Whitefield Property Holdings Ltd Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 09698811

Whitefield Property Holdings Ltd

Filleted Unaudited Financial Statements

31 December 2025

Whitefield Property Holdings Ltd

Statement of Financial Position

31 December 2025

	2025	2024
Note	£	£

Fixed assets

Tangible assets	6	622,328	622,268
Investments	7	12,749	8,950
		---------	---------
		635,077	631,218

Current assets

Debtors	8	7,411	6,844
Cash at bank and in hand		5,375	6,544
		--------	--------
		12,786	13,388

Creditors: amounts falling due within one year	9	5,809	6,846
		--------	--------
Net current assets		6,977	6,542
		---------	---------
Total assets less current liabilities		642,054	637,760

Creditors: amounts falling due after more than one year	10	622,300	622,300

Provisions

Taxation including deferred tax	11	630	90
Other provisions	11	2,868	4,400
		-------	-------
		3,498	4,490
		---------	---------
Net assets		16,256	10,970
		---------	---------

Capital and reserves

Called up share capital	13	21,200	21,200
Profit and loss account		( 4,944)	( 10,230)
		--------	--------
Shareholders funds		16,256	10,970
		--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

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

Director's responsibilities:

- 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 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Whitefield Property Holdings Ltd

Statement of Financial Position (continued)

31 December 2025

These financial statements were approved by the board of directors and authorised for issue on 28 June 2026 , and are signed on behalf of the board by:

Mr GR Lee
Director

Company registration number: 09698811

Whitefield Property Holdings Ltd

Notes to the Financial Statements

Year ended 31 December 2025

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Whitefields, Daisy Lane, Mill Hill, Edenbridge, Kent, TN8 5DB, England.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Rental debtors bad and doubtful debt provision

Property rentals outstanding more than 14 days after the Assured Short-term Tenancy Agreement payment date will be subject to review and a provision made for their bad or doubtful debt status. The value of the provision will be a matter for management judgement on a case by case basis.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for property services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	33% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. To ensure that apartments continue to generate rent it is necessary to maintain them in a good state of decoration. The costs of re-decoration are considerable and the process of re-decoration will be repeated every four to five years, if not sooner. Accordingly provisions are also required annually to build a reserve to pay this liability. The company has a policy to assume quinquennial re-decoration and accrue costs based upon the expense incurred at the previous re-decoration.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2024: 1 ).

5. Tax on profit

Major components of tax expense

	2025	2024
	£	£

Current tax:

UK current tax expense	3	–

Deferred tax:

Origination and reversal of timing differences	541	134
	----	----
Tax on profit	544	134
	----	----

Listed investments are stated at market value by making a fair value adjustment at each balance sheet date. Deferred tax is provided on the revaluation surplus or deficit as this revaluation will change at the next balance sheet date. Conversely Rental Income (Schedule A) losses are not recognised by a deterred tax assets as the timing for recovery against future profits can not be accurately foreseen.

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is lower than (2024: lower than) the standard rate of corporation tax in the UK of 25 % (2024: 19 %).

	2025	2024
	£	£
Profit on ordinary activities before taxation	5,830	3,452
	-------	-------
Profit on ordinary activities by rate of tax	1,457	656
Effect of capital allowances and depreciation	( 15)	12
Effect of revenue exempt from tax	( 514)	( 146)
Utilisation of tax losses	( 925)	( 522)
Deferred tax on fair value adjustment to state Listed Investments at market value	541	134
	-------	-------
Tax on profit	544	134
	-------	-------

6. Tangible assets

	Long leasehold property	Equipment	Total
	£	£	£
Cost
At 1 January 2025	622,204	191	622,395
Additions	–	179	179
	---------	----	---------
At 31 December 2025	622,204	370	622,574
	---------	----	---------
Depreciation
At 1 January 2025	–	127	127
Charge for the year	–	119	119
	---------	----	---------
At 31 December 2025	–	246	246
	---------	----	---------
Carrying amount
At 31 December 2025	622,204	124	622,328
	---------	----	---------
At 31 December 2024	622,204	64	622,268
	---------	----	---------

7. Investments

	Listed investments at valuation
	£
Cost
At 1 January 2025	8,950
Additions	1,741
Revaluations	2,058
	--------
At 31 December 2025	12,749
	--------
Impairment
At 1 January 2025 and 31 December 2025	–
	--------

Carrying amount
At 31 December 2025	12,749
	--------
At 31 December 2024	8,950
	--------

Investments currently comprise only listed investments. The listed investments are valued at Market Value by making a Fair Value Adjustment.

8. Debtors

	2025	2024
	£	£
Rental income debtors	872	872
Amounts owed by group undertakings	6,217	5,676
Prepayments and accrued income	322	296
	-------	-------
	7,411	6,844
	-------	-------

9. Creditors: amounts falling due within one year

	2025	2024
	£	£
Trade creditors	2,868	–
Amounts owed to group undertakings	–	85
Accruals and deferred income	1,420	1,969
Corporation tax	3	–
Social security and other taxes	510	360
Director loan accounts	1,008	4,432
	-------	-------
	5,809	6,846
	-------	-------

10. Creditors: amounts falling due after more than one year

	2025	2024
	£	£
Other creditors	622,300	622,300
	---------	---------

6% Redeemable Cumulative Preference shares classes A and B were issued to acquire rental properties. The Preference share agreements state that these shares are redeemable immediately on disposal of those properties and are undated as disposal dates cannot be predetermined.

The company's ultimate controlling party has a 69% interest in both Preference share classes A and B.

11. Provisions

	Deferred tax	Re-decoration costs	Total
	£	£	£
At 1 January 2025	90	4,400	4,490
Additions	540	1,336	1,876
Charge against provision	–	( 2,868)	( 2,868)
	----	-------	-------
At 31 December 2025	630	2,868	3,498
	----	-------	-------

The company's apartments require periodic re-decoration. These are very heavy costs and provisions are made in advance to match potential dilapidation/wear and tear costs against the periods when rental income is generated.

12.Financial instruments

The carrying amount for each category of financial instrument is as follows:

	2025	2024
	£	£

Financial assets measured at fair value through profit or loss

Listed investments measured at original cost	10,220	8,479
	--------	-------

13. Called up share capital

Issued, called up and fully paid

2025		2024
No.	£	No.	£

Amounts presented in equity:

Ordinary Class A shares of £ 1 each	10,600	10,600	10,600	10,600
Ordinary Class B shares of £ 1 each	10,600	10,600	10,600	10,600
	--------	--------	--------	--------
	21,200	21,200	21,200	21,200
	--------	--------	--------	--------

Amounts presented in liabilities:

6% Redeemable Cumulative Preference Class A shares of £ 1 each	309,050	309,050	309,050	309,050
6% Redeemable Cumulative Preference Class B shares of £ 1 each	313,250	313,250	313,250	313,250
	---------	---------	---------	---------
	622,300	622,300	622,300	622,300
	---------	---------	---------	---------

14. Contingencies

Debenture breaches The Company owns 2 apartments financed by borrowings. There are a pair of August 2015 Facility agreements, one per apartment, and two March 2016 Debenture Agreements, one per apartment. These specify how the lenders are to be remunerated. They define minimum monthly payments during normal operations and long term payments when the apartments are sold. They also define lenders rights should the company breach the debenture agreements. These include an option for one or all lenders at any time of their choice to secure a fixed charge over the leasehold properties and a floating charge over all other assets. This year the Company increased payments under the debentures, but these were still less than the specified minimums. Taken with previous underpayments the cumulative balances are £9,853 on property A and £10,011 on property B.

15. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2025
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr GR Lee	( 4,432)	( 1,286)	4,710	( 1,008)
	-------	-------	-------	-------

	2024
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr GR Lee	( 2,551)	( 2,021)	140	( 4,432)
	-------	-------	----	-------

Directors credits represent company costs paid by the director. There have been no advances of company monies to the director. No interest was charged to the company on these monies borrowed from directors .

16. Ultimate controlling party

The company became a subsidiary of Whitefields Group Ltd in 2022. By the end of 2023 Whitefields Group Ltd had acquired 100% of the Ordinary Class A and 100% of the Ordinary Class B shares.

Mr GR Lee is the sole shareholder in the Whitefields Group Ltd and therefore the ultimate controlling party.