IRIS Accounts Production v24.2.0.383 08280636 Board of Directors 1.4.23 31.3.24 31.3.24 23/10/2024 false true false false false true false Auditors Opinion Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh082806362023-03-31082806362024-03-31082806362023-04-012024-03-31082806362022-03-31082806362022-04-012023-03-31082806362023-03-3108280636ns15:EnglandWales2023-04-012024-03-3108280636ns14:PoundSterling2023-04-012024-03-3108280636ns10:Director12023-04-012024-03-3108280636ns10:PrivateLimitedCompanyLtd2023-04-012024-03-3108280636ns10:SmallEntities2023-04-012024-03-3108280636ns10:Audited2023-04-012024-03-3108280636ns10:SmallCompaniesRegimeForDirectorsReport2023-04-012024-03-3108280636ns10:SmallCompaniesRegimeForAccounts2023-04-012024-03-3108280636ns10:FullAccounts2023-04-012024-03-310828063612023-04-012024-03-3108280636ns10:OrdinaryShareClass12023-04-012024-03-3108280636ns10:Director22023-04-012024-03-3108280636ns10:RegisteredOffice2023-04-012024-03-3108280636ns5:CurrentFinancialInstruments2024-03-3108280636ns5:CurrentFinancialInstruments2023-03-3108280636ns5:Non-currentFinancialInstruments2024-03-3108280636ns5:Non-currentFinancialInstruments2023-03-3108280636ns5:ShareCapital2024-03-3108280636ns5:ShareCapital2023-03-3108280636ns5:SharePremium2024-03-3108280636ns5:SharePremium2023-03-3108280636ns5:RetainedEarningsAccumulatedLosses2024-03-3108280636ns5:RetainedEarningsAccumulatedLosses2023-03-3108280636ns5:NetGoodwill2023-04-012024-03-3108280636ns5:IntangibleAssetsOtherThanGoodwill2023-04-012024-03-3108280636ns5:FurnitureFittings2023-04-012024-03-3108280636ns5:NetGoodwill2023-03-3108280636ns5:NetGoodwill2024-03-3108280636ns5:NetGoodwill2023-03-3108280636ns5:FurnitureFittings2023-03-3108280636ns5:FurnitureFittings2024-03-3108280636ns5:FurnitureFittings2023-03-3108280636ns5:CurrentFinancialInstrumentsns5:WithinOneYear2024-03-3108280636ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-03-3108280636ns5:Non-currentFinancialInstrumentsns5:AfterOneYear2024-03-3108280636ns5:Non-currentFinancialInstrumentsns5:AfterOneYear2023-03-3108280636ns5:Secured2024-03-3108280636ns5:Secured2023-03-3108280636ns10:OrdinaryShareClass12024-03-31082806361ns10:Director12023-03-31082806361ns10:Director12022-03-31082806361ns10:Director12023-04-012024-03-31082806361ns10:Director12022-04-012023-03-31082806361ns10:Director12024-03-31082806361ns10:Director12023-03-31
REGISTERED NUMBER: 08280636 (England and Wales)















AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

WESTBURY ASSET MANAGEMENT LIMITED

WESTBURY ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 08280636)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


WESTBURY ASSET MANAGEMENT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: Mr N Notley
Mrs M Notley





REGISTERED OFFICE: 22 West End
Ashwell
Hertfordshire
SG7 5PJ





REGISTERED NUMBER: 08280636 (England and Wales)





AUDITORS: Ad Valorem Audit Services Limited
Chartered Certified Accountants
& Statutory Auditors
2 Manor Farm Court
Old Wolverton Road
Old Wolverton
Milton Keynes
Buckinghamshire
MK12 5NN

WESTBURY ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 08280636)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,161 3,068
1,161 3,068

CURRENT ASSETS
Debtors 6 377,194 289,900
Cash at bank 19,008 14,246
396,202 304,146
CREDITORS
Amounts falling due within one year 7 264,020 243,315
NET CURRENT ASSETS 132,182 60,831
TOTAL ASSETS LESS CURRENT
LIABILITIES

133,343

63,899

CREDITORS
Amounts falling due after more than one
year

8

47,737

-
NET ASSETS 85,606 63,899

CAPITAL AND RESERVES
Called up share capital 10 104 104
Share premium 62,852 62,852
Retained earnings 22,650 943
SHAREHOLDERS' FUNDS 85,606 63,899

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

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 23 October 2024 and were signed on its behalf by:





Mr N Notley - Director


WESTBURY ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 08280636)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Westbury Asset Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

SALE OF GOODS
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

RENDERING OF SERVICES
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

GOODWILL
Goodwill which was acquired in 2013 was written off in full in 2017 in accordance with FCA requirements.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 33% on cost


WESTBURY ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 08280636)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued
TAXATION
Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 6 ) .

WESTBURY ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 08280636)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 April 2023 725,000
Disposals (725,000 )
At 31 March 2024 -
AMORTISATION
At 1 April 2023 725,000
Eliminated on disposal (725,000 )
At 31 March 2024 -
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£
COST
At 1 April 2023 19,630
Additions 791
Disposals (8,060 )
At 31 March 2024 12,361
DEPRECIATION
At 1 April 2023 16,562
Charge for year 2,697
Eliminated on disposal (8,059 )
At 31 March 2024 11,200
NET BOOK VALUE
At 31 March 2024 1,161
At 31 March 2023 3,068

6. DEBTORS
2024 2023
£ £
Amounts falling due within one year:
Trade debtors - 5,633
Other debtors 377,194 108,267
377,194 113,900

WESTBURY ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 08280636)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


6. DEBTORS - continued
2024 2023
£ £
Amounts falling due after more than one year:
Other debtors - 176,000

Aggregate amounts 377,194 289,900

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Other loans 24,763 -
Trade creditors 3,348 5,609
Tax 120,014 123,709
Social security and other taxes 17,019 26,078
Other creditors 76,432 43,915
Accruals and deferred income 22,444 44,004
264,020 243,315

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£ £
Other loans - 1-2 years 27,601 -
Other loans - 2-5 years 20,136 -
47,737 -

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Other loans 72,500 -

The loan is secured by a personal guarantee.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
104 Ordinary £1 104 104

WESTBURY ASSET MANAGEMENT LIMITED (REGISTERED NUMBER: 08280636)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Darren Kerins FCCA (Senior Statutory Auditor)
for and on behalf of Ad Valorem Audit Services Limited

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£ £
Mr N Notley
Balance outstanding at start of year 197,200 176,000
Amounts advanced 72,605 21,200
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 269,805 197,200

The loan is interest free and repayable on demand.

13. RELATED PARTY DISCLOSURES

Alltrust SIPP Ltd, (as a trustee of the Westbury Asset Management Pension Trust) owns 19 shares. The Directors Nigel and Michelle Notley are both beneficiaries of the Westbury Asset Management Pension Trust. During the year the following transactions took place:

Dividends paid £19,000 (2023: £17,787)
Loan balance due to Alltrust SIPP Ltd £58,847 (2023: £39,847)

14. ULTIMATE CONTROLLING PARTY

The company's ultimate controlling party is Nigel Notley, who together with his wife Michelle Notley, owns 81% of the issued share capital in the company.

15. FRC'S ETHICAL STANDARD - PROVISION AVAILABLE FOR SMALL ENTITIES

We do not use our auditors to prepare and submit returns to the tax authorities.