Silverfin false false 31/12/2023 01/01/2023 31/12/2023 James West 09/12/2021 20 September 2024 The principal activity of the Company in the financial year was to act as a holding company. 13790774 2023-12-31 13790774 bus:Director1 2023-12-31 13790774 2022-12-31 13790774 core:CurrentFinancialInstruments 2023-12-31 13790774 core:CurrentFinancialInstruments 2022-12-31 13790774 core:Non-currentFinancialInstruments 2023-12-31 13790774 core:Non-currentFinancialInstruments 2022-12-31 13790774 core:ShareCapital 2023-12-31 13790774 core:ShareCapital 2022-12-31 13790774 core:RetainedEarningsAccumulatedLosses 2023-12-31 13790774 core:RetainedEarningsAccumulatedLosses 2022-12-31 13790774 core:CostValuation 2022-12-31 13790774 core:CostValuation 2023-12-31 13790774 core:CurrentFinancialInstruments core:Secured 2023-12-31 13790774 bus:OrdinaryShareClass1 2023-12-31 13790774 bus:PreferenceShareClass1 bus:CumulativeRedeemableShares 2023-12-31 13790774 2023-01-01 2023-12-31 13790774 bus:FilletedAccounts 2023-01-01 2023-12-31 13790774 bus:SmallEntities 2023-01-01 2023-12-31 13790774 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 13790774 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13790774 bus:Director1 2023-01-01 2023-12-31 13790774 2021-12-09 2022-12-31 13790774 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 13790774 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 13790774 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 13790774 bus:OrdinaryShareClass1 2021-12-09 2022-12-31 13790774 bus:PreferenceShareClass1 bus:CumulativeRedeemableShares 2023-01-01 2023-12-31 13790774 bus:PreferenceShareClass1 bus:CumulativeRedeemableShares 2021-12-09 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13790774 (England and Wales)

WEST FAMILY HOLDINGS LTD

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

WEST FAMILY HOLDINGS LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

WEST FAMILY HOLDINGS LTD

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
WEST FAMILY HOLDINGS LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 31.12.2023 31.12.2022
£ £
Fixed assets
Investment property 3 877,065 877,065
Investments 4 100 100
877,165 877,165
Current assets
Debtors 5 192,231 221,999
Cash at bank and in hand 462 28,895
192,693 250,894
Creditors: amounts falling due within one year 6 ( 539,167) ( 593,107)
Net current liabilities (346,474) (342,213)
Total assets less current liabilities 530,691 534,952
Creditors: amounts falling due after more than one year 7 ( 494,712) ( 512,785)
Net assets 35,979 22,167
Capital and reserves
Called-up share capital 8 100 100
Profit and loss account 35,879 22,067
Total shareholders' funds 35,979 22,167

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of West Family Holdings Ltd (registered number: 13790774) were approved and authorised for issue by the Director on 20 September 2024. They were signed on its behalf by:

James West
Director
WEST FAMILY HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
WEST FAMILY HOLDINGS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial period, unless otherwise stated.

General information and basis of accounting

West Family Holdings Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The Red Ridge Centre The Red Ridge Centre, Cefn Coch, Welshpool, SY21 0AZ, Wales, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Reporting period length

Prior year reporting period length is from 9 December 2021 to 31 December 2022.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

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.

2. Employees

Year ended
31.12.2023
Period from
09.12.2021 to
31.12.2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Investment property

Investment property
£
Valuation
As at 01 January 2023 877,065
As at 31 December 2023 877,065

4. Fixed asset investments

Investments in subsidiaries

31.12.2023
£
Cost
At 01 January 2023 100
At 31 December 2023 100
Carrying value at 31 December 2023 100
Carrying value at 31 December 2022 100

5. Debtors

31.12.2023 31.12.2022
£ £
Amounts owed by own subsidiaries 192,231 221,999

6. Creditors: amounts falling due within one year

31.12.2023 31.12.2022
£ £
Bank loans (secured) 44,448 44,448
Amounts owed to director 242,233 296,002
Accruals 26,385 1,980
Taxation and social security 0 576
Other creditors 226,101 250,101
539,167 593,107

The bank loans in the Company are secured against the investment property held.

7. Creditors: amounts falling due after more than one year

31.12.2023 31.12.2022
£ £
Bank loans (secured) 494,712 512,785

The bank loans in the company are secured against the investment property held.

8. Called-up share capital

31.12.2023 31.12.2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100
100 Preference cumulative redeemable shares of £ 1.00 each 100 100
200 200

9. Related party transactions

Transactions with entities in which the entity itself has a participating interest

As the company is the parent company of a wholly owned subsidiary, the company has taken advantage of the exemption contained in s. 1AC.35 of FRS102, and not disclosed transactions or balances with wholly owned subsidiaries which form part of the group.

Transactions with the entity's director

31.12.2023 31.12.2022
£ £
Amounts owed to directors 242,233 272,002

Interest is being accrued on balances owed to directors at 5% per annum.