Registered number
07865631
West Square Limited
Unaudited Filleted Accounts
31 March 2024
West Square Limited
Registered number: 07865631
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £ £ £
Fixed assets
Tangible assets 3 328,574 260,703
Current assets
Debtors 4 122,207 86,191
Cash at bank and in hand 43,786 66,642
165,993 152,833
Creditors: amounts falling due within one year 5 (384,647) (364,310)
Net current liabilities (218,654) (211,477)
Net assets 109,920 49,226
Capital and reserves
Called up share capital 2 2
Profit and loss account 109,918 49,224
Shareholder's funds 109,920 49,226
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Leo Ted Tang
Director
Approved by the board on 24 December 2024
West Square Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 letting of own properties.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land and buildings nil
Plant and machinery 20% reducing balance
Investment properties
Investment property is initially recognised at cost and then subsequently measured at fair value. Changes in value are recognised in profit or loss.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 328,500 550 329,050
At 31 March 2024 328,500 550 329,050
Depreciation
At 1 April 2023 67,890 457 68,347
Charge for the year (67,890) 19 (67,871)
At 31 March 2024 - 476 476
Net book value
At 31 March 2024 328,500 74 328,574
At 31 March 2023 260,610 93 260,703
4 Debtors 2024 2023
£ £
Other debtors 122,207 86,191
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 3,660 (143)
Other creditors 380,987 364,453
384,647 364,310
6 Other information
West Square Limited is a private company limited by shares and incorporated in England. Its registered office is:
1st Floor, 267 High Road
Leyton
London
E10 5QN
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