Company Registration No. SC744763 (Scotland)
Whiteburn March Street Limited
Unaudited financial statements
for the year ended 31 May 2024
Pages for filing with the registrar
Whiteburn March Street Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
3 - 6
Whiteburn March Street Limited
Statement of financial position
As at 31 May 2024
1
2024
2023
Notes
£
£
£
£
Current assets
Stocks
1,456,517
758,787
Debtors
4
18,530
2,418
Cash at bank and in hand
56,868
16,856
1,531,915
778,061
Creditors: amounts falling due within one year
5
(196,904)
(780,491)
Net current assets/(liabilities)
1,335,011
(2,430)
Creditors: amounts falling due after more than one year
6
(979,091)
Net assets/(liabilities)
355,920
(2,430)
Capital and reserves
Called up share capital
7
1
1
Equity reserve
338,545
Profit and loss reserves
17,374
(2,431)
Total equity
355,920
(2,430)
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 27 February 2025 and are signed on its behalf by:
John Shepherd
Director
Company Registration No. SC744763
Whiteburn March Street Limited
Statement of changes in equity
For the year ended 31 May 2024
2
Share capital
Equity reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 20 September 2022
-
Period ended 31 May 2023:
Loss and total comprehensive income
-
-
(2,431)
(2,431)
Issue of share capital
7
1
-
-
1
Balance at 31 May 2023
1
(2,431)
(2,430)
Year ended 31 May 2024:
Profit and total comprehensive income
-
-
2,431
2,431
Equity element of interest-free loans
-
355,919
-
355,919
Transfer on repayment of interest-free loans
-
(17,374)
17,374
-
Balance at 31 May 2024
1
338,545
17,374
355,920
Whiteburn March Street Limited
Notes to the financial statements
For the year ended 31 May 2024
3
1
Accounting policies
Company information
Whiteburn March Street Limited is a private company limited by shares incorporated in Scotland. The registered office is Clock Tower, 1 Jackson's Entry, Edinburgh, EH8 8PJ.
1.1
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 the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The financial statements have been prepared on a going concern basis. The truedirectors have assessed the company’s ability to continue as a going concern and have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these financial statements.
1.3
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
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 statement of financial position 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.
Whiteburn March Street Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
1
Accounting policies (continued)
4
Basic financial assets
Basic financial assets, which include debtors, 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.
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, loans from fellow group companies and preference shares that are classified as debt, 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.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
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.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
2
Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Whiteburn March Street Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
5
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
18,530
2,418
5
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
112,828
111,334
Amounts owed to group undertakings
666,732
Other creditors
84,076
2,425
196,904
780,491
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other loans
979,091
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
100
100
1
1
8
Related party transactions
Whiteburn March Street Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
8
Related party transactions (continued)
6
Included in Note 6 are amounts, after discount, due to Whiteburn Residential (March Street) Limited, the parent undertaking, of £979,091 (2023: Nil). These loans are interest-free and are repayable for a period outwith one year.
Included in Note 5 are amounts due to Whiteburn Holdings Limited, a partner who has joint venture control of the company of £72,163 (2023: Nil). These loans are interest-free and are repayable on demand.
Overall build costs have been recharged from Whiteburn Projects Limited in the year totalling £264,223 (2023: Nil). These sums were payable to Whitburn Projects Limited, a company controlled by the company directors of Whiteburn Holdings Limited. As at 31 May 2024, a total of £24,557 (2023: Nil) was payable to Whiteburn Project Limited.
9
Parent company
The company is a wholly owned subsidiary of Whiteburn Residential (March Street) Limited, a company registered in Scotland. The registered office is Clock Tower, 1 Jacksons Entry, Edinburgh, United Kingdom, EH8 8PJ. The principal place of business is Clock Tower, 1 Jackson's Entry, Edinburgh, EH8 8PJ.
Whiteburn March Street Limited
Detailed statement of financial position
As at 31 May 2024
7
2024
2023
£
£
£
£
Current assets
Stocks
1,456,517
758,787
Debtors
18,530
2,418
Cash at bank and in hand
56,868
16,856
1,531,915
778,061
Creditors: amounts falling due within one year
Other creditors
193,704
778,066
Accruals and deferred income
3,200
2,425
196,904
780,491
Net current assets/(liabilities)
1,335,011
(2,430)
Creditors: amounts falling due after more than one year
Loans and overdrafts
979,091
(979,091)
-
Net assets/(liabilities)
355,920
(2,430)
Capital and reserves
Called up share capital
1
1
Equity reserve
338,545
Profit and loss reserves
17,374
(2,431)
Total equity
355,920
(2,430)