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Registration number: 05688499

Westborough (Manchester) Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2023

 

Westborough (Manchester) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Westborough (Manchester) Limited

Company Information

Directors

Mr. Robert James Brannan

Mr. James Anthony Brannan

Registered office

18 Windermere Road
Dewsbury
West Yorkshire
WF12 7PQ

 

Westborough (Manchester) Limited

(Registration number: 05688499)
Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

960,000

905,000

Current assets

 

Debtors

5

-

199

Cash at bank and in hand

 

564

2,764

 

564

2,963

Creditors: Amounts falling due within one year

6

(26,684)

(24,160)

Net current liabilities

 

(26,120)

(21,197)

Total assets less current liabilities

 

933,880

883,803

Creditors: Amounts falling due after more than one year

6

(677,898)

(677,898)

Provisions for liabilities

(43,900)

(33,450)

Net assets

 

212,082

172,455

Capital and reserves

 

Called up share capital

7

3

3

Other reserves

187,150

142,600

Retained earnings

24,929

29,852

Shareholders' funds

 

212,082

172,455

 

Westborough (Manchester) Limited

(Registration number: 05688499)
Balance Sheet as at 31 January 2023

For the financial year ending 31 January 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.

Approved and authorised by the Board on 13 October 2023 and signed on its behalf by:
 

.........................................
Mr. Robert James Brannan
Director

   
     
 

Westborough (Manchester) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 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:
18 Windermere Road
Dewsbury
West Yorkshire
WF12 7PQ
England

These financial statements were authorised for issue by the Board on 13 October 2023.

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.

Going concern

The directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis on preparing its financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Westborough (Manchester) Limited

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

Government grants

Government grants are recognised under the accrual model. Income is recognised in the same period that the related expenditure the grant is intended to compensate is incurred.

Tax

The tax expense for the period comprises deferred 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.

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. 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.

Trade creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Westborough (Manchester) Limited

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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).

4

Investment properties

2023
£

At 1 February

905,000

Fair value adjustments

55,000

At 31 January

960,000

The carrying amount that would have been recognised had the Investment properties been carried under the cost model is £728,950 (2020 - £728,950)

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

 

Westborough (Manchester) Limited

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

5

Debtors

Note

2023
£

2022
£

Income tax asset

-

199

 

-

199

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

17,368

17,942

Taxation and social security

 

1,583

780

Accruals and deferred income

 

2,400

1,150

Other creditors

 

5,333

4,288

 

26,684

24,160

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

677,898

677,898

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share class 1 of £1 each

3

3

3

3

         
 

Westborough (Manchester) Limited

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

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

677,898

677,898

2023
£

2022
£

Current loans and borrowings

Bank borrowings

8,148

9,259

Bank overdrafts

9,220

8,683

17,368

17,942