REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 28 February 2024 |
for |
Westend Apartments Preston Limited |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investment property | 6 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
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 |
Fixtures and fittings | - |
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. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 March 2023 |
and 28 February 2024 |
AMORTISATION |
At 1 March 2023 |
and 28 February 2024 |
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 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 28 February 2024 |
NET BOOK VALUE |
At 28 February 2024 |
At 28 February 2023 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 March 2023 |
and 28 February 2024 |
NET BOOK VALUE |
At 28 February 2024 |
At 28 February 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
28.2.24 | 28.2.23 |
£ | £ |
Bank loans and overdrafts |
Mortgage |
Trade creditors |
Tax |
Social security and other taxes | ( |
) | ( |
) |
Other creditors |
Credit Card | - | 989 |
Directors' loan accounts | 148,011 | 133,011 |
Accrued expenses |
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 |
Bank loans - 2-5 years |
Mortgage 1-2 years | 29,006 | 29,430 |
Mortgage 2-5 years | 87,019 | 88,290 |
Mortgage over 5 years | 742,295 | 770,258 |
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 |
Bounce Back Loan | 43,721 | 50,068 |
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%. |