Company registration number 12892359 (England and Wales)
WHITEBANK HOMES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
WHITEBANK HOMES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
WHITEBANK HOMES LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
30 June 2024
30 September 2023
Notes
£
£
£
£
Fixed assets
Investment property
3
330,000
330,000
Current assets
Debtors
4
1
272
Cash at bank and in hand
7,228
10,456
7,229
10,728
Creditors: amounts falling due within one year
5
(152,612)
(145,650)
Net current liabilities
(145,383)
(134,922)
Total assets less current liabilities
184,617
195,078
Creditors: amounts falling due after more than one year
6
(167,475)
(167,475)
Net assets
17,142
27,603
Capital and reserves
Called up share capital
7
1
1
Revaluation reserve
33,950
33,950
Profit and loss reserves
(16,809)
(6,348)
Total equity
17,142
27,603
WHITEBANK HOMES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 2 -

For the financial period ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 3 January 2025 and are signed on its behalf by:
R White
Director
Company registration number 12892359 (England and Wales)
WHITEBANK HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information

Whitebank Homes Limited is a private company limited by shares incorporated in England and Wales. The registered office is 110 Park Road, Chesterfield, S40 2JX.

1.1
Reporting period

The financial statements are presented for the 9 month period from 1 October 2023 to 30 June 2024 as the accounting period was extended to align with the group companies. As a result, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include investments and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.3
Turnover
Turnover represents rent receivable.
1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include deposits held at call with banks.

1.6
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.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

WHITEBANK HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, 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.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was:

2024
2023
Number
Number
Total
2
2
3
Investment property
2024
£
Fair value
At 1 October 2023 and 30 June 2024
330,000

The historical cost of the investment property at 30 September 2024 is £296,050 (2023: £296,050). The directors consider that the value of £330,000 reflects the fair value of the property at the reporting date.

 

WHITEBANK HOMES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 JUNE 2024
- 5 -
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
1
272
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
1,053
1,196
Other creditors
151,559
144,454
152,612
145,650

Included in other creditors are amounts owed to directors of £133,041 (2023: £133,041).

6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
167,475
167,475

Included within bank loans is an interest only bank loan secured by way of fixed and floating charge on the investment property of the company.

7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary of £1 each
1
1
1
1

 

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