OLIVER WESTBY HOMES LIMITED

Company Registration Number:
11952081 (England and Wales)

Unaudited statutory accounts for the year ended 30 April 2024

Period of accounts

Start date: 01 May 2023

End date: 30 April 2024

OLIVER WESTBY HOMES LIMITED

Contents of the Financial Statements

for the Period Ended 30 April 2024

Company Information - 3
Report of the Directors - 4
Profit and Loss Account - 5
Balance sheet - 6
Additional notes - 8
Balance sheet notes - 12

OLIVER WESTBY HOMES LIMITED

Company Information

for the Period Ended 30 April 2024




Director: Susanna Grace Romney
Registered office: 28
Park Road
Coventry
England
CV1 2LD
Company Registration Number: 11952081 (England and Wales)

OLIVER WESTBY HOMES LIMITED

Directors' Report Period Ended 30 April 2024

The directors present their report with the financial statements of the company for the period ended 30 April 2024

Principal Activities

Oliver Westby Homes Limited is a property development business with the goal to develop wheelchair accessible ‘homes for life’, adding value and accessibility features through high quality refurbishments.

Directors

The directors shown below have held office during the whole of the period from 01 May 2023 to 30 April 2024
Susanna Grace Romney

This report was approved by the board of directors on 27 January 2025
And Signed On Behalf Of The Board By:

Name: Susanna Grace Romney
Status: Director

OLIVER WESTBY HOMES LIMITED

Profit and Loss Account

for the Period Ended 30 April 2024


Notes

2024
£

2023
£
Turnover 0 0
Cost of sales ( 6,914 ) ( 5,633 )
Gross Profit or (Loss) ( 6,914 ) ( 5,633 )
Income from coronavirus (COVID-19) business support grants 0 0
Distribution Costs ( 0 ) ( 0 )
Administrative Expenses ( 8,656 ) ( 8,679 )
Other operating income 0 0
Operating Profit or (Loss) ( 15,570 ) ( 14,312 )
Interest Receivable and Similar Income 0 33
Interest Payable and Similar Charges ( 12,938 ) ( 11,665 )
Profit or (Loss) Before Tax ( 28,508 ) ( 25,944 )
Tax on Profit ( 0 ) ( 0 )
Profit or (Loss) for Period ( 28,508 ) ( 25,944 )

The notes form part of these financial statements

OLIVER WESTBY HOMES LIMITED

Balance sheet

As at 30 April 2024


Notes

2024
£

2023
£
Fixed assets
Tangible assets: 4 0 105
Total fixed assets: 0 105
Current assets
Stocks: 194,484 194,484
Cash at bank and in hand: 558 1,374
Total current assets: 195,042 195,858
Prepayments and accrued income: 780 1,006
Net current assets (liabilities): 195,822 196,864
Total assets less current liabilities: 195,822 196,969
Creditors: amounts falling due after more than one year: 5 ( 277,985 ) ( 251,413 )
Accruals and deferred income: ( 14,118 ) ( 13,226 )
Total net assets (liabilities): ( 96,281 ) ( 67,670 )

The notes form part of these financial statements

OLIVER WESTBY HOMES LIMITED

Balance sheet continued

As at 30 April 2024


Notes

2024
£

2023
£
Capital and reserves
Called up share capital: 188 188
Profit and loss account: ( 96,469 ) ( 67,858 )
Shareholders funds: ( 96,281 ) ( 67,670 )

For the year ending 30 April 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 27 January 2025
And Signed On Behalf Of The Board By:

Name: Susanna Grace Romney
Status: Director

The notes form part of these financial statements

OLIVER WESTBY HOMES LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Revenue recognition
    Revenue on property sales is recognised when the significant risks and rewards of ownership have been transferred to the purchaser which will normally occur at handover/legal completion. Revenue is recognised at the fair value of the consideration received or receivable on legal completion. As no property has been sold in the period, Turnover is nil.

    Tangible fixed assets depreciation policy

    Property, plant and equipment
    Tangible fixed assets over the value of £100 are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases: Plant and equipment used on construction sites has an estimated useful life 2 years so is depreciated on a 50% straight line basis, with the depreciation cost recognised as part of the costs of inventories.
    Office equipment has an estimated useful life 4 years so is depreciated on a 25% straight line basis, with the depreciation cost recognised in the profit and loss statement.
    Land is not depreciated. Land and property held for development is held as work in progress in inventories.
    The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.
    At each reporting end date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value-in-use. Any impairment loss and reversal of losses are recognised in the profit and loss account.

OLIVER WESTBY HOMES LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

  • 1. Accounting policies (continued)

    Other accounting policies

    Inventories Property, including land held under development, acquired or being constructed for sale in the ordinary course of business, rather than to be held for rental or capital appreciation, is held as inventories and is measured at the lower of cost and net realisable value. Cost comprises of the invoiced value of the goods purchased and includes attributable direct costs, labour and production overheads. The First-In-First-Out (FIFO) cost formula is used for direct costs. Net realisable value is the estimated selling price in the ordinary course of the business, based on market prices at the reporting date and discounted for the time value of money if material, less estimated costs of completion and the estimated costs necessary to make the sale. Any excess of the carrying amount of inventories over its net realisable value is recognised as an impairment loss in the profit and loss account. At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price less costs to complete and sell is recognised as an impairment loss in the income profit and loss account. When inventories are sold, the carrying amount of those inventories is recognised as an expense in the cost of sales in the period in which the related revenue is recognised. Costs which cannot be allocated to Work in Progress include administrative overheads that do not contribute to bringing inventories to their present condition, and also abnormal amounts of wasted materials, labour or other production costs which are recognised instead in the profit and loss account.

OLIVER WESTBY HOMES LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

  • 2. Employees


    2024

    2023
    Average number of employees during the period 1 1

    The number of employees during the period was 1 (0.5 FTE) which was the executive director, who is the controlling shareholder and was paid a salary of £8,320 for site work, planning, training and administration.

OLIVER WESTBY HOMES LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

  • 3. Off balance sheet disclosure

    No

OLIVER WESTBY HOMES LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

4. Tangible assets

Plant & machinery Total
Cost £ £
At 01 May 2023 210 210
Additions 0 0
Disposals ( 0 ) ( 0 )
Revaluations 0 0
Transfers 0 0
At 30 April 2024 210 210
Depreciation
At 01 May 2023 105 105
Charge for year 105 105
On disposals ( 0 ) ( 0 )
Other adjustments 0 0
At 30 April 2024 210 210
Net book value
At 30 April 2024 0 0
At 30 April 2023 105 105

Property, plant and equipment
Tangible fixed assets over the value of £100 are initially measured at cost and subsequently measured at cost net of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases: Plant and equipment used on construction sites has an estimated useful life 2 years so is depreciated on a 50% straight line basis, with the depreciation cost recognised as part of the costs of inventories.
Office equipment has an estimated useful life 4 years so is depreciated on a 25% straight line basis, with the depreciation cost recognised in the profit and loss statement.
Land is not depreciated. Land and property held for development is held as work in progress in inventories.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.
At each reporting end date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the 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 an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value-in-use. Any impairment loss and reversal of losses are recognised in the profit and loss account.

OLIVER WESTBY HOMES LIMITED

Notes to the Financial Statements

for the Period Ended 30 April 2024

5.Creditors: amounts falling due after more than one year


2024
£

2023
£
Other creditors 277,985 251,413
Total 277,985 251,413

Other creditors represents the directors' loans, which are unsecured and are repayable on demand as funds allow, and attract interest at a 5% fixed rate per annum.