The directors of the company have elected not to include a copy of the income statement 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.

Whiteburn Residential (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.

The company was incorporated on 7 February 2024. The results presented are from this date to the period end 31 May 2025.

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. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

The company is reliant on the continued support of its investors, Whiteburn Holdings Limited and Housing Growth Partnership III LP, who have provided the £1,true532,871 loans which are detailed and discounted in Note 9 to the financial statements. These loans are interest-free and are due after one year. The lenders have confirmed that repayment of these loans shall not be sought whilst this may damage the interests of any other creditor or the going concern status of the company. On this basis, the directors of the company have prepared the financial statements having adopted the going concern basis of accounting.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

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.

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

Under Section 11 of FRS 102, loans that are provided at below-market rates require the initial measurement to be at the present value of the future payments, discounted at a market rate of interest for a similar debt instrument. The loans provided from Housing Growth Partnership III LP and Whiteburn Holdings Limited, disclosed in Note 9, and the loans provided to Whiteburn March Street Limited, disclosed in Note 6, are interest-free and therefore have been discounted.

The rate used to discount these loans is 6.5%. This is based on the interest rate that the Whiteburn Group has been able to secure on loans provided by external funders to another Whiteburn Group entity and is considered to be the most accurate rate at which these loans would be offered if they were to be offered at market-rate.

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

Details of the company's subsidiaries at 31 May 2025 are as follows:

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 is unqualified and includes the following:

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 May 2025 and of its loss for the period then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

The company’s subsidiary, Whiteburn March Street Limited, has entered into a construction contract with Whiteburn Projects Limited to deliver the development of 50 new homes in Peebles.

Included in Note 6 are amounts, after discount, due from Whiteburn March Street Limited, the company's subsidiary, of £1,532,872. This loan of £1,937,485 is interest-free and is due in more than one year.

Included in Note 9 are amounts, after discount, due to Whiteburn Holdings Limited, a partner who has joint-venture control of the company, of £367,192. This loan of £464,115 is interest-free and repayable in more than one year.

Included in Note 9 are amounts, after discount, due to Housing Growth Partnership III LP, a partner who has joint-venture control of the company, of £1,165,680. This loan of £1,473,370 is interest-free and repayable in more than one year.