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COMPANY REGISTRATION NUMBER: 09179092
WHITE ROSE RESIDENTIAL SALES LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 August 2024
WHITE ROSE RESIDENTIAL SALES LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 2024
CONTENTS
PAGE
Statement of financial position
1
Notes to the financial statements
3
WHITE ROSE RESIDENTIAL SALES LIMITED
STATEMENT OF FINANCIAL POSITION
31 August 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Investments
5
18,755,750
18,755,750
CURRENT ASSETS
Debtors
6
2,194
Cash at bank and in hand
162
550
----
-------
162
2,744
CREDITORS: amounts falling due within one year
7
7,129,607
2,232,393
-------------
-------------
NET CURRENT LIABILITIES
7,129,445
2,229,649
---------------
---------------
TOTAL ASSETS LESS CURRENT LIABILITIES
11,626,305
16,526,101
CREDITORS: amounts falling due after more than one year
8
10,524,705
15,111,261
PROVISIONS
Taxation including deferred tax
9
485,890
485,890
---------------
---------------
NET ASSETS
615,710
928,950
---------------
---------------
WHITE ROSE RESIDENTIAL SALES LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 August 2024
2024
2023
Note
£
£
£
£
CAPITAL AND RESERVES
Called up share capital
11
200
200
Revaluation reserve
1,457,640
1,457,640
Profit and loss account
( 842,130)
( 528,890)
-------------
-------------
SHAREHOLDERS FUNDS
615,710
928,950
-------------
-------------
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 comprehensive income has not been delivered.
For the year ending 31 August 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 .
These financial statements were approved by the board of directors and authorised for issue on 28 August 2025 , and are signed on behalf of the board by:
Mr S Brown
Director
Company registration number: 09179092
WHITE ROSE RESIDENTIAL SALES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 AUGUST 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 Equitable House, 55 Pellon Lane, Halifax, West Yorkshire, HX1 5SP.
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.
Going concern
The financial statements are prepared on a going concern basis on the assumption that in the director's opinion the market value of the company's investment properties as stated in note 6 to the Accounts will be realised for more than the company's total liabilities. The director has supported the company throughout the financial period and has continued to do so.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There are not considered to be any judgements or accounting estimates or assumptions that have a significant impact on the financial statements.
Revenue recognition
Turnover is the amount derived from property lettings.
Current and deferred 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 all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets 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.
Investment properties
All of the company's properties are held for long-term investment.
Investment properties are accounted for in accordance with FRS 102, as follows:
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
No depreciation is provided in respect of investment property, which is revalued annually. The surplus or deficit on revaluation is transferred to revaluation reserve unless a deficit below original cost, or its reversal, on an individual property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of the fixed assets. However, these assets are not held for consumption, but for investment and the directors consider that systematic annual deprecation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.
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
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 1 (2023:1)
5. INVESTMENTS
Investment properties
£
Cost
At 1 September 2023 and 31 August 2024
18,755,750
---------------
Impairment
At 1 September 2023 and 31 August 2024
---------------
Carrying amount
At 31 August 2024
18,755,750
---------------
At 31 August 2023
18,755,750
---------------
Investments held at valuation
The property portfolio was acquired on 9 January 2015 for £16,800,000. The investment properties were valued by the directors on the 31 August 2024, using the return on investment and the estimated market value to reach a fair value for these properties.
In respect of investments held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Investment properties
£
At 31 August 2024
Aggregate cost
18,755,750
Aggregate depreciation
---------------
Carrying value
18,755,750
---------------
At 31 August 2023
Aggregate cost
18,755,750
Aggregate depreciation
---------------
Carrying value
18,755,750
---------------
6. DEBTORS
2024
2023
£
£
Other debtors
2,194
----
-------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans
6,720,951
2,005,433
Trade creditors
307,815
225,233
Amounts owed to undertakings in which the company has a participating interest
98,814
Accruals and deferred income
1,500
1,200
Corporation tax
527
527
-------------
-------------
7,129,607
2,232,393
-------------
-------------
The following liabilities disclosed under creditors falling due within year are secured by the company:
2024
2023
£
£
Bank loans
6,715,395
1,999,877
-------------
-------------
8. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans
10,524,705
15,111,261
---------------
---------------
The following liabilities disclosed under creditors falling due after more than one year are secured by the company:
2024
2023
£
£
Bank loans
10,492,690
15,073,266
---------------
---------------
Included within creditors: amounts falling due after more than one year is an amount of £10,148,546 (2023: £8,847,354) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
9. PROVISIONS
Deferred tax (note 10)
£
At 1 September 2023 and 31 August 2024
485,890
----------
10. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions (note 9)
485,890
485,890
----------
----------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Revaluation of tangible assets
485,890
485,890
----------
----------
11. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
200
200
200
200
----
----
----
----
12. POST BALANCE SHEET EVENT
On 6 February 2025, Paragon Bank appointed its own in house LPA receivers, Redbrick Survey and Valuation Limited with the mandate to collect all income from the company's properties and to realise the security for the benefit of the lender.