Company registration number 05149681 (England and Wales)
WHITECROSS@STEPNELL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
WHITECROSS@STEPNELL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
WHITECROSS@STEPNELL LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Current assets
Debtors falling due after more than one year
4
6,062,290
6,995,678
Debtors falling due within one year
4
1,015,741
911,033
Cash at bank and in hand
4,062,885
3,793,560
11,140,916
11,700,271
Creditors: amounts falling due within one year
5
(4,854,892)
(4,567,080)
Net current assets
6,286,024
7,133,191
Creditors: amounts falling due after more than one year
6
(4,959,040)
(6,055,403)
Net assets
1,326,984
1,077,788
Capital and reserves
Called up share capital
235,000
235,000
Profit and loss reserves
1,091,984
842,788
Total equity
1,326,984
1,077,788

The notes on pages 2 to 7 form part of these financial statements.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 1 December 2025 and are signed on its behalf by:
J R Wakeford
Director
Company Registration No. 05149681
WHITECROSS@STEPNELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
1
Accounting policies
Company information

Whitecross@Stepnell Limited is a private company limited by shares incorporated in England and Wales. The registered office is 27 Eldon Business Park, Beeston, Nottingham, United Kingdom, NG9 6DZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of derivatives at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors have considered the working capital needs of the business for the next twelve months and true b elieve they have sufficient resources to enable the company to continue to meet its liabilities as they fall due.

The Private Finance Initiative ("PFI") contract under which the company operates ensures that the company can secure an annual income stream until 2031.

Accordingly, the financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future.

1.3

Finance debtor and service income

The company is an operator of a Private Finance Initiative ("PFI") contract. During the construction phase of the project, all attributable expenditure is valued as work in progress. Upon becoming operational, the costs were transferred to the finance debtor and income is allocated between interest receivable and the finance debtor using a project specific interest rate.

The remainder of the PFI unitary charge income is included within turnover. The company recognises income in respect of the services provided as it fulfils its contractual obligations in respect of those services and in line with the fair value of the consideration receivable in respect of those services.

Major maintenance costs are recognised on a contractual basis and the revenue in respect of these services is recognised when these services are performed.

1.4
Turnover

Turnover represents a margin over costs incurred where the margin is based on the total income and costs forecast over the concession period.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

WHITECROSS@STEPNELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less

Other financial liabilities

Derivatives, including interest rate swaps, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

WHITECROSS@STEPNELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9

Related parties

The company has taken advantage of exemption under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' not to disclose related party transactions with wholly owned subsidiaries within the group.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Finance debtor

The company is an operator of a Private Finance Initiative ("PFI") contract. During the construction phase of the project, all attributable expenditure is valued as work in progress. Upon becoming operational, the costs were transferred to the finance debtor and income is allocated between interest receivable and the finance debtor using a project specific interest rate. During the current year, finance income of £611,071 was receivable by the company in respect of this.

The remainder of the PFI unitary charge income is included within turnover. The company recognises income in respect of the services provided as it fulfils its contractual obligations in respect of those services and in line with the fair value of the consideration receivable in respect of those services.

Major maintenance costs are recognised on a contractual basis and the revenue in respect of these services is recognised when these services are performed.

WHITECROSS@STEPNELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 5 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Derivative financial instrument

The company is exposed to interest rate risk due to its long-term loans being subject to variable interest rates. The company has managed its exposure to this risk by entering into a number of variable-to-fixed interest rate swaps in relation to long-term bank loans outstanding as at the balance sheet date and due in more than one year. The fair value of these derivative financial instruments at the balance sheet date has been determined by the directors with reference to Mark to Market (“MtM”) valuation reports obtained from the respective banks which the directors consider to be an appropriate fair value of these derivative financial instruments.

As the derivative financial instruments are valued at fair value through profit or loss in accordance with Financial Reporting Standard 102, the movement in fair value between the current and prior balance sheet dates has been recognised in the statement of comprehensive income.

3
Employees

The company has no employees other than the directors. No directors receive d any remuneration during the current or prior year from the company.

4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
30,307
13,579
Finance debtor
933,388
868,268
Prepayments and accrued income
52,046
29,186
1,015,741
911,033
2025
2024
Amounts falling due after more than one year:
£
£
Finance debtor
6,062,290
6,995,678
Total debtors
7,078,031
7,906,711
WHITECROSS@STEPNELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
5
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
929,500
837,000
Trade creditors
16,891
92,138
Amounts owed to group undertakings
326,831
121,653
Taxation and social security
47,672
86,282
Other creditors
1,453,127
1,498,928
Accruals and deferred income
2,080,871
1,931,079
4,854,892
4,567,080

The bank loan accrues interest per annum at a rate of 1% above LIBOR and is repayable in quarterly instalments up to the final repayment date of 30 November 2029. The bank loan is secured by way of a fixed and floating charge over the assets of the company.

6
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
3,430,897
4,360,397
Amounts owed to group undertakings
1,434,600
1,567,900
Derivative financial instruments
93,543
127,106
4,959,040
6,055,403

The bank loan accrues interest per annum at a rate of 1% above LIBOR and is repayable in quarterly instalments up to the final repayment date of 30 November 2029. The bank loan is secured by way of a fixed and floating charge over the assets of the company.

Refer to note 7 for details of derivative financial instruments.

Amounts included above which fall due after five years are as follows:
Payable by instalments
418,800
1,755,800
WHITECROSS@STEPNELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
7
Financial instruments
2025
2024
£
£
Carrying amount of financial liabilities
Measured at fair value through profit or loss
- Other financial liabilities
93,543
127,106

The company is exposed to interest rate risk due to its long-term loans being subject to variable interest rates. The company has managed its exposure to this risk by entering into a number of variable-to-fixed interest rate swaps in relation to long-term bank loans outstanding as at the balance sheet date and due in more than one year. The fair value of these derivative financial instruments at the balance sheet date has been determined by the directors with reference to Mark to Market (“MtM”) valuation reports obtained from the respective banks which the directors consider to be an appropriate fair value of these derivative financial instruments.

As the derivative financial instruments are valued at fair value through profit or loss in accordance with Financial Reporting Standard 102, the movement in fair value between the current and prior balance sheet dates has been recognised in the statement of comprehensive income. The movement recognised in the statement of comprehensive income in the current year in relation to changes in the fair value of interest rate swaps in place at the balance sheet date was a gain of £33,563 (20 24: £78,243).

8
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Richard Watkins
Statutory Auditor:
Azets Audit Services
9
Financial commitments, guarantees and contingent liabilities

The company had no commitments, guarantees or contingent liabilities at either the current or prior balance sheet date.

10
Parent company

The smallest group into which the company's financial statements are consolidated is that of the ultimate parent company, Brackley Holdings Limited, a company incorporated in England and Wales. The consolidated financial statements are available from the registered office of Brackley Holdings Limited which is 27 Eldon Business Park, Attenborough, Nottingham, NG9 6DZ.

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