We have audited the financial statements of Whitchurch Bridge One Limited for the year ended 30 June 2015 set out on pages 5 to 8. The financial reporting framework that has been applied in their preparation is applicable law and the Financial Reporting Standard for Smaller Entities (effective April 2008) (United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities).

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

As explained more fully in the Directors' Responsibilities Statement set out on pages 1 - 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors.

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the directors; and the overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Annual Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

In our opinion the financial statements: give a true and fair view of the state of the company's affairs as at 30 June 2015 and of its loss for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and have been prepared in accordance with the requirements of the Companies Act 2006. In our opinion the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.

give a true and fair view of the state of the company's affairs as at 30 June 2015 and of its loss for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and

have been prepared in accordance with the requirements of the Companies Act 2006.

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and from preparing a strategic report.

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The company's income is from shares in group undertakings and consequently is not subject to taxation.

The investment represents a 25.5319% holding of the share capital of The Company of Proprietors of Whitchurch Bridge (Incorporated under the Whitchurch Bridge Acts of 1792 and 1988). In respect of the last relevant financial year the aggregate capital and reserves amounted to £3,418,312 (2014 - £3,328,277) and the profit for the year amounted to £24,123 (2014 - £100,291).

There is a cross guarantee between all group members. The bank borrowings in The Company of Proprietors of Whitchurch Bridge amounting to £2,881,451 (2014 - £1,338,103) are secured by a fixed and floating charge over the assets of the group.

The immediate and ultimate parent company is Whitchurch Bridge (Holdings) Limited, a company registered in England and Wales. No one party has overall control of Whitchurch Bridge (Holdings) Limited.

At the year end, the company owed its parent company, Whitchurch Bridge (Holdings) Limited, £1 (2014 - was owed £549). The movement in the intercompany balance arose from costs paid on behalf of the company by its parent of £550 (2014 - £531). The company is party to an agreement for the setting off of balances between group undertakings.