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Registration number: 08756835

Westcountry Estates Management Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Westcountry Estates Management Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 8

 

Westcountry Estates Management Limited

(Registration number: 08756835)
Statement of Financial Position as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

11,153

11,902

Current assets

 

Debtors

5

49,330

48,280

Cash at bank and in hand

 

25,445

27,010

 

74,775

75,290

Creditors: Amounts falling due within one year

6

(72,447)

(56,474)

Net current assets

 

2,328

18,816

Total assets less current liabilities

 

13,481

30,718

Creditors: Amounts falling due after more than one year

6

(3,667)

(7,667)

Provisions for liabilities

(2,267)

(2,630)

Net assets

 

7,547

20,421

Capital and reserves

 

Called up share capital

102

102

Profit and loss account

7,445

20,319

Shareholders' funds

 

7,547

20,421

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 17 March 2025 and signed on its behalf by:
 


R R Sanders
Director

 

Westcountry Estates Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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:
Westcotts
Plym House, 3 Longbridge Road
Marsh Mills
Plymouth
Devon
PL6 8LT

Principal activity

The principal activity of the company is that of a real estate management company.

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 financial statements are prepared in sterling which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for management fees provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 

Westcountry Estates Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and 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.

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 statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

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:

Asset class

Depreciation method and rate

Long leasehold property

10% straight line

Plant and machinery

10% straight line & 50% straight line

Fixtures and fittings

20% straight line

IT equipment

20% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

 

Westcountry Estates Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

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 statement of comprehensive income 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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past
event; it is probable that the entity will be required to transfer economic benefits in settlement and the
amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the
statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at
the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

 

Westcountry Estates Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 7).

 

Westcountry Estates Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

4

Tangible assets

Long leasehold property
£

Fixtures and fittings
£

Plant and machinery
£

IT equipment
£

Total
£

Cost or valuation

At 1 July 2023

14,122

16,763

6,733

10,419

48,037

Additions

-

881

-

3,674

4,555

Disposals

-

-

-

(2,395)

(2,395)

At 30 June 2024

14,122

17,644

6,733

11,698

50,197

Depreciation

At 1 July 2023

8,247

15,968

4,822

7,098

36,135

Charge for the year

1,412

337

1,724

1,743

5,216

Disposals

-

-

-

(2,307)

(2,307)

At 30 June 2024

9,659

16,305

6,546

6,534

39,044

Carrying amount

At 30 June 2024

4,463

1,339

187

5,164

11,153

At 30 June 2023

5,875

795

1,911

3,321

11,902

5

Debtors

Note

2024
£

2023
£

Trade debtors

 

16,584

3,700

Amounts owed by related parties

10

-

8,574

Other debtors

 

18,089

14,511

Prepayments

 

14,657

21,495

 

49,330

48,280

 

Westcountry Estates Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Loans and borrowings

8

4,000

4,000

Trade creditors

 

2,704

1,435

Taxation and social security

 

53,146

38,168

Accruals and deferred income

 

11,553

12,728

Other creditors

 

1,044

143

 

72,447

56,474

The bank loan shown above benefits from a government guarantee.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Loans and borrowings

8

3,667

7,667

The bank loan shown above benefits from a government guarantee.

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

3,667

7,667

Current loans and borrowings

2024
£

2023
£

Bank borrowings

4,000

4,000

 

Westcountry Estates Management Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

9

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

12,500

9,000

Later than one year and not later than five years

50,000

20,250

Later than five years

23,958

-

86,458

29,250

10

Related party transactions

At the year end nil (2023: £8,574) was due from Westcountry Estates (SW) Limited, a company under common control.

During the year £8,831 was written off as an amount owed from a related party, Westcountry Estates (SW) Limited. This is as a result of the entity ceasing to trade from 30 June 2024 and the amount becoming irrecoverable.

Transactions with directors

During the year the directors entered into the following advances and credits with the company:

 

2024

At 1 July 2023
£

Advances to director
£

Repayments by director
£

At 30 June 2024
£

Director's loan account

14,509

122,487

(118,909)

18,087

         
       

 

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Director's loan account

10,184

103,867

(99,543)

14,509