Caseware UK (AP4) 2022.0.179 2022.0.179 2023-04-302023-04-301019950610199506Development of building projects.true2022-05-01false22trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 00538909 2022-05-01 2023-04-30 00538909 2021-05-01 2022-04-30 00538909 2023-04-30 00538909 2022-04-30 00538909 c:Director2 2022-05-01 2023-04-30 00538909 d:FreeholdInvestmentProperty 2023-04-30 00538909 d:FreeholdInvestmentProperty 2022-04-30 00538909 d:LeaseholdInvestmentProperty 2023-04-30 00538909 d:LeaseholdInvestmentProperty 2022-04-30 00538909 d:CurrentFinancialInstruments 2023-04-30 00538909 d:CurrentFinancialInstruments 2022-04-30 00538909 d:Non-currentFinancialInstruments 2023-04-30 00538909 d:Non-currentFinancialInstruments 2022-04-30 00538909 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 00538909 d:CurrentFinancialInstruments d:WithinOneYear 2022-04-30 00538909 d:Non-currentFinancialInstruments d:AfterOneYear 2023-04-30 00538909 d:Non-currentFinancialInstruments d:AfterOneYear 2022-04-30 00538909 d:ShareCapital 2023-04-30 00538909 d:ShareCapital 2022-04-30 00538909 d:RevaluationReserve 2022-05-01 2023-04-30 00538909 d:RevaluationReserve 2023-04-30 00538909 d:RevaluationReserve 2022-04-30 00538909 d:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 00538909 d:RetainedEarningsAccumulatedLosses 2023-04-30 00538909 d:RetainedEarningsAccumulatedLosses 2022-04-30 00538909 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-04-30 00538909 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-04-30 00538909 d:OtherDeferredTax 2023-04-30 00538909 d:OtherDeferredTax 2022-04-30 00538909 c:FRS102 2022-05-01 2023-04-30 00538909 c:AuditExempt-NoAccountantsReport 2022-05-01 2023-04-30 00538909 c:FullAccounts 2022-05-01 2023-04-30 00538909 c:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 00538909 2 2022-05-01 2023-04-30 00538909 5 2022-05-01 2023-04-30 iso4217:GBP xbrli:pure

Registered number: 00538909









WESTBURY INVESTMENT COMPANY LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2023

 
WESTBURY INVESTMENT COMPANY LIMITED
 
 
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2023

The director is responsible for preparing the Director's Report and the 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 of the profit or loss of the Company for that period.

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

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

make judgements 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 Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 1

 
WESTBURY INVESTMENT COMPANY LIMITED
REGISTERED NUMBER: 00538909

BALANCE SHEET
AS AT 30 APRIL 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
5,099,753
5,099,753

  
5,099,753
5,099,753

Current assets
  

Debtors: amounts falling due within one year
 5 
136,334
151,407

Cash at bank and in hand
 6 
56,485
26,367

  
192,819
177,774

Creditors: amounts falling due within one year
 7 
(1,176,248)
(1,154,441)

Net current liabilities
  
 
 
(983,429)
 
 
(976,667)

Total assets less current liabilities
  
4,116,324
4,123,086

Creditors: amounts falling due after more than one year
 8 
(2,414,842)
(2,419,951)

Provisions for liabilities
  

Deferred tax
 10 
(196,792)
(196,792)

  
 
 
(196,792)
 
 
(196,792)

Net assets
  
1,504,690
1,506,343


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
 12 
897,463
897,463

Profit and loss account
 12 
607,127
608,780

  
1,504,690
1,506,343


Page 2

 
WESTBURY INVESTMENT COMPANY LIMITED
REGISTERED NUMBER: 00538909
    
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 January 2024.




M A Carroll
Director

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
WESTBURY INVESTMENT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

1.


General information

Westbury Investment Company Limited is a private company, limited by shares and incorporated in England and Wales, United Kingdom, with a registration number 00538909. The address of the registered office is Haslers, Old Station Road, Loughton, Essex, IG10 4PL. The nature of the company's operations and principal activities relate to property investment. 

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period 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 end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

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.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
WESTBURY INVESTMENT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year 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 operates and generates 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; 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 balance sheet date.

 
2.7

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.8

Investment property

Investment property is carried at fair value determined annually by external valuers 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 profit or loss.

 
2.9

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.

Page 5

 
WESTBURY INVESTMENT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

2.Accounting policies (continued)

 
2.10

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.

 
2.11

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.

 
2.12

Financial instruments

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.
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.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 6

 
WESTBURY INVESTMENT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

4.


Investment property


Freehold investment property
Long term leasehold investment property
Total

£
£
£



Valuation


At 1 May 2022
4,049,753
1,050,000
5,099,753



At 30 April 2023
4,049,753
1,050,000
5,099,753

The 2023 valuations were made by the Directors, on an open market value for existing use basis.





If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
4,350,949
4,350,949

4,350,949
4,350,949


5.


Debtors

2023
2022
£
£


Trade debtors
13,782
26,802

Other debtors
122,552
124,605

136,334
151,407



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
56,485
26,367

Less: bank overdrafts
(23,665)
(11,408)

32,820
14,959


Page 7

 
WESTBURY INVESTMENT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
23,665
11,408

Bank loans
6,210
6,210

Trade creditors
338
4,179

Corporation tax
-
2,914

Other taxation and social security
7,353
12,088

Other creditors
1,047,924
1,022,586

Accruals and deferred income
90,758
95,056

1,176,248
1,154,441



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
2,414,842
2,419,951

2,414,842
2,419,951


The following liabilities were secured:

2023
2022
£
£



Bank loans
2,380,000
2,380,000

2,380,000
2,380,000

Details of security provided:

The bank loan was renegotiated in December 2021 and is due for repayment in 2026. The loan is secured against the assets of the company.

Page 8

 
WESTBURY INVESTMENT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

9.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
56,485
26,367




Financial assets measured at fair value through profit or loss comprise cash and cash equivalents.


10.


Deferred taxation




2023


£






At beginning of year
(196,792)



At end of year
(196,792)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fair value adjustment on properties
(196,792)
(196,792)

(196,792)
(196,792)


11.


Provisions










At 30 April 2023

Page 9

 
WESTBURY INVESTMENT COMPANY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023

12.


Reserves

Revaluation reserve

The revaluation reserve represents cumulative effects of fair value adjustments net of deferred tax and other adjustments.

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.


13.


Contingent liabilities

The company is part of a group Value Added Tax (VAT) registration scheme. As such the company is liable for the group VAT liability. At the year end there was a VAT liability due of £7,319 (2022: £13,988) under this scheme.


14.


Related party transactions

At the year-end the following amounts were due from/(to) the related parties:


2023
2022
£
£

Entities under common control
(949,331)
(956,994)
Key management personnel
-
(20,422)
(949,331)
(977,416)


15.


Controlling party

The ultimate controlling party is the Estate of J R Carroll.


16.


Auditors' information

The auditors' report on the financial statements for the year ended 30 April 2023 was unqualified.

The audit report was signed on 31 January 2024 by Charalambos Pastalides (Senior Statutory Auditor) on behalf of Haslers.

Page 10