Whitfield Portfolio Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 11100009 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Whitfield Portfolio Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D K Whitfield

Mrs S E Whitfield

REGISTERED OFFICE:

Suite 5, The Old Granary

Oakington Road

Westwick

Cambridge

Cambridgeshire

CB24 3AR

REGISTERED NUMBER:

11100009 (England and Wales)

FIXED ASSETS

Property, plant and equipment

4

357,628

421,287

Investment property

5

37,397,014

36,889,954

37,754,642

37,311,241

CURRENT ASSETS

Debtors

6

14,587,289

14,459,207

Cash at bank

310,863

546,495

14,898,152

15,005,702

CREDITORS

Amounts falling due within one year

7

19,624,088

19,703,819

NET CURRENT LIABILITIES

(4,725,936

)

(4,698,117

)

TOTAL ASSETS LESS CURRENT LIABILITIES

33,028,706

32,613,124

CREDITORS

Amounts falling due after more than one year

8

(17,763

)

(2,810

)

PROVISIONS FOR LIABILITIES

(226,808

)

(226,808

)

NET ASSETS

32,784,135

32,383,506

CAPITAL AND RESERVES

Called up share capital

9

100

100

Share premium

10

30,737,618

30,737,618

Fair value reserve

10

966,918

966,918

Retained earnings

10

1,079,499

678,870

SHAREHOLDERS' FUNDS

32,784,135

32,383,506

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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 21 December 2023 and were signed on its behalf by:

D K Whitfield - Director

1.	STATUTORY INFORMATION

Whitfield Portfolio 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

Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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

-

20% on reducing balance

Fixtures and fittings

-

25% on cost and 20% on cost

Motor vehicles

-

20% on reducing balance

Investment property

Investment property, which is property held to earn rentals and/or capital appreciation is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in the profit and loss account.

Financial instruments

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 include debtors and cash and bank balances, 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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 creditors, bank loans, loans from fellow group companies and preference shares that are classified 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. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 13 (2022 - 15 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 April 2022

28,235

596,905

30,144

655,284

Additions

25,995

559

-

26,554

Disposals

(2,495

)

-

-

(2,495

)

At 31 March 2023

51,735

597,464

30,144

679,343

DEPRECIATION

At 1 April 2022

2,703

215,967

15,327

233,997

Charge for year

8,572

76,848

2,963

88,383

Eliminated on disposal

(665

)

-

-

(665

)

At 31 March 2023

10,610

292,815

18,290

321,715

NET BOOK VALUE

At 31 March 2023

41,125

304,649

11,854

357,628

At 31 March 2022

25,532

380,938

14,817

421,287

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

36,889,954

Additions

507,136

Disposals

(76

)

At 31 March 2023

37,397,014

NET BOOK VALUE

At 31 March 2023

37,397,014

At 31 March 2022

36,889,954

Fair value at 31 March 2023 is represented by:

£

Valuation in 2021

36,006,977

Valuation in 2022

882,977

Valuation in 2023

507,060

37,397,014

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

22,188

89,681

Amounts owed by group undertakings

13,696,173

14,128,295

Other debtors

868,928

241,231

14,587,289

14,459,207

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans and overdrafts

17,950,000

18,225,214

Hire purchase contracts

5,199

-

Trade creditors

156,645

152,029

Taxation and social security

135,671

227,507

Other creditors

1,376,573

1,099,069

19,624,088

19,703,819

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Hire purchase contracts

17,763

2,810

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.23

31.3.22

value:

£

£

100

Ordinary

£1

100

100

10.

RESERVES

Fair

Retained

Share

value

earnings

premium

reserve

Totals

£

£

£

£

At 1 April 2022

678,870

30,737,618

966,918

32,383,406

Profit for the year

400,629

400,629

At 31 March 2023

1,079,499

30,737,618

966,918

32,784,035

11.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors loan account as at 31.03.2023 was Debit £17,032 (31.03.2022 was Dr £9,349).

12.	RELATED PARTY DISCLOSURES

Amount owed to group undertaking relates to balance due from Whitfield Property Investment of £13,545,470 (2022- £14,128,295) and balance due from The Whitfield Group Ltd of £150,703 (2022- Nil) both companies are wholly owned subsidiary of the same group.

Also other debtors includes balance of £7,866 (2022- 32 ) relates to Golden Curry Limited, director D K Whitfield is also a directors in the company.

Other creditors has balance of £712,180 (2022- £712,180) is related to Whitfield Finance Ltd, the director Dennis Whitifield is director in Whitfield Finance Limited too.

Register office address for Whitfield Portfolio Limited is 30a High Street, Over, Cambridgeshire, CB24 5ND.