Whitebay Properties Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 05601653 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022

FOR

WHITEBAY PROPERTIES LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P J Brooke Barnett

J J O'Connor

SECRETARY:

S Kelly

REGISTERED OFFICE:

1st Floor, Commerce House

1 Raven Road

South Woodford

London

E18 1HB

REGISTERED NUMBER:

05601653 (England and Wales)

FIXED ASSETS

Property, plant and equipment

4

9,475

7,260

Investment property

5

6,995,000

-

7,004,475

7,260

CURRENT ASSETS

Inventories

-

5,900,649

Cash at bank

125,172

11,587

125,172

5,912,236

CREDITORS

Amounts falling due within one year

6

7,149,079

6,419,405

NET CURRENT LIABILITIES

(7,023,907

)

(507,169

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(19,432

)

(499,909

)

PROVISIONS FOR LIABILITIES

1,800

1,379

NET LIABILITIES

(21,232

)

(501,288

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(21,332

)

(501,388

)

SHAREHOLDERS' FUNDS

(21,232

)

(501,288

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2022 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 30 June 2023 and were signed on its behalf by:

P J Brooke Barnett - Director

1.	STATUTORY INFORMATION

Whitebay Properties Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 05601653 and registered office address is 1st Floor, Commerce House, 1 Raven Road, South Woodford, London, E18 1HB.

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.

Turnover

Turnover includes rent and service charge income, the sale of land, completed developments and the proportion of sales where contracts have been exchanged that relates to the state of completion of developments together with amounts invoiced or certified for the year for contract building work and fees.

Tangible fixed assets

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

Plant and machinery etc

-

20% on reducing balance

Inventories

Work in progress is valued at the lower of cost and net realisable value.

Financial instruments

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 its financial instruments.

Financial instruments are recognised 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.

Basic financial assets

Basic financial assets, which includes trade and other debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that as a result of one or more events that occurred after an initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors and preference shares classed as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire

Equity Instruments

Equity instruments issued by the company are recorded at the fair value of proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

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.

Going concern

At the balance sheet date, the company had net liabilities of £21,232 (2021:£501,288). The directors believe that the company, with continued support from the creditors, has adequate resources to continue to operate. The directors consider it appropriate to continue using the going concern basis in the preparation of the financial statements. The financial statements do not include any adjustments that would result if support from the directors was not continued.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1 October 2021

7,260

Additions

5,373

At 30 September 2022

12,633

DEPRECIATION

Charge for year

3,158

At 30 September 2022

3,158

NET BOOK VALUE

At 30 September 2022

9,475

At 30 September 2021

7,260

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Reclassification/transfer

6,995,000

At 30 September 2022

6,995,000

NET BOOK VALUE

At 30 September 2022

6,995,000

The property included of £6,995,000 was valued at 30th September 2022 by Hindwoods, Chartered Surveyors, 9 Dreadnought Walk, Greenwich, London SE10 9FP.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Other creditors

7,149,079

6,419,405