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COMPANY REGISTRATION NUMBER: 03617930
Macob Westgate Limited
Filleted Unaudited Financial Statements
For the year ended
30 June 2024
Macob Westgate Limited
Financial Statements
Year ended 30 June 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Macob Westgate Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Intangible assets
4
450,000
525,000
Tangible assets
5
1,769
1,565
Investments
6
50
50
---------
---------
451,819
526,615
Current assets
Debtors
7
583,852
731,480
Cash at bank and in hand
7,162
5,718
---------
---------
591,014
737,198
Creditors: amounts falling due within one year
8
3,205
36,950
---------
---------
Net current assets
587,809
700,248
------------
------------
Total assets less current liabilities
1,039,628
1,226,863
------------
------------
Net assets
1,039,628
1,226,863
------------
------------
Capital and reserves
Called up share capital
200
200
Profit and loss account
1,039,428
1,226,663
------------
------------
Shareholders funds
1,039,628
1,226,863
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Macob Westgate Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 27 March 2025 , and are signed on behalf of the board by:
Mr R J Roberts
Mr I A I Edwards
Director
Director
Company registration number: 03617930
Macob Westgate Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Oldfield Road, Bocam Park, Bridgend, CF35 5LJ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Other intangible assets
-
10 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
4. Intangible assets
Other intangible asset
£
Cost
At 1 July 2023 and 30 June 2024
750,000
---------
Amortisation
At 1 July 2023
225,000
Charge for the year
75,000
---------
At 30 June 2024
300,000
---------
Carrying amount
At 30 June 2024
450,000
---------
At 30 June 2023
525,000
---------
Other intangible assets represent the cost of a extinguishment of financial liabilities for a consideration of £750,000. The financial liabilities were expected to accrue over a 10 year period, and therefore the intangible asset is amortised over the same period.
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 July 2023
3,307
3,307
Additions
999
999
-------
-------
At 30 June 2024
4,306
4,306
-------
-------
Depreciation
At 1 July 2023
1,742
1,742
Charge for the year
795
795
-------
-------
At 30 June 2024
2,537
2,537
-------
-------
Carrying amount
At 30 June 2024
1,769
1,769
-------
-------
At 30 June 2023
1,565
1,565
-------
-------
6. Investments
Shares in participating interests
£
Cost
At 1 July 2023 and 30 June 2024
50
----
Impairment
At 1 July 2023 and 30 June 2024
----
Carrying amount
At 30 June 2024
50
----
At 30 June 2023
50
----
The above investment represents the Company's 50% share of the called up share capital in Westgate Park Cardiff Limited.
7. Debtors
2024
2023
£
£
Amounts owed by group and participating interests
583,016
731,480
Other debtors
836
---------
---------
583,852
731,480
---------
---------
8. Creditors: amounts falling due within one year
2024
2023
£
£
Social security and other taxes
50
Other creditors
3,205
36,900
-------
--------
3,205
36,950
-------
--------
9. Related party transactions
During the year the company received a dividend of £1,100,000 (2023: £1,250,000) from Westgate Park Cardiff Limited. During the year the company also received a loan repayment of £150,000.At the year the company was owed £578,536 (2023: £728,536) from Westgate Park Cardiff Limited. Macob Westgate is related through its ability to have significant influence. During the year the company paid dividends of £1,209,715 (2023: £1,400,000) to Valeleigh Limited. At the year end the company was owed £2,944 in respect of historical expenses paid for on behalf of Valeleigh Limited. The company is related through common control. Included in other creditors and debtors are amounts owed to and by the directors, Mr R J Roberts , Mr I Edwards and Mrs C S Brooks. The following is a summary of the directors transactions with the company during the year.
Mr R J Roberts Mr I Edwards Mrs C S Brooks Total
£ £ £ £
Balance owed to the directors as 1 July 2023 14,189 17,440 2,771 34,400
Monies introduced 1,000 1,000
Monies drawn (14,484) (17,735) (3,066) (35,285)
-------- -------- ------- --------
Balance owed to / (from) the directors as at 30 June 2024 (295) 705 (295) 115
-------- -------- ------- --------
There are no fixed terms or interest charges on the above loans.