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REGISTERED NUMBER: 02566058












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

WESTMINSTER FINANCE CORPORATION (UK)
LIMITED

WESTMINSTER FINANCE CORPORATION (UK)
LIMITED (REGISTERED NUMBER: 02566058)

ABRIDGED BALANCE SHEET
31 May 2024

2024 2023
Notes £    £    £    £   
ASSETS

FIXED ASSETS
Tangible assets 4 82,621 98,098

CURRENT ASSETS
Stocks 40,341 47,277
Debtors 56,280 57,193
Cash in hand 5,437 1,941
102,058 106,411
184,679 204,509

CAPITAL, RESERVES AND LIABILITIES

CAPITAL AND RESERVES
Called up share capital 51,902 51,902
Revaluation reserve 5 16,115 31,115
Capital redemption reserve 176,586 176,586
Retained earnings (771,656 ) (770,238 )
SHAREHOLDERS' FUNDS (527,053 ) (510,635 )

PROVISIONS FOR LIABILITIES 498 283

CREDITORS 6 711,234 714,861
184,679 204,509

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

WESTMINSTER FINANCE CORPORATION (UK)
LIMITED (REGISTERED NUMBER: 02566058)

ABRIDGED BALANCE SHEET - continued
31 May 2024


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

All the members have consented to the preparation of an abridged Balance sheet for the year ended 31 May 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 20 February 2025 and were signed by:





NA Butler-Hawes - Director


WESTMINSTER FINANCE CORPORATION (UK)
LIMITED (REGISTERED NUMBER: 02566058)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 May 2024

1. STATUTORY INFORMATION

Westminster Finance Corporation (UK) Limited is a private company, limited by shares, registered in England and Wales. The company's registered office is 213-217 Aylsham Road, Norwich, Norfolk, NR3 2RE.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared on a going concern basis which is dependent upon the continued financial support of the director, company bankers and preferential shareholders. The director is of the opinion that this support will continue over the next 12 months and therefore believe that it is appropriate for the financial statements to be prepared on the going concern basis.

Turnover
Turnover represents the amount of interest charged on loan advances plus any legal, insurance or related fees recharged by the company and direct sales of goods from the pledge centre.

Tangible fixed assets
Tangible fixed assets are shown at cost less depreciation.

Depreciation is calculated to write off the cost of the assets over their expected useful lives at the following annual rates:-

Office Equipment - 15% reducing balance basis
Fixtures and fittings - 15% reducing balance basis

The company's freehold property is valued annually and no depreciation has been charged. By not depreciating all fixed assets, the company has departed from general requirements of the Companies Act 2006. The directors consider that the policy is necessary in order that the financial statements may give a true and fair view because current values and changes in current values are of prime importance rather than the calculation of systematic annual depreciation. Depreciation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been charged cannot be separately identified or quantified.

Stocks
Stocks are stated 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 stock to its present location and condition.


WESTMINSTER FINANCE CORPORATION (UK)
LIMITED (REGISTERED NUMBER: 02566058)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Expenditure
The company is not registered for value added tax purposes. As a result, expenditure, where appropriate, has been shown VAT inclusive.

Operating leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 2 ) .

WESTMINSTER FINANCE CORPORATION (UK)
LIMITED (REGISTERED NUMBER: 02566058)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

4. TANGIBLE FIXED ASSETS
Totals
£   
COST OR VALUATION
At 1 June 2023 144,646
Revaluations (15,000 )
At 31 May 2024 129,646
DEPRECIATION
At 1 June 2023 46,548
Charge for year 477
At 31 May 2024 47,025
NET BOOK VALUE
At 31 May 2024 82,621
At 31 May 2023 98,098

Since the balance sheet date, the freehold property in Lowestoft has been sold at a value of £80,000..The property valuation has therefore been amended to reflect this future sale.
(Historic cost £63,885).

5. RESERVES
Revaluation
reserve
£   
At 1 June 2023 31,115
Deficit on revaluation of land
and buildings (15,000 )

At 31 May 2024 16,115

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Other creditors 589,049 591,198

WESTMINSTER FINANCE CORPORATION (UK)
LIMITED (REGISTERED NUMBER: 02566058)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 May 2024

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2024 2023
£    £   
Amounts falling due in more than five years:

Repayable otherwise than by instalments
Preference shares 569,520 567,763

Repayable by instalments
Other loans more 5yrs instal 19,529 23,435

The company bankers hold a legal charge dated 13 October 2010 over the freehold property.