Company Registration No. SC041132 (Scotland)
Whiteburn Projects Limited
Unaudited financial statements
for the year ended 31 May 2024
Pages for filing with the registrar
Whiteburn Projects Limited
Company information
Directors
John Shepherd
Eve McCurrich
Roger Bainbridge
Company number
SC041132
Registered office
Clock Tower
1 Jackson's Entry
Edinburgh
EH8 8PJ
Accountants
Saffery LLP
9 Haymarket Square
Edinburgh
EH3 8RY
Bankers
The Royal Bank of Scotland plc
36 St Andrew Square
Edinburgh
EH2 2AD
Solicitors
Davidson Chalmers Stewart LLP
12 Hope Street
Edinburgh
EH2 4DB
Whiteburn Projects Limited
Contents
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
Whiteburn Projects Limited
Statement of financial position
As at 31 May 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
4,021
3,775
Investments
5
5,000
5,000
9,021
8,775
Current assets
Stocks
116,563
556,089
Debtors
6
712,238
764,013
Cash at bank and in hand
150,096
111,797
978,897
1,431,899
Creditors: amounts falling due within one year
7
(1,092,030)
(1,462,835)
Net current liabilities
(113,133)
(30,936)
Total assets less current liabilities
(104,112)
(22,161)
Creditors: amounts falling due after more than one year
8
(39,967)
(83,567)
Net liabilities
(144,079)
(105,728)
Capital and reserves
Called up share capital
9
1,000,000
1,000,000
Capital redemption reserve
6,607
6,607
Profit and loss reserves
(1,150,686)
(1,112,335)
Total equity
(144,079)
(105,728)
Whiteburn Projects Limited
Statement of financial position (continued)
As at 31 May 2024
2
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:
Eve McCurrich
Director
Company Registration No. SC041132
Whiteburn Projects Limited
Statement of changes in equity
For the year ended 31 May 2024
3
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 June 2022
600,000
6,607
(998,566)
(391,959)
Year ended 31 May 2023:
Loss and total comprehensive income for the year
-
-
(113,769)
(113,769)
Issue of share capital
9
400,000
-
-
400,000
Balance at 31 May 2023
1,000,000
6,607
(1,112,335)
(105,728)
Year ended 31 May 2024:
Loss and total comprehensive income for the year
-
-
(38,351)
(38,351)
Balance at 31 May 2024
1,000,000
6,607
(1,150,686)
(144,079)
Whiteburn Projects Limited
Notes to the financial statements
For the year ended 31 May 2024
4
1
Accounting policies
Company information
Whiteburn Projects 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. 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 directors 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. The validity of this assumption depends upon the continued support from its immediate parent Whiteburn Holdings Limited. Thus they continue to adopt the going concern basis of accounting in preparing these financial statements.true
1.3
Turnover
Turnover represents amounts receivable from rental and other property development related income in the normal course of business, net of trade discounts and VAT.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or deemed cost, less any accumulated depreciation and any impairment losses.
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Equipment
33.33% straight line
Computer equipment
33.33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Whiteburn Projects Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
1
Accounting policies (continued)
5
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
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.
Whiteburn Projects Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
1
Accounting policies (continued)
6
1.8
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.
1.9
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.
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.
1.10
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.
Whiteburn Projects Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
1
Accounting policies (continued)
7
1.11
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.
1.12
Retirement benefits
The company operates a defined contribution pension scheme which requires contributions to be made to a separately administered fund. Contributions to this fund are charged to the profit and loss account as incurred.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
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.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
14
14
Whiteburn Projects Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
8
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023
42,363
Additions
1,880
At 31 May 2024
44,243
Depreciation and impairment
At 1 June 2023
38,588
Depreciation charged in the year
1,634
At 31 May 2024
40,222
Carrying amount
At 31 May 2024
4,021
At 31 May 2023
3,775
5
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
5,000
5,000
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
621,834
566,223
Other debtors
90,404
197,790
712,238
764,013
Whiteburn Projects Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
9
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
43,600
43,600
Trade creditors
478,787
580,588
Amounts due to group undertakings
114,949
694,753
Other taxation and social security
126,314
13,170
Other creditors
328,380
130,724
1,092,030
1,462,835
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
39,967
83,567
The company has granted a standard security and floating charge secured over the company's property and the assets and undertaking of the company, in favour of the Royal Bank of Scotland Plc.
9
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary shares of £1 each
500,000
500,000
500,000
500,000
B Ordinary shares of £1 each
500,000
500,000
500,000
500,000
1,000,000
1,000,000
1,000,000
1,000,000
On 2 March 2023, the company allotted 400,000 £1 B Ordinary shares of £1 each for a total consideration of £400,000.
10
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
112,500
137,500
Whiteburn Projects Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
10
11
Related party transactions
During the period, the company has charged a development management fee of £137,430 (2023: £137,430) to Whiteburn Viewforth Development Limited, a company which is a joint venture undertaking of Whiteburn Holdings limited, the immediate parent entity of Whiteburn Projects Limited. The company has also charged a construction services fee of £3,347,938 (2023: £4,086,849) to Whiteburn Viewforth Development Limited, gross of recharges to Whiteburn Projects Limited of Nil (2023: £640,000). These amounts are included within the Turnover of Whiteburn Projects Limited. As at 31 May 2024, a total of £281,587 (2023: £273,026) was due from Whiteburn Viewforth Development Limited.
During the period, the company has charged a construction services fee of £264,223 (2023: Nil) to Whiteburn March Street Limited, a company which is a joint venture company of Whiteburn Holdings Limited, the immediate parent entity of Whiteburn Projects Limited. These amounts are included within the Turnover of Whiteburn Projects Limited. At 31 May 2024, a total of £24,557 (2023: Nil) was due from Whiteburn March Street Limited.
12
Parent company
The company is a subsidiary of Whiteburn Holdings Limited, a company registered in England and Wales. The registered office is 71 Queen Victoria Street, London, EC4V 4BE. The principal place of business is Clock Tower, 1 Jackson's Entry, Edinburgh, EH8 8PJ.
13
Prior year adjustment
The directors have reviewed the Turnover and Cost of Sales for the accounts period to 31 May 2023. As a consequence Turnover and Cost of Sales have been both restated by a reduction of £5,354,526 due to a prior year overstatement error for both. This has no effect on prior year reported profit or net liabilities.
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