45 false false false false false false false false false false true false false false false false false No description of principal activity 2022-04-01 Sage Accounts Production Advanced 2023 - FRS102_2023 503,987 267,534 28,488 296,022 207,965 236,453 87,610 11,237 76,373 76,373 87,610 xbrli:pure xbrli:shares iso4217:GBP 04145108 2022-04-01 2023-03-31 04145108 2023-03-31 04145108 2022-03-31 04145108 2021-04-01 2022-03-31 04145108 2022-03-31 04145108 2021-03-31 04145108 core:LandBuildings core:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 04145108 core:PlantMachinery 2022-04-01 2023-03-31 04145108 core:MotorVehicles 2022-04-01 2023-03-31 04145108 core:NetGoodwill 2022-04-01 2023-03-31 04145108 bus:Director3 2022-04-01 2023-03-31 04145108 bus:Director4 2022-04-01 2023-03-31 04145108 bus:Director2 2022-04-01 2023-03-31 04145108 core:NetGoodwill 2022-03-31 04145108 core:NetGoodwill 2023-03-31 04145108 core:LandBuildings 2022-03-31 04145108 core:PlantMachinery 2022-03-31 04145108 core:FurnitureFittings 2022-03-31 04145108 core:MotorVehicles 2022-03-31 04145108 core:LandBuildings 2023-03-31 04145108 core:PlantMachinery 2023-03-31 04145108 core:FurnitureFittings 2023-03-31 04145108 core:MotorVehicles 2023-03-31 04145108 core:LandBuildings 2022-04-01 2023-03-31 04145108 core:FurnitureFittings 2022-04-01 2023-03-31 04145108 core:WithinOneYear 2023-03-31 04145108 core:WithinOneYear 2022-03-31 04145108 core:AfterOneYear 2023-03-31 04145108 core:AfterOneYear 2022-03-31 04145108 core:ShareCapital 2023-03-31 04145108 core:ShareCapital 2022-03-31 04145108 core:CapitalRedemptionReserve 2023-03-31 04145108 core:CapitalRedemptionReserve 2022-03-31 04145108 core:OtherReservesSubtotal 2022-03-31 04145108 core:RetainedEarningsAccumulatedLosses 2023-03-31 04145108 core:RetainedEarningsAccumulatedLosses 2022-03-31 04145108 core:BetweenOneFiveYears 2023-03-31 04145108 core:BetweenOneFiveYears 2022-03-31 04145108 core:NetGoodwill 2022-03-31 04145108 core:CostValuation core:Non-currentFinancialInstruments 2022-03-31 04145108 core:Non-currentFinancialInstruments core:RevaluationsIncreaseDecreaseInInvestments 2023-03-31 04145108 core:CostValuation core:Non-currentFinancialInstruments 2023-03-31 04145108 core:Non-currentFinancialInstruments 2023-03-31 04145108 core:Non-currentFinancialInstruments 2022-03-31 04145108 core:LandBuildings 2022-03-31 04145108 core:PlantMachinery 2022-03-31 04145108 core:FurnitureFittings 2022-03-31 04145108 core:MotorVehicles 2022-03-31 04145108 bus:Director2 2023-03-31 04145108 bus:Director2 2021-03-31 04145108 bus:Director2 2021-04-01 2022-03-31 04145108 bus:SmallEntities 2022-04-01 2023-03-31 04145108 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 04145108 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 04145108 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04145108 bus:FullAccounts 2022-04-01 2023-03-31
COMPANY REGISTRATION NUMBER: 04145108
West Coast Property Services (UK) Limited
Filleted Unaudited Financial Statements
31 March 2023
West Coast Property Services (UK) Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
207,965
236,453
Tangible assets
6
351,257
360,646
Investments
7
76,373
87,610
---------
---------
635,595
684,709
Current assets
Debtors
8
34,111
52,827
Cash at bank and in hand
447,099
442,618
---------
---------
481,210
495,445
Creditors: amounts falling due within one year
9
202,525
318,099
---------
---------
Net current assets
278,685
177,346
---------
---------
Total assets less current liabilities
914,280
862,055
Creditors: amounts falling due after more than one year
10
178,693
179,784
Provisions
Taxation including deferred tax
4,501
6,135
---------
---------
Net assets
731,086
676,136
---------
---------
West Coast Property Services (UK) Limited
Statement of Financial Position (continued)
31 March 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
50
50
Capital redemption reserve
12
50
50
Other reserves
12
( 82,507)
Profit and loss account
12
730,986
758,543
---------
---------
Shareholders funds
731,086
676,136
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 11 November 2023 , and are signed on behalf of the board by:
Lindsay Pickles
Nicholas Webber
Director
Director
Company registration number: 04145108
West Coast Property Services (UK) Limited
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 13 - 14 Alexandra Parade, Weston-super-Mare, North Somerset, BS23 1QT. The principal activity of the company during the year was that of a property letting and estate agency.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
-
Written off in full in year of acquisition/over 5 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Leasehold improvements
-
2% straight line
Fixtures, fittings and office equipment
-
15% and 20% reducing balance
Motor vehicles
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 45 (2022: 41 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
503,987
---------
Amortisation
At 1 April 2022
267,534
Charge for the year
28,488
---------
At 31 March 2023
296,022
---------
Carrying amount
At 31 March 2023
207,965
---------
At 31 March 2022
236,453
---------
6. Tangible assets
Land and buildings
Leasehold improvements
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 April 2022
471,500
5,470
176,454
22,238
675,662
Additions
15,140
15,140
Disposals
( 11,119)
( 11,119)
---------
-------
---------
--------
---------
At 31 March 2023
471,500
5,470
191,594
11,119
679,683
---------
-------
---------
--------
---------
Depreciation
At 1 April 2022
170,508
2,662
121,834
20,012
315,016
Charge for the year
9,430
72
13,636
278
23,416
Disposals
( 10,006)
( 10,006)
---------
-------
---------
--------
---------
At 31 March 2023
179,938
2,734
135,470
10,284
328,426
---------
-------
---------
--------
---------
Carrying amount
At 31 March 2023
291,562
2,736
56,124
835
351,257
---------
-------
---------
--------
---------
At 31 March 2022
300,992
2,808
54,620
2,226
360,646
---------
-------
---------
--------
---------
7. Investments
Other investments other than loans
£
Cost
At 1 April 2022
87,610
Revaluations
( 11,237)
--------
At 31 March 2023
76,373
--------
Impairment
At 1 April 2022 and 31 March 2023
--------
Carrying amount
At 31 March 2023
76,373
--------
At 31 March 2022
87,610
--------
The company owns 100 of the Ordinary 'A' shares of the company listed below which gives them a 100% interest.
2023
2022
£
£
Aggregate capital and reserves
West Coast Property Services (Bristol) Limited
100
Profit and (loss) for the year
West Coast Property Services (Bristol) Limited
The company owns 40 of the Ordinary shares of the company listed below which gives them a 40% interest.
2023
2022
£
£
Aggregate capital and reserves
West Coast FS Limited
Profit and (loss) for the year
West Coast FS Limited
Under the provision of section 398 of the Companies Act 2006 the company is exempt from preparing consolidated accounts and has not done so, therefore the accounts show information about the company as an individual entity.
8. Debtors
2023
2022
£
£
Trade debtors
220
618
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,431
1,431
Other debtors
32,460
50,778
--------
--------
34,111
52,827
--------
--------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
3,600
4,449
Trade creditors
11,783
32,228
Amounts owed to group undertakings and undertakings in which the company has a participating interest
750
750
Social security and other taxes
101,031
97,990
Other creditors
85,361
182,682
---------
---------
202,525
318,099
---------
---------
Hire purchases liabilities are secured against the asset to which they relate.
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
178,693
179,784
---------
---------
Hire purchases liabilities are secured against the asset to which they relate.
11. Government grants
The amounts recognised in the financial statements for government grants are as follows:
2023
2022
£
£
Recognised in other operating income:
Government grants recognised directly in income
2,089
6,687
-------
-------
12. Reserves
Capital redemption reserve - This reserve records the nominal value of shares repurchased by the company. Profit and loss account - This reserve records retained earnings and accumulated losses.
13. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
63,523
57,651
Later than 1 year and not later than 5 years
81,870
84,532
---------
---------
145,393
142,183
---------
---------
14. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Martin Crees
2,829
2,829
----
-------
----
-------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Martin Crees
9,901
16,974
( 26,875)
-------
--------
--------
----
No interest is paid on this loan.