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REGISTERED NUMBER: 02684943 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

WESTCOURT PROPERTIES LIMITED

WESTCOURT PROPERTIES LIMITED (REGISTERED NUMBER: 02684943)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Balance Sheet 1

Notes to the Financial Statements 3


WESTCOURT PROPERTIES LIMITED (REGISTERED NUMBER: 02684943)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 5,531 462,196
Investments 5 271,390 250,008
Investment property 6 18,570,000 18,361,041
18,846,921 19,073,245

CURRENT ASSETS
Debtors 7 221,443 357,076
Cash at bank 758,693 792,258
980,136 1,149,334
CREDITORS
Amounts falling due within one year 8 9,657,142 7,740,634
NET CURRENT LIABILITIES (8,677,006 ) (6,591,300 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,169,915

12,481,945

CREDITORS
Amounts falling due after more than one
year

9

-

(3,613,603

)

PROVISIONS FOR LIABILITIES 12 (17,108 ) -
NET ASSETS 10,152,807 8,868,342

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 10,152,805 8,868,340
10,152,807 8,868,342

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

WESTCOURT PROPERTIES LIMITED (REGISTERED NUMBER: 02684943)

BALANCE SHEET - continued
31 MARCH 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 Statement of Income and Retained Earnings has not been delivered.

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





S J Caygill - Director


WESTCOURT PROPERTIES LIMITED (REGISTERED NUMBER: 02684943)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Westcourt Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02684943

Registered office: 27 York Place
Leeds
West Yorkshire
LS1 2EY

The presentation currency of the financial statements is the Pound Sterling, which is the functional currency of the company, rounded to the nearest £1.

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.

These financial statements have been prepared on a going concern basis. At the period end the company had net current liabilities of £8,677,006 which might indicate that the company is not a going concern. However, included in current liabilities is an amount owed to the immediate parent company of £7,270,173 which, although is technically repayable on demand, will not be called in within the next twelve months. Taking this into account, and the profitable nature of the company, the directors are confident that the company will continue to be able to meet its financial obligations for a period of at least twelve months from the date these financial statements were approved.

Turnover
Turnover represents the value, net of value added tax, of rental income and services charged to tenants during the period.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost (excluding freehold land)
Fixtures and fittings - 20% on cost
Computer equipment - 20% on cost

Freehold property is initially recorded at deemed cost and is subsequently remeasured using the revaluation method. Revaluation gains are recognised in other comprehensive income.

All other fixed assets are initially recorded at cost.

Investment property
Investment property is shown at fair value. Any aggregate gain or loss arising from changes in fair value is recognised in profit or loss.

Financial instruments
Bank loans are initially recognised at the present value of the future cash payments and are subsequently measured at amortised cost using the effective interest rate.


WESTCOURT PROPERTIES LIMITED (REGISTERED NUMBER: 02684943)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at the transaction price.

Investments in associates
Investments in associates are initially recognised at cost and subsequently at cost less any accumulated impairment losses.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

WESTCOURT PROPERTIES LIMITED (REGISTERED NUMBER: 02684943)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 April 2023 500,000 25,879 5,870 531,749
Additions - - 2,511 2,511
Disposals (500,000 ) - - (500,000 )
At 31 March 2024 - 25,879 8,381 34,260
DEPRECIATION
At 1 April 2023 42,500 25,879 1,174 69,553
Charge for year - - 1,676 1,676
Eliminated on disposal (42,500 ) - - (42,500 )
At 31 March 2024 - 25,879 2,850 28,729
NET BOOK VALUE
At 31 March 2024 - - 5,531 5,531
At 31 March 2023 457,500 - 4,696 462,196

5. FIXED ASSET INVESTMENTS

31.3.24 31.3.23
£    £   
Shares in group undertakings 8 8
Other investments not loans 271,382 250,000
271,390 250,008

Additional information is as follows:
Shares in
associated
companies
£   
COST
At 1 April 2023
and 31 March 2024 8
NET BOOK VALUE
At 31 March 2024 8
At 31 March 2023 8

Other investments below include an increase in market value of £19,612 (2023 - £nil).

Investments (neither listed nor unlisted) were as follows:
31.3.24 31.3.23
£    £   
Investment portfolio 271,382 250,000

WESTCOURT PROPERTIES LIMITED (REGISTERED NUMBER: 02684943)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 18,361,041
Disposals (891,041 )
Revaluations 1,100,000
At 31 March 2024 18,570,000
NET BOOK VALUE
At 31 March 2024 18,570,000
At 31 March 2023 18,361,041

The historic cost of investment properties was £14,152,751 (2023 - £15,685,943). The directors are of the opinion that the market value of the investment properties at 31 March 2024 is as stated above.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 59,188 88,886
Amounts owed by group undertakings - 24,000
Other debtors - 120,000
Directors' current accounts 90 -
Tax 58 -
VAT 516 11
Deferred tax asset - 69,698
Prepayments and accrued income 161,591 54,481
221,443 357,076

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Bank loans and overdrafts 2,022,153 -
Trade creditors 5,985 7,869
Amounts owed to group undertakings 7,270,173 7,227,637
Social security and other taxes 20,592 7,844
Other creditors 20,925 25,888
Directors' current accounts - 9
Accruals and deferred income 317,314 471,387
9,657,142 7,740,634

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Bank loans - 3,613,603

WESTCOURT PROPERTIES LIMITED (REGISTERED NUMBER: 02684943)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 31.3.23
£    £   
Within one year 11,484 21,762
Between one and five years 3,482 13,078
14,966 34,840

11. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loans 2,022,153 3,613,603

Bank loans are secured by first legal charges over certain freehold properties. In addition, there is a debenture over all freehold and leasehold property.

12. PROVISIONS FOR LIABILITIES
31.3.24
£   
Deferred tax
Accelerated capital allowances 180,540
Losses (163,432 )
17,108

Deferred
tax
£   
Balance at 1 April 2023 (69,698 )
Provided during year 86,806
Balance at 31 March 2024 17,108