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| Registered number: 07398891
WHITE PENNANT LTD FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
WHITE PENNANT LTD REGISTERED NUMBER:07398891 STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investment property | 5 |  | 24,275,823 |  | 24,275,823
|  |  | 24,275,823 |  | 24,275,823
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 6 | 77,331 |  | 168,864 |
Cash at bank and in hand | 7 | 121,020 |  | 22,789 |
|  | 198,351 |  | 191,653 |
Creditors: amounts falling due within one year | 8 | (1,150,486) |  | (1,257,669) |
Net current liabilities |  |  | (952,135) |  | (1,066,016)
Total assets less current liabilities |  |  | 23,323,688 |  | 23,209,807
Creditors: amounts falling due after more than one year | 9 |  | (11,044,233) |  | (11,538,551)
Provisions for liabilities |  |  |  |  |
Deferred tax | 11 | (1,708,216) |  | (1,690,770) |
|  |  | (1,708,216) |  | (1,690,770)
Net assets |  |  | 10,571,239 |  | 9,980,486
Capital and reserves |  |  |  |  |
Called up share capital | 12 |  | 10 |  | 10
Share premium account | 13 |  | 200,000 |  | 200,000
Profit and loss account | 13 |  | 10,371,229 |  | 9,780,476
|  |  | 10,571,239 |  | 9,980,486
Page 1
WHITE PENNANT LTD REGISTERED NUMBER:07398891 STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 30 SEPTEMBER 2025 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 statement of comprehensive income 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:
J G Redman
Director
Date: 11 March 2026
The notes on pages 3 to 10 form part of these financial statements. Page 2
WHITE PENNANT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
1. | GENERAL INFORMATION
White Pennant Ltd is a limited liability company incorporated in England and Wales. The registered office is Neptune, Frankland Road, Blagrove, Swindon, SN5 8YG. 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 following principal accounting policies have been applied:
| 2.2 | EXEMPTION FROM PREPARING CONSOLIDATED FINANCIAL STATEMENTS
The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
| 2.3 | GOING CONCERN
The ongoing challenging retail environment in the UK presents a potential risk to the Company. However, the Company generated a profit in the last financial year and the future expectations remain consistent with recent performance. As a result, the Company’s forecasts and projections, taking in to account reasonable possible changes in performance, show that the Company is able to operate within current financing levels and therefore deemed that the accounts should be made on a going concern basis.
| 2.4 | TURNOVER
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised: Rendering of services Turnover 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 turnover 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.
| 2.5 | BORROWING COSTS
All borrowing costs are recognised in profit or loss in the year in which they are incurred. Page 3
WHITE PENNANT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.6 | 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.
| 2.7 | INVESTMENT PROPERTY
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
| 2.8 | VALUATION OF INVESTMENTS
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.9 | 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.
| 2.10 | 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.
| 2.11 | 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. Page 4
WHITE PENNANT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.12 | 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.
| 2.13 | FINANCIAL INSTRUMENTS
Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
3. | EMPLOYEES
| The average monthly number of employees, including directors, during the year was 1 (2024: 2).
Page 5
WHITE PENNANT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
4. | FIXED ASSET INVESTMENTS
|  | Investments in subsidiary companies | Unlisted investments | Total
|  | £ | £ | £
| COST OR VALUATION |  |  |
| At 1 October 2024 | 200,000 | 1,000 | 201,000
| At 30 September 2025 | 200,000 | 1,000 | 201,000
| IMPAIRMENT |  |  |
| At 1 October 2024 | 200,000 | 1,000 | 201,000
| At 30 September 2025 | 200,000 | 1,000 | 201,000
| NET BOOK VALUE |  |  |
| At 30 September 2025 | - | - | -
| At 30 September 2024 | - | - | -
5. | INVESTMENT PROPERTY
|  | Freehold investment property | Long term leasehold investment property | Total
|  | £ | £ | £
| VALUATION |  |  |
| At 1 October 2024 | 10,800,778 | 13,475,045 | 24,275,823
| AT 30 SEPTEMBER 2025 | 10,800,778 | 13,475,045 | 24,275,823
Valuations were last made in 2023 by the directors and professional valuers, on an open market value for existing use basis.
Page 6
WHITE PENNANT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
6. | DEBTORS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 20,624 | 48,354
| Other debtors | 21,588 | -
| Prepayments and accrued income | 35,119 | 120,510
|  | 77,331 | 168,864
7. | CASH AND CASH EQUIVALENTS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 121,020 | 22,789
|  | 121,020 | 22,789
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 583,850 | 829,118
| Other loans | 135,000 | 20,000
| Trade creditors | 37,013 | 83,406
| Corporation tax | 213,612 | 193,252
| Other taxation and social security | 142,478 | 106,033
| Other creditors | - | 1,412
| Accruals and deferred income | 38,533 | 24,448
|  | 1,150,486 | 1,257,669
| The company has a revolving loan facility arrangement wih HSBC Bank Plc. Under this agreement the company is entitled to request loans to a maximum of £11,677,000. The company had borrowed £11,677,000 using this facility at the commencement of the period and is repaying this loan as detailed below. The loan is repayable in monthly instalments of £48,654 for 58 months from the date of the drawdown of the loan with a final repayment of the outstanding balance after this period. £583,850 of the loan is included within creditors due within one year, with the remaining £11,044,233 of the loan being included within creditors due after more that one year. The loan is secured by way of a fixed and floating charge over all of the assets of the company and interest is charged on the loan at LIBOR + 2%.
Page 7
WHITE PENNANT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank loans | 11,044,233 | 11,538,551
|  | 11,044,233 | 11,538,551
10. | LOANS
| Analysis of the maturity of loans is given below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| AMOUNTS FALLING DUE WITHIN ONE YEAR |  |
| Bank loans | 583,850 | 829,118
| Other loans | 135,000 | 20,000
|  | 718,850 | 849,118
| AMOUNTS FALLING DUE 1-2 YEARS |  |
| Bank loans | 583,587 | 11,538,551
|  | 583,587 | 11,538,551
| AMOUNTS FALLING DUE 2-5 YEARS |  |
| Bank loans | 10,460,646 | -
|  | 10,460,646 | -
|  | 11,763,083 | 12,387,669
Page 8
WHITE PENNANT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
11. | DEFERRED TAXATION
|  | 2025 | 2024
|  | £ | £
| At beginning of year | (1,690,770) | (1,221,201)
| Credited to profit or loss | (17,446) | (469,569)
| AT END OF YEAR | (1,708,216) | (1,690,770)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Accelerated capital allowances | (176,989) | (160,172)
| Short term timing differences | (629) | -
| Deferred tax liability on year end investment property valuation | (1,530,598) | (1,530,598)
|  | (1,708,216) | (1,690,770)
12. | SHARE CAPITAL
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | ALLOTTED, CALLED UP AND FULLY PAID |  |
|  | 1,042 (2024: 1,042) Ordinary shares of £0.01 each | 10 | 10
13. | RESERVES
Share premium account The share premium account reserve includes the additional consideration received above the nominal value of the issuing of new shares. The reserve is non-distributable. Profit and loss account The profit and loss account reserve includes all current and prior periods retained profits and losses. Included within the profit and loss account reserve at 30 September 2025 is £Nil (2024: £Nil) of non-distributable reserves relating to unrealised gains on the revaluation of investment property and related movements on deferred tax. The distributable element of the profit and loss reserve had a balance of £10,371,229 (2024: £9,780,476).
14. | CONTINGENT LIABILITIES
At the year end date there is an outstanding loan balance owed to HSBC Bank Plc from the directors' SIPP, over which there is a first legal charge on the leasehold property of The Neptune Building to support the loan. The value of the loan at the year end is £95,437 (2024: £95,437). Page 9
WHITE PENNANT LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
15. | RELATED PARTY TRANSACTIONS
| During the year the company had transactions and balances outstanding at the year end with companies under common control, as follows: Amounts owed to companies under common control at the year end totalled £NIL (2024: £1,741). Purchases from entities under common control totalled £NIL (2024:NIL). Amounts owed from companies under common control at they year end totalled £162 (2024: £2,734). Sales to entities under common control totalled £NIL (2024: £NIL).
16. | CONTROLLING PARTY
There is no ultimate controlling party.
17. | AUDITORS' INFORMATION
The auditors' report on the financial statements for the year ended 30 September 2025 was unqualified. The audit report was signed on 12 March 2026 by Ria Burridge FCCA (senior statutory auditor) on behalf of Bishop Fleming Audit Limited.
Page 10