Company registration number 04906043 (England and Wales)
WESTBROOK EUROPE (LONDON) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
WESTBROOK EUROPE (LONDON) LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
WESTBROOK EUROPE (LONDON) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Non-current assets
Investments
3
517,555
517,555
Current assets
Trade and other receivables
4
2,556,971
2,348,132
Current liabilities
5
(4,600)
(14,600)
Net current assets
2,552,371
2,333,532
Net assets
3,069,926
2,851,087
Equity
Called up share capital
6
1
1
Retained earnings
3,069,925
2,851,086
Total equity
3,069,926
2,851,087
The directors of the company have elected not to include a copy of the income statement 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 17 September 2024 and are signed on its behalf by:
D E Rico
K Z Sheikh
Director
Director
Company registration number 04906043 (England and Wales)
WESTBROOK EUROPE (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Westbrook Europe (London) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5th Floor, 60 Charlotte Street, London, W1T 2NU.
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
Revenue
Revenue represents the company's profit share from Westbrook Europe (UK) LLP, of which it is a member.
1.3
Non-current investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.
1.5
Financial instruments
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability of another entity.
Financial instruments are recognised in the company's statement of financial position 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 consist of other receivables, 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.
WESTBROOK EUROPE (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Impairment of financial assets
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
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 trade and other payables, 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.
Trade payables 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 payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
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 income statement 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.
2
Employees
There were no employees (excluding the directors) during the year (2022: nil).
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
517,555
517,555
WESTBROOK EUROPE (LONDON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
4
Trade and other receivables
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
14,000
Amounts owed by group undertakings
2,542,971
2,348,132
2,556,971
2,348,132
5
Current liabilities
2023
2022
£
£
Corporation tax
10,000
Other payables
4,600
4,600
4,600
14,600
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1
1
1
1
1
7
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.
Senior Statutory Auditor:
Hannah Sibley FCA
Statutory Auditor:
TC Group
Date of audit report:
18 September 2024
8
Related party transactions
During the year, the company was entitled to profits allocated from Westbrook Europe (UK) LLP, an LLP of which the company is a member, of £298,000 (2022: £376,014).
At the year end, amounts receivable from Westbrook Europe (UK) LLP totalled £2,542,971 (2022: £2,348,132).
9
Parent company
The company's immediate parent undertaking is Westbrook Europe (London) GP Limited, and its ultimate parent undertaking is Rockland Funding LLC, a company registered in the United States.