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Registration number: 11361578

SPV Westacre Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 May 2023

 

SPV Westacre Limited

Contents
__________________________________________________________________________

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 5

 

SPV Westacre Limited

Company Information
__________________________________________________________________________

Directors

Lloyd Halls

Michael Chapman

Registered office

20-22 Wenlock Road
London
N1 7GU


 

Accountants

Brooks Green
Chartered Accountants
Abbey House
342 Regents Park Road
London
N3 2LJ

 

SPV Westacre Limited

(Registration number: 11361578)
Balance Sheet as at 31 May 2023
__________________________________________________________________________

Note

2023
£

2022
£

Current assets

 

Debtors

3

10,274

10,274

Cash at bank and in hand

 

17,420

26,176

 

27,694

36,450

Creditors: Amounts falling due within one year

4

(34,292)

(41,004)

Net liabilities

 

(6,598)

(4,554)

Capital and reserves

 

Called up share capital

5

1,000

1,000

Retained earnings

(7,598)

(5,554)

Shareholders' deficit

 

(6,598)

(4,554)

For the financial year ending 31 May 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 1 February 2024 and signed on its behalf by:
 

.........................................
Lloyd Halls
Director

.........................................
Michael Chapman
Director

 

SPV Westacre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
__________________________________________________________________________

1

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

SPV Westacre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
__________________________________________________________________________

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2022 - 1).

3

Debtors

Current

2023
£

2022
£

Other debtors

10,274

10,274

 

10,274

10,274

 

SPV Westacre Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2023
__________________________________________________________________________

4

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

34,028

39,971

Accruals and deferred income

 

264

1,033

 

34,292

41,004

5

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1,000

1,000

1,000

1,000