REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 31 December 2022 |
for |
WESTCORE HUMBER 1 LIMITED |
REGISTERED NUMBER: |
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: |
Registered office: |
Registered number: |
Auditors: |
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 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
7 |
Net assets |
Capital and reserves |
Called up share capital | 9 |
Retained earnings |
Shareholders' funds |
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 |
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 |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Accounting policies |
Basis of preparing the financial statements |
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 |
Additions |
Revaluations | 7,741,313 |
At 31 December 2022 |
Net book value |
At 31 December 2022 |
At 31 December 2021 |
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 |
Amounts owed by group undertakings |
Other debtors |
6. | Creditors: amounts falling due within one year |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
7. | Creditors: amounts falling due after more than one year |
2022 | 2021 |
£ | £ |
Bank loans |
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: | £ | £ |
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. |
for and on behalf of |
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. |