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REGISTERED NUMBER: 12203288 (England and Wales)















Financial Statements

for the Year Ended 31 December 2022

for

WESTCORE HUMBER 1 LIMITED

WESTCORE HUMBER 1 LIMITED (REGISTERED NUMBER: 12203288)

Contents of the Financial Statements
for the year ended 31 December 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


WESTCORE HUMBER 1 LIMITED

Company Information
for the year ended 31 December 2022







Directors: D C Barrington
C M Eagle





Registered office: Aissela
46 High Street
Esher
Surrey
KT10 9QY





Registered number: 12203288 (England and Wales)





Auditors: Cooper Parry Group Limited
Statutory Auditor
Aissela
46 High Street
Esher
Surrey
KT10 9QY

WESTCORE HUMBER 1 LIMITED (REGISTERED NUMBER: 12203288)

Balance Sheet
31 December 2022

2022 2021
Notes £ £ £ £
Fixed assets
Investment property 4 25,515,000 17,520,000

Current assets
Debtors 5 2,029,758 1,078,239
Cash at bank 1,364,125 1,438,118
3,393,883 2,516,357
Creditors
Amounts falling due within one year 6 9,248,416 8,179,188
Net current liabilities (5,854,533 ) (5,662,831 )
Total assets less current liabilities 19,660,467 11,857,169

Creditors
Amounts falling due after more than one
year

7

11,164,559

11,375,000
Net assets 8,495,908 482,169

Capital and reserves
Called up share capital 9 100 100
Retained earnings 8,495,808 482,069
Shareholders' funds 8,495,908 482,169

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 Profit and Loss Account 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:





D C Barrington - Director


WESTCORE HUMBER 1 LIMITED (REGISTERED NUMBER: 12203288)

Notes to the Financial Statements
for the year ended 31 December 2022


1. Statutory information

Westcore Humber 1 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 as modified by the revaluation of certain assets.

Going concern
The directors have noted that the company is in a net current liability position however they are confident that the intercompany loans of £6.5m will not be called in the short term. The rental units continue to be occupied, including by the largest client and therefore the directors consider that sufficient rental income will be received in the period for the company to be able to continue to operate for the foreseeable future.

The directors are of the opinion that the above is sufficient to conclude that the company is a going concern. The financial statements do not include any adjustments to the value of the balance sheet which would result should the going concern basis not be valid.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

There is key judgement applied when determining the fair value of the investment property. Management make use of external valuation reports to inform them of the fair market value of the property in arriving at their directors valuation.

Turnover
Turnover relates to rental and service charge income, spread over the period to which it relates. It is measured at fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

WESTCORE HUMBER 1 LIMITED (REGISTERED NUMBER: 12203288)

Notes to the Financial Statements - continued
for the year ended 31 December 2022


2. Accounting policies - continued

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

3. Employees and directors

The average number of employees during the year was NIL (2021 - NIL).

4. Investment property
Total
£
Fair value
At 1 January 2022 17,520,000
Additions 253,687
Revaluations 7,741,313
At 31 December 2022 25,515,000
Net book value
At 31 December 2022 25,515,000
At 31 December 2021 17,520,000

WESTCORE HUMBER 1 LIMITED (REGISTERED NUMBER: 12203288)

Notes to the Financial Statements - continued
for the year ended 31 December 2022


4. Investment property - continued

Fair value at 31 December 2022 is represented by:
£
Valuation in 2021 286,927
Valuation in 2022 7,741,313
Cost 17,486,760
25,515,000

5. Debtors: amounts falling due within one year
2022 2021
£ £
Trade debtors 219,587 877,424
Amounts owed by group undertakings 107,969 67,117
Other debtors 1,702,202 133,698
2,029,758 1,078,239

6. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 120,252 -
Trade creditors 427,115 111,015
Amounts owed to group undertakings 6,559,261 6,474,663
Taxation and social security 127,928 73,323
Other creditors 2,013,860 1,520,187
9,248,416 8,179,188

7. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans 11,164,559 11,375,000

8. Secured debts

The following secured debts are included within creditors:

2022 2021
£ £
Bank loan 11,284,811 11,375,000

There is a fixed and floating charge over the land and property held by the company in respect of the bank loan.

9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2022 2021
value: £ £
100 Ordinary £1 100 100

WESTCORE HUMBER 1 LIMITED (REGISTERED NUMBER: 12203288)

Notes to the Financial Statements - continued
for the year ended 31 December 2022


10. Disclosure under Section 444(5B) of the Companies Act 2006

The Report of the Auditors was unqualified.

Paul Hodgett BA(Hons) FCA (Senior Statutory Auditor)
for and on behalf of Cooper Parry Group Limited

11. Related party disclosures

As at 31 December 2022, the Company was owed £107,969 (2021 £67,117) by its fellow subsidiary.

As at 31 December 2022, the Company owed £6,559,261 (2021 £6,474,663) to its parent company.

12. Ultimate controlling party

The Company is a 100% subsidiary of Westcore Penketh Limited. The Parent companys registered office address is Aissela, 46 High Street, Esher, Surrey, England, KT10 9QY.

The Parent company qualifies for the small companies regime and is therefore exempt from preparing group accounts.