Whalebone Investment Company Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00673945 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2020

FOR

WHALEBONE INVESTMENT COMPANY LIMITED

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

J A L Connell

P D Connell

SECRETARY:

J A L Connell

REGISTERED OFFICE:

Priestley House

Priestley Gardens

Chadwell Heath

Essex

RM6 4SN

REGISTERED NUMBER:

00673945 (England and Wales)

ACCOUNTANTS:

Chegwidden & Co

Chartered Accountants

Priestley House

Priestley Gardens

Chadwell Heath

Essex

RM6 4SN

SOLICITORS:

Messrs. Mullis and Peake

8-10 Eastern Road

Romford

Essex

RM1 3PJ

FIXED ASSETS

Investment property

4

2,582,588

2,010,994

CURRENT ASSETS

Debtors

226,031

211,362

Cash at bank

168

168

226,199

211,530

CREDITORS

Amounts falling due within one year

7,871

10,126

NET CURRENT ASSETS

218,328

201,404

TOTAL ASSETS LESS CURRENT LIABILITIES

2,800,916

2,212,398

PROVISIONS FOR LIABILITIES

433,822

325,219

NET ASSETS

2,367,094

1,887,179

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

5

2,379,406

1,916,415

Retained earnings

(12,412

)

(29,336

)

SHAREHOLDERS' FUNDS

2,367,094

1,887,179

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2020 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 applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Statement of Financial Position for the year ended 31st March 2020 in accordance with Section 444(2A) of the Companies Act 2006.

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 25th March 2021 and were signed on its behalf by:

P D Connell - Director

1.	STATUTORY INFORMATION

Whalebone Investment Company 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover represents the fair value of rental income receivable, excluding value added tax, once the income and related

costs incurred can be reliably measured, and it is probable that the economic benefits will flow to the company.

Investment properties

Investment properties are stated at fair value and gains/losses are recognised in the Income Statement. Deferred tax is

provided on these gains/losses at the corporation tax rates and applicable allowances expected to apply when the property is

sold.

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 statement of financial position date.

Deferred tax

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

financial position 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.

Rental income

The company receives rental income under operating leases and other agreements. The income is recognised on a straight

line basis over the lease term or period of agreement. The fair value of assets used to generate this income is disclosed in

the note to fixed asset investments. The managing agents monitor and control the general repairs and maintenance of

properties to ensure applicable contractual obligations are fulfilled.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st April 2019

2,010,994

Revaluations

571,594

At 31st March 2020

2,582,588

NET BOOK VALUE

At 31st March 2020

2,582,588

At 31st March 2019

2,010,994

Fair value at 31st March 2020 is represented by:

£

Valuation in 2017

2,063,000

Valuation in 2018

28,300

Valuation in 2019

(80,306

)

Valuation in 2020

571,594

2,582,588

If investment properties had not been revalued they would have been included at the following historical cost:

2020

2019

£

£

Cost

6,398

6,398

Investment properties were valued on an open market value basis on 28th November 2017 by Shaw & Company (Surveyors) Ltd

.

Although a formal valuation of the portfolio had not been carried out for 2020, the Board has reassessed property values to

reflect the fair values at the year end. Properties are maintained to high standards, and on the basis of prevailing market

conditions and following a consultation with a qualified surveyor, the Board believes the investment portfolio has been

stated at fair value.

5.

RESERVES

Fair

value

reserve

£

At 1st April 2019

1,916,415

Reclassification/transfer

462,991

At 31st March 2020

2,379,406

The fair value reserve represents a non-distributable reserve arising from the net fair value gains on the revaluation of

investment properties, following the transition to FRS 102 Section 1A (Small Companies).

6.	CONTINGENT LIABILITIES

The parent company's bank loan, amounting to £148,000 (2019 - £184,000), has been secured on investment properties

held by the company.

7.	ULTIMATE CONTROLLING PARTY

The company is a wholly owned subsidiary of Whalebone Holdings Ltd. which is considered to be the ultimate controlling

party.