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REGISTERED NUMBER: 02562924 (England and Wales)















Unaudited Financial Statements

for the Year Ended

30 June 2024

for

Westerby Trustee Services Limited

Westerby Trustee Services Limited (Registered number: 02562924)

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 Trustee Services Limited

Company Information
for the Year Ended 30 June 2024







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





REGISTERED OFFICE: The Crescent
King Street
Leicester
Leicestershire
LE1 6RX





REGISTERED NUMBER: 02562924 (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 Trustee Services 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 Income Statement 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 Trustee Services 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 Trustee Services 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 Trustee Services Limited and state those matters that we have agreed to state to the Board of Directors of Westerby Trustee Services 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 Trustee Services Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Westerby Trustee Services 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 loss of Westerby Trustee Services Limited. You consider that Westerby Trustee Services 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 Trustee Services 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 Trustee Services Limited (Registered number: 02562924)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 114,999 129,374
Tangible assets 5 31,867 26,910
146,866 156,284

CURRENT ASSETS
Debtors 6 656,881 566,261
Cash at bank and in hand 2,407,153 2,267,915
3,064,034 2,834,176
CREDITORS
Amounts falling due within one year 7 632,374 634,763
NET CURRENT ASSETS 2,431,660 2,199,413
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,578,526

2,355,697

PROVISIONS FOR LIABILITIES 541,268 246,740
NET ASSETS 2,037,258 2,108,957

CAPITAL AND RESERVES
Called up share capital 8 152,100 152,100
Retained earnings 1,885,158 1,956,857
SHAREHOLDERS' FUNDS 2,037,258 2,108,957

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.

Westerby Trustee Services Limited (Registered number: 02562924)

Balance Sheet - continued
30 June 2024


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 Trustee Services Limited (Registered number: 02562924)

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


1. STATUTORY INFORMATION

Westerby Trustee Services 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

For recurring services, turnover is recognised at the start of the service provided. For any additional work undertaken turnover is recognised at the completion.

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.

Licences are being amortised evenly over their estimated useful life of ten years.

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 - 25% on cost
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 Trustee Services Limited (Registered number: 02562924)

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 51 (2023 - 52 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 143,749
AMORTISATION
At 1 July 2023 14,375
Charge for year 14,375
At 30 June 2024 28,750
NET BOOK VALUE
At 30 June 2024 114,999
At 30 June 2023 129,374

Westerby Trustee Services Limited (Registered number: 02562924)

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 1,470 80,538 97,755 179,763
Additions 7,950 1,756 12,661 22,367
At 30 June 2024 9,420 82,294 110,416 202,130
DEPRECIATION
At 1 July 2023 1,470 71,277 80,106 152,853
Charge for year 1,988 5,221 10,201 17,410
At 30 June 2024 3,458 76,498 90,307 170,263
NET BOOK VALUE
At 30 June 2024 5,962 5,796 20,109 31,867
At 30 June 2023 - 9,261 17,649 26,910

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 287,570 286,527
Amounts owed by group undertakings 98,558 67,767
Other debtors 41,161 4,942
Prepayments and accrued income 229,592 207,025
656,881 566,261

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Other loans 125,000 -
Trade creditors 196,294 213,678
Amounts owed to associates 7,766 -
Corporation tax - 159,789
Social security and other taxes 38,172 37,743
VAT 173,223 117,103
Other creditors 41,846 61,245
Accruals and deferred income 50,073 45,205
632,374 634,763

Westerby Trustee Services Limited (Registered number: 02562924)

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


8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
152,100 Ordinary £1 152,100 152,100

9. CONTINGENT LIABILITIES

During the year the company identified potential liabilities in relation to historic claims from customers of a previously acquired business. Claims that were expected to be settled during the year were paid and recorded in the financial statements. There are further claims that are still ongoing, which are possible but the outcome is sufficiently uncertain, therefore the directors best judgments is that these should not be provided for, creating a contingent liability of £659,730.

10. OTHER FINANCIAL COMMITMENTS

The company had total guarantees and commitments at the balance sheet date of £12,365 (2023 - £42,161).

11. ULTIMATE PARENT COMPANY

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

12. TRUSTEESHIP

As a trustee company, properties have been acquired by individual pension funds. Where borrowings arise the properties are secured. Neither the properties nor the liabilities are assets or liabilities of this company.

13. 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.

14. GOING CONCERN

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.