Registration number:
Westcountry Estates Management Limited
for the Year Ended 30 June 2024
Westcountry Estates Management Limited
Contents
Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Westcountry Estates Management Limited
(Registration number: 08756835)
Statement of Financial Position as at 30 June 2024
Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
102 |
102 |
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Profit and loss account |
7,445 |
20,319 |
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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:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Westcountry Estates Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Principal activity
The principal activity of the company is that of a real estate management company.
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)
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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
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Westcountry Estates Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)
Tangible assets |
Long leasehold property |
Fixtures and fittings |
Plant and machinery |
IT equipment |
Total |
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Cost or valuation |
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At 1 July 2023 |
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Additions |
- |
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- |
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Disposals |
- |
- |
- |
( |
( |
At 30 June 2024 |
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Depreciation |
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At 1 July 2023 |
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Charge for the year |
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Disposals |
- |
- |
- |
( |
( |
At 30 June 2024 |
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Carrying amount |
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At 30 June 2024 |
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At 30 June 2023 |
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Debtors |
Note |
2024 |
2023 |
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Trade debtors |
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Amounts owed by related parties |
- |
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Other debtors |
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Prepayments |
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Westcountry Estates Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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The bank loan shown above benefits from a government guarantee.
Creditors: amounts falling due after more than one year
Note |
2024 |
2023 |
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Loans and borrowings |
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The bank loan shown above benefits from a government guarantee.
Reserves |
Profit and loss account:
This reserve records retained earnings and accumulated losses.
Loans and borrowings |
Non-current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Current loans and borrowings
2024 |
2023 |
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Bank borrowings |
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Westcountry Estates Management Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
2024 |
2023 |
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Not later than one year |
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Later than one year and not later than five years |
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Later than five years |
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- |
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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 |
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( |
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2023 |
At 1 July 2022 |
Advances to director |
Repayments by director |
At 30 June 2023 |
Director's loan account |
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( |
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