REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
WESTMINSTER FINANCE CORPORATION (UK) |
LIMITED |
REGISTERED NUMBER: |
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 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash in hand |
184,679 | 204,509 |
CAPITAL, RESERVES AND LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 5 |
Capital redemption reserve |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES |
CREDITORS | 6 |
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 were approved by the director and authorised for issue on |
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 |
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 |
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 |
Revaluations | ( |
) |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
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 |
Deficit on revaluation of land |
and buildings | (15,000 | ) |
At 31 May 2024 |
6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Other creditors |
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 |
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. |