WHITEWOOD_ESTATE_MANAGEME - Accounts

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

The accompanying notes form an integral part of these financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.

Whitewood Estate Management Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 2nd Floor, 100 New Oxford Street, London, WC1A 1HB.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The directors have considered the wider implications of COVID-19 and Brexit on the Company. They continue to seek advice from experts to ensure they understand the political environment and the impact of upcoming regulatory or fiscal changes. They believe the Company has satisfactory financial resources to fulfil the requirements of the principal activity. As a consequence, the directors are of the opinion that the Company is well placed to manage its business risks successfully despite the current uncertain economic outlook. After making enquiries, the directors have a reasonable expectation that the Company has adequate resources to continue in existence for the foreseeable future. Thus, they continue to adopt the going concern basis in preparing the annual financial statements.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Whitewood Helios UK Sarl. These consolidated financial statements are available from its registered office, 19 Rue Eugene Ruppert, L-2453 Luxembourg, Grand Duchy of Luxembourg.

The Company’s activities are to act as estate service charge agent for the other group entities. Therefore, no income or expenditure is recognised in respect of those charges.

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

Judgements in applying accounting policies

The preparation of the financial statements requires the use of certain accounting judgements. The area where judgement is most significant to the financial statements is the determination of the company acting as an agent as it has no exposure to the significant risks and rewards associated with the rendering of services. The directors consider that the company acts as an agent in respect of the operation and administration of estate service charges. As part of the management of the land and property, service charges are collected from lessees to meet the costs of managing maintaining the land and property. Service charges are held in trust for the benefit of the lessees. Accordingly, the service charge income and expenditure is excluded from the company’s financial statements.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The average monthly number of persons (including directors) employed by the company during the year was:

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

During the year, all the members paid their share of estate service charges.

None of the directors received any remuneration from the Company during the current and prior years.

The company is limited by guarantee by its members and does not have an immediate parent company. The most significant member is Whitewood (Ring) UK Sarl (19 Rue Eugene Ruppert, L-2453 Luxembourg, Grand Duchy of Luxembourg). The ultimate parent company and ultimate controlling party is Mitsui Fudosan Co Ltd, a company registered in Japan.