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Company No: 12092930 (England and Wales)

WHITFORD HOLDINGS LTD

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

WHITFORD HOLDINGS LTD

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

WHITFORD HOLDINGS LTD

STATEMENT OF FINANCIAL POSITION

As at 31 July 2024
WHITFORD HOLDINGS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2024
Note 2024 2023
£ £
Restated - note 2
Fixed assets
Tangible assets 4 0 131
Investment property 5 330,000 315,000
330,000 315,131
Current assets
Cash at bank and in hand 17,419 12,124
17,419 12,124
Creditors: amounts falling due within one year 6 ( 92,761) ( 95,772)
Net current liabilities (75,342) (83,648)
Total assets less current liabilities 254,658 231,483
Creditors: amounts falling due after more than one year 7 ( 227,408) ( 224,742)
Provision for liabilities ( 6,114) 0
Net assets 21,136 6,741
Capital and reserves
Called-up share capital 8 1 1
Profit and loss account 10 21,135 6,740
Total shareholder's funds 21,136 6,741

For the financial year ending 31 July 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Whitford Holdings Ltd (registered number: 12092930) were approved and authorised for issue by the Director on 03 April 2025. They were signed on its behalf by:

B Whitford
Director
WHITFORD HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
WHITFORD HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Whitford Holdings Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Apartment 6 Tuscany House, 34 Warwick Place, Leamington Spa, CV32 5DE, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Prior year adjustment

If material misstatements are found in prior year figures, then these figures are restated to show the corrected position.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation


Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight line basis over its expected useful life, as follows:

Office equipment 3 years straight line
Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Prior year adjustment

The company purchased an investment property in the prior year which was omitted from the accounts. The prior year balance sheet has been restated to include the investment property along with the mortgage outstanding on the property and any amounts introduced by the director. The profit and loss account has been restated to recognise any rental income received and any expenses relevant to the purchase and maintenance of the property.

As previously reported Adjustment As restated
Year ended 31 July 2023 £ £ £
Investment property 135,000 180,000 315,000
Mortgage (95,152) (132,245) (227,397)
Amounts owed to directors (43,357) (46,080) (89,437)
Profit and loss account 5,065 1,675 6,740

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 0 0

4. Tangible assets

Office equipment Total
£ £
Cost
At 01 August 2023 391 391
At 31 July 2024 391 391
Accumulated depreciation
At 01 August 2023 260 260
Charge for the financial year 131 131
At 31 July 2024 391 391
Net book value
At 31 July 2024 0 0
At 31 July 2023 131 131

5. Investment property

Investment property
£
Valuation
As at 01 August 2023 315,000
Fair value movement 15,000
As at 31 July 2024 330,000

Valuation

A market valuation of investment property was completed by the director at the statement of financial position date.

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 0 2,655
Trade creditors 180 0
Amounts owed to director 89,051 89,437
Accruals and deferred income 3,530 3,680
92,761 95,772

The loans are secured against the investment property of the Company.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 227,408 224,742

The loans are secured against the investment property of the Company.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

9. Related party transactions

Transactions with the entity's director

At the year-end a balance of £89,051 was owed to the director (2023 Restated: £89,437). The balance is interest free and repayable on demand.

10. Profit and loss account

Included within the profit and loss reserve is a non-distributable amount totalling £18,750 (2023: £10,000) representing the cumulative fair value movement of the investment property, net of the deferred tax provision.