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REGISTERED NUMBER: 01583523 (England and Wales)











WESTBOURNE PROPERTY MANAGEMENT LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 24TH DECEMBER 2023






WESTBOURNE PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 01583523)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24TH DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 5


WESTBOURNE PROPERTY MANAGEMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 24TH DECEMBER 2023







DIRECTORS: Mrs J E S Colley
J Barriobero
Mrs M P Henton
Ms E Panagiotidou
V Vasudeva





REGISTERED OFFICE: 94 Park Lane
Croydon
Surrey
CR0 1JB





REGISTERED NUMBER: 01583523 (England and Wales)





AUDITORS: GMP Audit Limited, Statutory Auditor
20 Eversley Road
Bexhill on Sea
East Sussex
TN40 1HE

WESTBOURNE PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 01583523)

BALANCE SHEET
24TH DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,456,000 2,077,000

CURRENT ASSETS
Debtors 5 35,295 81,212
Cash at bank 143,820 46,200
179,115 127,412
CREDITORS
Amounts falling due within one year 6 18,907 14,527
NET CURRENT ASSETS 160,208 112,885
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,616,208

2,189,885

PROVISIONS FOR LIABILITIES 7 296,902 440,321
NET ASSETS 1,319,306 1,749,564

CAPITAL AND RESERVES
Called up share capital 8 78 78
Capital redemption reserve 9 11 11
Fair value reserve 9 1,105,024 1,582,605
Retained earnings 9 214,193 166,870
SHAREHOLDERS' FUNDS 1,319,306 1,749,564

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23rd September 2024 and were signed on its behalf by:





Ms E Panagiotidou - Director


WESTBOURNE PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 01583523)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 24TH DECEMBER 2023


1. STATUTORY INFORMATION

Westbourne Property Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents the value of ground rent and other charges receivable.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 25th December 2022 2,077,000
Movement in fair value (621,000 )
At 24th December 2023 1,456,000
NET BOOK VALUE
At 24th December 2023 1,456,000
At 24th December 2022 2,077,000

Freehold investment property was valued on an open market basis on 24th December 2023 on behalf of the directors by Matthew K Gawne BSc (Hons) MSc MRICS of Shaw & Co Chartered Surveyors.

WESTBOURNE PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 01583523)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 24TH DECEMBER 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Shared roadway costs due from
other Houses 1,812 4,420
Loans to Houses (1 ) 60,776
Rental income arrears 2,058 -
Ground rent arrears 204 856
Other debtors 31,222 15,160
35,295 81,212

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Payments on account 1,926 888
Trade creditors 5,471 -
Other creditors 571 2,336
Accrued expenses 10,939 11,303
18,907 14,527

7. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 296,902 440,321

Deferred
tax
£   
Balance at 25th December 2022 440,321
Credit to Income Statement during year (143,419 )
Balance at 24th December 2023 296,902

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
78 Ordinary £1 78 78

WESTBOURNE PROPERTY MANAGEMENT LIMITED (REGISTERED NUMBER: 01583523)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 24TH DECEMBER 2023


9. RESERVES
Capital Fair
Retained redemption value
earnings reserve reserve Totals
£    £    £    £   

At 25th December 2022 166,870 11 1,582,605 1,749,486
Deficit for the year (430,258 ) (430,258 )
Transfer between reserves 477,581 - (477,581 ) -
At 24th December 2023 214,193 11 1,105,024 1,319,228

Movements in the fair value reserve are recognised net of deferred taxation.

10. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Richard Appleyard FCA (Senior Statutory Auditor)
for and on behalf of GMP Audit Limited, Statutory Auditor