Whiteleaf Financial Limited

	Page
Strategic Report	1
Directors' Report	2
Independent Auditor's Report	3—4
Profit and Loss Account	5
Balance Sheet	6
Statement of Changes in Equity	7
Statement of Cash Flows	8
Notes to the Statement of Cash Flows	9
Notes to the Financial Statements	10—15

The directors present their report and the financial statements for the period ended 30 November 2024.

Principal Activity

The company's principal activity continues to be that of (please complete sentence).

Directors

The directors who held office during the period were as follows:

Mr C.P. Brockbank	Resigned	13/11/2024
Mr DARIUS PAINE

Statement of Directors' Responsibilities

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, have been followed subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Independent Auditors

The auditors, Cunningtons, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

Mr DARIUS PAINE

Director

27/11/2025

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Independent Auditor's Report

to the Members of

Whiteleaf Financial Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Whiteleaf Financial Limited for the period ended 30 November 2024 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes of Equity, Cash Flow Statement and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 30 November 2024 and of its profit/(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.

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions Relating to Going Concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the entity's ability to continue as a going concern for a period of at least 12 months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other Information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on Other Matters Prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)

to the Members of

Whiteleaf Financial Limited

Matters on Which We Are Required to Report by Exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records or returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of Directors

As explained more fully in the Directors' Responsibilities Statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use Of Our Report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters that we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Graham Smith (Senior Statutory Auditor)

for and on behalf of Cunningtons , Statutory Auditor

27/11/2025

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Whiteleaf Financial Limited

Profit and Loss Account

For the Period 1 June 2024 to 30 November 2024

Profit and Loss Account

		30 November 2024	31 May 2024
	Notes	£	£
TURNOVER		228,015	485,960
Cost of sales		(4,532 )	(13,460 )

GROSS PROFIT		223,483	472,500

Administrative expenses		(283,722 )	(487,892 )

OPERATING LOSS	3	(60,239 )	(15,392 )
Other interest receivable and similar income	8	2,691	6,225
Interest payable and similar charges	9	(7,604 )	(1,453 )

LOSS BEFORE TAXATION		(65,152 )	(10,620 )
Tax on Loss	10	12,412	2,075

LOSS AFTER TAXATION BEING LOSS FOR THE FINANCIAL PERIOD		(52,740 )	(8,545 )

The notes on pages 9 to 15 form part of these financial statements.

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Whiteleaf Financial Limited

Balance Sheet

As At 30 November 2024

Balance Sheet

Registered number: 02600015

		30 November 2024		31 May 2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	12		7,586		7,228

			7,586		7,228
CURRENT ASSETS
Stocks	13	3,590		1,945
Debtors	14	48,399		80,230
Cash at bank and in hand		319,603		400,065

		371,592		482,240
Creditors: Amounts Falling Due Within One Year	15	(124,911 )		(162,584 )

NET CURRENT ASSETS (LIABILITIES)			246,681		319,656

TOTAL ASSETS LESS CURRENT LIABILITIES			254,267		326,884

Creditors: Amounts Falling Due After More Than One Year	16		(15,629 )		(10,506 )

PROVISIONS FOR LIABILITIES
Provisions For Charges			-		(25,000 )

NET ASSETS			238,638		291,378

CAPITAL AND RESERVES
Called up share capital	18		55,000		55,000
Capital redemption reserve			40,000		40,000
Profit and Loss Account			143,638		196,378

SHAREHOLDERS' FUNDS			238,638		291,378

On behalf of the board

Mr DARIUS PAINE

Director

27/11/2025

The notes on pages 9 to 15 form part of these financial statements.

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Whiteleaf Financial Limited

Statement of Changes in Equity

For the Period 1 June 2024 to 30 November 2024

Statement of Changes in Equity

	Share Capital	Capital Redemption	Profit and Loss Account	Total
	£	£	£	£
As at 1 June 2023	55,000	40,000	204,923	299,923
Loss for the year and total comprehensive income	-	-	(8,545 )	(8,545)

As at 31 May 2024 and 1 June 2024	55,000	40,000	196,378	291,378


Loss for the period and total comprehensive income	-	-	(52,740 )	(52,740)

As at 30 November 2024	55,000	40,000	143,638	238,638

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Whiteleaf Financial Limited

Statement of Cash Flows

For the Period 1 June 2024 to 30 November 2024

Statement of Cash Flows

		30 November 2024	31 May 2024
	Notes	£	£
Cash flows from operating activities
Net cash used in operations	1	(84,109 )	(26,924 )
Interest paid		(7,604 )	(1,453 )
Tax refunded/(paid)		14,487	(7,939 )

Net cash used in operating activities		(77,226 )	(36,316 )

Cash flows from investing activities
Purchase of tangible assets		(1,373 )	(2,625 )
Interest received		2,691	6,225

Net cash generated from investing activities		1,318	3,600

Cash flows from financing activities
Repayment of bank borrowings		(5,124 )	(9,993 )
Amount introduced by directors		569	-
Amount withdrawn by directors		-	(477)

Net cash used in financing activities		(4,555 )	(10,470 )



Decrease in cash and cash equivalents		(80,463 )	(43,186 )
Cash and cash equivalents at beginning of period	2	400,065	443,251

Cash and cash equivalents at end of period	2	319,602	400,065

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Whiteleaf Financial Limited

Notes to the Statement of Cash Flows

For the Period 1 June 2024 to 30 November 2024

Notes to the Statement of Cash Flows

1. Reconciliation of loss for the financial period to cash used in operations

	30 November 2024	31 May 2024
	£	£
Loss for the financial period	(52,740 )	(8,545 )
Adjustments for:
Tax on loss	(12,412 )	(2,075 )
Interest expense	7,604	1,453
Interest income	(2,691 )	(6,225 )
Depreciation of tangible assets	1,014	1,949
Movements in working capital:
Increase in stocks	(1,645 )	(93 )
Decrease/(increase) in trade and other debtors	29,187	(7,111 )
Decrease in trade and other creditors	(52,426 )	(6,277 )

Net cash used in operations	(84,109 )	(26,924 )

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	30 November 2024	31 May 2024
	£	£
Cash at bank and in hand	319,603	400,065

3. Analysis of changes in net funds

	As at 1 June 2024	Cash flows	As at 30 November 2024
	£	£	£
Cash at bank and in hand	400,065	(80,462)	319,603
Debts falling due within one year	(10,247 )	10,247	-
Debts falling due after more than one year	(10,506)	(5,123)	(15,629)

	379,312	(75,338)	303,974

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Whiteleaf Financial Limited

Notes to the Financial Statements

For the Period 1 June 2024 to 30 November 2024

Notes to the Financial Statements

1. General Information

Whiteleaf Financial Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02600015 . The registered office is Sanderum House, Oakley Road, Chinnor, Oxfordshire, OX39 4TW.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services

Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.3. Intangible Fixed Assets and Amortisation - Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to the profit and loss account over its estimated economic life of .... years.

2.4. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

2.5. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

2.6. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

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Whiteleaf Financial Limited

Notes to the Financial Statements (continued)

For the Period 1 June 2024 to 30 November 2024

2.7. Taxation

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

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the period, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

3. Operating Loss

The operating loss is stated after charging:

	30 November 2024	31 May 2024
	£	£
Bad debts	2	-
Depreciation of tangible fixed assets	1,014	1,949

4. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the period was as follows:

	30 November 2024	31 May 2024
	£	£
Audit Services
Audit of the company's financial statements	3,220	3,450

5. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	30 November 2024	31 May 2024
	£	£
Wages and salaries	105,809	203,111
Social security costs	7,501	15,325
Other pension costs	75,518	61,073

	188,828	279,509

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Whiteleaf Financial Limited

Notes to the Financial Statements (continued)

For the Period 1 June 2024 to 30 November 2024

6. Average Number of Employees

Average number of employees, including directors, during the period was: 4 (2024: 4)

7. Directors' remuneration

	30 November 2024	31 May 2024
	£	£
Emoluments	6,285	12,570

8. Interest Receivable and Similar Income

	30 November 2024	31 May 2024
	£	£
Bank interest receivable	2,691	6,225

9. Interest Payable and Similar Charges

	30 November 2024	31 May 2024
	£	£
Bank loans and overdrafts	573	1,449
Interest payable on other loans	-	4

	573	1,453

10. Tax on Profit

	30 November 2024	31 May 2024
The tax credit on the loss for the period was as follows:
	£	£
Current tax
UK Corporation Tax	(12,412 )	(2,075 )


Total tax charge for the period	(12,412 )	(2,075 )


The actual credit for the period can be reconciled to the expected credit for the period based on the loss and the standard rate of corporation tax as follows:
	30 November 2024	31 May 2024
	£	£
Profit before tax	(65,152)	(10,620)

Tax on profit at 0% (UK standard rate)	-	-
Total tax charge for the period	-	-

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Whiteleaf Financial Limited

Notes to the Financial Statements (continued)

For the Period 1 June 2024 to 30 November 2024

11. Intangible Assets

	Goodwill
	£
Cost
As at 1 June 2024	20,000

As at 30 November 2024	20,000

Amortisation
As at 1 June 2024	20,000

As at 30 November 2024	20,000

Net Book Value
As at 30 November 2024	-

As at 1 June 2024	-

12. Tangible Assets

	Fixtures & Fittings
	£
Cost
As at 1 June 2024	114,649
Additions	1,373

As at 30 November 2024	116,022

Depreciation
As at 1 June 2024	107,421
Provided during the period	1,015

As at 30 November 2024	108,436

Net Book Value
As at 30 November 2024	7,586

As at 1 June 2024	7,228

13. Stocks

	30 November 2024	31 May 2024
	£	£
Stock	3,590	-
Work in progress	-	1,945

	3,590	1,945

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Whiteleaf Financial Limited

Notes to the Financial Statements (continued)

For the Period 1 June 2024 to 30 November 2024

14. Debtors

	30 November 2024	31 May 2024
	£	£
Due within one year
Trade debtors	20,965	65,055
Other debtors	27,434	15,175

	48,399	80,230

15. Creditors: Amounts Falling Due Within One Year

	30 November 2024	31 May 2024
	£	£
Trade creditors	8,397	37,351
Bank loans and overdrafts	-	10,247
Other creditors	25,000	780
Taxation and social security	9,112	12,066
Accruals and deferred income	82,402	102,140

	124,911	162,584

16. Creditors: Amounts Falling Due After More Than One Year

	30 November 2024	31 May 2024
	£	£
Bank loans	15,629	10,506

17. Loans

An analysis of the maturity of loans is given below:

	30 November 2024	31 May 2024
	£	£
Amounts falling due within one year or on demand:
Bank loans	-	10,247

	30 November 2024	31 May 2024
	£	£
Amounts falling due between one and five years:
Bank loans	15,629	10,506

18. Share Capital

	30 November 2024	31 May 2024
	£	£
Allotted, Called up and fully paid	55,000	55,000

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Whiteleaf Financial Limited

Notes to the Financial Statements (continued)

For the Period 1 June 2024 to 30 November 2024

19. Pension Commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund.

During the period the charge to the profit and loss account in respect of defined contribution schemes was £75,518 (2024: £61,073).

At the balance sheet date contributions of £NIL were due to the fund and are included in creditors.

20. Directors Advances, Credits and Guarantees

Included within Debtors are the following loans to directors:

The above loan is unsecured, interest free and repayable on demand.

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