Company Registration No. 09797607 (England and Wales)
WESTMINSTER FIRE STATION LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
WESTMINSTER FIRE STATION LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
WESTMINSTER FIRE STATION LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Current assets
Stocks
3
31,256,371
35,805,626
Debtors
4
1,473,711
665,835
Cash at bank and in hand
868,152
247,632
33,598,234
36,719,093
Creditors: amounts falling due within one year
5
(49,578,847)
(46,673,570)
Net current liabilities
(15,980,613)
(9,954,477)
Creditors: amounts falling due after more than one year
6
(760,919)
(180,518)
Net liabilities
(16,741,532)
(10,134,995)
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
(16,741,533)
(10,134,996)
Total equity
(16,741,532)
(10,134,995)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
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 18 September 2024 and are signed on its behalf by:
Joanna Yin Yin Gok
Director
Company Registration No. 09797607
WESTMINSTER FIRE STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Westminster Fire Station Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
As at 31 December 2023, the company is in a deficit position of £16,741,532. During the year, the company continues to market the property for sale. The financial statements are prepared on a going concern basis as a group company has confirmed its intention to provide continuing support to the company to enable it to meet its liabilities to third party creditors for a period of at least twelve months from the date of approval of these 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 these financial statements.
1.3
Turnover
Rental income from operating leases (net of any incentives given to lessees) is recognised on a straight-line basis over the lease term.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials, interest on loans advanced for the development and those overheads that have been incurred in bringing the stocks to their present location and condition.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
WESTMINSTER FIRE STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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 and loans from fellow group companies, 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.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received.
1.7
Taxation
The tax expense represents the sum of the tax currently payable.
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.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
There were no employees in the current or previous year.
3
Stock of properties
2023
2022
£
£
Stock of properties
31,256,371
35,805,626
During the financial year, an impairment charge of £4,549,255 (2022: £7,107,735) was recorded against stock of properties. Included within stock is capitalised interest of £4,334,090 (2022: £4,964,902).
WESTMINSTER FIRE STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
4
Debtors and prepayments
2023
2022
Amounts falling due within one year:
£
£
Other debtors
168,255
50,913
Prepayments and accrued income
1,305,456
614,922
1,473,711
665,835
5
Creditors: amounts falling due within one year
2023
2022
as restated
£
£
Trade creditors
25,002
26,484
Amounts owed to group undertakings
49,257,856
46,402,789
VAT payable
15,429
Accruals
280,560
244,297
49,578,847
46,673,570
Included in amounts owed to group undertakings is a loan secured by a fixed charge over the freehold land and buildings known as Westminster Fire Station, being 4 Greycoat Place, London SW1P 1SB.
6
Creditors: amounts falling due after more than one year
2023
2022
as restated
£
£
Other creditors
760,919
180,518
Other creditors falling due after more than one year represents tenancy deposits which have been restated from current to non-current in the comparative period.
7
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and unpaid
1 Ordinary share of £1
1
1
1
1
WESTMINSTER FIRE STATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
8
Operating lease commitments - lessor
The Company leases out a restaurant space and apartment units to non-related parties. The lease is classified as an operating lease because the risk and rewards incidental to the ownership of the asset is not substantially transferred.
Undiscounted lease payments from the operating lease to be received after the reporting period are as follows:
2023
2022
£
£
Not later than one year
1,302,805
63,664
Later than one year and not later than five years
4,941,653
1,259,309
Later than five years
7,204,815
6,801,390
13,449,273
8,124,363
9
Related party transactions
During the year, interest is accrued on an interest-bearing loan from a connected party (Note 3) at 7% per annum. Shared services management fees of £88,928 (2022: £32,376) was charged by the intermediate holding company.
10
Parent company
The immediate holding company is WFS 1 Limited, a company incorporated in England and Wales. The intermediate holding company is Far East Orchard Limited, a quoted company based in Singapore whose registered office address is 6 Eu Tong Sen Street, #04-28, The Central, Singapore 059817. The ultimate holding company is Far East Organization Pte. Ltd., based in Singapore.
The company is a subsidiary of Far East Orchard Limited, a quoted company based in Singapore which prepares consolidated financial statements for public use.
11
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
The senior statutory auditor was Simon Mott-Cowan.
The auditor was HW Fisher LLP.