Westbourne Village Limited
Financial Statements
For the year ended 31 December 2022
Pages for Filing with Registrar
Company Registration No. 13185431 (England and Wales)
Westbourne Village Limited
Contents
Page
Balance sheet
1
Notes to the financial statements
2 - 5
Westbourne Village Limited
Balance Sheet
As at 31 December 2022
Page 1
2022
2021
Notes
£
£
£
£
Current assets
Debtors
4
204,178
100
Creditors: amounts falling due within one year
5
(212,828)
-
0
Net current (liabilities)/assets
(8,650)
100
Capital and reserves
Called up share capital
6
100
100
Profit and loss reserves
(8,750)
-
0
Total equity
(8,650)
100

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 6 October 2023 and are signed on its behalf by:
A D Leishman
Director
Company Registration No. 13185431
Westbourne Village Limited
Notes to the Financial Statements
For the year ended 31 December 2022
Page 2
1
Accounting policies
Company information

Westbourne Village Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Rowles Way, Buckingway Business Park, Swavesey, CB24 4UG.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 Section 1A, “The Financial Reporting Standard applicable in the UK and Republic of Ireland” and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

During the year, the company did not operate a bank account and expenditure has been financed by a related party. Please see note 9. Confirmation has been received by the directors that repayment of this liability will not be called in until such time as the company has sufficient funds to do so. true

 

The company entered into an option agreement and has the right to acquire a property for future development.  There are certain conditions precedent to be satisfied before the option can be exercised and these are described in note 8.  The Conditional Share Subscription Agreement, which was signed on 10 March 2023 by the company and other parties, sets out the initial funding contribution required by each party to the project.  The directors believe that each of the parties to the contract is expected to meet its obligations in full in respect of the financing requirements set out in that contract. At the balance sheet date, there is no commitment to any further expenditure.  Therefore, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operation existence for the foreseeable future.  Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Westbourne Village Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
1
Accounting policies
(Continued)
Page 3
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

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. Amounts 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.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.6
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Westbourne Village Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 4
3
Employees

There were no employees of the company during the year (2021: nil).

4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
100
100
Other debtors
34,013
-
Prepayments and accrued income
170,065
-
0
204,178
100
5
Creditors: amounts falling due within one year
2022
2021
£
£
Other creditors
204,078
-
Accruals and deferred income
8,750
-
0
212,828
-
6
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Jonathan Sutcliffe
Statutory Auditor:
Moore Kingston Smith LLP
Westbourne Village Limited
Notes to the Financial Statements (Continued)
For the year ended 31 December 2022
Page 5
8
Events after the reporting date

On 10 March 2023, Westbourne Village Limited (WVL) and its parent company, Ascendal Group Limited, entered into a Conditional Share Subscription Agreement with one joint venture party and an investor relating to the funding and subscription of shares in WVL. The funding requirement commits Ascendal Group Limited to fund £1.625m of WVL's development costs once all parties agree that all milestones set out in the agreement are met.

 

This agreement is related to the option agreement novated to WVL in 2021 to acquire a property for future development, which is described in note 9. Before the option is exercised, certain conditions precedent need to be satisfied by WVL and the other parties to the contract. These include entering into a development management agreement, obtaining planning permission and securing funding to be able to proceed with the development.

 

9
Related party transactions

At the year end, Westbourne Village Limited owed £204,078 (2021: £nil) to Ayr Projects Limited, a related party.

10
Parent company

The ultimate parent company is Ascendal Group Limited.

 

The financial statements of the company are consolidated in the financial statements of Ascendal Group Limited. These consolidated financial statements are available from its registered office, which is the same as the registered office of this company..

11
Future financial committments

On 23 September 2021, Ascendal Group Limited (the parent company of Westbourne Village Limited), Westbourne Village Limited and Tower Transit Operations Limited entered into a Novation Agreement in which rights and obligations under the original contract were novated from Ascendal Group Limited to Westbourne Village Limited.

 

The contract gives Westbourne Village Limited the option to purchase the freehold interest in a property known as part of the Westbourne Park Bus Garage Great Western Road once certain conditions are met at a baseline price of £20m plus indexation. At the balance sheet date, no further transactions had occurred.

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