MyWestbeach Ltd 12346092 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is residents property management. Digita Accounts Production Advanced 6.30.9574.0 true true 12346092 2023-01-01 2023-12-31 12346092 2023-12-31 12346092 core:CurrentFinancialInstruments 2023-12-31 12346092 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 12346092 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 12346092 core:FurnitureFittings 2023-12-31 12346092 core:LandBuildings core:LongLeaseholdAssets 2023-12-31 12346092 1 2023-12-31 12346092 bus:SmallEntities 2023-01-01 2023-12-31 12346092 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 12346092 bus:FilletedAccounts 2023-01-01 2023-12-31 12346092 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 12346092 bus:RegisteredOffice 2023-01-01 2023-12-31 12346092 bus:Director1 2023-01-01 2023-12-31 12346092 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12346092 core:FurnitureFittings 2023-01-01 2023-12-31 12346092 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 12346092 core:LandBuildings 2023-01-01 2023-12-31 12346092 core:LandBuildings core:LongLeaseholdAssets 2023-01-01 2023-12-31 12346092 countries:EnglandWales 2023-01-01 2023-12-31 12346092 1 2023-01-01 2023-12-31 12346092 2022-12-31 12346092 core:FurnitureFittings 2022-12-31 12346092 core:LandBuildings core:LongLeaseholdAssets 2022-12-31 12346092 1 2022-12-31 12346092 2022-01-01 2022-12-31 12346092 2022-12-31 12346092 core:CurrentFinancialInstruments 2022-12-31 12346092 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 12346092 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 12346092 core:FurnitureFittings 2022-12-31 12346092 core:LandBuildings core:LongLeaseholdAssets 2022-12-31 12346092 1 2022-12-31 12346092 1 2022-01-01 2022-12-31 12346092 1 2021-12-31 iso4217:GBP xbrli:pure

Registration number: 12346092

MyWestbeach Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

MyWestbeach Ltd

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 6

 

MyWestbeach Ltd

(Registration number: 12346092)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,065,491

1,212,462

Current assets

 

Debtors

5

91,402

69,015

Cash at bank and in hand

 

771,730

404,055

 

863,132

473,070

Creditors: Amounts falling due within one year

6

(1,306,415)

(729,505)

Net current liabilities

 

(443,283)

(256,435)

Total assets less current liabilities

 

622,208

956,027

Creditors: Amounts falling due after more than one year

6

(795,630)

(795,630)

Net (liabilities)/assets

 

(173,422)

160,397

Capital and reserves

 

Called up share capital

822,168

822,168

Profit and loss account

(995,590)

(661,771)

Shareholders' (deficit)/funds

 

(173,422)

160,397

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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 23 September 2024 and signed on its behalf by:
 


Mr R L Rose
Director

 

MyWestbeach Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
64 High Street
Bideford
Devon
EX39 2AR

Principal activity

The principal activity of the company is residents property management.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The company has net liabilities at 31 December 2023. The financial statements have been prepared on a going concern basis as the liabilities are primarily amounts due to the shareholders who have indicated ongoing support to the company.

 

MyWestbeach Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Long leasehold property

10% straight line

Fittings, fixtures and equipment

33.33% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

MyWestbeach Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

 

MyWestbeach Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Tangible assets

Long leasehold property
£

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 January 2023

1,469,661

162

1,469,823

At 31 December 2023

1,469,661

162

1,469,823

Depreciation

At 1 January 2023

257,199

162

257,361

Charge for the year

146,971

-

146,971

At 31 December 2023

404,170

162

404,332

Carrying amount

At 31 December 2023

1,065,491

-

1,065,491

At 31 December 2022

1,212,462

-

1,212,462

5

Debtors

2023
£

2022
£

Trade debtors

29,331

6,201

Other debtors

62,071

62,814

91,402

69,015

 

MyWestbeach Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

83,863

-

Accruals and deferred income

350,362

101,273

Other creditors

872,190

628,232

1,306,415

729,505

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Other non-current financial liabilities

795,630

795,630

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

8

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

At 31 December 2023
£

The Directors

5

5

     
   

 

2022

At 1 January 2022
£

At 31 December 2022
£

The Directors

5

5

 

Directors' loans are repayable on demand and are subject to interest on overdrawn balances at the official rate.