REGISTERED NUMBER: 06590661 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

WHITE HEATHER DEVELOPMENTS (GODALMING)

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

T Oxborough

Mrs P A Oxborough

Mrs C A Oxborough

REGISTERED OFFICE:

First Floor

Ridgeland House

15 Carfax

Horsham

West Sussex

RH12 1DY

REGISTERED NUMBER:

06590661 (England and Wales)

ACCOUNTANTS:

Galloways Accounting

First Floor

Ridgeland House

15 Carfax

Horsham

West Sussex

RH12 1DY

FIXED ASSETS

Tangible assets

4

-

-

Investment property

5

22,543,385

20,562,133

22,543,385

20,562,133

CURRENT ASSETS

Debtors

6

86,784

52,129

Cash at bank

194,498

268,781

281,282

320,910

CREDITORS

Amounts falling due within one year

7

2,313,256

2,338,108

NET CURRENT LIABILITIES

(2,031,974

)

(2,017,198

)

TOTAL ASSETS LESS CURRENT LIABILITIES

20,511,411

18,544,935

CREDITORS

Amounts falling due after more than one year

8

(1,700,000

)

(221,880

)

PROVISIONS FOR LIABILITIES

(3,955,754

)

(3,893,062

)

NET ASSETS

14,855,657

14,429,993

CAPITAL AND RESERVES

Called up share capital

10

102

102

Fair value reserve

11,867,262

11,679,187

Retained earnings

2,988,293

2,750,704

SHAREHOLDERS' FUNDS

14,855,657

14,429,993

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 April 2025 and were signed on its behalf by:

T Oxborough - Director

Mrs P A Oxborough - Director

1.	STATUTORY INFORMATION

White Heather Developments (Godalming) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

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.

Fair value

Fair value of the investment properties is calculated by the directors. Value is determined based on market value of the property. Where market value cannot be determined, an estimation based on the value of similar properties is calculated. In all cases, a high degree of expert knowledge of the market is applied to ensure that fair value is achieved.

Turnover

Turnover represents rents receivable during the year from property letting, net of value added tax.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings and equipment - 15% straight line.

Investment property

Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

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, which include debtors and cash 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.

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, 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 October 2023

and 30 September 2024

19,920

DEPRECIATION

At 1 October 2023

and 30 September 2024

19,920

NET BOOK VALUE

At 30 September 2024

-

At 30 September 2023

-

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 October 2023

20,562,133

Additions

1,730,485

Revaluations

250,767

At 30 September 2024

22,543,385

NET BOOK VALUE

At 30 September 2024

22,543,385

At 30 September 2023

20,562,133

The investment properties were included at fair value at 30 September 2024. Revaluations are carried out on an annual basis and are performed by the directors based on open market value.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.24

30.9.23

£

£

Trade debtors

21,783

28,107

Other debtors

33,316

2,113

Prepayments

31,685

21,909

86,784

52,129

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.24

30.9.23

£

£

Bank loans and overdrafts

-

25,746

Trade creditors

9,918

8,438

Tax

79,372

102,645

Other creditors

265,403

149,968

Directors' current accounts

1,887,875

1,999,079

Accruals and deferred income

70,688

52,232

2,313,256

2,338,108

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.24

30.9.23

£

£

Bank loans - 1-2 years

-

25,746

Bank loans - 2-5 years

1,700,000

196,134

1,700,000

221,880

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.24

30.9.23

£

£

Bank loans

1,700,000

247,626

The £1,700,000 loan that was advanced in the year to 30 September 2024 and which forms the entire creditor due in more than one year at the year end, is secured by a fixed charge over three of the company's investment properties.

The bank loan that formed the entire creditor due in more than one year as at 30 September 2023, was secured by a fixed charge over four other of the company's investment properties. The loan was repaid in full during the year ended 30 September 2024.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.24

30.9.23

value:

£

£

102

Ordinary

1

102

102

The ordinary share capital above is split out as below:

2 Ordinary A shares at £1 nominal value per share.

25 Ordinary B shares at £1 nominal value per share.

25 Ordinary C shares at £1 nominal value per share.

25 Ordinary D shares at £1 nominal value per share.

25 Ordinary E shares at £1 nominal value per share.