The Whitfield Group Limited - Accounts to registrar (filleted) - small 18.2
The Whitfield Group Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2020 |
for |
The Whitfield Group Limited |
The Whitfield Group Limited (Registered number: 05520825) |
Contents of the Financial Statements |
for the Year Ended 31 March 2020 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
The Whitfield Group Limited |
Company Information |
for the Year Ended 31 March 2020 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
The Whitfield Group Limited (Registered number: 05520825) |
Balance Sheet |
31 March 2020 |
31.3.20 | 31.3.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Non-distributable reserve | 11 |
Retained earnings | 11 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
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 Whitfield Group Limited (Registered number: 05520825) |
Balance Sheet - continued |
31 March 2020 |
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 and authorised for issue on signed on its behalf by: |
The Whitfield Group Limited (Registered number: 05520825) |
Notes to the Financial Statements |
for the Year Ended 31 March 2020 |
1. | STATUTORY INFORMATION |
The Whitfield Group Limited is a |
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 |
Turnover |
Turnover represents net invoiced property rentals and services. Rental income Rental income arising from |
operating leases on investment properties is accounted for on a straight-line basis over the lease term. |
Tangible fixed assets |
Investment property |
The Company carries its investment propertiesat fair value, with changes in fair values being |
recognised in the income statement. In addition, it measures land and buildings at |
revalued amounts with changes in fair value being recognised in other comprehensive |
income. |
Investment property whose fair value can be measured reliably without undue cost or |
effort shall be measured at fair value at each reporting date with changes in fair value |
recognised in profit or loss. If a property interest held under a lease is classified as |
investment property, the item accounted for at fair value is that interest and not the |
underlying property. |
Investment properties are derecognised when either they have been disposed of or when the |
investment property is permanently withdrawn from use and no future economic benefit is |
expected from its disposal. Any gains or losses on the retirement or disposal of investment |
property, is recognised in the income statement in the period of derecognition. |
Transfers are made to or from investment property only when there is a change in use. |
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. |
The Whitfield Group Limited (Registered number: 05520825) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
2. | ACCOUNTING POLICIES - continued |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2019 - NIL). |
4. | PROPERTY, PLANT AND EQUIPMENT |
Fixtures |
and |
fittings |
£ |
COST |
At 1 April 2019 |
Additions |
At 31 March 2020 |
DEPRECIATION |
At 1 April 2019 |
Charge for year |
At 31 March 2020 |
NET BOOK VALUE |
At 31 March 2020 |
At 31 March 2019 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 April 2019 |
and 31 March 2020 |
NET BOOK VALUE |
At 31 March 2020 |
At 31 March 2019 |
The Whitfield Group Limited (Registered number: 05520825) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2019 |
Additions |
Revaluations | 257,292 |
At 31 March 2020 |
NET BOOK VALUE |
At 31 March 2020 |
At 31 March 2019 |
Fair value at 31 March 2020 is represented by: |
£ |
Valuation in 2011 | 106,777 |
Valuation in 2013 | 25,000 |
Valuation in 2014 | 50,000 |
Valuation in 2015 | 55,000 |
Valuation in 2016 | 105,000 |
Valuation in 2018 | 880,816 |
Valuation in 2019 | 29,003 |
Valuation in 2020 | 257,292 |
Cost | 9,370,146 |
10,879,034 |
Investment properties were revalued to their fair value at the reporting date. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Trade creditors |
Tax |
Other creditors |
Accrued expenses |
The Whitfield Group Limited (Registered number: 05520825) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2020 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Bank loans - 2-5 years |
The loan is secured by way of a legal charge over two of the company properties and their fixtures,, fittings and |
equipment. There is also a personal guarantee from the Director D K Whitfield of £480,000 as security in respect |
of the bank loan. |
Although this loan was due in less than one year, in October 2016 the loan was refinanced and the term remains |
as due in more than one year. |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.3.20 | 31.3.19 |
£ | £ |
Bank loans |
11. | RESERVES |
Retained | Non-distributable |
earnings | reserve | Totals |
£ | £ | £ |
At 1 April 2019 | ( |
) | 934,680 |
Profit for the year |
Bonus share issue | ( |
) |
At 31 March 2020 | ( |
) | 1,148,581 |
12. | RELATED PARTY DISCLOSURES |
Included in creditors is a balance amounting to £6,437,936 (2019: £6,006,222) due to Whitfield Finance |
Limited, £1,944,637 due to Whitfield Property Investment Limited. |
The Director D K Whitfield is also director in above mentioned companies. |