Company Registration No. 03193922 (England and Wales)
Whitelock & Company Limited
Unaudited financial statements
for the year ended 31 December 2025
Pages for filing with the registrar
Whitelock & Company Limited
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
Whitelock & Company Limited
Balance sheet
As at 31 December 2025
1
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
5
174,239
244,455
Current assets
Stocks
6
6,897,531
6,186,089
Debtors
7
1,600,938
1,522,076
Cash at bank and in hand
3,226
986,900
8,501,695
8,695,065
Creditors: amounts falling due within one year
8
(3,766,668)
(3,265,301)
Net current assets
4,735,027
5,429,764
Total assets less current liabilities
4,909,266
5,674,219
Provisions for liabilities
(39,693)
(56,431)
Net assets
4,869,573
5,617,788
Capital and reserves
Called up share capital
10
105
105
Share premium account
1,039,326
1,039,326
Profit and loss reserves
11
3,830,142
4,578,357
Total equity
4,869,573
5,617,788

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 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.

T he 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.

Whitelock & Company Limited
Balance sheet (continued)
As at 31 December 2025
2
The financial statements were approved by the board of directors and authorised for issue on 10 August 2026 and are signed on its behalf by:
Mr J S Whitelock
Director
Company Registration No. 03193922
Whitelock & Company Limited
Notes to the financial statements
For the year ended 31 December 2025
3
1
Accounting policies
Company information

Whitelock & Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 310 Bournemouth Road, Parkstone, Poole, Dorset, BH14 9AR.

1.1
Accounting convention

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 a mounts 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.

1.2
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.

Revenue from the sale of development property is recognised when the significant risks and rewards of ownership of the property have passed to the buyer, the amount of the revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue is normally recognised on the date a binding legal contract has been exchanged, or at the point at which eventual sale is certain and the company's right to consideration arises.

Revenue from the provision of construction services, maintenance work and similar services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred as a proportion of total costs. Where the outcome cannot be measured reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Improvements to leasehold properties
10% on a straight line basis
Plant and machinery
20% on a straight line basis and 15% on a reducing balance basis
Motor vehicles
20% on a straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Whitelock & Company Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies (continued)
4
1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Stocks

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.

1.6
Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by reference to the stage of completion of the contract activity at the reporting end date. Variations in contract work, claims and incentive payments are included to the extent that the amount can be measured reliably and its receipt is considered probable.

When it is probable that total contract costs will exceed total contract turnover, the expected loss is recognised as an expense immediately.

Where the outcome of a construction contract cannot be estimated reliably, contract revenue is recognised to the extent of contract costs incurred where it is probable that they will be recoverable. Contract costs are recognised as expenses in the period in which they are incurred. When costs incurred in securing a contract are recognised as an expense in the period in which they are incurred, they are not included in contract costs if the contract is obtained in a subsequent period.

Whitelock & Company Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies (continued)
5

Amounts recoverable on long term contracts, which are included in debtors, are stated at the net sales value of the work done after provision for contingencies and anticipated future losses on contracts. Costs associated with long-term contracts are included in stock to the extent that they cannot be matched with contract work accounted for as turnover. Long-term contract balances included in stock are stated at cost, after provision has been made for any foreseeable losses and the deduction of applicable payments on account. Excess payments are included in creditors as other creditors. Full provision is made for losses on all contracts in the year in which the loss is first foreseen.

1.7
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 current liabilities.

1.8
Financial instruments

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 balance sheet 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

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.

Classification of financial liabilities

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

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 paymen ts 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. A m ounts 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.

Whitelock & Company Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
1
Accounting policies (continued)
6
1.9
Equity instruments

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.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

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.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Whitelock & Company Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
7
2
Critical accounting judgements and key sources of estimation uncertainty

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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Recognition of construction contracts

The c ompany’s long term construction contracts policy is set out in note 1.6. This policy is central to the way in which the c ompany values the work it has carried out at each reporting date.

3
Employees

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

2025
2024
Number
Number
Total
18
20
4
Taxation
2025
2024
£
£
Deferred tax
Origination and reversal of timing differences
(16,738)
21,774
Whitelock & Company Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
8
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2025
149,945
743,807
893,752
Additions
-
0
10,804
10,804
Disposals
-
0
(38,679)
(38,679)
At 31 December 2025
149,945
715,932
865,877
Depreciation and impairment
At 1 January 2025
149,945
499,352
649,297
Depreciation charged in the year
-
0
51,585
51,585
Eliminated in respect of disposals
-
0
(9,244)
(9,244)
At 31 December 2025
149,945
541,693
691,638
Carrying amount
At 31 December 2025
-
0
174,239
174,239
At 31 December 2024
-
0
244,455
244,455
6
Stocks
2025
2024
£
£
Land stocks and work in progress
6,897,531
6,186,089
6,897,531
6,186,089
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,301,241
863,197
Corporation tax recoverable
257,516
246,034
Amounts owed by
4,029
-
0
Other debtors
38,152
412,845
1,600,938
1,522,076
Whitelock & Company Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
9
8
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
449,812
-
0
Trade creditors
266,277
454,446
Amounts owed to connected companies
2,455,538
2,534,316
Other taxation and social security
63,436
70,287
Other creditors
531,605
206,252
3,766,668
3,265,301

The bank overdraft is secured by way of a legal charge over certain assets of the company.

9
Deferred taxation

Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
39,693
56,431
2025
Movements in the year:
£
Liability at 1 January 2025
56,431
Credit to profit or loss
(16,738)
Liability at 31 December 2025
39,693
10
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of 1p each
10,536
10,536
105
105
11
Profit and loss reserves

This reserve relates to the cumulative retained earnings less amounts distributed to shareholders.

Whitelock & Company Limited
Notes to the financial statements (continued)
For the year ended 31 December 2025
10
12
Related party transactions

At the year end, deposits of £2,526 (20 24: £859,748) were held on trust for the benefit of the company by The Whitelock Group Bank Accounts Trust. A declaration of trust is in place over this deposit balance and therefore is disclosed as part of the company's cash at bank on the balance sheet.

At the year end, a loan balance of £2,455,538 (20 24: £2,430,538) was owed to a company controlled by a director. No interest is charged on this balance.

During the year rent totalling £25,000 (2024: £25,000) was received from a company controlled by a director.

At the year end, a loan balance of £nil (2024: £370,000) was owed from directors of the company. Interest is charged on the loan at 2.25%.

During the year, the company made sales of £117,642 (2024: £71,373) to directors of the company for building services undertaken. At the year end £1,932 (2024: £10,991) was owed by the directors to the company in respect of these transactions.

During the year, the company incurred costs of £8,000 (2024: £nil) in respect of property consultancy and management services provided by a director of the company. At the year end, no amounts were outstanding to the director in relation to these transactions (2024: £nil). The transactions were undertaken on normal commercial terms.

13
Ultimate controlling party

On 3 April 2026, 9,000 Ordinary shares have been transferred to the John Sydenham Whitelock 2026 Discretionary Trust. The trust is now the ultimate controlling party.

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