Company Registration No. 10155976 (England and Wales)
Whiteburn Developments Limited
Unaudited financial statements
for the year ended 31 May 2024
Pages for filing with the registrar
Whiteburn Developments Limited
Company information
Directors
John Shepherd
Alison Shepherd
Company number
10155976
Registered office
71 Queen Victoria Street
London
EC4V 4BE
Accountants
Saffery LLP
9 Haymarket Square
Edinburgh
EH3 8RY
Solicitors
Thorntons Law LLP
Whitehall House
33 Yeaman Shore
Dundee
DD1 4BJ
Whiteburn Developments Limited
Contents
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
Whiteburn Developments Limited
Statement of financial position
As at 31 May 2024
1
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
1,802,228
2,275,412
Current assets
Debtors
6
506,885
500,072
Creditors: amounts falling due within one year
7
(602,937)
(345,074)
Net current (liabilities)/assets
(96,052)
154,998
Total assets less current liabilities
1,706,176
2,430,410
Creditors: amounts falling due after more than one year
8
(235,390)
Net assets
1,706,176
2,195,020
Capital and reserves
Called up share capital
484,796
484,796
Other reserves
1,391,985
1,451,867
Equity reserve
4,902
14,610
Profit and loss reserves
(175,507)
243,747
Total equity
1,706,176
2,195,020
Whiteburn Developments 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:
John Shepherd
Director
Company Registration No. 10155976
Whiteburn Developments Limited
Statement of changes in equity
For the year ended 31 May 2024
3
Share capital
Equity reserve
Other reserves
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 June 2022
484,796
29,029
4,679,307
(2,959,640)
2,233,492
Year ended 31 May 2023:
Loss and total comprehensive income for the year
-
-
-
(38,472)
(38,472)
Transfer on repayment of interest-free loans
-
(14,419)
-
14,419
-
Transfer of merger reserve arising on impairment of investments
(3,227,440)
3,227,440
-
Balance at 31 May 2023
484,796
14,610
1,451,867
243,747
2,195,020
Year ended 31 May 2024:
Loss and total comprehensive income for the year
-
-
-
(488,844)
(488,844)
Transfer on repayment of interest-free loans
-
(9,708)
-
9,708
Transfer of merger reserve arising on impairment of investments
-
-
(59,882)
59,882
-
Balance at 31 May 2024
484,796
4,902
1,391,985
(175,507)
1,706,176
Whiteburn Developments Limited
Notes to the financial statements
For the year ended 31 May 2024
4
1
Accounting policies
Company information
Whiteburn Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 71 Queen Victoria Street, London, EC4V 4BE.
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 company relies on the ongoing financial support of certain directors, the delivery of project company profitability and forecast capital and income investment returns to ensure the company can meet debts as they fall due for payment for the foreseeable future.true
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. This assessment is based upon financial forecasts prepared by management at the date of approval, which include project company cost and revenue assumptions and financial return to the company thereon that the directors consider to be reasonable, and the confirmed ongoing financial support of certain directors.
The financial statements have been prepared on a going concern basis.
1.3
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.
1.4
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.
Whiteburn Developments Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
1
Accounting policies (continued)
5
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.
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.
Whiteburn Developments Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
1
Accounting policies (continued)
6
1.8
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
2
1
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1,802,228
2,275,412
Whiteburn Developments Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
4
Fixed asset investments (continued)
7
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 June 2023
2,283,053
Disposals
(9,709)
At 31 May 2024
2,273,344
Impairment
At 1 June 2023
7,641
Impairment losses
463,475
At 31 May 2024
471,116
Carrying amount
At 31 May 2024
1,802,228
At 31 May 2023
2,275,412
Whiteburn Developments Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
8
5
Subsidiaries
Details of the company's subsidiaries at 31 May 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Whiteburn Holdings Limited
England & Wales
Ordinary
100.00
-
Whiteburn Projects Limited
Scotland
Ordinary
-
75.00
Whiteburn Waterloo Limited
Scotland
Ordinary
-
100.00
Whiteburn March Street Limited
Scotland
Ordinary
-
50.00
Whiteburn Allanbank Limited
Scotland
Ordinary
-
100.00
Whiteburn March Street Limited
Scotland
Ordinary
-
50.00
Whiteburn Residential Limited
Scotland
Ordinary
-
50.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Whiteburn Holdings Limited
1,803,207
(457,595)
Whiteburn Projects Limited
(144,079)
(38,351)
Whiteburn Waterloo Limited
(845,570)
(575)
Whiteburn March Street Limited
355,920
2,431
Whiteburn Allanbank Limited
1
All shareholdings in subsidiaries are held by the intermediate parent undertaking, Whiteburn Holdings Limited.
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts due from group undertakings
506,885
264,682
Amounts falling due after more than one year:
Amounts due from group undertakings
235,390
Total debtors
506,885
500,072
Included within ‘loans to group undertakings’ are loans from Whiteburn Holdings Limited and Whiteburn Projects Limited, both subsidiary undertakings of the company which are detailed in Note 7. These loans are interest-free and are repayable on demand.
Whiteburn Developments 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
£
£
Amounts owed to group undertakings
105,314
92,674
Other creditors
497,623
252,400
602,937
345,074
Included within ‘amounts due to group undertakings’ is a loan due to Whiteburn Holdings Limited, a subsidiary undertaking of the company which is detailed in Note 7. This loan is interest-free and is repayable on demand.
Included within ‘Other Creditors’ are loans payable to Whiteburn Rookery Investments Limited of £495,098 (2023: £250,000). The loan balance payable to Whiteburn Rookery Investments Limited is repayable by 31 May 2028, and will bear interest at a rate of 5% on a quarterly basis on outstanding loan balances from 1 June 2024.
8
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
235,390
The balance included in long-term ‘Other creditors’ represents a loan payable to Whiteburn Rookery Investments Limited. This loan has been secured by a floating charge containing a negative pledge, covering all the property or undertaking of the company.
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable other than by instalments
-
235,390
9
Related party transactions
The company has taken advantage of the exemption available in FRS 102 (Section 1A) "Related party disclosures" whereby it has not disclosed transactions with any wholly owned subsidiary undertaking.
Whiteburn Developments Limited
Notes to the financial statements (continued)
For the year ended 31 May 2024
10
10
Contingent liability
Cross company guarantee:
As at the date of approval of the financial statements, the company has cross guarantee arrangements in place with project finance providers to one of the company's joint venture interests, totalling £600,000.
Agreement of indemnity:
On 10 January 2022, the group companies Whiteburn Developments Limited and Whiteburn Viewforth Development Limited mutually entered into an agreement of indemnity to act as a guarantor of the road bond to be issued in favour of ION Surety Company, S.A.. This guarantee pertains to the development of the Viewforth site being undertaken by Whiteburn Viewforth Development Limited. At the date of approval of the financial statements, the remaining potential obligation under this guarantee was £168,000 (2023: £317,000) in accordance with works certified at the development site.
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