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REGISTERED NUMBER: 05005982 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

FOR

WESTELLA PROPERTIES LIMITED

WESTELLA PROPERTIES LIMITED (REGISTERED NUMBER: 05005982)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WESTELLA PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2023







DIRECTORS: M D Barton
Mrs M Barton





REGISTERED OFFICE: 103 Princes Avenue
Hull
East Yorkshire
HU5 3QP





REGISTERED NUMBER: 05005982 (England and Wales)

WESTELLA PROPERTIES LIMITED (REGISTERED NUMBER: 05005982)

BALANCE SHEET
31 JANUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,036 1,748
Investment property 5 6,017,490 6,307,936
6,018,526 6,309,684

CURRENT ASSETS
Debtors 6 1,470,166 1,641,793
Cash at bank 531,688 -
2,001,854 1,641,793
CREDITORS: AMOUNTS FALLING
DUE WITHIN ONE YEAR

7

4,486,192

2,730,888
NET CURRENT LIABILITIES (2,484,338 ) (1,089,095 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,534,188

5,220,589

CREDITORS: AMOUNTS FALLING
DUE AFTER MORE THAN ONE YEAR

8

(459,333

)

(2,347,114

)

PROVISIONS FOR LIABILITIES 10 - (209 )
NET ASSETS 3,074,855 2,873,266

CAPITAL AND RESERVES
Called up share capital 10 10
Share premium 1,983,054 1,983,054
Retained earnings 1,091,791 890,202
SHAREHOLDERS' FUNDS 3,074,855 2,873,266

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.

WESTELLA PROPERTIES LIMITED (REGISTERED NUMBER: 05005982)

BALANCE SHEET - continued
31 JANUARY 2023


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2023 and were signed on its behalf by:





M D Barton - Director


WESTELLA PROPERTIES LIMITED (REGISTERED NUMBER: 05005982)

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

1. STATUTORY INFORMATION

Westella Properties 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.

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.

The preparation of the financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies.

SIGNIFICANT JUDGEMENTS AND ESTIMATES
No significant estimates or judgements have been made by the directors in preparing these financial statements.

REVENUE
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the amount of revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable in respect of sales and work done in respect of the renovation of residential property and associated works, excluding discounts, rebates, value added tax and other sales taxes.

The company is not registered for value added tax.
Turnover is recognised when contracts for the sale of property are exchanged.

Rental income

Rental income is recognised on a time basis and is measured over the duration of each respective tenancy agreement, but, is only recognised to the extent that it is probable that the economic benefits will flow to the company, the amount of revenue can be reliably measured and it is probable that the Company will receive the consideration due under the tenancy agreement.
Revenue is measured as the fair value of the consideration received or receivable.

TANGIBLE FIXED ASSETS
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives using the straight line method and is provided on the following basis:

Plant and machinery etc. - 25% on cost

The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement and retained earnings.

WESTELLA PROPERTIES LIMITED (REGISTERED NUMBER: 05005982)

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

2. ACCOUNTING POLICIES - continued

INVESTMENT PROPERTY
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. The company engage an independent valuer to assist the directors in determining fair value, with a number of valuations of investment property being carried out each year.

Investment property whose fair value can be measured reliably are recorded at fair value with any surplus or deficit on revaluation being recognised in the income statement accumulated in a non-distributable reserve.

As the investment properties were acquired during the current and previous year, the fair value is deemed to be at cost.

No depreciation is charged on investment property.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2022
and 31 January 2023 4,831
DEPRECIATION
At 1 February 2022 3,083
Charge for year 712
At 31 January 2023 3,795
NET BOOK VALUE
At 31 January 2023 1,036
At 31 January 2022 1,748

WESTELLA PROPERTIES LIMITED (REGISTERED NUMBER: 05005982)

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

5. INVESTMENT PROPERTY
Total
£   
COST
At 1 February 2022 6,307,936
Additions 35,708
Disposals (326,154 )
At 31 January 2023 6,017,490
NET BOOK VALUE
At 31 January 2023 6,017,490
At 31 January 2022 6,307,936

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 20,612 20,745
Other debtors 1,426,865 1,621,048
1,447,477 1,641,793

Amounts falling due after more than one year:
Other debtors 22,689 -

Aggregate amounts 1,470,166 1,641,793

Other debtors include an amount of £1,399,398 (2022 - £1,252,480) due from Westright Holdings, a joint venture entity in which the company hold a 50% interest.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 2,989,551 1,060,384
Trade creditors 4,246 6,273
Taxation and social security 53,098 46,000
Other creditors 1,439,297 1,618,231
4,486,192 2,730,888

Other creditors include an amount of £835,419 (2022 - £997,894) payable to the directors.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 459,333 2,347,114

WESTELLA PROPERTIES LIMITED (REGISTERED NUMBER: 05005982)

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

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 3,448,884 3,359,483

The bank loans are secured.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax - 209

Deferred
tax
£   
Balance at 1 February 2022 209
Balance at 31 January 2023 209

11. CONTROLLING PARTY

The company is controlled by Mr MD Barton and Mrs M Barton.