The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 May 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

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

Whiteburn March Street Limited is a private company limited by shares incorporated in Scotland. The registered office is Clock Tower, 1 Jackson's Entry, Edinburgh, EH8 8PJ.

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 amounts 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 freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

The ultimate parent company, Whiteburn Residential Limited, has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts.

The company is reliant on the continued support of its investors, Whiteburn Holdings Limited and Housing Growth Partnership III LP, through the loans extended to its parent company, Whiteburn Residential (March Street) Limited, and the draw down against banking facilities disclosed in note 9 to the accounts. true

The investor loan balance of £1,935,322 owed to its parent company, detailed and discounted

in Note 6, is interest free and is due after one year. The lenders have confirmed that repayment of this loan shall not be sought whilst this may damage the interest of any other creditor.

The directors are satisfied at the date of approval that all material bank loan conditions necessary for drawdown are satisfied.

On this basis, the directors of the company have prepared the financial statements having adopted the going concern basis of accounting.           

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.

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.

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 current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position 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, which include debtors, 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. Financial assets classified as receivable within one year are not amortised.

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, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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.

The carrying value of stock is considered to be a critical accounting judgement. An appraisal of the full project has been completed and is reviewed and updated for actual results. The carrying value of stock is adjusted accordingly.

The average monthly number of persons (including directors) employed by the company during the year was:

The company has entered into a construction contract with Whiteburn Projects Limited to deliver the development of 50 new homes in Peebles. The cost of this contract is £10.45m.

The company has agreed terms with Scottish National Investment Bank (the 'Bank') for a senior debt facility of £6.56m in order to carry out a development of 50 new homes for private sale on a consented brown field site in Peebles, Scottish Borders. The facility will comprise a series of loans on a peak debt basis, repayable within 30 months.

Included in Note 6 are amounts, after discount, due to Whiteburn Residential (March Street) Limited, the parent undertaking, of £1,532,872 (2024: £979,091). This loan of £1,937,485 is interest-free and is repayable in more than one year.

During the period, the company has incurred a development management fee of £87,190 (2024: £21,795), payable to Whiteburn Projects Limited, a company controlled by Whiteburn Holdings Limited, one of the joint venture investors in the company's ultimate parent company, Whiteburn Residential Limited. Overall build costs have also been recharged from Whiteburn Projects Limited in the year totalling £338,123 (2024: £264,223). As at 31 May 2025, a total of £60,332 (2024: £24,557) was payable to Whiteburn Projects Limited, included in trade creditors. The total value of the contract with Whiteburn Projects Limited is £10.45m.

The company is a wholly owned subsidiary of Whiteburn Residential (March Street) Limited, a company registered in Scotland. Its ultimate parent company is Whiteburn Residential Limited, a company also registered in Scotland. Both companies have their registered office at Clock Tower, 1 Jacksons Entry, Edinburgh, United Kingdom, EH8 8PJ. The principal place of business is Clock Tower, 1 Jackson's Entry, Edinburgh, EH8 8PJ.

The directors consider that there is no ultimate controlling party of the company.