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REGISTERED NUMBER: 02086953 (England and Wales)















Unaudited Financial Statements

for the Year Ended

30 June 2024

for

Westerby Investment Management Limited

Westerby Investment Management Limited (Registered number: 02086953)

Contents of the Financial Statements
for the Year Ended 30 June 2024










Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Westerby Investment Management Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: L J McLintic
S M Harvey
Sir H A C Morrison





SECRETARY: L J McLintic





REGISTERED OFFICE: 15 Andover Street
Leicester
Leicestershire
LE2 0JA





REGISTERED NUMBER: 02086953 (England and Wales)





ACCOUNTANTS: The Rowleys Partnership Ltd
Chartered Accountants
Charnwood House
Harcourt Way
Meridian Business Park
Leicester
Leicestershire
LE19 1WP

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Westerby Investment Management Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Statement of Comprehensive Income and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Westerby Investment Management Limited for the year ended 30 June 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Westerby Investment Management Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Westerby Investment Management Limited and state those matters that we have agreed to state to the Board of Directors of Westerby Investment Management Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Westerby Investment Management Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Westerby Investment Management Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Westerby Investment Management Limited. You consider that Westerby Investment Management Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Westerby Investment Management Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






The Rowleys Partnership Ltd
Chartered Accountants
Charnwood House
Harcourt Way
Meridian Business Park
Leicester
Leicestershire
LE19 1WP


28 March 2025

Westerby Investment Management Limited (Registered number: 02086953)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 191,499 215,437
Tangible assets 5 29,702 25,114
Investments 6 748,698 538,225
969,899 778,776

CURRENT ASSETS
Debtors 7 222,424 88,985
Cash at bank and in hand 242,927 416,579
465,351 505,564
CREDITORS
Amounts falling due within one year 8 170,416 233,777
NET CURRENT ASSETS 294,935 271,787
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,264,834

1,050,563

CREDITORS
Amounts falling due after more than
one year

9

(9,167

)

(19,167

)

PROVISIONS FOR LIABILITIES (154,698 ) (100,846 )
NET ASSETS 1,100,969 930,550

Westerby Investment Management Limited (Registered number: 02086953)

Balance Sheet - continued
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Revaluation reserve 11 454,724 296,870
Other reserves 11 77,391 61,098
Retained earnings 11 567,854 571,582
SHAREHOLDERS' FUNDS 1,100,969 930,550

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2025 and were signed on its behalf by:





S M Harvey - Director


Westerby Investment Management Limited (Registered number: 02086953)

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


1. STATUTORY INFORMATION

Westerby Investment Management Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents net invoiced sales of services and commissions, excluding value added tax.

Commissions are recognised when received from the investment companies.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 2% on reducing balance
Fixtures and fittings - 15% on cost
Computer equipment - 25% on cost

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.


Westerby Investment Management Limited (Registered number: 02086953)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce constant periodic rates of charge on the net obligations outstanding in each period.

Investments
Fixed asset investments are stated at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value are recognised in the profit or loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 19 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 239,375
AMORTISATION
At 1 July 2023 23,938
Charge for year 23,938
At 30 June 2024 47,876
NET BOOK VALUE
At 30 June 2024 191,499
At 30 June 2023 215,437

Westerby Investment Management Limited (Registered number: 02086953)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 July 2023 30,184 57,962 68,557 156,703
Additions - 442 8,312 8,754
At 30 June 2024 30,184 58,404 76,869 165,457
DEPRECIATION
At 1 July 2023 12,628 54,304 64,657 131,589
Charge for year 351 1,174 2,641 4,166
At 30 June 2024 12,979 55,478 67,298 135,755
NET BOOK VALUE
At 30 June 2024 17,205 2,926 9,571 29,702
At 30 June 2023 17,556 3,658 3,900 25,114

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 July 2023 538,225
Revaluations 210,473
At 30 June 2024 748,698
NET BOOK VALUE
At 30 June 2024 748,698
At 30 June 2023 538,225

Westerby Investment Management Limited (Registered number: 02086953)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


6. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 30 June 2024 is represented by:

Other
investments
£   
Valuation in 2018 192,742
Valuation in 2019 (9,022 )
Valuation in 2020 56,592
Valuation in 2021 140,481
Valuation in 2022 (48,159 )
Valuation in 2023 63,192
Valuation in 2024 210,473
Cost 142,399
748,698

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 26,812 18,793
Amounts owed by associates 7,766 -
Other debtors 399 30
Other loan 125,000 -
Prepayments and accrued income 62,447 70,162
222,424 88,985

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts 10,000 10,000
Trade creditors 63,819 68,116
Corporation tax 4,984 22,801
Social security and other taxes 28,882 26,833
VAT 22,343 147
Other creditors 10,900 60,642
Accrued expenses 29,488 45,238
170,416 233,777

Westerby Investment Management Limited (Registered number: 02086953)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans - 1-2 years 9,167 10,000
Bank loans - 2-5 years - 9,167
9,167 19,167

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
1,000 Ordinary £1 1,000 1,000

11. RESERVES
Retained Revaluation Other
earnings reserve reserves Totals
£    £    £    £   

At 1 July 2023 571,582 296,870 61,098 929,550
Profit for the year 154,126 154,126
EMI scheme - - 16,293 16,293
Revaluation of investment (210,472 ) 210,472 - -
Transfer of deferred tax 52,618 (52,618 ) - -
At 30 June 2024 567,854 454,724 77,391 1,099,969

12. OTHER FINANCIAL COMMITMENTS

The company had total guarantees and commitments at the balance sheet date of £1,574 (2023 - £3,463).

13. SHARE-BASED PAYMENT TRANSACTIONS

The share option agreement on 24 September 2015 was surrendered on 3 October 2019. A new option dated 3 October 2019 was granted to a director for a maximum of 144 A Ordinary shares with an exercise price of £1,131.45 per share. This expiry date is 2 October 2029. During the year no share options were exercised. At the the balance sheet date all options remained.

Westerby Investment Management Limited (Registered number: 02086953)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024


14. RELATED PARTY DISCLOSURE

During the year the company entered into a subordinated loan agreement with an associated company. The lender agreed to advance to the borrower by way of loan the principle amount of £200,000 and is subject to the terms and conditions contained within the agreement.

Interest is charged as a percentage per annum equal to the sum of LIBOR in respect of such Interest Period.

Included within other loans is the balance of £125,000 due in respect of the loan agreement.

15. ULTIMATE PARENT COMPANY

The company is a wholly owned subsidiary of Westerby EOT Limited incorporated in England and Wales.