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COMPANY REGISTRATION NUMBER: 07369030
Westglade Properties Limited
Filleted Unaudited Abridged Financial Statements
29 February 2024
Westglade Properties Limited
Abridged Financial Statements
Year ended 29 February 2024
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
3
Westglade Properties Limited
Abridged Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
Current assets
Debtors
475,573
553,899
Creditors: amounts falling due within one year
748,438
839,248
---------
---------
Net current liabilities
272,865
285,349
---------
---------
Total assets less current liabilities
( 272,865)
( 285,349)
Creditors: amounts falling due after more than one year
23,750
---------
---------
Net liabilities
( 296,615)
( 285,349)
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 296,715)
( 285,449)
---------
---------
Shareholders deficit
( 296,615)
( 285,349)
---------
---------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of financial position for the year ending 29 February 2024 in accordance with Section 444(2A) of the Companies Act 2006.
Westglade Properties Limited
Abridged Statement of Financial Position (continued)
29 February 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 15 November 2024 , and are signed on behalf of the board by:
Mr. Z Hassan
Director
Company registration number: 07369030
Westglade Properties Limited
Notes to the Abridged Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lower Group Floor Office, 495-497 KINGS ROAD, London, SW10 0TU.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
-
25% reducing balance
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangements as either financial assets, financial liabilities or 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 2 ).
5. Director's advances, credits and guarantees
At the year end the company owed the director Mr Z Hassan £471,313 (2023: £306,222).
6. Related party transactions
No dividends were paid to the director during the year.