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COMPANY REGISTRATION NUMBER: 07385314
Westwood Cross Limited
Filleted Unaudited Financial Statements
30 April 2024
Westwood Cross Limited
Financial Statements
Year ended 30 April 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Westwood Cross Limited
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
939,688
975,535
Investments
6
220,000
220,000
------------
------------
1,159,688
1,195,535
Current assets
Stocks
10,000
Debtors
7
123,968
250,232
Cash at bank and in hand
13,614
76,530
---------
---------
137,582
336,762
Creditors: amounts falling due within one year
8
225,933
524,054
---------
---------
Net current liabilities
88,351
187,292
------------
------------
Total assets less current liabilities
1,071,337
1,008,243
Creditors: amounts falling due after more than one year
9
513,540
488,858
Provisions
Taxation including deferred tax
( 3,755)
( 2,058)
------------
------------
Net assets
561,552
521,443
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
561,452
521,343
---------
---------
Shareholders funds
561,552
521,443
---------
---------
These 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 30 April 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 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 financial statements .
Westwood Cross Limited
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 16 January 2025 , and are signed on behalf of the board by:
Mr P Holt
Director
Company registration number: 07385314
Westwood Cross Limited
Notes to the Financial Statements
Year ended 30 April 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 193 Ramsgate Road, Broadstairs, Kent, CT10 2EW.
2. Statement of compliance
These 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 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.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 399 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income 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. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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:
Land and buildings
-
2% straight line
Fixtures and fittings
-
20% straight line
Motor vehicles
-
20% straight line
Equipment
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1).
5. Tangible assets
Land and buildings
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 May 2023
969,000
9,643
65,119
44,775
1,088,537
Disposals
( 22,166)
( 44,775)
( 66,941)
---------
-------
--------
--------
------------
At 30 April 2024
969,000
9,643
42,953
1,021,596
---------
-------
--------
--------
------------
Depreciation
At 1 May 2023
31,008
2,818
40,288
38,888
113,002
Charge for the year
13,440
1,929
13,024
5,887
34,280
Disposals
( 20,599)
( 44,775)
( 65,374)
---------
-------
--------
--------
------------
At 30 April 2024
44,448
4,747
32,713
81,908
---------
-------
--------
--------
------------
Carrying amount
At 30 April 2024
924,552
4,896
10,240
939,688
---------
-------
--------
--------
------------
At 30 April 2023
937,992
6,825
24,831
5,887
975,535
---------
-------
--------
--------
------------
Within freehold property is an investment property included at a historical cost of £129,000.
6. Investments
Shares in group undertakings
£
Cost
At 1 May 2023 and 30 April 2024
220,000
---------
Impairment
At 1 May 2023 and 30 April 2024
---------
Carrying amount
At 30 April 2024
220,000
---------
At 30 April 2023
220,000
---------
7. Debtors
2024
2023
£
£
Trade debtors
3,960
6,660
Amounts owed by group undertakings and undertakings in which the company has a participating interest
( 7,490)
130,000
Other debtors
127,498
113,572
---------
---------
123,968
250,232
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
27,000
64,551
Trade creditors
92
Corporation tax
18,186
27,157
Social security and other taxes
10,843
Other creditors
180,747
421,411
---------
---------
225,933
524,054
---------
---------
The bank holds a fixed and floating charge over the assets of the company.
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
513,540
450,108
Other creditors
38,750
---------
---------
513,540
488,858
---------
---------
The bank holds a fixed and floating charge over the assets of the company.
10. Related party transactions
At the year end, the company owed £Nil (2023: £183,833) to a company associated by common control. At the year end, the company owed £92,696 (2023: £92,696) to a company associated by common control. At the year end, the company was owed £107,498 (2023: £113,138) by a company associated by common control. At the year end, the company was owed £20,000 (2023: £Nil) by a company associated by common control. At the year end, the company owed £7,490 (2023: the company was owed £130,000) by its subsidiary.