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Registration number: 09797198 (England and Wales)

Western Heights Developments Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Western Heights Developments Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Western Heights Developments Limited

Company Information

Director

Mr Raman Thukral

Registered office

861 Coronation Road
Park Royal
London
NW10 7PT

Accountants

Aventus Partners Limited
Chartered AccountantsHygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

 

Western Heights Developments Limited

(Registration number: 09797198) (England and Wales)
Balance Sheet as at 31 December 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

5

23,827

23,828

Investment property

6

6,290,407

7,363,833

 

6,314,234

7,387,661

Current assets

 

Debtors

7

424,552

1,191,325

Cash at bank and in hand

 

6,575

535,598

 

431,127

1,726,923

Creditors: Amounts falling due within one year

8

(6,224,346)

(1,848,174)

Net current liabilities

 

(5,793,219)

(121,251)

Total assets less current liabilities

 

521,015

7,266,410

Creditors: Amounts falling due after more than one year

8

(31,011)

(4,162,349)

Provisions for liabilities

(475,095)

(693,595)

Net assets

 

14,909

2,410,466

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

14,809

2,410,366

Shareholders' funds

 

14,909

2,410,466

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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; and

The director acknowledges his responsibilities for complying with the requirements of the Act 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

The financial statements were approved and authorised for issue by the director on 25 February 2025
 

.........................................
Mr Raman Thukral
Director

   
     
 

Western Heights Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
861 Coronation Road
Park Royal
London
NW10 7PT
United Kingdom

These financial statements were authorised for issue by the director on 25 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rental income and related services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

Western Heights Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Western Heights Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Western Heights Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
The company only enters into basic financial instruments 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 and loans from related parties.

 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.


 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss if recognised in the Profit and loss account.

For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

3

Staff numbers

The average monthly number of persons employed by the company (including the director) during the year, was 1 (2022: 1).

 

Western Heights Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

-

730

Deferred taxation

Arising from origination and reversal of timing differences

(218,500)

693,595

Tax (receipt)/expense in the income statement

(218,500)

694,325

Deferred tax

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Revaluation of investment property

-

475,095

-

475,095

2022

Asset
£

Liability
£

Revaluation of investment property

-

693,595

-

693,595

5

Tangible assets

Furniture, fittings and equipment
 £

Cost

At 1 January 2023

33,052

At 31 December 2023

33,052

Depreciation

At 1 January 2023

9,225

At 31 December 2023

9,225

Carrying amount

At 31 December 2023

23,827

At 31 December 2022

23,828

 

Western Heights Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

6

Investment properties

2023
£

At 1 January

7,363,833

Additions

76,574

Fair value adjustments

(1,150,000)

At 31 December

6,290,407

The fair value of the investment properties were assessed internally by the directors at the year end. There has been no valuation of investment property by an independent valuer.

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

228,095

-

Amounts owed by related parties

12

5,777

842,055

Other debtors

 

-

115,058

Corporation tax recoverable

190,680

190,680

Prepayments

 

-

43,532

 

424,552

1,191,325

 

Western Heights Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

4,075,211

5,080

Trade creditors

 

54,903

155,272

Amounts due to related parties

12

1,200,000

1,252,500

Social security and other taxes

 

27,208

12,550

Other payables

 

669,979

344,980

Accruals

 

3,500

-

Corporation tax payable

193,545

74,014

Director's account

 

-

3,778

 

6,224,346

1,848,174

Due after one year

 

Loans and borrowings

9

31,011

4,162,349

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

31,011

4,162,349

9

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

4,075,211

5,080

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

31,011

4,162,349

 

Western Heights Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary A shares of £1 each

50

50

50

50

Ordinary B shares of £1 each

50

50

50

50

100

100

100

100

11

Dividends

2023

2022

£

£

Interim dividend of £Nil (2022 - £4,850.00) per ordinary share

-

485,000

 

 

12

Related party transactions

Summary of transactions with other related parties

At the balance sheet date, the company was owed £5,777 (2022: £842,055) by other companies which have a common director. The loans are interest free and repayable on demand.

At the balance sheet date, the company owed £1,200,000 (2022: £1,252,500) to other companies which have a common director. The loans are interest free and repayable on demand

13

Post Balance Sheet Event

During June 2024, the company disposed of its investment property and repaid the bank loans in full.

14

Prior Year Adjustment

The comparatives have been restated to reclassify the revaluation reserve as part of non-distributable retained earnings to comply with FRS 102 requirements.