The Whitfield Group Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05520825 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2021

for

The Whitfield Group Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D K Whitfield

Mrs S E Whitfield

SECRETARY:

Mrs S E Whitfield

REGISTERED OFFICE:

30a High Street

Over

Cambridgeshire

CB24 5ND

REGISTERED NUMBER:

05520825 (England and Wales)

FIXED ASSETS

Property, plant and equipment

4

29,143

40,047

Investments

5

625,274

625,274

Investment property

6

10,497,143

10,879,034

11,151,560

11,544,355

CURRENT ASSETS

Debtors

7

162,109

133,724

Cash at bank

2,238,946

459,303

2,401,055

593,027

CREDITORS

Amounts falling due within one year

8

8,958,583

8,473,165

NET CURRENT LIABILITIES

(6,557,528

)

(7,880,138

)

TOTAL ASSETS LESS CURRENT LIABILITIES

4,594,032

3,664,217

CREDITORS

Amounts falling due after more than one year

9

(3,218,859

)

(2,293,904

)

PROVISIONS FOR LIABILITIES

(254,242

)

(221,731

)

NET ASSETS

1,120,931

1,148,582

CAPITAL AND RESERVES

Called up share capital

1

1

Non-distributable reserve

11

1,320,757

1,063,390

Retained earnings

11

(199,827

)

85,191

SHAREHOLDERS' FUNDS

1,120,931

1,148,582

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 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.

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 24 December 2021 and were signed on its behalf by:

D K Whitfield - Director

1.	STATUTORY INFORMATION

The Whitfield Group 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 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 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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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.

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 (2020 - NIL).

4.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

and

fittings

£

COST

At 1 April 2020

and 31 March 2021

65,422

DEPRECIATION

At 1 April 2020

25,375

Charge for year

10,904

At 31 March 2021

36,279

NET BOOK VALUE

At 31 March 2021

29,143

At 31 March 2020

40,047

5.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 April 2020

and 31 March 2021

625,274

NET BOOK VALUE

At 31 March 2021

625,274

At 31 March 2020

625,274

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2020

10,879,034

Additions

218,109

Disposals

(600,000

)

Revaluations

171,112

Impairments

(171,112

)

At 31 March 2021

10,497,143

NET BOOK VALUE

At 31 March 2021

10,497,143

At 31 March 2020

10,879,034

Fair value at 31 March 2021 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

8,988,255

10,497,143

Investment properties were revalued to their fair value at the reporting date.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade debtors

35,438

12,220

Other debtors

121,411

86,411

Prepayments and accrued income

5,260

35,093

162,109

133,724

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.3.20

£

£

Trade creditors

34,736

56,125

Tax

47,979

3,088

Other creditors

8,826,847

8,389,929

Accrued expenses

49,021

24,023

8,958,583

8,473,165

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.21

31.3.20

£

£

Bank loans - 2-5 years

3,218,859

2,293,904

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:

31.3.21

31.3.20

£

£

Bank loans

3,218,859

2,293,904

11.

RESERVES

Retained

Non-distributable

earnings

reserve

Totals

£

£

£

At 1 April 2020

85,191

1,063,390

1,148,581

Deficit for the year

(27,651

)

(27,651

)

Bonus share issue

(257,367

)

257,367

-

At 31 March 2021

(199,827

)

1,320,757

1,120,930

12.	RELATED PARTY DISCLOSURES

Included in creditors is a balance amounting to £6,502,230 (2020: £6,437,936) due to Whitfield Finance Limited, £2,324,674 (2020:1,944,637) due to Whitfield Property Investment Limited.

The Director D K Whitfield is also director in above mentioned companies.