WHITLOCK PROPERTY LIMITED

WHITLOCK PROPERTY LIMITED - Company Information

2022-07-012023-06-302023-06-30false03833842WHITLOCK PROPERTY LIMITED2024-03-31iso4217:GBPxbrli:pure038338422022-07-01038338422023-06-30038338422022-07-012023-06-30038338422021-07-01038338422022-06-30038338422021-07-012022-06-3003833842bus:SmallEntities2022-07-012023-06-3003833842bus:AuditExempt-NoAccountantsReport2022-07-012023-06-3003833842bus:FullAccounts2022-07-012023-06-3003833842bus:PrivateLimitedCompanyLtd2022-07-012023-06-3003833842core:WithinOneYear2023-06-3003833842core:AfterOneYear2023-06-3003833842core:WithinOneYear2022-06-3003833842core:AfterOneYear2022-06-3003833842core:ShareCapital2023-06-3003833842core:SharePremium2023-06-3003833842core:RevaluationReserve2023-06-3003833842core:OtherReservesSubtotal2023-06-3003833842core:RetainedEarningsAccumulatedLosses2023-06-3003833842core:ShareCapital2022-06-3003833842core:SharePremium2022-06-3003833842core:RevaluationReserve2022-06-3003833842core:OtherReservesSubtotal2022-06-3003833842core:RetainedEarningsAccumulatedLosses2022-06-3003833842core:LandBuildings2023-06-3003833842core:PlantMachinery2023-06-3003833842core:Vehicles2023-06-3003833842core:FurnitureFittings2023-06-3003833842core:OfficeEquipment2023-06-3003833842core:NetGoodwill2023-06-3003833842core:IntangibleAssetsOtherThanGoodwill2023-06-3003833842core:ListedExchangeTraded2023-06-3003833842core:UnlistedNon-exchangeTraded2023-06-3003833842core:LandBuildings2022-06-3003833842core:PlantMachinery2022-06-3003833842core:Vehicles2022-06-3003833842core:FurnitureFittings2022-06-3003833842core:OfficeEquipment2022-06-3003833842core:NetGoodwill2022-06-3003833842core:IntangibleAssetsOtherThanGoodwill2022-06-3003833842core:ListedExchangeTraded2022-06-3003833842core:UnlistedNon-exchangeTraded2022-06-3003833842core:LandBuildings2022-07-012023-06-3003833842core:PlantMachinery2022-07-012023-06-3003833842core:Vehicles2022-07-012023-06-3003833842core:FurnitureFittings2022-07-012023-06-3003833842core:OfficeEquipment2022-07-012023-06-3003833842core:NetGoodwill2022-07-012023-06-3003833842core:IntangibleAssetsOtherThanGoodwill2022-07-012023-06-3003833842core:ListedExchangeTraded2022-07-012023-06-3003833842core:UnlistedNon-exchangeTraded2022-07-012023-06-3003833842core:MoreThanFiveYears2022-07-012023-06-3003833842core:Non-currentFinancialInstruments2023-06-3003833842core:Non-currentFinancialInstruments2022-06-3003833842dpl:CostSales2022-07-012023-06-3003833842dpl:DistributionCosts2022-07-012023-06-3003833842core:LandBuildings2022-07-012023-06-3003833842core:PlantMachinery2022-07-012023-06-3003833842core:Vehicles2022-07-012023-06-3003833842core:FurnitureFittings2022-07-012023-06-3003833842core:OfficeEquipment2022-07-012023-06-3003833842dpl:AdministrativeExpenses2022-07-012023-06-3003833842core:NetGoodwill2022-07-012023-06-3003833842core:IntangibleAssetsOtherThanGoodwill2022-07-012023-06-3003833842dpl:GroupUndertakings2022-07-012023-06-3003833842dpl:ParticipatingInterests2022-07-012023-06-3003833842dpl:GroupUndertakingscore:ListedExchangeTraded2022-07-012023-06-3003833842core:ListedExchangeTraded2022-07-012023-06-3003833842dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2022-07-012023-06-3003833842core:UnlistedNon-exchangeTraded2022-07-012023-06-3003833842dpl:CostSales2021-07-012022-06-3003833842dpl:DistributionCosts2021-07-012022-06-3003833842core:LandBuildings2021-07-012022-06-3003833842core:PlantMachinery2021-07-012022-06-3003833842core:Vehicles2021-07-012022-06-3003833842core:FurnitureFittings2021-07-012022-06-3003833842core:OfficeEquipment2021-07-012022-06-3003833842dpl:AdministrativeExpenses2021-07-012022-06-3003833842core:NetGoodwill2021-07-012022-06-3003833842core:IntangibleAssetsOtherThanGoodwill2021-07-012022-06-3003833842dpl:GroupUndertakings2021-07-012022-06-3003833842dpl:ParticipatingInterests2021-07-012022-06-3003833842dpl:GroupUndertakingscore:ListedExchangeTraded2021-07-012022-06-3003833842core:ListedExchangeTraded2021-07-012022-06-3003833842dpl:GroupUndertakingscore:UnlistedNon-exchangeTraded2021-07-012022-06-3003833842core:UnlistedNon-exchangeTraded2021-07-012022-06-3003833842core:NetGoodwill2023-06-3003833842core:IntangibleAssetsOtherThanGoodwill2023-06-3003833842core:LandBuildings2023-06-3003833842core:PlantMachinery2023-06-3003833842core:Vehicles2023-06-3003833842core:FurnitureFittings2023-06-3003833842core:OfficeEquipment2023-06-3003833842core:AfterOneYear2023-06-3003833842core:WithinOneYear2023-06-3003833842core:ListedExchangeTraded2023-06-3003833842core:UnlistedNon-exchangeTraded2023-06-3003833842core:ShareCapital2023-06-3003833842core:SharePremium2023-06-3003833842core:RevaluationReserve2023-06-3003833842core:OtherReservesSubtotal2023-06-3003833842core:RetainedEarningsAccumulatedLosses2023-06-3003833842core:NetGoodwill2022-06-3003833842core:IntangibleAssetsOtherThanGoodwill2022-06-3003833842core:LandBuildings2022-06-3003833842core:PlantMachinery2022-06-3003833842core:Vehicles2022-06-3003833842core:FurnitureFittings2022-06-3003833842core:OfficeEquipment2022-06-3003833842core:AfterOneYear2022-06-3003833842core:WithinOneYear2022-06-3003833842core:ListedExch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Registered Number
03833842
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2023

WHITLOCK PROPERTY LIMITED

Company Information
for the year from 1 July 2022 to 30 June 2023


Directors	WHITLOCK, Lisa Agnes
	WHITLOCK, Paul


Company Secretary	WHITLOCK, Lisa Agnes


Registered Address	470 Building 3 & 4 North London Business Park Oakleigh Road South
	London
	N11 1GN


Registered Number	03833842 (England and Wales)

WHITLOCK PROPERTY LIMITED

Balance Sheet as at
30 June 2023

	Notes	2023		2022
		£	£	£	£
Fixed assets
Tangible assets	4		763		275
Investment property	5		450,000		450,000
			450,763		450,275
Current assets
Stocks	6	394,950		394,950
Debtors		50,136		36,631
Cash at bank and on hand		5,028		24,420
		450,114		456,001
Creditors amounts falling due within one year	8	(150,638)		(133,466)
Net current assets (liabilities)			299,476		322,535
Total assets less current liabilities			750,239		772,810
Creditors amounts falling due after one year	9		(826,689)		(830,437)
Provisions for liabilities	10		(69,380)		(69,380)
Net assets			(145,830)		(127,007)
Capital and reserves
Called up share capital			100		100
Profit and loss account			(145,930)		(127,107)
Shareholders' funds			(145,830)		(127,007)

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 31 March 2024, and are signed on its behalf by:

WHITLOCK, Paul
Director
Registered Company No. 03833842

WHITLOCK PROPERTY LIMITED

Notes to the Financial Statements
for the year ended 30 June 2023

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Functional and presentation currency
	The financial statements are presented in sterling and this is the functional currency of the company.

	Going concern
	After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.

	Turnover policy
	Turnover derives from sale of property and rental income, net of VAT. Rental income is recognised on an accruals basis.

	Employee benefits
	Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

Employee benefits

Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

	Defined contribution pension plan
	Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

	Current taxation
	Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.

Current taxation

Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income.

Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.

	Deferred tax
	Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Tangible fixed assets and depreciation
	All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset on a 25% straight line basis.

Tangible fixed assets and depreciation

All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset on a 25% straight line basis.

	Investment property
	The investment property is accounted for under FRS 102, Section 16 Investment Property. Investment property is remeasured to fair value at each balance sheet date with fair value gains and losses being reported in profit or loss. Investment properties are valued using RICS open market valuation on a freehold basis.

	Stocks and work in progress
	Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.

Stocks and work in progress

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss.

Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Cash and cash equivalents
	Cash at bank and in hand are basic financial assets and include deposits held at call with banks.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Financial instruments
	A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment.

Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. 

2.	Average number of employees


		2023		2022
	Average number of employees during the year	1		1

3.	Deferred tax
	Increases in the UK Corporation tax rate from 19% to 25% (19% effective from 1 April 2017, and 25% effective from 1 April 2023) have been substantively enacted. This will impact the company's future tax charge accordingly. The value of the deferred tax assets at the balance sheet date has been calculated using the applicable rate when the asset is expected to be realised.

4.	Tangible fixed assets

	Office Equipment	Total
	£	£
Cost or valuation
At 01 July 22	1,778	1,778
Additions	954	954
At 30 June 23	2,732	2,732
Depreciation and impairment
At 01 July 22	1,503	1,503
Charge for year	466	466
At 30 June 23	1,969	1,969
Net book value
At 30 June 23	763	763
At 30 June 22	275	275

5.	Investment property


		£
	Fair value at 01 July 22	450,000
	At 30 June 23	450,000

6.	Stocks
	Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises property acquisition costs and incidental acquisition costs. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises property acquisition costs and incidental acquisition costs.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment
loss in profit or loss.

	2023	2022
	£	£
Other stocks	394,950	394,950
Total	394,950	394,950

7.	Debtors: amounts due within one year

	2023	2022
	£	£
Trade debtors / trade receivables	50,136	36,631
Total	50,136	36,631

8.	Creditors: amounts due within one year

	2023	2022
	£	£
Trade creditors / trade payables	21,162	6,027
Bank borrowings and overdrafts	3,566	3,566
Other creditors	124,160	119,873
Accrued liabilities and deferred income	1,750	4,000
Total	150,638	133,466

9.	Creditors: amounts due after one year

	2023	2022
	£	£
Bank borrowings and overdrafts	826,689	830,437
Total	826,689	830,437

10.	Provisions for liabilities

	2023	2022
	£	£
Net deferred tax liability (asset)	69,380	69,380
Total	69,380	69,380

11.	Related party transactions
	As at 30 June 2023, the company owed £124,160 (2022: £119,873) to the directors. The company's bank loans are secured over personal guarantees from the directors. As at 30 June 2023 the company was owed £50,136 (2022: £36,631) by a company under common control.