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REGISTERED NUMBER: 06061223 (England and Wales)















WESTSIDE PROPERTIES (STAMFORD) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2023






WESTSIDE PROPERTIES (STAMFORD) LIMITED (REGISTERED NUMBER: 06061223)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 5


WESTSIDE PROPERTIES (STAMFORD) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2023







DIRECTORS: R C Ball
Mrs S J Ball





SECRETARY: Mrs S J Ball





REGISTERED OFFICE: 3 Castlegate
Grantham
Lincolnshire
NG31 6SF





REGISTERED NUMBER: 06061223 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
14 All Saints Street
Stamford
Lincolnshire
PE9 2PA

WESTSIDE PROPERTIES (STAMFORD) LIMITED (REGISTERED NUMBER: 06061223)

BALANCE SHEET
31 JANUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 635,000 635,000

CURRENT ASSETS
Debtors 5 7,000 1,000
Cash at bank 26,283 30,454
33,283 31,454
CREDITORS
Amounts falling due within one year 6 22,766 17,706
NET CURRENT ASSETS 10,517 13,748
TOTAL ASSETS LESS CURRENT LIABILITIES 645,517 648,748

CREDITORS
Amounts falling due after more than one year 7 (289,694 ) (308,190 )

PROVISIONS FOR LIABILITIES (39,125 ) (39,125 )
NET ASSETS 316,698 301,433

CAPITAL AND RESERVES
Called up share capital 9 2 2
Fair value reserve 10 191,790 191,790
Retained earnings 10 124,906 109,641
SHAREHOLDERS' FUNDS 316,698 301,433

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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 Profit and loss account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 October 2023 and were signed on its behalf by:





Mrs S J Ball - Director


WESTSIDE PROPERTIES (STAMFORD) LIMITED (REGISTERED NUMBER: 06061223)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1. STATUTORY INFORMATION

Westside Properties (Stamford) 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
Turnover represents ground rents and service charges receivable.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. 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 the income statement.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 Profit and loss account, 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.

WESTSIDE PROPERTIES (STAMFORD) LIMITED (REGISTERED NUMBER: 06061223)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2022
and 31 January 2023 635,000
NET BOOK VALUE
At 31 January 2023 635,000
At 31 January 2022 635,000

Fair value at 31 January 2023 is represented by:
£   
Valuation in 2017 310,915
Valuation in 2018 (80,000 )
Cost 404,085
635,000

If investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 404,085 404,085

Investment property was valued by the directors on an open market value basis on 31 January 2023 by reference to the value of similar properties sold in the local area.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 6,000 -
Prepayments and accrued income 1,000 1,000
7,000 1,000

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 1,600 1,600
Corporation tax 6,405 2,825
Other creditors 11,881 10,973
Accrued expenses 2,880 2,308
22,766 17,706

WESTSIDE PROPERTIES (STAMFORD) LIMITED (REGISTERED NUMBER: 06061223)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JANUARY 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 1,600 1,600
Bank loans - 2-5 years 2,738 4,267
Bank loans more 5 yr by instal 285,356 302,323
289,694 308,190

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 285,356 302,323

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 291,294 309,790

The bank loan is secured by fixed and floating charges over the company's property.

The directors have given a personal guarantee up to a limit of £60,000 in respect of bank borrowings.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
2 Ordinary £1 2 2

10. RESERVES


Fair value
reserve
£

Balance at 1 February 2022191,790
Revaluation of investment property-
Deferred tax movement on investment property-
Balance at 31 January 2023191,790

The aggregate surplus on re-measurement of investment properties, net of associated deferred tax, is transferred to separate non-distributable fair value in order to assist with the identification of profits available for distribution.