Whitehill Properties Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 03548559 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH APRIL 2017

FOR

WHITEHILL PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J C Owen

Ms JM Owen

SECRETARY:

J C Owen

REGISTERED OFFICE:

Cornelius House

178-180 Church Road

Hove

East Sussex

BN3 2DJ

REGISTERED NUMBER:

03548559 (England and Wales)

ACCOUNTANTS:

Parkers

Cornelius House

178-180 Church Road

Hove

East Sussex

BN3 2DJ

FIXED ASSETS

Investment property

3

3,219,295

3,219,295

CURRENT ASSETS

Debtors

4

22,824

6,915

Cash at bank

335,498

324,213

358,322

331,128

CREDITORS

Amounts falling due within one year

5

859,808

965,937

NET CURRENT LIABILITIES

(501,486

)

(634,809

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,717,809

2,584,486

CREDITORS

Amounts falling due after more than one year

6

(503,728

)

(572,418

)

PROVISIONS FOR LIABILITIES

8

(51,292

)

(60,315

)

NET ASSETS

2,162,789

1,951,753

CAPITAL AND RESERVES

Called up share capital

9

100

100

Fair value reserve

10

67,693

58,670

Retained earnings

10

2,094,996

1,892,983

SHAREHOLDERS' FUNDS

2,162,789

1,951,753

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th April 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th April 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 19th December 2017 and were signed on its behalf by:

J C Owen - Director

1.	STATUTORY INFORMATION

Whitehill Properties Limited is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company

Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

No significant judgements have had to be made by the directors in preparing these financial

statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Investment property

Investment properties are properties held to earn rentals and/or for capital appreciation. Investment

properties are initially measured at cost, including transaction costs. Subsequently investment

properties whose air value can be measured reliably without undue cost or effort on an on-going basis

are measured at fair value. Gains and losses arising from changes in the fair value of investment

properties are included in profit or loss in the period in which they arise.

Investment properties whose fair value cannot be measured reliably without undue cost or effort on an

on-going basis are included in plant, property and equipment at cost less accumulated depreciation

and accumulated impairment losses.

Financial instruments

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 and payable, loans from banks

and other third parties, loans to related parties and investments in non-puttable ordinary shares.

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 profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Impairment of non-financial assets

At each reporting date non-financial assets not carried at fair value, like goodwill and plant, property

and equipment, are reviewed to determine whether there is an indication that an asset may be

impaired. If there is an indication of possible impairment, the recoverable amount of any asset or group

of related assets, which is the higher of value in use and the fair value less cost to sell, is estimated

and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the

asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit

or loss.

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st May 2016

and 30th April 2017

3,219,295

NET BOOK VALUE

At 30th April 2017

3,219,295

At 30th April 2016

3,219,295

Fair value at 30th April 2017 is represented by:

£

Valuation in 2017

118,985

Cost

3,100,310

3,219,295

If investment property had not been revalued it would have been included at the following historical

cost:

2017

2016

£

£

Cost

3,100,310

3,100,310

Investment property was valued on an open market basis on 30th April 2017 by a director .

4.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

-

4,168

Other debtors

20,000

-

Prepayments

2,824

2,747

22,824

6,915

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

68,690

68,690

Deposits held

17,515

60,065

Tax

50,244

61,092

Other creditors

285,776

285,837

Directors' current accounts

393,164

443,164

Accrued expenses

44,419

47,089

859,808

965,937

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans - 1-2 years

68,690

68,690

Bank loans - 2-5 years

206,070

206,070

Bank loans more 5 yr by instal

228,968

297,658

503,728

572,418

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

228,968

297,658

7.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

572,418

641,108

The bank loans are secured by way of a charge on the freehold properties.

8.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

51,292

60,315

Deferred

tax

£

Balance at 1st May 2016

60,315

Provided during year

(9,023

)

Balance at 30th April 2017

51,292

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary

£1

100

100

10.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1st May 2016

1,892,983

58,670

1,951,653

Profit for the year

211,036

211,036

Deferred tax adjustment

(9,023

)

9,023

-

At 30th April 2017

2,094,996

67,693

2,162,689

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30th April 2017 and

30th April 2016:

2017

2016

£

£

J C Owen

Balance outstanding at start of year

443,164

(6,837

)

Amounts advanced

-

640,001

Amounts repaid

(50,000

)

(190,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

393,164

443,164

12.	FIRST YEAR ADOPTION

The company adopted the provisions of Section 1A "Small Entities" of Financial Reporting Standard

102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" with effect from

1st May 2015.