Company registration number 05977251 (England and Wales)
WESTAN PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
PAGES FOR FILING WITH REGISTRAR
WESTAN PROPERTIES LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
WESTAN PROPERTIES LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WESTAN PROPERTIES LIMITED FOR THE YEAR ENDED 31 OCTOBER 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Westan Properties Limited for the year ended 31 October 2024 which comprise, the 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 at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Westan Properties Limited, as a body, in accordance with the terms of our engagement letter dated 31 May 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Westan Properties Limited and state those matters that we have agreed to state to the board of directors of Westan Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Westan Properties Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Westan Properties 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 Westan Properties Limited. You consider that Westan Properties 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 Westan Properties 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.
Carpenter Box
26 March 2025
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
WESTAN PROPERTIES LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2024
31 October 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
82,601
120,518
Investment property
4
2,900,000
4,966,056
2,982,601
5,086,574
Current assets
Debtors
5
960,063
1,250
Cash at bank and in hand
44,136
16,637
1,004,199
17,887
Creditors: amounts falling due within one year
6
(664,214)
(674,702)
Net current assets/(liabilities)
339,985
(656,815)
Total assets less current liabilities
3,322,586
4,429,759
Creditors: amounts falling due after more than one year
7
(1,988,128)
(2,018,528)
Provisions for liabilities
(173,981)
(283,703)
Net assets
1,160,477
2,127,528
Capital and reserves
Called up share capital
8
102
102
Non-distributable profits reserve
9
1,158,613
1,771,896
Distributable profit and loss reserves
1,762
355,530
Total equity
1,160,477
2,127,528
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
WESTAN PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024
31 October 2024
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 21 March 2025 and are signed on its behalf by:
Mr M W R Spence
Mrs E J Spence
Director
Director
Company registration number 05977251 (England and Wales)
WESTAN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024
- 4 -
1
Accounting policies
Company information
Westan Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1RL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
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. The directors have considered relevant information, including the company’s principal risks and uncertainties and the impact of subsequent events in making their assessment. true
The company is reliant on the support of the bank and other borrowing facilities and are currently trading within these facilities. The financial statements do not include any adjustment that would result from a withdrawal of their support.
Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.
1.3
Turnover
Turnover represents rents and management fees recognised on an accruals basis.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
25% per annum on a diminishing balance basis
Motor vehicles
33% per annum on a diminishing balance basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.
WESTAN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
1.11
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
2
Employees
The average monthly number of persons employed by the company during the year was 1 (2023 - 1).
WESTAN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
- 6 -
3
Tangible fixed assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost or valuation
At 1 November 2023 and 31 October 2024
37,534
147,293
184,827
Depreciation and impairment
At 1 November 2023
14,365
49,944
64,309
Depreciation charged in the year
5,792
32,125
37,917
At 31 October 2024
20,157
82,069
102,226
Carrying amount
At 31 October 2024
17,377
65,224
82,601
At 31 October 2023
23,169
97,349
120,518
4
Investment property
2024
£
Fair value
At 1 November 2023
4,966,056
Disposals
(2,066,056)
At 31 October 2024
2,900,000
The investment properties were valued as at 31 October 2024 by the directors, on an open market value basis by reference to market evidence of transaction prices for similar properties. On an historical cost basis these would have been included at an original cost of £1,567,405 (2023 - £2,910,457).
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
959,813
1,000
Other debtors
250
250
960,063
1,250
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,263
Other creditors
662,951
674,702
664,214
674,702
WESTAN PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2024
6
Creditors: amounts falling due within one year
(Continued)
- 7 -
Included within other creditors is £30,400 (2023 - £11,821) relating to hire purchase contracts, which are secured over the asset purchased through financial arrangements.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,930,227
1,930,227
Other creditors
57,901
88,301
1,988,128
2,018,528
The bank loan included above is secured against the investment properties held by the company.
Included within other creditors is £57,901 (2023 - £88,301) relating to hire purchase contracts, which are secured over the asset purchased through financial arrangements.
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
100
100
100
100
Ordinary B shares of £1 each
2
2
2
2
102
102
102
102
9
Non-distributable profits reserve
2024
2023
£
£
At the beginning of the year
1,771,896
1,771,896
Non distributable profits in the year
(613,283)
-
At the end of the year
1,158,613
1,771,896