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Registered number: 03215930










WESTGATE PARK CARDIFF LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
WESTGATE PARK CARDIFF LIMITED
REGISTERED NUMBER: 03215930

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
  
376,134
376,134

Debtors: amounts falling due within one year
 5 
3,648
14,065

Cash at bank and in hand
  
835,438
735,918

  
1,215,220
1,126,117

Creditors: amounts falling due within one year
 6 
(967,672)
(1,074,194)

Net current assets
  
 
 
247,548
 
 
51,923

Total assets less current liabilities
  
247,548
51,923

  

Net assets
  
247,548
51,923


Capital and reserves
  

Called up share capital 
  
100
100

Retained Earnings
  
247,448
51,823

  
247,548
51,923


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 August 2024.




Nicholas John Clwyd Griffith
Rowland John Roberts
Director
Director

The notes on pages 4 to 7 form part of these financial statements.

Page 1

 
WESTGATE PARK CARDIFF LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
100
51,823
51,923


Comprehensive income for the year

Profit for the year

-
2,395,625
2,395,625


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
2,395,625
2,395,625


Contributions by and distributions to owners

Dividends: Equity capital
-
(2,200,000)
(2,200,000)


Total transactions with owners
-
(2,200,000)
(2,200,000)


At 31 December 2023
100
247,448
247,548


The notes on pages 4 to 7 form part of these financial statements.

Page 2

 
WESTGATE PARK CARDIFF LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
100
283,966
284,066


Comprehensive income for the year

Profit for the year

-
2,467,857
2,467,857


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
2,467,857
2,467,857


Contributions by and distributions to owners

Dividends: Equity capital
-
(2,700,000)
(2,700,000)


Total transactions with owners
-
(2,700,000)
(2,700,000)


At 31 December 2022
100
51,823
51,923


The notes on pages 4 to 7 form part of these financial statements.

Page 3

 
WESTGATE PARK CARDIFF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The principal activity of the company in the year under review was that of the development of residential and commercial land.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

  
2.2

Critical accounting judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

  
2.3

Going concern

The company recognised a profit for the year and has net assets at the statement of financial position date. The company is reliant on the continued support of its related parties, namely Macob Westgate Limited and G Securities Limited, through its parent company, G Capital Limited.
The directors consider that the company is an integral part of the group structure and strategy of both Macob Westgate Limited and G Securities Limited and have indicated that these companies will provide the necessary financial support to ensure that the company is a going concern for at least 12 months from the date of signing these financial statements.
The directors have concluded that the company will have access to adequate resources to continue in existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

  
2.4

Bad debt provision

A specific provision is made against older debtor balances. Additional provisions are made against newer debtor balances where there is evidence to suggest that a balance may not be recoverable.

  
2.5

Turnover

Turnover relates to income from property development activities, excluding value added tax.
The profit on the sale of property developments is recognised when there in an unconditional agreement to sell.

Page 4

 
WESTGATE PARK CARDIFF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

  
2.6

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to sell. Cost includes cost of purchase and other costs incurred in bringing the stock t its present location and condition.
At each reporting date an assessment is made for impairment. Any excess of the carrying value of stocks over its estimated selling price less costs to sell, is recognised as an impairment loss in profit or loss. Reversal of impairment losses are also recognised in profit or loss.
 

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 5

 
WESTGATE PARK CARDIFF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Financial instruments

Basic financial assets, which include cash and bank balances, are initially measured at transaction price unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Basic financial liabilities, including trade and other creditors 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.

 
2.14

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The Company has no employees other than the directors, who did not receive any remuneration (2022 - £NIL).




4.


Stocks

2023
2022
£
£

Land for sale and development
376,134
376,134

376,134
376,134



5.


Debtors

2023
2022
£
£
Page 6

 
WESTGATE PARK CARDIFF LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.Debtors (continued)



VAT
3,132
13,549

Prepayments and accrued income
516
516

3,648
14,065



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
7,838
56,230

Amounts owed to shareholders
578,536
728,536

Corporation tax
378,448
286,151

Accruals and deferred income
2,850
3,277

967,672
1,074,194



7.


Contingent Liabilities

The company has a contingent liability in respect of an overage agreement for which the amounts cannot be quantified at the date of signing the financial statements.


8.


Capital commitments

There are no capital commitments at the balance sheet date.


9.


Ultimate controlling party

The company is under the joint control of Macob Westgate Limited and G Securities Limited.
The parent company of Macob Westgate Limited is Macob Commercial Limited, a company registered in England and Wales. The parent company of G Securities Limited is G Capital Limited, a company registered in England and Wales.


10.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 16 September 2024 by James Dobson BSc FCA (Senior Statutory Auditor) on behalf of MHA Chartered Accountants & Statutory Auditors.

 
Page 7