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Registration number: 00426523

Westbourne Apartments Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

Westbourne Apartments Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Westbourne Apartments Ltd

Company Information

Directors

Mr R Sloane

Mrs B A Sloane

Company secretary

Mrs B A Sloane

Registered office

Spinney Cottage
12 Nicholas Way
Northwood
Middlesex
HA6 2TS

Registered number

00426523

Accountants

Ripe LLP
Chartered Accountants
9A Burroughs Gardens
London
NW4 4AU

 

Westbourne Apartments Ltd

(Registration number: 00426523)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

10,487

12,339

Investment property

5

1,500,000

1,500,000

 

1,510,487

1,512,339

Current assets

 

Debtors

6

398

349

Cash at bank and in hand

 

47,527

31,388

 

47,925

31,737

Creditors: Amounts falling due within one year

7

(141,034)

(143,280)

Net current liabilities

 

(93,109)

(111,543)

Total assets less current liabilities

 

1,417,378

1,400,796

Provisions for liabilities

(250,800)

(250,800)

Net assets

 

1,166,578

1,149,996

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

1,166,478

1,149,896

Shareholders' funds

 

1,166,578

1,149,996

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Westbourne Apartments Ltd

(Registration number: 00426523)
Balance Sheet as at 31 March 2023

Approved and authorised by the Board on 29 September 2023 and signed on its behalf by:

.........................................

Mr R Sloane
Director

 

Westbourne Apartments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Spinney Cottage
12 Nicholas Way
Northwood
Middlesex
HA6 2TS
United Kingdom

The principal place of business is:
Spinney Cottage
12 Nicholas Way
Northwood
Middlesex
HA6 2TS
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in Sterling (£) and figures are shown to the nearest whole pound.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover represents net rent receivable.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Westbourne Apartments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

15% reducing balance

Office equipment

15% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Westbourne Apartments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2022

52,701

4,244

56,945

At 31 March 2023

52,701

4,244

56,945

Depreciation

At 1 April 2022

41,616

2,991

44,607

Charge for the year

1,663

188

1,851

At 31 March 2023

43,279

3,179

46,458

Carrying amount

At 31 March 2023

9,422

1,065

10,487

At 31 March 2022

11,086

1,253

12,339

5

Investment properties

2023
£

At 1 April

1,500,000

At 31 March

1,500,000

The investment property was subject to valuation by director, Mr R Sloane, who deemed £1,500,000 to be an accurate fair value of the property at the year end based on the market value of the surrounding properties.

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

2023
£

2022
£

Prepayments

398

349

 

Westbourne Apartments Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Taxation and social security

 

695

553

Other creditors

10

140,339

142,727

 

141,034

143,280

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

9

Dividends

2023
 £

2022
 £

Ordinary shares of £1 each
Final

4,800

25,000

10

Related party transactions

At the balance sheet date, the company owed £100 (2022: £100) to Mrs B A Sloane, a director and shareholder of the company.

Included within creditors due within one year, the company owed £127,190 (2022: £128,682) to Mr R Sloane, a director and shareholder of the company.