Company No: 03212702 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2025		2024
		£		£
Fixed assets
Investment property	3	105,000		105,000
		105,000		105,000
Current assets
Stocks	4	20,424		26,924
Debtors	5	565,277		560,340
Cash at bank and in hand	6	4,755		6,697
		590,456		593,961
Creditors: amounts falling due within one year	7	( 183,511)		( 170,623)
Net current assets		406,945		423,338
Total assets less current liabilities		511,945		528,338
Provision for liabilities		( 15,812)		( 15,812)
Net assets		496,133		512,526
Capital and reserves
Called-up share capital		1,000		1,000
Fair value reserve		63,495		63,495
Profit and loss account		431,638		448,031
Total shareholders' funds		496,133		512,526

For the financial year ending 31 March 2025 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 financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Whipcoot Developments Ltd (registered number: 03212702) were approved and authorised for issue by the Director on 23 December 2025. They were signed on its behalf by:

Dr S M Gallagher Director

1. Accounting policies

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.

General information and basis of accounting

Whipcoot Developments Ltd (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 Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, 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 £.

Going concern

The financial statements have been prepared on a going concern basis. There would be no material adjustments if the accounts were to be prepared on a break-up basis.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
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. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Ordinary share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2. Employees

	2025		2024
	Number		Number
Monthly average number of persons employed by the Company during the year, including the director	1		2

3. Investment property

	Investment property
	£
Valuation
As at 01 April 2024	105,000
As at 31 March 2025	105,000

The investment properties class of fixed assets is valued at fair value as at 31 March 2025 by the director who is internal to the company. The basis of this valuation was open market value.

This class of asset has a carrying value of £105,000 (2024 - £105,000) and a carrying amount at historical cost of £25,693 (2024 - £25,693). The depreciation on this historic cost is £Nil (2024 - £Nil).

Deferred tax is accounted for on amounts credited and debited to the fair value reserve as detailed in the investment property accounting policy.

There has been no valuation of investment property by an independent valuer.

4. Stocks

	2025		2024
	£		£
Stocks	0		6,500
Work in progress	20,424		20,424
	20,424		26,924

5. Debtors

	2025		2024
	£		£
Other debtors	565,277		560,340

6. Cash and cash equivalents

	2025		2024
	£		£
Cash at bank and in hand	4,755		6,697

7. Creditors: amounts falling due within one year

	2025		2024
	£		£
Trade creditors	18,488		113
Taxation and social security	133,107		127,927
Other creditors	31,916		42,583
	183,511		170,623

8. Related party transactions

Transactions with the entity's director

	2025		2024
	£		£
Mrs S M Gallagher	406,884		402,259

The Director's loan account is repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 April 2024, the balance owed by Mrs S M Gallagher was £402,259. During the year, £7,127 was advanced to Mrs S M Gallagher, with repayments of £2,502. At 31 March 2025, the balance owed by Mrs S M Gallagher was £406,884.

At 1 April 2023, the balance owed by Mrs S M Gallgher was £363,907. During the year, £139,429 was advanced to Mrs S M Gallagher with repayments of £101,077. At 31 March 2024, the balance owed by Mrs S M Gallagher was £402,259.