Whiterow Properties Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: SC565689

Whiterow Properties Ltd

Filleted Unaudited Financial Statements

5 April 2025

Whiterow Properties Ltd

Statement of Financial Position

5 April 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	4	13,883,775	13,993,115

Current assets

Debtors	5	92,557	73,685
Cash at bank and in hand		1,692,789	28,358
		------------	---------
		1,785,346	102,043

Creditors: amounts falling due within one year	6	7,654,440	7,669,433
		------------	------------
Net current liabilities		5,869,094	7,567,390
		-------------	-------------
Total assets less current liabilities		8,014,681	6,425,725

Creditors: amounts falling due after more than one year	7	5,250,667	4,604,667

Provisions	223,027	178,157
	------------	------------
Net assets	2,540,987	1,642,901
	------------	------------

Capital and reserves

Called up share capital	100	100
Profit and loss account	2,540,887	1,642,801
	------------	------------
Shareholders funds	2,540,987	1,642,901
	------------	------------

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 5 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Whiterow Properties Ltd

Statement of Financial Position (continued)

5 April 2025

These financial statements were approved by the board of directors and authorised for issue on 9 September 2025 , and are signed on behalf of the board by:

Mr AW Adam

Director

Company registration number: SC565689

Whiterow Properties Ltd

Notes to the Financial Statements

Year ended 5 April 2025

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 10 Southfield Drive, Elgin, Moray, IV30 6GR, Scotland.

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 in the profit and loss account represents amounts received or receivable during the year for rent of properties and insurance costs, stated net of discounts and of Value Added Tax.

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 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.

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	-	25% reducing balance

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

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 following assets and liabilities are classified as financial instruments - bank, trade debtors, trade creditors and loans. Cash and cash equivalents in the statement of financial position comprise cash at bank. Bank overdrafts are shown within creditors due within one year. Trade debtors and creditors are measured at the undiscounted amounts receivable from the customer or payable to a supplier, which is normally the invoiced price. Trade debtors are assessed at the end of each reporting period for the objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of income and retained earnings. Loans received from a bank at the market rate of interest are recognised at the amount of cash received from the bank, less separately incurred transaction costs. Directors' loans to the company which are repayable on demand are measured at the undiscounted amount of the cash expected to be paid.

4. Tangible assets

	Plant and machinery	Investment property	Total
	£	£	£
Cost or valuation
At 6 April 2024	9,680	13,985,048	13,994,728
Additions	–	38,080	38,080
Disposals	–	( 335,000)	( 335,000)
Revaluations	–	190,000	190,000
	-------	-------------	-------------
At 5 April 2025	9,680	13,878,128	13,887,808
	-------	-------------	-------------
Depreciation
At 6 April 2024	1,613	–	1,613
Charge for the year	2,420	–	2,420
	-------	-------------	-------------
At 5 April 2025	4,033	–	4,033
	-------	-------------	-------------
Carrying amount
At 5 April 2025	5,647	13,878,128	13,883,775
	-------	-------------	-------------
At 5 April 2024	8,067	13,985,048	13,993,115
	-------	-------------	-------------

Investment properties are initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment properties are revalued to their fair value at each reporting date and any changes in fair value are recognised in profit or loss. The investment properties were revalued as detailed below. Valuation per directors at 5 April 2021

	Valuation	Cost
	£	£
Loch Street, Aberdeen	120,000	120,368

Valuation per directors at 5 April 2023

	Valuation	Cost
	£	£
Mid Craigie Road, Dundee	383,190	383,190

Valuations per Santander February 2024

	Valuation	Cost
	£	£
Retail Units 1-3, Forres	925,000	879,410
Flat Slains Drive, Elgin	1,390,000	1,257,710
Venture House	1,305,000	1,222,825
Nursery	750,000	787,626
StobBan House	590,000	735,675
Office 3, 10 Southfield Drive	1,140,000	1,204,824
Office 2, 9 Southfield Drive	1,065,000	987,151
Badentoy, Aberdeen	500,000	1,243,790
Southfield Drive/AFH	4,055,000	3,690,639

Valuation per directors at 5 April 2025

	Valuation	Cost
	£	£
Unit 9, Elgin Business Park	1,350,000	1,160,159

The Directors agree that the fair value has not changed significantly since the prior financial period and so the valuation correctly reflects the fair value at 5 April 2025.

5. Debtors

	2025	2024
	£	£
Trade debtors	78,910	60,368
Other debtors	13,647	13,317
	--------	--------
	92,557	73,685
	--------	--------

6. Creditors: amounts falling due within one year

	2025	2024
	£	£
Bank loans and overdrafts	204,000	204,000
Trade creditors	5,405	15,613
Corporation tax	196,379	159,730
Social security and other taxes	50,026	50,326
Other loans	3,852,335	3,907,335
Other creditors	3,346,295	3,332,429
	------------	------------
	7,654,440	7,669,433
	------------	------------

The term loan is secured by Standard Security over the company's investment properties.

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

	2025	2024
	£	£
Bank loans and overdrafts	5,250,667	4,604,667
	------------	------------

The term loan is secured by Standard Security over the company's investment properties.

8. Related party transactions

Included within creditors at the year end is a loan from Springfield Properties Limited Funded Unapproved Retirement Benefit Scheme, which holds 100% of the shares of Whiterow Properties Ltd . The balance at the year end was £2,754,242 (2024 - £2,784,242). Included within creditors at the year end is a loan from AW & JG Adam, a partnership in which both directors are partners. The balance at the year end was £1,098,093 (2024 - £1,123,093).