Company registration number 4389289 (England and Wales)
WESTGATE (YORK) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2023
COMPANY LIMITED BY GUARANTEE
PAGES FOR FILING WITH REGISTRAR
WESTGATE (YORK) LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 3
WESTGATE (YORK) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
24 DECEMBER 2023
24 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Debtors
3
2,025
-
0
Cash at bank and in hand
-
0
4,594
2,025
4,594
Creditors: amounts falling due within one year
4
-
0
(2,569)
Net current assets
2,025
2,025
Reserves
Guarantee fund
6
114
114
Income and expenditure account
1,911
1,911
Members' funds
2,025
2,025

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

For the financial year ended 24 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 5 August 2024 and are signed on its behalf by:
M J Cross
Director
Company Registration No. 4389289
WESTGATE (YORK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Westgate (York) Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 11 Walmgate, York, YO1 9TX. The company registration number is 4389289.

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.

The financial statements have been prepared under the historical cost convention.

The financial statements reflect the company's activity as head lessee collecting rent from the apartment lessees and paying ground rent to the freeholder. Its activity as manager of the common parts and as trustee of the service charge funds is not reported here.

The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable and represents invoiced during the year for ground rents and interest due from tenants.

1.3
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 statement of financial position when the company becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

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 are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

1.4
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

WESTGATE (YORK) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 24 DECEMBER 2023
- 3 -
2
Employees

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

2023
2022
Number
Number
Total
4
4
3
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
2,025
-
0
4
Creditors: amounts falling due within one year
2023
2022
£
£
Ground rents paid in advance
-
0
2,569
5
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

6
Guarantee fund

The members have paid up their guarantees in full with the fund standing at £114.

 

The company's articles prohibit distribution of any profits to its members, who therefore have no equity interest in the company.

7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
16,723,800
16,740,000

The commitment relates to the commitment to pay the landlord the ground rent under the headlease with a contractual term of 999 years commencing 1 January 2002.

 

The above commitment to pay the landlord is covered by the ground rents collected from the lessees on an annual basis. There is a 999 year lease in place with each lessee agreeing to this commitment.

8
Related party transactions

No transactions with related parties were undertaken such as are required to be disclosed under the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

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