REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 April 2024 |
for |
Westrow Properties Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 April 2024 |
for |
Westrow Properties Ltd |
Westrow Properties Ltd (Registered number: 04720611) |
Contents of the Financial Statements |
for the Year Ended 30 April 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Westrow Properties Ltd |
Company Information |
for the Year Ended 30 April 2024 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
Leofric House |
Binley Road |
Coventry |
CV3 1JN |
Westrow Properties Ltd (Registered number: 04720611) |
Balance Sheet |
30 April 2024 |
30.4.24 | 30.4.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Westrow Properties Ltd (Registered number: 04720611) |
Balance Sheet - continued |
30 April 2024 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Westrow Properties Ltd (Registered number: 04720611) |
Notes to the Financial Statements |
for the Year Ended 30 April 2024 |
1. | STATUTORY INFORMATION |
Westrow Properties Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Tangible fixed assets |
Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. Depreciation is provided ar rates calculated to write off the cost of fixed assets less their estimated residual value, over the expected useful lives on a straight line basis at a rate of 2% per annum. |
At the balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash generating unit to which the asset belongs. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Deferred taxation |
Deferred taxation arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred taxation is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based upon current tax rates and laws. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Westrow Properties Ltd (Registered number: 04720611) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
4. | TANGIBLE FIXED ASSETS |
Freehold |
property |
£ |
COST OR VALUATION |
At 1 May 2023 |
Revaluations |
At 30 April 2024 |
DEPRECIATION |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Cost or valuation at 30 April 2024 is represented by: |
Freehold |
property |
£ |
Valuation in 2024 | 492,800 |
Cost | 410,204 |
903,004 |
Freehold land and buildings were valued on an open market basis during the year by David Penn RICS of Bromwich Hardy, an independent valuer who holds appropriate qualifications with relevant experience in this field. The valuation was undertaken in accordance with the RICS Valuation - Global Standards (2020) "The Red Book" published by the Royal Institution of Chartered Surveyors on the basis of fair value. |
The method used in determining the valuation of the freehold land and buildings was the fair value basis being the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 May 2023 |
and 30 April 2024 |
NET BOOK VALUE |
At 30 April 2024 |
At 30 April 2023 |
Westrow Properties Ltd (Registered number: 04720611) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.24 | 30.4.23 |
£ | £ |
Taxation and social security |
Other creditors |
8. | RESERVES |
Revaluation |
reserve |
£ |
Non Distributable Reserves | 369,600 |
At 30 April 2024 |
9. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 30 April 2024 and 30 April 2023: |
30.4.24 | 30.4.23 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The above loan has been charged at a commercial rate of interest. |
10. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Westrow Properties Ltd (Registered number: 04720611) |
Notes to the Financial Statements - continued |
for the Year Ended 30 April 2024 |
11. | ULTIMATE CONTROLLING PARTY |
At the start of the year, the immediate controlling party was John Armstrong by virtue of his 100% shareholding in the company. |
The ownership of the company changed on the 31st January 2024 when the Armstrong Industries Employee Ownership Trust, an Employee Ownership Trust, acquired 100 % of the share capital in the company. |
Consequently, the Trustees of the Employee Ownership Trust now control the company by virtue of their shareholding. |