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Registered number: 10337588










WESTGREEN HOLDINGS LIMITED










ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 29 MARCH 2023

 
WESTGREEN HOLDINGS LIMITED
 
 
COMPANY INFORMATION


Director
J Gilsenan 




Registered number
10337588



Registered office
Lynton House
7-12 Tavistock Square

London

WC1H 9BQ




Independent auditors
Xeinadin Audit Limited
Chartered Accountants & Statutory Auditor

Becket House

36 Old Jewry

London

EC2R 8DD




Accountants
Elman Wall Limited
8th Floor

Becket House

36 Old Jewry

London

EC2R 8DD





 
WESTGREEN HOLDINGS LIMITED
 

CONTENTS



Page
Group strategic report
1 - 2
Director's report
3 - 4
Independent auditors' report
5 - 9
Consolidated statement of comprehensive income
10
Consolidated balance sheet
11
Company balance sheet
12
Consolidated statement of changes in equity
13 - 14
Company statement of changes in equity
15 - 16
Consolidated statement of cash flows
17
Consolidated analysis of net debt
18
Notes to the financial statements
19 - 32


 
WESTGREEN HOLDINGS LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 29 MARCH 2023

Introduction
 
The directors present there strategic report for the year ended 31st March 2023.

Business review
 
The Group’s activities are focussed on the expert delivery of exceptional spaces for discerning clients within
the high end segments of the residential, retail, restaurant, arts and commercial office sectors. Our projects are
typically located in London and the home counties, although we do venture throughout the UK and internationally
for valued clients with interesting opportunities.
Our carefully assembled team holds a hard-earned, specialist understanding of each sector within which we
operate.
The sustained delivery of outstanding quality and service levels, coupled with forging client, supply-chain and
consultant relationships alike is a business priority.
We are experiencing high levels of new business enquiries and are largely selecting to engage with two-stage
and negotiated opportunities that complement our business plan and risk profiling strategies.
The Group’s culture is dedicated to achieving the highest standards of health and safety, with continuous
improvement and innovation at the forefront of our objectives.
Group cash reserves have increased by over £2m (25%) in the period and these are anticipated to remain at good levels to suitably provide for operational needs.
During the accounting period the Group experienced continued controlled growth and achieved sales of
£46m, as well as strong profitability. Testament to our reputation and focus & investment in client relationships,
our senior leadership team and wider team, secured sales and pipeline sales for the forthcoming financial years
ending March 2024 and 2025 will realise further controlled growth and profitability.
In addition to the aforementioned investments, a number of strategic objectives were implemented in the period -
this included the promotion of Chris Grace to the post of Managing Director, following 14 years of service, with
founder John Gilsenan stepping into the role of Chief Executive Officer. The focused growth of our Special
Projects & Aftercare department. We moved to a new larger London office space to accommodate our growing
team. Our accounting and document management systems have been bolstered with the purchase of more
sophisticated operating platforms.
We are well-poised to continue to meet business plan objectives for the foreseeable future.

Page 1

 
WESTGREEN HOLDINGS LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 MARCH 2023

Principal risks and uncertainties
 
The Group is exposed to the below-noted salient risks and uncertainties:
 
1. The non-conversion of limited appointments such as Pre-Construction Services Agreements and Letters of Intent into full building contracts, resulting in anticipated sales being lost
 
2. The incurrence of non-recoverable delays resulting in financial losses
 
3. Client default in respect of payment 
 
4. Breach of health and safety legislation and or statutory obligations resulting in financial losses and reputational damage 
 
5. The loss of key team members 
 
6. Price increases impacting upon profitability
 
7. Economic downturn 
 
Whilst the above are recognised as risks and uncertainties, the Director’s actively manage the same to prevent and or minimise any adverse effects. 

Financial key performance indicators
 
The Group’s sales have increased in the period from £27.1m to £46m providing for a 70% increase.
Total Gross Profitability has also increased to £4.3m and this,equating to 9.4% of sales.
Operating profit is stated in the sum of £739k, equating to 1.6% of sales.
Administrative costs have increased by 11% to an amount of £3.60m at around 8% of sales.
We continue to strive to optimise returns from increased sales, controlled growth and well managed cost and risk
profiles.
Cash reserves are stated at £10.3m.


This report was approved by the board on 22 December 2023 and signed on its behalf.



J Gilsenan
Director

Page 2

 
WESTGREEN HOLDINGS LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 29 MARCH 2023

The director presents his report and the financial statements for the period ended 29 March 2023.

Director's responsibilities statement

The director is responsible for preparing the Group strategic report, the Director's report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the period, after taxation, amounted to £621,158 (2022 - £533,934).

There were dividends paid during the year £3,500,000 (2021: £nil)

Directors

The directors who served during the period were:

J Gilsenan 
R Stockwell (resigned 31 May 2022)

Future developments

Details abour the future developments are includedin the Strategic Report.

Page 3

 
WESTGREEN HOLDINGS LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE PERIOD ENDED 29 MARCH 2023

Disclosure of information to auditors

The director at the time when this Director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

The auditorsXeinadin Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 22 December 2023 and signed on its behalf.
 





J Gilsenan
Director

Page 4

 
WESTGREEN HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WESTGREEN HOLDINGS LIMITED
 

Opinion


We have audited the financial statements of Westgreen Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 29 March 2023, which comprise the Group Statement of comprehensive income, the Group and Company Balance sheets, the Group Statement of cash flows, the Group and Company Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 29 March 2023 and of the Group's profit for the period then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Page 5

 
WESTGREEN HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WESTGREEN HOLDINGS LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and  our Auditors' report thereon.  The director is responsible for the other information contained within the Annual Report.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Director's report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Director's report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Director's report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Page 6

 
WESTGREEN HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WESTGREEN HOLDINGS LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Director's responsibilities statement set out on page 3, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Page 7

 
WESTGREEN HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WESTGREEN HOLDINGS LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

- Enquiry of management and those charged with governance around actual and potential litigation and
 claims;
- Enquiry of management and those charged with governance to identify any instances of non-compliance
with laws and regulations;
- Reviewing minutes of meetings of those charged with governance;
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance
with applicable laws and regulations;
- Performing audit work over the risk of management override of controls, including testing of journal entries
and other adjustments for appropriateness, evaluating the business rationale of significant transactions
outside the normal course of business and reviewing accounting estimates for bias.


The potential effect of these laws and regulations on the financial statements varies considerably.
Firstly, the Company is subject to laws and regulations that directly affect the financial statements including
financial reporting legislation (including related companies legislation), distributable profits legislation and
taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our
procedures on the related financial statement items.
Secondly, the Company is subject to many other laws and regulations where the consequence of non
compliance could have a material effect on amounts or disclosures in the financial statements, for instance the
imposition of fines or litigation. We identified the following areas as those most likely to have such an effect:
health and safety including data protection laws, anti-bribery, money laundering and employment law compliance
recognising the nature of the Company’s activities. Auditing standards limit the required audit procedures to
identify non-compliance with these laws and regulations to enquiry of the directors and other management and
inspection of regulatory and legal correspondence, if any. Therefore, if a breach of operational regulations is not
disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.


A further description of our responsibilities for the audit of the financial statements is located on the Financial
Page 8

 
WESTGREEN HOLDINGS LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF WESTGREEN HOLDINGS LIMITED (CONTINUED)


Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Karanjit Gill (Senior statutory auditor)
  
for and on behalf of
Xeinadin Audit Limited
 
Chartered Accountants
Statutory Auditor
  
Becket House
36 Old Jewry
London
EC2R 8DD

22 December 2023
Page 9

 
WESTGREEN HOLDINGS LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 29 MARCH 2023

2023
2022
Note
£
£

  

Turnover
 4 
46,003,388
27,125,636

Cost of sales
  
(41,661,556)
(23,213,080)

Gross profit
  
4,341,832
3,912,556

Administrative expenses
  
(3,601,977)
(3,242,698)

Other operating income
 5 
-
2,092

Operating profit
 6 
739,855
671,950

Interest payable and similar expenses
 10 
-
(20)

Profit before taxation
  
739,855
671,930

Tax on profit
 11 
(118,697)
(137,996)

Profit for the financial period
  
621,158
533,934

  

Total comprehensive income for the period
  
621,158
533,934

Profit for the period attributable to:
  

Owners of the parent Company
  
621,158
533,934

  
621,158
533,934

The notes on pages 19 to 32 form part of these financial statements.

Page 10

 
WESTGREEN HOLDINGS LIMITED
REGISTERED NUMBER: 10337588

CONSOLIDATED BALANCE SHEET
AS AT 29 MARCH 2023

29 March
31 March
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 12 
40,640
39,819

  
40,640
39,819

Current assets
  

Debtors: amounts falling due within one year
 13 
12,232,567
8,016,496

Cash at bank and in hand
 14 
10,296,523
8,251,618

  
22,529,090
16,268,114

Creditors: amounts falling due within one year
 15 
(14,709,309)
(8,215,833)

Net current assets
  
 
 
7,819,781
 
 
8,052,281

Total assets less current liabilities
  
7,860,421
8,092,100

Provisions for liabilities
  

Deferred taxation
 16 
-
(1,156)

Other provisions
 17 
(690,446)
(1,542,127)

  
 
 
(690,446)
 
 
(1,543,283)

Net assets
  
7,169,975
6,548,817


Capital and reserves
  

Called up share capital 
 18 
500
500

Capital redemption reserve
 19 
1,333
1,333

Profit and loss account
 19 
7,168,142
6,546,984

Equity attributable to owners of the parent Company
  
7,169,975
6,548,817

  
7,169,975
6,548,817


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 December 2023.




J Gilsenan
Director

The notes on pages 19 to 32 form part of these financial statements.

Page 11

 
WESTGREEN HOLDINGS LIMITED
REGISTERED NUMBER: 10337588

COMPANY BALANCE SHEET
AS AT 29 MARCH 2023

29 March
31 March
2023
2022
Note
£
£

Fixed assets
  

Investments
  
600
600

  
600
600

Current assets
  

Cash at bank and in hand
 14 
7,499,699
2,999,739

  
7,499,699
2,999,739

Creditors: amounts falling due within one year
 15 
(1,000,100)
(100)

Net current assets
  
 
 
6,499,599
 
 
2,999,639

Total assets less current liabilities
  
6,500,199
3,000,239

  

  

Net assets
  
6,500,199
3,000,239


Capital and reserves
  

Called up share capital 
 18 
500
500

Profit and loss account
 19 
6,499,699
2,999,739

  
6,500,199
3,000,239


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 December 2023.


J Gilsenan
Director

The notes on pages 19 to 32 form part of these financial statements.

Page 12

 
WESTGREEN HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 29 MARCH 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 April 2022
500
1,333
6,546,984
6,548,817
6,548,817


Comprehensive income for the period

Profit for the period

-
-
621,158
621,158
621,158


Other comprehensive income for the period
-
-
-
-
-


Total comprehensive income for the period
-
-
621,158
621,158
621,158


Total transactions with owners
-
-
-
-
-


At 29 March 2023
500
1,333
7,168,142
7,169,975
7,169,975


The notes on pages 19 to 32 form part of these financial statements.

Page 13

 
WESTGREEN HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2022


Called up share capital
Capital redemption reserve
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£
£

At 1 April 2021
500
1,333
6,013,050
6,014,883
6,014,883


Comprehensive income for the year

Profit for the year

-
-
533,934
533,934
533,934


Other comprehensive income for the year
-
-
-
-
-


Total comprehensive income for the year
-
-
533,934
533,934
533,934


Total transactions with owners
-
-
-
-
-


At 31 March 2022
500
1,333
6,546,984
6,548,817
6,548,817


The notes on pages 19 to 32 form part of these financial statements.

Page 14

 
WESTGREEN HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 29 MARCH 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2022
500
2,999,739
3,000,239


Comprehensive income for the year

Profit for the period

-
3,499,960
3,499,960


Other comprehensive income for the period
-
-
-


Total comprehensive income for the period
-
3,499,960
3,499,960


Total transactions with owners
-
-
-


At 29 March 2023
500
6,499,699
6,500,199


The notes on pages 19 to 32 form part of these financial statements.

Page 15

 
WESTGREEN HOLDINGS LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 April 2021
500
2,999,791
3,000,291


Comprehensive income for the year

Loss for the year

-
(52)
(52)


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
(52)
(52)


Total transactions with owners
-
-
-


At 31 March 2022
500
2,999,739
3,000,239


The notes on pages 19 to 32 form part of these financial statements.

Page 16

 
WESTGREEN HOLDINGS LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 29 MARCH 2023

29 March
31 March
2023
2022
£
£

Cash flows from operating activities

Profit for the financial period
621,158
533,934

Adjustments for:

Depreciation of tangible assets
11,157
13,273

Loss on disposal of tangible assets
-
19

Interest paid
-
20

Taxation charge
118,697
137,996

(Increase) in debtors
(4,162,825)
(1,576,919)

Increase in creditors
6,382,150
2,625,834

(Decrease)/increase in provisions
(851,681)
1,522,664

(Decrease)/increase in net pension assets/liabs
(10,440)
-

Corporation tax (paid)
(51,333)
(69,620)

Net cash generated from operating activities

2,056,883
3,187,201


`

Purchase of tangible fixed assets
(11,978)
(49,100)

Sale of tangible fixed assets
-
7,967

Net cash from investing activities

(11,978)
(41,133)

Cash flows from financing activities

Interest paid
-
(20)

Net cash used in financing activities
-
(20)

Net increase in cash and cash equivalents
2,044,905
3,146,048

Cash and cash equivalents at beginning of period
8,251,618
5,105,570

Cash and cash equivalents at the end of period
10,296,523
8,251,618


Cash and cash equivalents at the end of period comprise:

Cash at bank and in hand
10,296,523
8,251,618

10,296,523
8,251,618


The notes on pages 19 to 32 form part of these financial statements.

Page 17

 
WESTGREEN HOLDINGS LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 29 MARCH 2023




At 1 April 2022
Cash flows
At 29 March 2023
£

£

£

Cash at bank and in hand

8,251,618

2,044,905

10,296,523


8,251,618
2,044,905
10,296,523

The notes on pages 19 to 32 form part of these financial statements.

Page 18

 
WESTGREEN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2023

1.


General information

Westgreen Holdings Limited is private limited company by shares incorporated in England and Wales. The registered office is 55 Whitfield Street, London, W1T 4AH.
The principal activity of the company was to act as a holding company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 01 January 2019.

 
2.3

Revenue

Turnover is recognised at the fair value of the consideration received or receivable for construction
services provided in the normal course of business, and is shown net of VAT and other sales related
taxes.

Page 19

 
WESTGREEN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2023

2.Accounting policies (continued)

 
2.4

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

  
2.5

Construction contracts

Where the outcome of a construction contract can be estimated reliably, revenue and costs are
recognised by reference to the stage of completion of the contract activity at the reporting end date.
The stage of completion is measured by the proportion of contract costs incurred for work performed
to date compared to the estimated total contract costs. Variations in contract work, claims and
provisions are included to the extent that the amount can be measured reliably and its receipt is
considered probable.
When it is probable that total contract costs will exceed total contract turnover, the expected loss is
recognised as an expense immediately.
Where the outcome of a construction contract cannot be estimated reliably, contract costs are
recognised as expenses in the period in which they incurred and contract revenue is recognised to
the extent of contract costs incurred where it is probable that they will be recoverable.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

  
2.7

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

Page 20

 
WESTGREEN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet 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;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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 balance sheet date.

 
2.9

Tangible fixed assets

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Long-term leasehold property
-
Over the life of the lease
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance

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 profit or loss.

Page 21

 
WESTGREEN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2023

2.Accounting policies (continued)

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.14

Financial instruments

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
Page 22

 
WESTGREEN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2023

2.Accounting policies (continued)


2.14
Financial instruments (continued)

at fair value with changes recognised in the Consolidated statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Consolidated statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Group would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Group's accounting policies, the directors are required to make judgements estimates and assumptions about the carrying amount of assets and liabilities that are not readily
apparent from other sources. The estimates and associated assumptions are based on historical
experience and other factors that are considered to be relevant. Actual results may differ from these
estimates.The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the
carrying amount of assets and liabilities are as follows:
Accrued income
The company includes an adjustment to turnover in the accounts based on the stage of completion of
each contract. When calculating the accrued income, management takes into accountamounts
recoverable on contracts, accruals and provisions with regards to claims.
Provisions
Provisions are created against individual contracts where additional costs are expected from a past event.
Calculation of provisions require a degree of estimation.

Page 23

 
WESTGREEN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Construction services
46,003,388
27,125,636

46,003,388
27,125,636


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
46,003,388
27,125,636

46,003,388
27,125,636


All turnover arose within the United Kingdom.


5.


Other operating income

2023
2022
£
£

Other operating income
-
2,092

-
2,092



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Other operating lease rentals
563,062
327,965

Depreciation of owned tangible assets
-
13,273

Page 24

 
WESTGREEN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2023

7.


Auditors' remuneration

During the period, the Group obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
28,100
26,000


8.


Employees

Staff costs, including director's remuneration, were as follows:


Group
29 March
Group
31 March
Company
29 March
Company
31 March
2023
2022
2023
2022
£
£
£
£


Wages and salaries
6,109,397
3,388,914
-
-

Social security costs
740,724
406,788
-
-

Cost of defined contribution scheme
149,046
99,559
-
-

6,999,167
3,895,261
-
-


The average monthly number of employees, including the director, during the period was as follows:


        2023
        2022
            No.
            No.







Staff
75
43

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL)
Page 25

 
WESTGREEN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2023

9.


Director's remuneration

2023
2022
£
£

Director's emoluments
465,744
302,600

Group contributions to defined contribution pension schemes
21,900
11,200

487,644
313,800


During the period retirement benefits were accruing to 3 directors (2022 - 2) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £221,216 (2022 - £237,600NIL).

The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £18,500 (2022 - £10,000NIL).


10.


Interest payable and similar expenses

2023
2022
£
£


Other interest payable
-
20

-
20

Page 26

 
WESTGREEN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2023

11.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
182,348
137,996


182,348
137,996


Total current tax
182,348
137,996

Deferred tax


Origination and reversal of timing differences
(63,651)
-

Total deferred tax
(63,651)
-


Tax on profit
118,697
137,996

Factors affecting tax charge for the period/year

The tax assessed for the period/year is the same as (2022) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
739,855
671,930


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
140,572
127,667

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
15,928
11,757

Capital allowances for period/year in excess of depreciation
-
(3,925)

Utilisation of tax losses
-
18,408

Adjustment to tax charge in respect of previous periods - deferred tax
(1,146)
(11,212)

Remeasurement of deferred tax for changes in tax rates
(28,497)
(6,839)

Other differences leading to an increase (decrease) in the tax charge
(8,160)
2,140

Total tax charge for the period/year
118,697
137,996

Page 27

 
WESTGREEN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2023
 
11.Taxation (continued)


Factors that may affect future tax charges

The rate of corporation tax has been increased from 19% to 25% with effect from 1 April 2023. Deferred
tax assets and liabilities have therefore been remeasured at 25%.


12.


Tangible fixed assets

Group








Motor vehicles
Office equipment
Total

£
£
£



Cost or valuation


At 1 April 2022
49,100
5,322
54,422


Additions
-
11,978
11,978



At 29 March 2023

49,100
17,300
66,400



Depreciation


At 1 April 2022
12,275
2,328
14,603


Charge for the period on owned assets
9,206
1,951
11,157



At 29 March 2023

21,481
4,279
25,760



Net book value



At 29 March 2023
27,619
13,021
40,640



At 31 March 2022
36,825
2,994
39,819


13.


Debtors

Group
29 March
Group
31 March
2023
2022
£
£


Trade debtors
2,354,301
1,759,420

Other debtors
5,007
24,697

Prepayments and accrued income
3,371,869
946,784

Amounts recoverable on long-term contracts
6,438,895
5,285,595
Page 28

 
WESTGREEN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2023

13.Debtors (continued)


Deferred taxation
62,495
-

12,232,567
8,016,496



14.


Cash and cash equivalents

Group
29 March
Group
31 March
Company
29 March
Company
31 March
2023
2022
2023
2022
£
£
£
£

Cash at bank and in hand
10,296,523
8,251,618
7,499,699
2,999,739

10,296,523
8,251,618
7,499,699
2,999,739



15.


Creditors: Amounts falling due within one year

Group
29 March
Group
31 March
Company
29 March
Company
31 March
2023
2022
2023
2022
£
£
£
£

Trade creditors
3,361,638
1,987,126
-
-

Amounts owed to group undertakings
100
100
1,000,100
100

Corporation tax
277,134
165,808
-
-

Other taxation and social security
786,221
737,816
-
-

Other creditors
1,826,756
1,372,845
-
-

Accruals and deferred income
8,457,460
3,952,138
-
-

14,709,309
8,215,833
1,000,100
100



16.


Deferred taxation

Page 29

 
WESTGREEN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2023
 
16.Deferred taxation (continued)


Group



2023


£






At beginning of year
(1,156)


Charged to profit or loss
63,651



At end of year
62,495

Group
29 March
Group
31 March
2023
2022
£
£

Accelerated capital allowances
(1,156)
(2,995)

Unrelieved provisions
63,651
1,839

62,495
(1,156)


17.


Provisions


Group



Provision on loss making contracts

£





At 1 April 2022
1,542,127


Charged to profit or loss
(851,681)



At 29 March 2023
690,446

Other provisions relate to estimated costs that it is probable the company will pay in relation to its contracts, but which have not yet been confirmed.

Page 30

 
WESTGREEN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2023

           17.Provisions (continued)


18.


Share capital

29 March
31 March
2023
2022
£
£
Allotted, called up and fully paid



500 (2022 - 500) Ordinary shares of £1.00 each
500
500



19.


Reserves

Profit and loss account

Profit and loss includes all current and prior periods retained profit.


20.


Pension commitments

The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Group  to the fund and amounted to £149,046 (2022- £99,560.Contributions totalling £10,441 (2022 - £17,366) were payable to the fund at the reporting date and are included in creditors.


21.


Commitments under operating leases

At 29 March 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:




22.


Related party transactions

During the year the group paid rent amounting to £27,000 (2022: £27,000) to S Gilsenan, a direct familial relation of J P Gilsenan, for the use of a property owned by S Gilsenan for storage.
During the year the group incured some cost and refunds which resulted in a net position of a refund
due to the deposits from authorities and utilities of £34,677 (2022: £32,273 costs) in respect of construction services provided on properties owned privately by J P Gilsenan and his family The group has recognised accrued income in total of £2,462,861 (2022: £2,270,438) in respect of these services which is included within gross amounts due from contract customers reported in debtors.Post year end J P Gilsenan paid £2,462,861 in respect of the amount owed.
J P Gilsenan is a designated member of Westgreen Property investment LLP. During the year, the group credited Westgreen Property Investment LLP £Nil (2022: £610,755) for construction services carried out on properties held by Westgreen Property Investment LLP.   

Page 31

 
WESTGREEN HOLDINGS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 MARCH 2023

23.


Controlling party

The ultimate controlling party is C M J Barnfather Dos Santos Nunes. 

Page 32