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REGISTERED NUMBER: 05494105 (England and Wales)















WESTCOUNTRY FINANCE (CORNWALL)
LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023






WESTCOUNTRY FINANCE (CORNWALL)
LIMITED (REGISTERED NUMBER: 05494105)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


WESTCOUNTRY FINANCE (CORNWALL)
LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: A Murtagh





REGISTERED OFFICE: c/o DTE Business Advisers Ltd
6th Floor, Royal Exchange Building
St Ann's Square
Manchester
M2 7FE





REGISTERED NUMBER: 05494105 (England and Wales)





ACCOUNTANTS: DTE Business Advisers Limited
The Exchange
5 Bank Street
Bury
BL9 0DN

WESTCOUNTRY FINANCE (CORNWALL)
LIMITED (REGISTERED NUMBER: 05494105)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £   
CURRENT ASSETS
Debtors 4 237,066 230,509
Cash at bank 1,966 657
239,032 231,166
CREDITORS
Amounts falling due within one year 5 (4,996 ) (5,441 )
NET CURRENT ASSETS 234,036 225,725
TOTAL ASSETS LESS CURRENT
LIABILITIES

234,036

225,725

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 234,035 225,724
SHAREHOLDERS' FUNDS 234,036 225,725

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 director and authorised for issue on 13 August 2024 and were signed by:





A Murtagh - Director


WESTCOUNTRY FINANCE (CORNWALL)
LIMITED (REGISTERED NUMBER: 05494105)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Westcountry Finance (Cornwall) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 05494105 and its registered office address is 6th Floor, Royal Exchange Building, St Ann's Square, Manchester, England, M2 7FE.

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.

The director has considered the companies financial position and recognises that the future cannot be predicted with certainty. However, the director expects the company to continue trading.

The company had net assets of £234,036 (2022: £225,725) at the year end. The director continues to adopt a going concern basis of accounting in preparing these financial statements.

Critical accounting estimates and judgements
In the application of the company's accounting policies, the director is required to make estimates and judgements. The estimates are based on historical experience and other relevant factors. Actual results may differ from these estimates.

The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

Using judgement to assess the recoverability of loan balances and the need for any provision.

Revenue
Revenue comprises the interest and fees due on amounts loaned in line with individual loan agreements. Interest revenue is accrued over the term of a loan, and fee revenue is recognised on the date at which it falls due.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other receivable and payable, loans from banks and other third parties and loans to related parties.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.

Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost.


WESTCOUNTRY FINANCE (CORNWALL)
LIMITED (REGISTERED NUMBER: 05494105)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 3 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 237,066 230,509

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 2,160 1,980
Taxation and social security 836 1,461
Other creditors 2,000 2,000
4,996 5,441

WESTCOUNTRY FINANCE (CORNWALL)
LIMITED (REGISTERED NUMBER: 05494105)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
A Murtagh
Balance outstanding at start of year 230,509 86,333
Amounts advanced 230,530 257,210
Amounts repaid (239,098 ) (113,034 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 221,941 230,509

These amounts are interest free, unsecured and repayable on demand. The maximum overdrawn balance in the year was £245,509 (2022: £230,509). A single material advance of £215,000 was made on 16/06/2023.