REGISTERED NUMBER: |
WESTBOURNE PROPERTY MANAGEMENT LIMITED |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 24TH DECEMBER 2023 |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 7 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Capital redemption reserve | 9 |
Fair value reserve | 9 |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Movement in fair value | (621,000 | ) |
At 24th December 2023 |
NET BOOK VALUE |
At 24th December 2023 |
At 24th December 2022 |
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 |
Loans to Houses | ( |
) |
Rental income arrears |
Ground rent arrears | 204 | 856 |
Other debtors | 31,222 | 15,160 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Payments on account |
Trade creditors |
Other creditors |
Accrued expenses |
7. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 296,902 | 440,321 |
Deferred |
tax |
£ |
Balance at 25th December 2022 |
Credit to Income Statement during year | ( |
) |
Balance at 24th December 2023 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
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 | 1,749,486 |
Deficit for the year | ( |
) | ( |
) |
Transfer between reserves | 477,581 | - | (477,581 | ) | - |
At 24th December 2023 | 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. |
for and on behalf of |