Company registration number 10720328 (England and Wales)
WESTFIELDS HOMES (DENTON) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
WESTFIELDS HOMES (DENTON) LIMITED
COMPANY INFORMATION
Directors
Mr B C F Varley
Mr J N Varley
Mr I R G Toscani
Mr B Taylor
Mr G H Haji
Mr T M G Haji
Mr M J Kanani
Company number
10720328
Registered office
1-3 Old Mill Road
Hunton Bridge
Kings Langley
Hertfordshire
WD4 8RD
Accountants
Dickinsons
Brandon House
First Floor
90 The Broadway
Chesham
Buckinghamshire
HP5 1EG
Bankers
Natwest Bank Plc
City of London Office
PO Box 12258
1 Princes Street
London
EC2R 8PA
WESTFIELDS HOMES (DENTON) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
WESTFIELDS HOMES (DENTON) LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
3
26,288
8,322
Cash at bank and in hand
899
26,686
27,187
35,008
Creditors: amounts falling due within one year
4
(15,097)
(11,866)
Net current assets
12,090
23,142
Creditors: amounts falling due after more than one year
5
(17,529)
(26,798)
Net liabilities
(5,439)
(3,656)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(5,539)
(3,756)
Total equity
(5,439)
(3,656)
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
Mr B Taylor
Director
Company registration number 10720328 (England and Wales)
WESTFIELDS HOMES (DENTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information
Westfields Homes (Denton) Limited is a private company limited by shares incorporated in England and Wales. The registered office is at 1-3 Old Mill Road, Hunton Bridge, Kings Langley, Hertfordshire, WD4 8RD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
The directors have adopted the going concern basis of accounting in preparing the financial statements; the directors are satisfied the company has access to the financial support necessary to meet working capital requirements and enable the company to remain in operational existence for the foreseeable future.
1.3
Stocks
Revenue and profit are recognised on private housing development properties and land sales in the profit and loss account when the significant risks and rewards of ownership have been transferred to the purchaser.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
WESTFIELDS HOMES (DENTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies (Continued)
- 3 -
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
7
7
3
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
26,006
8,206
Other debtors
282
116
26,288
8,322
WESTFIELDS HOMES (DENTON) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
4
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loan instalments
10,206
9,978
Trade creditors
2,056
1,048
Amounts owed to group undertakings
1,995
Other creditors
840
840
15,097
11,866
5
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loan instalments
17,529
26,798