ACCOUNTS - Final Accounts preparation

Company Registration Number: 10487458

WHEATLEY HILL LIMITED

FINANCIAL STATEMENTS

31 DECEMBER 2024

WHEATLEY HILL LIMITED

REGISTERED NUMBER: 10487458

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£


Current assets
Stocks	4	1,266,015		2,796,173
Debtors: amounts falling due within one year	5	3,845,804		3,728,211
Cash at bank and in hand		229,202		17,925
		5,341,021		6,542,309
Creditors: amounts falling due within one year	6	(5,337,598)		(6,490,911)
Net current assets			3,423		51,398
Total assets less current liabilities			3,423		51,398

Net assets			3,423		51,398

Capital and reserves
Called up share capital	7	100	100
Profit and loss account		3,323	51,298
		3,423	51,398

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.

The Company has opted not to file the income statement 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 by:

................................................

Mr M F Hogan

Director

Date: 29 September 2025

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

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WHEATLEY HILL LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2023	100	40,606	40,706

Profit for the year	-	10,692	10,692
Total comprehensive income for the year	-	10,692	10,692

At 1 January 2024	100	51,298	51,398

Loss for the year	-	(47,975)	(47,975)
Total comprehensive income for the year	-	(47,975)	(47,975)
At 31 December 2024	100	3,323	3,423

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WHEATLEY HILL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

The company is a private company limited by share capital, incorporated in England.
The address of its registered office is Dere Street House, Bowburn North Industrial Estate, Bowburn, Durham, England, DH6 5PF.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The financial statements are presented in sterling and this is the functional currency of the company.

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:

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

Interest income

Interest income is recognised in profit or loss using the effective interest method.

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WHEATLEY HILL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include land costs and external fees.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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WHEATLEY HILL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.9

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

Employees

The Company has no employees other than the directors, who did not receive any remuneration (2023 - £NIL).

4.	Stocks
		2024	2023
		£	£

Work in progress (goods to be sold)	1,266,015	2,796,173
	1,266,015	2,796,173

Debtors

					2024	2023
					£	£


Amounts owed by group undertakings	3,818,096	3,714,934
Other debtors	27,708	11,873
Deferred taxation	-	1,404
	3,845,804	3,728,211

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WHEATLEY HILL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

6.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Due within one year
Amounts owed to group undertakings	4,990,755	6,464,882
Accruals and deferred income	346,683	26,029
Other creditors	160	-
	5,337,598	6,490,911

7.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

100 (2023 - 100) Ordinary shares of £1.00 each	100	100

8.	Parent and ultimate parent undertaking

The company's immediate parent is which is incorporated in England and Wales.
The registered office of VB Turnbull Limited is Dere Street House, Bowburn North Industrial Estate,
Bowburn, Durham, DH6 5PF.
The parent of the largest group is which is incorporated in England and
Wales. The registered office of Vestbrown (Newco) Limited is Dere Street House, Bowburn North
Industrial Estate, Bowburn, Durham, DH6 5PF.

9.	Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.

The audit report was signed on 29 September 2025 by Simon Turner (Senior Statutory Auditor) on behalf of Armstrong Watson Audit Limited.

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