Company registration number 09821796 (England and Wales)
WESTBRIDGE LONDON PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
WESTBRIDGE LONDON PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
WESTBRIDGE LONDON PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
4
470,000
550,000
Current assets
Debtors
5
3,885
3,809
Cash at bank and in hand
50,952
40,735
54,837
44,544
Creditors: amounts falling due within one year
6
(556,684)
(558,700)
Net current liabilities
(501,847)
(514,156)
Total assets less current liabilities
(31,847)
35,844
Provisions for liabilities
-
0
(576)
Net (liabilities)/assets
(31,847)
35,268
Capital and reserves
Called up share capital
7
100
100
Non-distributable profits reserve
8
(76,970)
2,454
Distributable profit and loss reserves
9
45,023
32,714
Total equity
(31,847)
35,268

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 October 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 member has 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 27 August 2024 and are signed on its behalf by:
Mr J  Goldberg
Director
Company Registration No. 09821796
WESTBRIDGE LONDON PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 2 -
1
Accounting policies
Company information

Westbridge London Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1 Parkshot, Richmond, Surrey, TW9 2RD.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

As of the date of the balance sheet, this is in deficit by £31,419. This is solely due to the down valuing of the residential investment properties. Whilst the building in which these properties are housed undergo remedial work involving cladding remediation that will be funded from the government Building Safety Fund, the valuation reflects the current state and condition of the building.

1.3
Turnover

Turnover represents rental income that is recognised at the fair value of the consideration received or receivable in the normal course of business.

1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

WESTBRIDGE LONDON PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, include debtors and cash and bank balances.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax, if relevant.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

WESTBRIDGE LONDON PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
4
Investment property
2023
£
Fair value
At 1 November 2022
550,000
Revaluations
(80,000)
At 31 October 2023
470,000

Investment property comprises residential apartments. Their open market value has been estimated by the company directors by reference to the last sale that took place in the block in April 2022. The note below under the heading contingent liabilities is also relevant.

The historical cost of acquisition is £546,970.

5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
3,885
3,809
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,940
5,300
Amounts owed to group undertakings
509,924
509,924
Taxation and social security
3,482
1,930
Other creditors
41,338
41,546
556,684
558,700

Other creditors include amounts due to the directors of £37,221 (2022: £37,221). These loans are unsecured and interest free. There is no set date for repayment and the directors have confirmed that they will not seek repayment for at least a year after these accounts are approved and then only if funds permit.

 

The sum due to the parent company of £509,924 (2022: £509,924) is also an unsecured interest free loan with no set date of repayment. The directors of that company have confirmed that they will not seek repayment for at least a year after these accounts are approved and then only if funds permit.

WESTBRIDGE LONDON PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1,000,000 of 0.01p each
100
100
8
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
2,454
(26,970)
Non distributable profits in the year
(79,424)
29,424
At the end of the year
(76,970)
2,454
9
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
32,714
25,216
(Loss)/profit for the year
(67,115)
36,922
Current year profits transferred to non-distributable reserve
79,424
(29,424)
At the end of the year
45,023
32,714
10
Contingent liabilities

The investment properties comprise leases of residential apartments in a large block. The cladding of the building has been found to include combustible materials and so will be replaced in due course. These works will be funded exclusively from the Building Safety Fund from the (DLUHC) Department for Levelling Up, Housing and Communities. Maritime House passed technical eligibility 21st of July 2023. On this basis no provision has been made for the associated costs in these financial statements because the company directors do not consider that there is any probable loss.

 

11
Parent company

The parent company and ultimate controlling party of the company is Westbridge London LLC, a company incorporated in the USA and situated at 110 Lafayette Street, New York NY 10013. The LLC does not prepare consolidated financial statements and it is controlled by the company directors.

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