REGISTERED NUMBER: |
WESTWOODS HOLDINGS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 JANUARY 2023 |
REGISTERED NUMBER: |
WESTWOODS HOLDINGS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 JANUARY 2023 |
WESTWOODS HOLDINGS LIMITED (REGISTERED NUMBER: 12539702) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 JANUARY 2023 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
WESTWOODS HOLDINGS LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 JANUARY 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
7 Sandy Court |
Ashleigh Way |
Langage Business Park |
Plymouth |
Devon |
PL7 5JX |
WESTWOODS HOLDINGS LIMITED (REGISTERED NUMBER: 12539702) |
ABRIDGED BALANCE SHEET |
31 JANUARY 2023 |
2023 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 5 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings |
The director acknowledges his 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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
WESTWOODS HOLDINGS LIMITED (REGISTERED NUMBER: 12539702) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 JANUARY 2023 |
1. | STATUTORY INFORMATION |
Westwoods Holdings Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
The company is preparing financial statements made up to 31 August 2021 to bring the year end in line with its subsidiary undertakings. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
The value of investments is reviewed annually for any evidence of impairment. Any impairment identified would be recognised in the Profit and Loss Account. |
Taxation |
Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past reporting periods using the tax rates and laws that have been enacted or substantively enacted by the reporting date. |
Deferred tax is recognised in respect of all timing differences at the reporting date, except as otherwise indicated. |
Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. If and when all conditions for retaining tax allowances for the cost of a fixed asset have been met, the deferred tax is reversed. |
Deferred tax is calculated using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. |
The tax expense (income) is presented either in profit or loss, other comprehensive income or equity depending on the transaction that resulted in the tax expense (income). |
WESTWOODS HOLDINGS LIMITED (REGISTERED NUMBER: 12539702) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 SEPTEMBER 2021 TO 31 JANUARY 2023 |
3. | ACCOUNTING POLICIES - continued |
Provisions for liabilities |
Provisions are recognised when the Company has a present (legal or constructive) obligation as a result of a past event; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably. |
The amount recognised as a provision is the best estimate of the consideration required to settle the present recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. |
Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value using a pre-tax discount rate. The unwinding of the discount is recognised as a finance costs in profit or loss in the period it arises. |
The Company recognises a provision for annual leave accrued by employees for services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months, measured at the salary costs payable for the period of absence. |
Debtors |
Short term debtors are measured at transaction price, less any impairment. |
Creditors |
Short term creditors are measured at the transaction price. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
5. | FIXED ASSET INVESTMENTS |
Information on investments other than loans is as follows: |
Totals |
£ |
COST |
At 1 September 2021 |
and 31 January 2023 | 2,562,698 |
NET BOOK VALUE |
At 31 January 2023 | 2,562,698 |
At 31 August 2021 | 2,562,698 |
6. | SHARE PREMIUM REDUCTION |
On 27 May 2022 there was a reduction of share capital and all of Mrs E Fairbanks 800 ordinary shares were cancelled. This was funded by a reduction in the share premium reserve of £599,200. Mr A Fairbanks is now the 100% shareholder and is the ultimate controlling party. |
7. | RELATED PARTY DISCLOSURES |
At the year end there was an overdrawn Directors Loan Account totalling £95,492 (2021: £219,640). Interest has been charged on the overdrawn balance during the year of £3,000. This has been cleared within 9 months of the year end by way of taxable dividends. |
8. | POST BALANCE SHEET EVENTS |
Subsequent to the year end, on 26th April 2023, the company sold its 69% shareholding in ASAP Locksmiths Services Limited. This had been included within investments at the year end at a nominal value of £100. The company has retained its other shareholdings in subsidiaries. |