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REGISTERED NUMBER: 09500618 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2023

FOR

WEST PARK PROPERTY DEVELOPMENTS LTD

WEST PARK PROPERTY DEVELOPMENTS LTD (REGISTERED NUMBER: 09500618)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 August 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WEST PARK PROPERTY DEVELOPMENTS LTD

COMPANY INFORMATION
for the Year Ended 31 August 2023







DIRECTOR: C Porteous





REGISTERED OFFICE: Apartment 8
Swanland Hall, Hall Park
Tranby Lane
Swanland
HU14 3NW





REGISTERED NUMBER: 09500618 (England and Wales)





ACCOUNTANTS: Sowerby
Chartered Accountants
Beckside Court
Annie Reed Road
Beverley
East Yorkshire
HU17 0LF

WEST PARK PROPERTY DEVELOPMENTS LTD (REGISTERED NUMBER: 09500618)

BALANCE SHEET
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 26,353 32,087
Investment property 5 7,546,305 7,174,000
7,572,658 7,206,087

CURRENT ASSETS
Debtors 6 83,096 44,725
Cash at bank 1,900 6,902
84,996 51,627
CREDITORS
Amounts falling due within one year 7 1,545,682 1,415,965
NET CURRENT LIABILITIES (1,460,686 ) (1,364,338 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,111,972

5,841,749

CREDITORS
Amounts falling due after more than one year 8 (2,172,500 ) (2,172,500 )

PROVISIONS FOR LIABILITIES (724,629 ) (692,216 )
NET ASSETS 3,214,843 2,977,033

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 10 2,154,120 2,051,982
Retained earnings 1,060,623 924,951
3,214,843 2,977,033

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

WEST PARK PROPERTY DEVELOPMENTS LTD (REGISTERED NUMBER: 09500618)

BALANCE SHEET - continued
31 August 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 February 2024 and were signed by:





C Porteous - Director


WEST PARK PROPERTY DEVELOPMENTS LTD (REGISTERED NUMBER: 09500618)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 August 2023


1. STATUTORY INFORMATION

West Park Property Developments Limited is a private company, limited by shares, registered in England. The company has its registered office at Apartment 8 Swanland Hall, Hall Park, Tranby Lane, Swanland, United Kingdom, HU14 3NW and the registered number of the company is 09500618.

The principal activity of the company is the buying and letting of real estate.

The financial statements have been presented in the Pound Sterling (£) as this is the functional currency of the business .

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Having regard to liquidity risk, current market conditions and other factors affecting the company , the use of the going concern basis of accounting is appropriate as, in the opinion of the director, there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

Turnover
Turnover is the amount derived from ordinary activities, measured at the fair value of the consideration received or receivable. Turnover excludes value added tax and trade discounts.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.


WEST PARK PROPERTY DEVELOPMENTS LTD (REGISTERED NUMBER: 09500618)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023


2. ACCOUNTING POLICIES - continued
Taxation
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 September 2022
and 31 August 2023 39,130
DEPRECIATION
At 1 September 2022 7,043
Charge for year 5,734
At 31 August 2023 12,777
NET BOOK VALUE
At 31 August 2023 26,353
At 31 August 2022 32,087

WEST PARK PROPERTY DEVELOPMENTS LTD (REGISTERED NUMBER: 09500618)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 September 2022 7,174,000
Additions 236,120
Revaluations 136,185
At 31 August 2023 7,546,305
NET BOOK VALUE
At 31 August 2023 7,546,305
At 31 August 2022 7,174,000

The director has considered the carrying amount of the investment properties at the period end and consider them to be approximate to their fair value.

Fair value at 31 August 2023 is represented by:
£   
Valuation in 2017 156,100
Valuation in 2018 501,121
Valuation in 2019 48,180
Valuation in 2020 515,222
Valuation in 2021 825,022
Valuation in 2022 690,334
Valuation in 2023 136,185
Cost 4,674,141
7,546,305

If the Investment Properties had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 4,674,141 4,438,021

The Investment Properties were valued on an open market basis on 31 August 2023 by the director .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 62,858 44,167
VAT 227 558
Prepayments 20,011 -
83,096 44,725

WEST PARK PROPERTY DEVELOPMENTS LTD (REGISTERED NUMBER: 09500618)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 175,000 175,000
Tax 37,268 92,291
Other creditors 4,105 4,498
Yorkshire Bus & Coach Sales
Limited 510,313 522,160
Directors' current accounts 748,877 571,439
Deferred income 31,989 28,789
Accrued expenses 38,130 21,788
1,545,682 1,415,965

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 2-5 years 2,172,500 2,172,500

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 2,347,500 2,347,500

The bank loans are secured over the company Investment Property Portfolio together with a guarantee from Mr Craig Porteous the director of the company.

10. RESERVES
Revaluation
reserve
£   
At 1 September 2022 2,051,982
Investment properties 102,138

At 31 August 2023 2,154,120

11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Included within other creditors is an amount due to the director, Mr C Porteous. At the year end, the amount due was £748,877 (2022: £571,439)

The loan is interest free and repayable on demand.

WEST PARK PROPERTY DEVELOPMENTS LTD (REGISTERED NUMBER: 09500618)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 August 2023


12. RELATED PARTY DISCLOSURES

Included in other creditors is a loan from Yorkshire Bus & Coach Sales Limited a company under the control of the director, C Porteous.

The balance outstanding at 31 August 2023 was £510,313 (2022: £522,160).

The loan has been made on an interest free basis and is repayable on demand.

Although the loan is repayable on demand the director has confirmed that the loan repayment will not be demanded until there are sufficient funds available .

The director had also confirmed that the loan due to him will also not be demanded until there are sufficient
funds available to repay the loan.

The director has confirmed the support of the company's bankers for the foreseeable future and on this basis the director has prepared the accounts on the going concern basis.