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REGISTERED NUMBER: 03071605 (England and Wales)















Westmoreland Securities Limited

Unaudited Financial Statements for the Year Ended 31 January 2024






Westmoreland Securities Limited (Registered number: 03071605)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Westmoreland Securities Limited

Company Information
for the Year Ended 31 January 2024







DIRECTORS: T R Baines
A J Rennie
A Banks





REGISTERED OFFICE: The White House
2 Meadrow
Godalming
Surrey
GU7 3HN





BUSINESS ADDRESS: 10 Albemarle Street
London
W1S 4HH





REGISTERED NUMBER: 03071605 (England and Wales)





ACCOUNTANTS: Hughes Waddell
The White House
2 Meadrow
Godalming
Surrey
GU7 3HN

Westmoreland Securities Limited (Registered number: 03071605)

Balance Sheet
31 January 2024

31.1.24 31.1.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 83,645 102,710
Investment property 5 5,800,000 7,000,000
5,883,645 7,102,710

CURRENT ASSETS
Debtors 6 10,926 9,373
Cash at bank 47,748 12,588
58,674 21,961
CREDITORS
Amounts falling due within one year 7 7,649,466 7,759,191
NET CURRENT LIABILITIES (7,590,792 ) (7,737,230 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,707,147

)

(634,520

)

CAPITAL AND RESERVES
Called up share capital 103 103
Revaluation reserve (1,508,185 ) (308,185 )
Retained earnings (199,065 ) (326,438 )
SHAREHOLDERS' FUNDS (1,707,147 ) (634,520 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 March 2024 and were signed on its behalf by:



T R Baines - Director


Westmoreland Securities Limited (Registered number: 03071605)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

Westmoreland Securities Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The directors have prepared the financial statements under the going concern concept. Since the balance sheet date the directors have taken steps to increase the company's annual profit & are thus confident that the company will be able to meet its financial commitments as they fall due. The directors of the related party company, which has advanced loans to this company, will not seek repayment until this company is in a position to do so.

Turnover
Turnover represents rents receivable from investment properties, adjusted on an accruals basis for amounts received in advance or arrears.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Furnishings - 10% on cost

Investment property
Investment property is shown at the directors' most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss for the year and then transferred to a non-distributable reserve.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Furnishings
£   
COST
At 1 February 2023
and 31 January 2024 190,653
DEPRECIATION
At 1 February 2023 87,943
Charge for year 19,065
At 31 January 2024 107,008
NET BOOK VALUE
At 31 January 2024 83,645
At 31 January 2023 102,710

Westmoreland Securities Limited (Registered number: 03071605)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 February 2023 7,000,000
Revaluation (1,200,000 )
At 31 January 2024 5,800,000
NET BOOK VALUE
At 31 January 2024 5,800,000
At 31 January 2023 7,000,000

In the opinion of the directors the market value at 31 January 2024 was £5,800,000.

Fair value at 31 January 2024 is represented by:
£   
Valuation in 2021 (249,275 )
Valuation in 2022 (58,910 )
Valuation in 2024 (1,200,000 )
Cost 7,308,185
5,800,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Other debtors 10,926 9,373

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.1.24 31.1.23
£    £   
Bank loan - 500,000
Trade creditors 2,845 -
Taxation and social security 6,121 -
Other creditors 7,640,500 7,259,191
7,649,466 7,759,191

8. SECURED DEBTS

The following secured debts are included within creditors:

31.1.24 31.1.23
£    £   
Bank loans - 500,000

A bank loan was secured by fixed charges on the company's long leasehold investment properties but was repaid in full in the year.