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COMPANY REGISTRATION NUMBER: 09699248
Whitefields Investment Holdings Limited
Filleted Unaudited Financial Statements
31 December 2024
Whitefields Investment Holdings Limited
Statement of Financial Position
31 December 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
6
2,894
1,908
Investments
7
44,883
43,466
--------
--------
47,777
45,374
Current assets
Debtors
8
100
317
Cash at bank and in hand
2,303
242
-------
----
2,403
559
Creditors: amounts falling due within one year
9
6,843
3,432
-------
-------
Net current liabilities
4,440
2,873
--------
--------
Total assets less current liabilities
43,337
42,501
Provisions
141
( 1)
--------
--------
Net assets
43,196
42,502
--------
--------
Capital and reserves
Called up share capital
11
40,850
40,850
Profit and loss account
2,346
1,652
--------
--------
Shareholders funds
43,196
42,502
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- 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 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Whitefields Investment Holdings Limited
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 28 April 2025 , and are signed on behalf of the board by:
Mr GR Lee
Director
Company registration number: 09699248
Whitefields Investment Holdings Limited
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Whitefields, Daisy Lane, Mill Hill, Edenbridge, Kent, TN8 5DB, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of some timing differences at the reporting date. Unrelieved tax losses and the associated deferred tax assets are not recognised. Deferred tax assets or liabilities on investment revaluations are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference .
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
33% straight line
Fixtures and fittings
-
33% straight line
Investments
Fixed asset investments in unquoted companies are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tax on profit
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
36
Adjustments in respect of prior periods
( 19)
----
----
Total current tax
17
----
----
Deferred tax:
Origination and reversal of timing differences
142
128
----
----
Tax on profit
159
128
----
----
Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 19 % (2023: 19 %).
2024
2023
£
£
Profit on ordinary activities before taxation
853
971
----
----
Profit on ordinary activities by rate of tax
162
184
Adjustment to tax charge in respect of prior periods
( 19)
Effect of capital allowances and depreciation
( 187)
( 146)
Effect of revenue exempt from tax
( 85)
( 76)
Unused tax losses
288
166
----
----
Tax on profit
159
128
----
----
6. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2024
7,958
1,569
9,527
Additions
2,343
2,343
Disposals
( 1,364)
( 57)
( 1,421)
-------
-------
--------
At 31 December 2024
8,937
1,512
10,449
-------
-------
--------
Depreciation
At 1 January 2024
6,639
980
7,619
Charge for the year
1,121
238
1,359
Disposals
( 1,365)
( 58)
( 1,423)
-------
-------
--------
At 31 December 2024
6,395
1,160
7,555
-------
-------
--------
Carrying amount
At 31 December 2024
2,542
352
2,894
-------
-------
--------
At 31 December 2023
1,319
589
1,908
-------
-------
--------
7. Investments
Shares in participating interests
Investment in quoted investments
Total
£
£
£
Cost
At 1 January 2024
29,760
13,706
43,466
Additions
1,730
1,730
Disposals
( 1,060)
( 1,060)
Revaluations
747
747
--------
--------
--------
At 31 December 2024
29,760
15,123
44,883
--------
--------
--------
Impairment
At 1 January 2024 and 31 December 2024
--------
--------
--------
Carrying amount
At 31 December 2024
29,760
15,123
44,883
--------
--------
--------
At 31 December 2023
29,760
13,706
43,466
--------
--------
--------
8. Debtors
2024
2023
£
£
Amounts owed by undertakings in which the company has a participating interest
240
Other debtors
100
77
----
----
100
317
----
----
9. Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to undertakings in which the company has a participating interest
5,602
3,413
Corporation tax
36
19
Social security and other taxes
272
Other creditors
933
-------
-------
6,843
3,432
-------
-------
10. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2024
2023
£
£
Financial assets measured at fair value through profit or loss
Listed investments measured at original cost
14,382
13,706
--------
--------
11. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
30,750
30,750
30,750
30,750
A Ordinary shares of £ 1 each
10,100
10,100
10,100
10,100
--------
--------
--------
--------
40,850
40,850
40,850
40,850
--------
--------
--------
--------
12. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr GR Lee
( 1,323)
390
( 933)
----
-------
----
----
2023
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr GR Lee
----
----
----
----
13. Ultimate controlling party
Since the end of 2020 the company has been a wholly owned subsidiary of Whitefields Group Ltd. The ultimate controlling party is Mr G R Lee who is the sole shareholder in Whitefields Group Ltd.