REGISTERED NUMBER: |
Westhaven Developments Limited |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
REGISTERED NUMBER: |
Westhaven Developments Limited |
Unaudited Financial Statements for the Year Ended 31 March 2023 |
Westhaven Developments Limited (Registered number: 13130212) |
Contents of the Financial Statements |
for the Year Ended 31 March 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Westhaven Developments Limited |
Company Information |
for the Year Ended 31 March 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
3 Southernhay West |
Exeter |
Devon |
EX1 1JG |
Westhaven Developments Limited (Registered number: 13130212) |
Balance Sheet |
31 March 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
Westhaven Developments Limited (Registered number: 13130212) |
Balance Sheet - continued |
31 March 2023 |
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. |
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 |
Westhaven Developments Limited (Registered number: 13130212) |
Notes to the Financial Statements |
for the Year Ended 31 March 2023 |
1. | STATUTORY INFORMATION |
Westhaven Developments Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The principal place of business is 44 Ennors Road, Newquay, Cornwall TR7 1RB |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Residential properties and land |
Turnover is recognised at legal completion in respect of the total proceeds of building and land sales. |
Turnover is measured at the fair value of consideration received or receivable and represents the |
amounts receivable for the property, net of VAT. |
Construction contracts |
Turnover is only recognised on a construction contract where the outcome can be estimated reliably. |
Turnover and costs are recognised by reference to the stage of completion of contract activity at the |
year-end date. This is normally measured by surveys of work performed to date. Contracts are only |
treated as construction contracts where they have been specifically negotiated for the construction of |
a property. |
Tangible fixed assets |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stock and work in progress are valued at the lower of cost and estimated selling price less costs to complete and sell; which is equivalent to the net realisable value. Costs comprise direct materials, direct labour costs and those overheads which have been incurred in bringing the stocks to their present location and condition. Management assess the costs and where required will provide against the stock. |
Properties held for sale are stated at the lower of cost and net realisable value. |
Westhaven Developments Limited (Registered number: 13130212) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Plant and | Motor | Computer |
machinery | vehicles | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts recoverable on contract |
Directors' current accounts | - | 35,500 |
VAT |
Prepayments |
Other Debtors | - | 160,750 |
Westhaven Developments Limited (Registered number: 13130212) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other loans |
Trade creditors |
Tax |
Social security and other taxes |
Directors' current accounts | 30,323 | 19,500 |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Directors' loan accounts | 575,000 | 500,000 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Loan | 246,964 | 536,334 |
There is a mortgage deed with Jameson Homes Limited dated 11 August 2021 over the property known as 12 Trethiggey Crescent, Quintrell Downs, Newquay, Cornwall TR8 4LF. |
There is a mortgage deed with Jameson Homes Limited dated 22 September 2022 over the property known as St Meubred's Cottage, Cardinham, Bodmin PL30 4BL. |
10. | RELATED PARTY DISCLOSURES |
There is a loan from a Director totalling £500,000 (2022 - £500,000) at the year end. There is interest accruing on this loan, charged to the profit and loss account for the period in which it relates. |
There is a loan from a Director totalling £75,000 (2022 - £nil) at the year end.There is interest accruing on this loan, charged to the profit and loss account for the period in which it relates. |
During the year, a director had a current account with the company. At the balance sheet date the amount due from the company is £29,500 (2022 - £19,500). |
During the year, a director had a current account with the company. At the balance sheet date the amount due to the company is £823 (2022 - £35,500 overdrawn). |