Registered number
08457790
White Property Finance Limited
Filleted Accounts
31 March 2024
White Property Finance Limited
Registered number: 08457790
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,638,457 1,222,292
Current assets
Debtors 4 4,110 49,254
Cash at bank and in hand 96,806 104,214
100,916 153,468
Creditors: amounts falling due within one year 5 (1,178,785) (1,220,061)
Net current liabilities (1,077,869) (1,066,593)
Total assets less current liabilities 560,588 155,699
Provisions for liabilities (69,295) -
Net assets 491,293 155,699
Capital and reserves
Called up share capital 100 100
Other reserves 6 291,093 (50,410)
Profit and loss account 200,100 206,009
Shareholder's funds 491,293 155,699
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
D J White
Director
Approved by the board on 20 November 2024
White Property Finance Limited
Notes to the Accounts
for the year ended 31 March 2024
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 rental of Company properties. Turnover is recognised by reference to the period over which the letting relates.
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:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment 15% on a reducing balance basis
Investment property
Investment property is initially recognised at cost and then subsequently measured at fair value. Changes in 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Investment property Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 1,196,255 87,995 1,284,250
Additions - 15,364 15,364
Gains on fair value adjustment 407,011 - 407,011
At 31 March 2024 1,603,266 103,359 1,706,625
Depreciation
At 1 April 2023 - 61,958 61,958
Charge for the year - 6,210 6,210
At 31 March 2024 - 68,168 68,168
Net book value
At 31 March 2024 1,603,266 35,191 1,638,457
At 31 March 2023 1,196,255 26,037 1,222,292
Freehold land and buildings: 2024 2023
£ £
Historical cost 1,258,489 1,258,489
Cumulative depreciation based on historical cost - -
1,258,489 1,258,489
4 Debtors 2024 2023
£ £
Trade debtors - 35,240
Deferred tax asset - 9,987
Other debtors 4,110 4,027
4,110 49,254
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 258 6,329
Other creditors 1,178,527 1,213,732
1,178,785 1,220,061
6 Other reserve 2024 2023
£ £
At 1 April 2023 (50,410) (50,410)
Transfers - gains on revaluation of land and buildings 341,503 -
At 31 March 2024 291,093 (50,410)
7 Related party transactions
During the year the following loans to the business were outstanding, interest free, and repayable on demand: D J White, director: £1,163,657 and IJ & DJ White, a farming partnership in which the director is a 50% partner: £13,805.
8 Controlling party
The Company is wholly controlled by the director Mr D J White.
9 Other information
White Property Finance Limited is a private company limited by shares and incorporated in England. Its registered office is:
Low Cottage
10 Low Cross
Whittlesey
Peterborough
PE7 1HW
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