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Registered number: 09209257
Whinfield Properties Limited
Financial statements
Information for filing with the registrar
For the Year Ended 31 December 2024
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Whinfield Properties Limited
Registered number: 09209257
Balance Sheet
As at 31 December 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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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:
The notes on pages 2 to 7 form part of these financial statements.
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Whinfield Properties Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Whinfield Properties Limited is a private company limited by shares incorporated in England and Wales. The address of the registered office is Eastham House, Copse Road, Fleetwood, England, FY7 7NY.
The nature of the Company's operation and principal activity is the letting and operating of owned real estate.
2.Accounting policies
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Basis of preparation of financial statements
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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:
At 31 December 2024, the company has net current liabilities of £2,896,936 (2023: net current liabilities £2,688,925) and net liabilities of £900,609 (2024: net liabilities £496,269).
After making enquires, and considering the wider Group support provided by J R Hutt Holdings Limited, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for a minimum of 12 months from the date of approval of these financial statements.
Accordingly, the Company continues to adopt the going concern basis in preparing its financial statements.
Turnover shown in the profit and loss accounts represents rent receivable during the year, exclusive of VAT.
Rental income is recognised in the period to which it relates, taking into account any provision for lease incentives
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.
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Whinfield Properties Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
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 balance sheet 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 balance sheet 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 balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short-term debtors are measured at transaction price, less any impairment.
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Whinfield Properties Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
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.
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.
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The Company has no employees other than the directors, who did not receive any remuneration (2023 -£NIL).
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Whinfield Properties Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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At 1 January 2024 - unaudited
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At 1 January 2024 - unaudited
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Whinfield Properties Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Amounts owed to group companies are unsecured, repayable on demand and incur no interest.
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Creditors: Amounts falling due after more than one year
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Included in bank loans are amounts totalling £1,673,260 (2023: £1,486,186) bearing interest at 3.4% plus the Bank of England Base Rate per annum. The loan is repayable in monthly instalments commencing January 2024 with a final payment in January 2030.
Arrangement fees totalling £17,500 (2023: £nil) have been capitalised and offset against the bank loan balance and are being amortised over the loan term. The net amount due at the balance sheet date is £1,655,760 (2024: £1,486,186).
The loan is secured by a debenture over all company assets and legal charges over properties held by the Company.
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Whinfield Properties Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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The immediate controlling party is Whinfield Holdings Limited which is registered in England. The Company’s ultimate parent undertaking is Hutt Group Limited, which is registered in Isle of Man.
The Company’s ultimate controlling party is J Hutt.
The auditors' report on the financial statements for the year ended 31 December 2024 was unqualified.
The audit report was signed on 22 May 2026 by John Glover (Senior statutory auditor) on behalf of Hurst Accountants Limited.
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