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Registered number: 12107181









WHITGIFT ESTATES (PHOENIX HOUSE) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JULY 2024

 
WHITGIFT ESTATES (PHOENIX HOUSE) LIMITED
REGISTERED NUMBER: 12107181

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2024

2024
2023
Note
£
£

  

Current assets
  

Stocks
  
4,711,904
5,646,697

Debtors: amounts falling due within one year
 4 
13,137
2,504

Cash at bank and in hand
 5 
93,094
961

  
4,818,135
5,650,162

Creditors: amounts falling due within one year
 6 
(2,474,313)
(3,764,732)

Net current assets
  
 
 
2,343,822
 
 
1,885,430

Total assets less current liabilities
  
2,343,822
1,885,430

Creditors: amounts falling due after more than one year
 7 
(2,588,647)
(1,900,260)

  

Net liabilities
  
(244,825)
(14,830)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(244,925)
(14,930)

  
(244,825)
(14,830)


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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


 
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WHITGIFT ESTATES (PHOENIX HOUSE) LIMITED
REGISTERED NUMBER: 12107181
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2024

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 April 2025.




L. J. Murphy
Director

The notes on pages 3 to 6 form part of these financial statements.

Page 2

 
WHITGIFT ESTATES (PHOENIX HOUSE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1.


General information

Whitgift Estates (Phoenix House) Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is 30 Orange Street, London, WC2H 7HF.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Stocks

Stock represents the purchase cost of 53 to 59 Lingfield Road, East Grinstead, RH19 2EU and parking area together with all development costs to date.

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WHITGIFT ESTATES (PHOENIX HOUSE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

2.Accounting policies (continued)

 
2.4

Debtors

Short term debtors are measured at transaction price.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.6

Creditors

Short term creditors are measured at the transaction price.

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.



3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).

Page 4

 
WHITGIFT ESTATES (PHOENIX HOUSE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

4.


Debtors

2024
2023
£
£


East Grinstead Land Limited
244
-

Whitgift Estates Limited
689
-

VAT repayable
4,621
2,504

Other debtors
7,583
-

13,137
2,504



5.


Cash and cash equivalents

2024
2023
£
£

Cash at bank
93,094
961

93,094
961



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

United Trust Bank loans
2,350,000
3,606,653

Trade creditors
8,045
146,081

East Grinstead Land Limited
-
1,800

Whitgift Estates Limited
-
6,073

Accruals and deferred income
116,268
4,125

2,474,313
3,764,732


The United Trust bank loan attracts interest at a variable rate between 6.42% to 6.65% over bank base rate. Interest is accrued over the period of the loan. The loan is repayable as the units are sold with £2.35 million repayable by 31st March 2025 following the sale of 5 units. The balance of the loan is disclosed as payable after one year and will be repaid once the final units are sold.
The loan is secured by a first charge over the land and property known as 53 to 59 Lingfield Road, East Grinstead, RH19 2EU.

Page 5

 
WHITGIFT ESTATES (PHOENIX HOUSE) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

7.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

United Trust Bank Loans
688,387
-

Kudos Property Holdings Limited
1,325,260
1,325,260

Loan from David Ottwill
575,000
575,000

2,588,647
1,900,260


Kudos Property Holdings Limited (KPHL) provided a loan to the company of £300,260 in 2022 and an additional £1,025,000 in 2023. KPHL will enjoy interest at a rate of 12% on these loans which will be repaid after all other loans are repaid but prior to the distribution of any profits to shareholders. 
DB Castle Ltd and Pakar Services Ltd (David Ottwill) provided a loan to the company of £575,000 in 2022. The loan is secured by a second charge (after the bank loan and the loan provided by KPHL) on the freehold land and buildings known as 53 to 59 Lingfield Road, East Grinstead, RH19 2EU and this will remain in place until the loan and interest has been repaid in full. The loan attracts interest at a rate of 10%. 
All these loans are shown as repayable after more than one year as notwithstanding the original repayment dates, delays in the development have led to extensions. 
Interest is not accrued on these loans but will be accounted for when paid.


8.


Related party transactions

During the year, the company paid certain costs on behalf of related companies, East Grinstead Land Limited (EGLL) and Whitgift Estates Limited (WEL) to fund their costs, in 2023 costs of the company were paid by them. At the year end, the balance due from EGLL was £244 (2023 - Due to EGLL £1,800) and WEL £689 (2023 - Due to WEL £6,073).
These loans are interest free.

 
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