Company registration number 05528924 (England and Wales)
WESTCLIFF FINANCIAL MANAGEMENT LIMITED
FINANCIAL STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
WESTCLIFF FINANCIAL MANAGEMENT LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 3
WESTCLIFF FINANCIAL MANAGEMENT LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
49,342
59,495
Cash at bank and in hand
117
1,528
49,459
61,023
Creditors: amounts falling due within one year
4
(10,728)
(10,900)
Net current assets
38,731
50,123
Creditors: amounts falling due after more than one year
(25,154)
(34,797)
Net assets
13,577
15,326
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
13,477
15,226
Total equity
13,577
15,326
In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 14 March 2024 and are signed on its behalf by:
Mr N Greaves
Director
Company registration number 05528924 (England and Wales)
WESTCLIFF FINANCIAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Westcliff Financial Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 14 Miller Court, Severn Drive, Tewkesbury, Gloucestershire, GL20 8DN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
WESTCLIFF FINANCIAL MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
1,074
Other debtors
49,342
58,421
49,342
59,495
4
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9,648
9,648
Corporation tax
52
Other creditors
1,080
1,200
10,728
10,900
5
Related party transactions
At the balance sheet date, the company was owed 2023: £47,321 (2022: £58,421) by Abacus Money Management Limited.
Mr N Greaves and Mr V Greaves are directors and have a significant interest in the above named company.
6
Directors' transactions
Description
Amounts advanced
Amounts repaid
Closing balance
£
£
£
Mr N Greaves -
2,141
(120)
2,021
2,141
(120)
2,021
7
Parent company
The company's immediate and ultimate parent undertaking is Abacus Money Management Limited incorporated in England & Wales.