Company registration number 01483755 (England and Wales)
WESTWAYS PROPERTY COMPANY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
30-31 St.James Place
Mangotsfield
Bristol
United Kingdom
BS16 9JB
WESTWAYS PROPERTY COMPANY LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
WESTWAYS PROPERTY COMPANY LIMITED
COMPANY INFORMATION
- 1 -
Director
Mrs L Conway
Secretary
Mr M Conway
Company number
01483755
Registered office
30-31 St James Place
Mangotsfield
Bristol
United Kingdom
BS16 9JB
Accountants
TC Group
30-31 St.James Place
Mangotsfield
Bristol
United Kingdom
BS16 9JB
WESTWAYS PROPERTY COMPANY LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
72
96
Investment properties
4
377,500
377,500
377,572
377,596
Current assets
Cash at bank and in hand
67,560
75,710
Creditors: amounts falling due within one year
5
(92,997)
(99,127)
Net current liabilities
(25,437)
(23,417)
Total assets less current liabilities
352,135
354,179
Provisions for liabilities
(376)
(380)
Net assets
351,759
353,799
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
351,659
353,699
Total equity
351,759
353,799
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
WESTWAYS PROPERTY COMPANY LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 23 October 2023
Mrs L Conway
Director
Company Registration No. 01483755
WESTWAYS PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -
1
Accounting policies
Company information
Westways Property Company Limited is a private company limited by shares incorporated in England and Wales. The registered office is 30-31 St James Place, Mangotsfield, Bristol, United Kingdom, BS16 9JB.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
WESTWAYS PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
1.6
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
WESTWAYS PROPERTY COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
3
Tangible fixed assets
Plant and equipment
£
Cost
At 1 April 2022 and 31 March 2023
2,957
Depreciation and impairment
At 1 April 2022
2,861
Depreciation charged in the year
24
At 31 March 2023
2,885
Carrying amount
At 31 March 2023
72
At 31 March 2022
96
4
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
377,500
Fair value at 31 March 2020 is represented by:
Valuation in 2017: £398,660
Valuation in 2018: £26,340
Valuation in 2019: (£190,000)
Valuation in 2020: £182,500
5
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
3,044
767
Other creditors
89,953
98,360
92,997
99,127
6
Non-distributable profits reserve
Included in the total reserves is an amount of £6,340 that is not distributable.