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Registration number: 04145108

West Coast Property Services (UK) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

West Coast Property Services (UK) Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 13

 

West Coast Property Services (UK) Ltd

(Registration number: 04145108)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

179,477

207,965

Tangible assets

5

333,533

351,257

Investments

6

140

42,420

Other financial assets

7

-

33,953

 

513,150

635,595

Current assets

 

Debtors

8

37,574

34,111

Cash at bank and in hand

 

364,387

447,099

 

401,961

481,210

Creditors: Amounts falling due within one year

9

(231,091)

(202,525)

Net current assets

 

170,870

278,685

Total assets less current liabilities

 

684,020

914,280

Creditors: Amounts falling due after more than one year

9

(175,080)

(178,693)

Provisions for liabilities

(4,149)

(4,501)

Net assets

 

504,791

731,086

Capital and reserves

 

Called up share capital

50

50

Capital redemption reserve

50

50

Profit and loss account

504,691

730,986

Shareholders' funds

 

504,791

731,086

For the financial year ending 31 March 2024 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.

 

West Coast Property Services (UK) Ltd

(Registration number: 04145108)
Statement of Financial Position as at 31 March 2024 (continued)

Approved and authorised by the Board on 1 October 2024 and signed on its behalf by:
 


Mrs L C Pickles
Director


Mr N J Webber
Director

 

West Coast Property Services (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:
13-14 Alexandra Parade
Weston-super-Mare
North Somerset
BS23 1QT

Principal activity

The principal activity of the company is property letting and estate agency.

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.

Group accounts not prepared

In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts..

Going concern

The financial statements have been prepared on a going concern basis.

Exemption from preparing group accounts

In the opinion of the directors, the company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.

 

West Coast Property Services (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

West Coast Property Services (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Freehold property

2% straight line

Leasehold improvements

2% straight line

Fixtures, fittings and office equipment

15% and 20% reducing balance

Motor vehicles

25% reducing balance

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.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

West Coast Property Services (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 years straight line and 20 years straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

West Coast Property Services (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

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 37 (2023 - 45).

 

West Coast Property Services (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

503,987

503,987

At 31 March 2024

503,987

503,987

Amortisation

At 1 April 2023

296,022

296,022

Amortisation charge

28,488

28,488

At 31 March 2024

324,510

324,510

Carrying amount

At 31 March 2024

179,477

179,477

At 31 March 2023

207,965

207,965

5

Tangible assets

Land and buildings
£

Long leasehold land and buildings
£

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

471,500

5,470

191,594

11,119

679,683

Additions

-

-

7,035

-

7,035

Disposals

-

-

(16,015)

(11,119)

(27,134)

At 31 March 2024

471,500

5,470

182,614

-

659,584

Depreciation

At 1 April 2023

179,938

2,734

135,470

10,284

328,426

Charge for the year

9,430

72

12,107

-

21,609

Eliminated on disposal

-

-

(13,700)

(10,284)

(23,984)

At 31 March 2024

189,368

2,806

133,877

-

326,051

Carrying amount

At 31 March 2024

282,132

2,664

48,737

-

333,533

At 31 March 2023

291,562

2,736

56,124

835

351,257

 

West Coast Property Services (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

5

Tangible assets (continued)

Included within the net book value of land and buildings above is £282,132 (2023 - £291,562) in respect of freehold land and buildings and £2,664 (2023 - £2,736) in respect of long leasehold land and buildings.
 

6

Investments

2024
£

2023
£

Investments in subsidiaries

140

42,420

Subsidiaries

£

Cost or valuation

At 1 April 2023

42,420

Disposals

(42,280)

At 31 March 2024

140

Provision

Carrying amount

At 31 March 2024

140

At 31 March 2023

42,420

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

West Coast Property Services (Bristol) Limited

Ordinary 'A' shares

100%

100%

West Coast FS Limited

40%

40%

 

West Coast Property Services (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

7

Other financial assets (current and non-current)

Financial assets at fair value through profit and loss
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

33,954

33,954

Disposals

(33,954)

(33,954)

At 31 March 2024

-

-

Impairment

Carrying amount

At 31 March 2024

-

-

8

Debtors

Note

2024
£

2023
£

Trade debtors

 

5,940

220

Amounts owed by related parties

13

1,431

1,431

Other debtors

 

-

2,979

Prepayments

 

30,203

29,481

 

37,574

34,111

 

West Coast Property Services (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

9

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

3,600

3,600

Trade creditors

 

14,687

11,783

Amounts owed to group undertakings and undertakings in which the company has a participating interest

13

750

750

Taxation and social security

 

180,658

101,031

Accruals and deferred income

 

22,461

34,296

Other creditors

 

8,935

51,065

 

231,091

202,525

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

11

175,080

178,693

10

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

Capital redemption reserve:

This reserve records the nominal value of shares repurchased by the company.

 

West Coast Property Services (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

175,080

178,693

Current loans and borrowings

2024
£

2023
£

Bank borrowings

3,600

3,600

12

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

39,058

63,523

Later than one year and not later than five years

33,340

81,870

72,398

145,393

13

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Repayments by director
£

At 31 March 2024
£

Mr M C Crees

Martin Crees

2,829

(2,829)

-

       
     

 

2023

At 1 April 2022
£

Advances to director
£

At 31 March 2023
£

Mr M C Crees

Martin Crees

-

2,829

2,829

 

West Coast Property Services (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

14

Parent and ultimate parent undertaking

The company's immediate parent is West Coast Property Group Ltd, incorporated in England and Wales.