Company Registration No. 7655980 (England and Wales)
West 11 Design Limited
Unaudited accounts
for the year ended 31 March 2023
West 11 Design Limited
Unaudited accounts
Contents
West 11 Design Limited
Company Information
for the year ended 31 March 2023
Directors
A Atkinson
C Cox
Company Number
7655980 (England and Wales)
Registered Office
45A HIGH STREET
ETON
WINDSOR
SL4 6BL
UNITED KINGDOM
West 11 Design Limited
Statement of financial position
as at 31 March 2023
Tangible assets
238,854
217,953
Investment property
3,165,505
2,798,063
Cash at bank and in hand
615,299
895,395
Creditors: amounts falling due within one year
(1,318,163)
(1,639,464)
Net current liabilities
(585,236)
(550,142)
Total assets less current liabilities
2,819,123
2,465,874
Creditors: amounts falling due after more than one year
(1,537,877)
(1,532,283)
Provisions for liabilities
Deferred tax
(8,396)
(19,605)
Net assets
1,272,850
913,986
Called up share capital
2
2
Revaluation reserve
44,792
83,583
Profit and loss account
1,228,056
830,401
Shareholders' funds
1,272,850
913,986
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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2023 and were signed on its behalf by
C Cox
Director
Company Registration No. 7655980
West 11 Design Limited
Notes to the Accounts
for the year ended 31 March 2023
West 11 Design Limited is a private company, limited by shares, registered in England and Wales, registration number 7655980. The registered office is 45A HIGH STREET, ETON, WINDSOR, SL4 6BL, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard with the exception of long-term leasehold property which is not depreciated. In the opinion of the Directors the property is maintained in a good state for commercial use and as such any depreciation charge would not give a true and fair view of the company's position.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of Investment properties.
The accounts are presented in £ sterling.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
• the Company has transferred the significant risks and rewards of ownership to the buyer;
• the Company retains neither continuing managerial involvement to the degree usually associated
with ownership nor effective control over the goods sold;
• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the transaction; and
• the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue from a contract to provide services is recognised in the year in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
• the amount of revenue can be measured reliably;
• it is probable that the Company will receive the consideration due under the contract;
• the stage of completion of the contract at the reporting date can be measured reliably; and
• the costs incurred and the costs to complete the contract can be measured reliably.
West 11 Design Limited
Notes to the Accounts
for the year ended 31 March 2023
Tangible fixed assets and depreciation
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.
Depreciation is provided on the following bases:
Motor vehicles - 25% Straight line basis
Office equipment - 33% Straight line basis
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 Statement of comprehensive income.
Long-term leasehold property is not depreciated. The treatment is contrary to the Companies Act 2006 which states that fixed assets should be depreciated. In the opinion of the directors the property is maintained in a good state for commercial use and as such any depreciation charge would not give a true and fair view of the company's position.
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.
No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.
Investments are valued at the lower of cost and net realisable value. Any income received from these investments is accounted for on the date it is received and recorded as Income from Investments in the profit and loss account.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the statement of financial position date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair
values of liabilities acquired and the amount that will be assessed for tax.
Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
West 11 Design Limited
Notes to the Accounts
for the year ended 31 March 2023
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At cost
At 1 April 2022
212,411
7,052
19,000
238,463
Additions
22,099
-
-
22,099
At 31 March 2023
234,510
7,052
19,000
260,562
At 1 April 2022
-
1,510
19,000
20,510
Charge for the year
-
1,198
-
1,198
At 31 March 2023
-
2,708
19,000
21,708
At 31 March 2023
234,510
4,344
-
238,854
At 31 March 2022
212,411
5,542
-
217,953
Fair value at 1 April 2022
2,798,063
Net loss from fair value adjustments
(50,000)
At 31 March 2023
3,165,505
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. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.
Amounts falling due within one year
Accrued income and prepayments
2,207
186,063
Other debtors
44,171
7,864
7
Investments held as current assets
2023
2022
Unlisted investments
71,250
-
West 11 Design Limited
Notes to the Accounts
for the year ended 31 March 2023
8
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
7,952
7,952
Taxes and social security
116,418
112,801
Other creditors
265,423
678,811
Loans from directors
926,170
837,700
Bank loans are secured over the property to which they relate.
9
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
1,537,877
1,532,283
Bank loans are secured over the property to which they relate.
10
Transactions with related parties
Included within other debtors amounts falling due within 1 year is an amount of £41,046 (2022: £7,864) due from companies under common control.
Included within other creditors amounts falling due within 1 year is an amount of £58,462 ( 2022: £66,469) due to companies under common control.
During the year the company made purchases from companies under common control amounting to £nil (2022: £nil) and made sales to companies under common control of £nil (2021: £4,143).
11
Average number of employees
During the year the average number of employees was 2 (2022: 2).