Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-312023-04-01truefalseproperty investment, development, management and contracting66trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03480214 2023-04-01 2024-03-31 03480214 2022-04-01 2023-03-31 03480214 2024-03-31 03480214 2023-03-31 03480214 c:Director2 2023-04-01 2024-03-31 03480214 d:PlantMachinery 2023-04-01 2024-03-31 03480214 d:PlantMachinery 2024-03-31 03480214 d:PlantMachinery 2023-03-31 03480214 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03480214 d:MotorVehicles 2023-04-01 2024-03-31 03480214 d:MotorVehicles 2024-03-31 03480214 d:MotorVehicles 2023-03-31 03480214 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03480214 d:FurnitureFittings 2023-04-01 2024-03-31 03480214 d:FurnitureFittings 2024-03-31 03480214 d:FurnitureFittings 2023-03-31 03480214 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03480214 d:ComputerEquipment 2023-04-01 2024-03-31 03480214 d:ComputerEquipment 2024-03-31 03480214 d:ComputerEquipment 2023-03-31 03480214 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03480214 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 03480214 d:FreeholdInvestmentProperty 2023-04-01 2024-03-31 03480214 d:FreeholdInvestmentProperty 2024-03-31 03480214 d:FreeholdInvestmentProperty 2023-03-31 03480214 d:FreeholdInvestmentProperty 2 2023-04-01 2024-03-31 03480214 d:CurrentFinancialInstruments 2024-03-31 03480214 d:CurrentFinancialInstruments 2023-03-31 03480214 d:Non-currentFinancialInstruments 2024-03-31 03480214 d:Non-currentFinancialInstruments 2023-03-31 03480214 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 03480214 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 03480214 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 03480214 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 03480214 d:ShareCapital 2024-03-31 03480214 d:ShareCapital 2023-03-31 03480214 d:RevaluationReserve 2024-03-31 03480214 d:RevaluationReserve 2023-03-31 03480214 d:RetainedEarningsAccumulatedLosses 2024-03-31 03480214 d:RetainedEarningsAccumulatedLosses 2023-03-31 03480214 c:FRS102 2023-04-01 2024-03-31 03480214 c:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 03480214 c:FullAccounts 2023-04-01 2024-03-31 03480214 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 03480214 d:WithinOneYear 2024-03-31 03480214 d:WithinOneYear 2023-03-31 03480214 d:BetweenOneFiveYears 2024-03-31 03480214 d:BetweenOneFiveYears 2023-03-31 03480214 d:MoreThanFiveYears 2024-03-31 03480214 d:MoreThanFiveYears 2023-03-31 iso4217:GBP xbrli:pure

Registered number: 03480214









WEST END INVESTMENTS (CLIFTON) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
WEST END INVESTMENTS (CLIFTON) LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
1 - 2
Notes to the Financial Statements
 
3 - 11


 
WEST END INVESTMENTS (CLIFTON) LIMITED
REGISTERED NUMBER:03480214

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
178,345
213,654

Investment property
 6 
37,339,000
33,380,000

  
37,517,345
33,593,654

Current assets
  

Debtors: amounts falling due within one year
 7 
2,264,456
1,190,636

Cash at bank and in hand
  
297,922
108,604

  
2,562,378
1,299,240

Creditors: amounts falling due within one year
 8 
(18,295,454)
(359,003)

Net current (liabilities)/assets
  
 
 
(15,733,076)
 
 
940,237

Total assets less current liabilities
  
21,784,269
34,533,891

Creditors: amounts falling due after more than one year
 9 
-
(16,942,611)

Provisions for liabilities
  

Deferred tax
  
(4,203,774)
(3,262,873)

  
 
 
(4,203,774)
 
 
(3,262,873)

Net assets
  
17,580,495
14,328,407


Capital and reserves
  

Called up share capital 
  
100
100

Fair value reserve
  
17,479,949
13,533,788

Profit and loss account
  
100,446
794,519

  
17,580,495
14,328,407


Page 1

 
WEST END INVESTMENTS (CLIFTON) LIMITED
REGISTERED NUMBER:03480214
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




K P Webb
Director

Date: 9 October 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
WEST END INVESTMENTS (CLIFTON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

West End Investments (Clifton) Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is 45 Oakfield Road, Clifton, Bristol, BS8 2AX and the registered number is 03480214.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The balance sheet shows net current liabilities of £15,733,076 . Bank loans of £17m at the balance sheet date are due to be repaid in less than 1 year, however the directors are currently in the process of renewing these loans and, as such, project that these balances will fall due in greater than one year as at 30 June 2025. Based on this, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future being at least the next 12 months from signing of these financial statements. For this reason, the directors continue to adopt the going concern basis for the preparation of the financial statements.

 
2.3

Revenue

Turnover represents rent receivable during the year. Rental income is recognised net of VAT on
an accruals basis in accordance with the relevant rental agreements.

  
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

Page 3

 
WEST END INVESTMENTS (CLIFTON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold improvements
-
Between 18 and 25 years straight line
Motor vehicles
-
33% straight line
Fixtures and fittings
-
20% straight line
Computer equipment
-
33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
WEST END INVESTMENTS (CLIFTON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.7

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 5

 
WEST END INVESTMENTS (CLIFTON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.14

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 6 (2023 -6).

Page 6

 
WEST END INVESTMENTS (CLIFTON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Leasehold Improvements
Motor vehicles
Fixtures, fittings and equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 April 2023
502,597
48,519
337,041
28,265
916,422


Disposals
-
(22,519)
(179,111)
(28,265)
(229,895)



At 31 March 2024

502,597
26,000
157,930
-
686,527



Depreciation


At 1 April 2023
306,234
35,519
332,750
28,265
702,768


Charge for the year on owned assets
26,364
6,500
2,445
-
35,309


Disposals
-
(22,519)
(179,111)
(28,265)
(229,895)



At 31 March 2024

332,598
19,500
156,084
-
508,182



Net book value



At 31 March 2024
169,999
6,500
1,846
-
178,345



At 31 March 2023
196,363
13,000
4,291
-
213,654

Page 7

 
WEST END INVESTMENTS (CLIFTON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost


At 1 April 2023
2


Disposals
(2)



At 31 March 2024

-



Impairment


At 1 April 2023
2


Impairment on disposals
(2)



At 31 March 2024

-



Net book value



At 31 March 2024
-



At 31 March 2023
-

Page 8

 
WEST END INVESTMENTS (CLIFTON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Investment property


Freehold investment property

£



Valuation


At 1 April 2023
33,380,000


Additions at cost
12,839


Surplus on revaluation
3,946,161



At 31 March 2024
37,339,000

The 2024 valuations were made by CBRE on an open market value for existing use basis.
The historical cost of the investment properties at 31 March 2024 is £19,859,051 (2023 - £19,846,212).



At 31 March 2024





7.


Debtors

2024
2023
£
£


Trade debtors
212,556
174,433

Other debtors
2,051,900
1,016,203

2,264,456
1,190,636


Page 9

 
WEST END INVESTMENTS (CLIFTON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
17,932,072
24,731

Trade creditors
44,938
38,741

Corporation tax
118,409
109,911

Other taxation and social security
27,917
45,981

Other creditors
97,424
57,126

Accruals and deferred income
74,694
82,513

18,295,454
359,003


The bank loans are secured by fixed charges over all the freehold property of the company and a floating charge held against the company's assets. The bank loans are also secured over £6,457,000 2023 - £4,050,000) of leasehold investment property.

2024
2023
£
£

Other taxation and social security

PAYE/NI control
5,519
3,053

VAT control
22,398
42,928

27,917
45,981



9.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
-
16,942,611

-
16,942,611


The bank loans are secured by fixed charges over all the freehold property of the company and a floating charge held against the company's assets. The bank loans are also secured over £6,457,000 (2023 - £4,050,000) of leasehold investment property.

Page 10

 
WEST END INVESTMENTS (CLIFTON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Commitments under operating leases

At 31 March 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
253,211
253,211

Later than 1 year and not later than 5 years
1,012,844
1,012,844

Later than 5 years
2,169,743
2,422,954

3,435,798
3,689,009


11.


Related party transactions

At 31 March 2024, the company was owed £909,301 (2023 - £909,301) by a company under common control. This loan is repayable by 10 March 2025 and no interest was charged during the year.
At 31 March 2024, the company was owed £981,232 (2023 - £Nil) by a company under common control. This loan is repayable by 1 December 2024 and interest is charged on the principal loan amount at 1.8% above base rate. During the year finance income of £40,670 (2023 - £Nil) was received from a company under common control.
At 31 March 2024, the company was owed £100,000 (2023 - £100,000) by a company under common control. This loan is repayable on demand and no interest was charged during the year.
 
Page 11