Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| Investment property | 4 |
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| 9,749,572 | 13,547,375 | |||
| Current assets | ||||
| Debtors | 5 |
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| Cash at bank and in hand |
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| 251,919 | 540,744 | |||
| Creditors: amounts falling due within one year | 6 | (
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| Net current assets | 199,263 | 470,549 | ||
| Total assets less current liabilities | 9,948,835 | 14,017,924 | ||
| Creditors: amounts falling due after more than one year | 7 | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 8 |
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| Profit and loss account | (
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| Total shareholder's funds |
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Directors' responsibilities:
The financial statements of Whiteoaks Capital Limited (registered number:
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MP PD1 UK Ltd
Director |
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.
Whiteoaks Capital Limited (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 40 Berkeley Square, Bristol, BS8 1HP, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items 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 £.
Revenue from services and rent are recognised as they are delivered.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
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 tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.
| Fixtures and fittings |
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The Company as lessor
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.
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.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Fixtures and fittings | Total | ||
| £ | £ | ||
| Cost | |||
| At 01 January 2024 |
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| Additions |
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| Disposals | (
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| At 31 December 2024 |
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| Accumulated depreciation | |||
| At 01 January 2024 |
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| Charge for the financial year |
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| Disposals | (
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| Transfers |
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| At 31 December 2024 |
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| Net book value | |||
| At 31 December 2024 | 49,572 | 49,572 | |
| At 31 December 2023 | 97,375 | 97,375 |
| Investment property | |
| £ | |
| Valuation | |
| As at 01 January 2024 |
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| Fair value movement | (3,708,406) |
| Disposals | (41,594) |
| As at 31 December 2024 |
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Valuation
The property was independently valued by an external valuer on 3 February 2025. The directors do not consider the valuation of the investment property on this date to be materially different from the valuation at 31 December 2024.
Historic cost
If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:
| 2024 | 2023 | ||
| £ | £ | ||
| Historic cost | 16,108,730 | 16,165,696 |
| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
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| Prepayments and accrued income |
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| Deferred tax asset |
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| Other debtors |
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| £ | £ | ||
| Trade creditors |
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| Accruals |
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| Other taxation and social security |
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| Other creditors |
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| £ | £ | ||
| Bank loans |
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| Other creditors |
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| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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Commitments
The total amount of financial commitments not included in the balance sheet is £825,000 (2023 - £1,650,000) in respect of rent receivable under non-cancellable operating leases.
At the year end the company owed £2,152,614 (2023 - £2,562,614) in respect of a loan from an entity under common control. Interest on the loan is charged at 6% per annum.
During the year the company charged £825,000 (2023 - £825,000) of rent through a signed lease agreement to another entity under common control.