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REGISTERED NUMBER: 05265546 (England and Wales)























Unaudited Financial Statements

for the Year Ended 28 February 2024

for

Westend Apartments Preston Limited

Westend Apartments Preston Limited (Registered number: 05265546)

Contents of the Financial Statements
for the Year Ended 28 February 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Westend Apartments Preston Limited

Company Information
for the Year Ended 28 February 2024







DIRECTOR: Mr S S Phull





REGISTERED OFFICE: 11 Glasbrook Avenue
Twickenham
Middlesex
TW2 6AH





REGISTERED NUMBER: 05265546 (England and Wales)





ACCOUNTANTS: McDade Roberts Accountants Limited
Chartered Accountants
316 Blackpool Road
Fulwood
Preston
Lancashire
PR2 3AE

Westend Apartments Preston Limited (Registered number: 05265546)

Statement of Financial Position
28 February 2024

28.2.24 28.2.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 100 115
Investment property 6 1,558,238 1,558,238
1,558,338 1,558,353

CURRENT ASSETS
Cash at bank 2,699 5,259

CREDITORS
Amounts falling due within one year 7 247,683 248,853
NET CURRENT LIABILITIES (244,984 ) (243,594 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,313,354

1,314,759

CREDITORS
Amounts falling due after more than one
year

8

(892,041

)

(928,046

)

PROVISIONS FOR LIABILITIES (9,113 ) (6,929 )
NET ASSETS 412,200 379,784

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 412,198 379,782
SHAREHOLDERS' FUNDS 412,200 379,784

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2024 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.

Westend Apartments Preston Limited (Registered number: 05265546)

Statement of Financial Position - continued
28 February 2024


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 6 August 2024 and were signed by:





Mr S S Phull - Director


Westend Apartments Preston Limited (Registered number: 05265546)

Notes to the Financial Statements
for the Year Ended 28 February 2024


1. STATUTORY INFORMATION

Westend Apartments Preston 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.

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.

Turnover
Turnover is measured at the fair value of the rent received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.


Westend Apartments Preston Limited (Registered number: 05265546)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2024


2. ACCOUNTING POLICIES - continued
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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 March 2023
and 28 February 2024 140,000
AMORTISATION
At 1 March 2023
and 28 February 2024 140,000
NET BOOK VALUE
At 28 February 2024 -
At 28 February 2023 -

Westend Apartments Preston Limited (Registered number: 05265546)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2024


5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1 March 2023
and 28 February 2024 10,250
DEPRECIATION
At 1 March 2023 10,135
Charge for year 15
At 28 February 2024 10,150
NET BOOK VALUE
At 28 February 2024 100
At 28 February 2023 115

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023
and 28 February 2024 1,558,238
NET BOOK VALUE
At 28 February 2024 1,558,238
At 28 February 2023 1,558,238

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.24 28.2.23
£    £   
Bank loans and overdrafts 10,000 10,000
Mortgage 29,006 29,430
Trade creditors - 1
Tax 9,820 9,751
Social security and other taxes (92 ) (46 )
Other creditors 46,383 61,342
Credit Card - 989
Directors' loan accounts 148,011 133,011
Accrued expenses 4,555 4,375
247,683 248,853

Westend Apartments Preston Limited (Registered number: 05265546)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2024


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
28.2.24 28.2.23
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 23,721 30,068
Mortgage 1-2 years 29,006 29,430
Mortgage 2-5 years 87,019 88,290
Mortgage over 5 years 742,295 770,258
892,041 928,046

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Mortgage over 5 years 742,295 770,258

9. SECURED DEBTS

The following secured debts are included within creditors:

28.2.24 28.2.23
£    £   
Mortgage 887,326 917,408
Bounce Back Loan 43,721 50,068
931,047 967,476

The mortgages are secured by legal charges on the respective properties by Santander UK PLC, Aldermore Bank PLC, Precise Mortgages, Onesavings Bank PLC and Paragon Bank PLC.

The UK Government have provided a 100% guarantee on the Bounce Back Loan Scheme (BBLS), borrowings obtained from National Westminster Bank PLC.

10. RELATED PARTY DISCLOSURES

During the year the company received rent totalling £100,000 from Croft House (Preston) Ltd a company in which the director is both director and shareholder.

Included in other creditors is a loan from Croft House (Preston) Ltd of £46,383 and the interest charged on this loan is 0.75%.