Company possession of the apartment and the tenant left were in excess of £3,400. During the year the the company had to pay £2,600 upto the date of notice to suspend supply and continues to to dispute with the heating company over the balance. The attitude of the Utility company is that the head lease makes no reference to a leaseholder having a right to stop a supply so they can ignore written instructions. Other landlords have faced similar Utilty company responses and through the Residents Association a Tier 1 Tribunal action is pending.
15. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr GR Lee
( 453)
( 2,098)
( 2,551)
----
-------
----
-------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr GR Lee
( 128)
( 5,084)
4,759
( 453)
----
-------
-------
----
Directors credits represent company costs paid by directors. There have been no advances of company monies to directors. No interest was charged to the company on these monies borrowed from directors.
16. Ultimate controlling party
The company is a subsidiary of Whitefields Group Ltd which owns 100% of the Ordinary Class A and Ordinary Class B shares. Mr GR Lee is the sole shareholder in the Whitefields Group Ltd and therefore the ultimate controlling party.