Caseware UK (AP4) 2023.0.135 2023.0.135 2024-12-312024-12-31No description of principal activity2024-01-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false22truetrue 03192119 2024-01-01 2024-12-31 03192119 2023-01-01 2023-12-31 03192119 2024-12-31 03192119 2023-12-31 03192119 c:CompanySecretary1 2024-01-01 2024-12-31 03192119 c:Director1 2024-01-01 2024-12-31 03192119 c:Director2 2024-01-01 2024-12-31 03192119 c:RegisteredOffice 2024-01-01 2024-12-31 03192119 d:ComputerEquipment 2024-01-01 2024-12-31 03192119 d:ComputerEquipment 2024-12-31 03192119 d:ComputerEquipment 2023-12-31 03192119 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-12-31 03192119 d:FreeholdInvestmentProperty 2024-12-31 03192119 d:FreeholdInvestmentProperty 2023-12-31 03192119 d:FreeholdInvestmentProperty 2 2024-01-01 2024-12-31 03192119 d:CurrentFinancialInstruments 2024-12-31 03192119 d:CurrentFinancialInstruments 2023-12-31 03192119 d:Non-currentFinancialInstruments 2024-12-31 03192119 d:Non-currentFinancialInstruments 2023-12-31 03192119 d:CurrentFinancialInstruments d:WithinOneYear 2024-12-31 03192119 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 03192119 d:Non-currentFinancialInstruments d:AfterOneYear 2024-12-31 03192119 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 03192119 d:ShareCapital 2024-12-31 03192119 d:ShareCapital 2023-12-31 03192119 d:CapitalRedemptionReserve 2024-12-31 03192119 d:CapitalRedemptionReserve 2023-12-31 03192119 d:RetainedEarningsAccumulatedLosses 2024-12-31 03192119 d:RetainedEarningsAccumulatedLosses 2023-12-31 03192119 c:FRS102 2024-01-01 2024-12-31 03192119 c:AuditExempt-NoAccountantsReport 2024-01-01 2024-12-31 03192119 c:FullAccounts 2024-01-01 2024-12-31 03192119 c:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 03192119 d:WithinOneYear 2024-12-31 03192119 d:WithinOneYear 2023-12-31 03192119 d:BetweenOneFiveYears 2024-12-31 03192119 d:BetweenOneFiveYears 2023-12-31 iso4217:GBP xbrli:pure
Company registration number: 03192119







UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2024


WESTAC HOLDINGS LIMITED






































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WESTAC HOLDINGS LIMITED
 


 
COMPANY INFORMATION


Directors
C Taylor 
A Taylor 




Company secretary
Y Sheridan



Registered number
03192119



Registered office
Ashcombe House
5 The Crescent

Leatherhead

Surrey

KT22 8DY




Accountants
Menzies LLP
Chartered Accountants

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY





 


WESTAC HOLDINGS LIMITED
 



CONTENTS



Page
Statement of Financial Position
1 - 2
Notes to the Financial Statements
3 - 9

 


WESTAC HOLDINGS LIMITED
REGISTERED NUMBER:03192119



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
926
-

Investment property
  
1,200,000
1,075,000

  
1,200,926
1,075,000

Current assets
  

Debtors: amounts falling due within one year
 6 
4,754
32

Cash at bank and in hand
  
49,270
95,552

  
54,024
95,584

Creditors: amounts falling due within one year
 7 
(60,247)
(106,432)

Net current liabilities
  
 
 
(6,223)
 
 
(10,848)

Total assets less current liabilities
  
1,194,703
1,064,152

Creditors: amounts falling due after more than one year
  
(4,653)
(8,728)

Provisions for liabilities
  

Deferred tax
  
(152,354)
(120,873)

  
 
 
(152,354)
 
 
(120,873)

Net assets
  
1,037,696
934,551

Page 1

 


WESTAC HOLDINGS LIMITED
REGISTERED NUMBER:03192119


    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2024

2024
2023
£
£

Capital and reserves
  

Allotted, called up and fully paid share capital
  
2,085
2,085

Capital redemption reserve
  
1,000
1,000

Profit and loss account
  
1,034,611
931,466

  
1,037,696
934,551


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




C Taylor
Director

Date: 27 January 2025

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 


WESTAC HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Westac Holdings Limited is a private company limited by shares and incorporated in England and Wales. The address of the registered office is Ashcombe House, 5 The Crescent, Leatherhead, Surrey, KT22 8DY.
The trading address is Unit 2A Eastern Road, Aldershot, GU12 4TD.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is derived from rental income and is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
33%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.4

Investment property

Investment property is carried at fair value determined annually by the directors or external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss

Page 3

 


WESTAC HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.5

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.6

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.7

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

Amounts paid and payable as an incentive to sign an operating lease are recognised as a reduction to income over the lease term on a straight-line basis, unless another systematic basis is representative of the time pattern over which the lessor's benefit from the leased asset is diminished.

 
2.8

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 4

 


WESTAC HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 5

 


WESTAC HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


Additions
980



At 31 December 2024

980



Depreciation


Charge for the year
54



At 31 December 2024

54



Net book value



At 31 December 2024
926



At 31 December 2023
-



Page 6

 


WESTAC HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

5.


Investment property


Freehold investment property

£



Valuation


At 1 January 2024
1,075,000


Surplus on revaluation
125,000



At 31 December 2024
1,200,000

The 2024 valuations were made by the director, on an open market value for existing use basis.



At 31 December 2024



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
333,809
333,809

333,809
333,809


6.


Debtors

2024
2023
£
£


Trade debtors
633
-

Other debtors
604
32

Prepayments and accrued income
3,517
-

4,754
32


Page 7

 


WESTAC HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
4,127
4,459

Trade creditors
5,000
5,000

Corporation tax
17,844
16,269

Other creditors
5,344
55,000

Accruals and deferred income
27,932
25,704

60,247
106,432



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
4,653
8,728

4,653
8,728





9.


Commitments under operating leases

At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
5,431
-

Later than 1 year and not later than 5 years
7,664
-

13,095
-

Page 8

 


WESTAC HOLDINGS LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

10.


Transactions with directors

Included withing other creditors are the following advances and credits to directors which subsisted during the year ended 2024.


2024
2023
£
£

Balance outstanding at the start of the year
55,000
55,000
Amounts advanced
36,552
55,000
Amounts repaid
(86,546)
(55,000)
5,006
55,000

Interest is not being charged on this loan.  The loan is repayable on demand.


11.


Legal charge

There is a legal charge held over the investment property by the trustees of the Westac Holdings Limited Pension Fund.


12.


Profit and loss reserve

Within the profit and loss reserve account are non distributable profits in respect of the historic revaluation of investment property of £834,942 (2023: £658,998), after taking into account taxation

 
Page 9