Caseware UK (AP4) 2023.0.135 2023.0.135 Buying and selling of own real estate Other letting and operating of own or leased real estate2023-08-01false11truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04415552 2023-08-01 2024-07-31 04415552 2022-08-01 2023-07-31 04415552 2024-07-31 04415552 2023-07-31 04415552 c:Director1 2023-08-01 2024-07-31 04415552 d:FreeholdInvestmentProperty 2023-08-01 2024-07-31 04415552 d:FreeholdInvestmentProperty 2024-07-31 04415552 d:FreeholdInvestmentProperty 2023-07-31 04415552 d:CurrentFinancialInstruments 2024-07-31 04415552 d:CurrentFinancialInstruments 2023-07-31 04415552 d:CurrentFinancialInstruments d:WithinOneYear 2024-07-31 04415552 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 04415552 d:Non-currentFinancialInstruments d:AfterOneYear 2024-07-31 04415552 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 04415552 d:ShareCapital 2024-07-31 04415552 d:ShareCapital 2023-07-31 04415552 d:RevaluationReserve 2024-07-31 04415552 d:RevaluationReserve 2023-07-31 04415552 d:RetainedEarningsAccumulatedLosses 2024-07-31 04415552 d:RetainedEarningsAccumulatedLosses 2023-07-31 04415552 c:FRS102 2023-08-01 2024-07-31 04415552 c:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 04415552 c:FullAccounts 2023-08-01 2024-07-31 04415552 c:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 04415552 5 2023-08-01 2024-07-31 04415552 d:OtherDeferredTax 2024-07-31 04415552 d:OtherDeferredTax 2023-07-31 04415552 e:PoundSterling 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure

Registered number: 04415552









WESTSIDE PROPERTY LIMITED







Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 July 2024

 
WESTSIDE PROPERTY LIMITED
 
 
  
Report to the director on the preparation of the unaudited statutory financial statements of Westside Property Limited for the Year Ended 31 July 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Westside Property Limited for the year ended 31 July 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 Association of Chartered Certified Accountantswe are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal .com/uk/en/about-us /regulation/ethics /acca-rulebook.html.

This report is made solely to the director of Westside Property Limited in accordance with the terms of our engagement letter dated 28 April 2025Our work has been undertaken solely to prepare for your approval the financial statements of Westside Property Limited and state those matters that we have agreed to state to the director of Westside Property Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal .com/content/dam/ACCA_Global /Technical /fact/technical-factsheet -163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Westside Property Limited and its director for our work or for this report. 

It is your duty to ensure that Westside Property 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 Westside Property Limited. You consider that Westside Property Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Westside Property 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.

  



Fraser Russell Limited
 
77 Francis Road
Edgbaston
Birmingham
West Midlands
B16 8SP

28 April 2025
Page 1

 
WESTSIDE PROPERTY LIMITED
Registered number: 04415552

Balance sheet
As at 31 July 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 5 
479,744
1,264,278

  
479,744
1,264,278

Current assets
  

Debtors: amounts falling due within one year
 6 
339,645
349,493

Cash at bank and in hand
 7 
1,001,122
457,331

  
1,340,767
806,824

Creditors: amounts falling due within one year
 8 
(1,090,561)
(1,338,973)

Net current assets/(liabilities)
  
 
 
250,206
 
 
(532,149)

Total assets less current liabilities
  
729,950
732,129

Creditors: amounts falling due after more than one year
  
(26,837)
(32,887)

Provisions for liabilities
  

Deferred tax
 9 
(44,563)
(44,563)

  
 
 
(44,563)
 
 
(44,563)

Net assets
  
658,550
654,679

Page 2

 
WESTSIDE PROPERTY LIMITED
Registered number: 04415552
    
Balance sheet (continued)
As at 31 July 2024

2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
  
1,000
1,000

Revaluation reserve
  
166,982
166,982

Profit and loss account
  
490,568
486,697

  
658,550
654,679


Page 3

 
WESTSIDE PROPERTY LIMITED
Registered number: 04415552
    
Balance sheet (continued)
As at 31 July 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 April 2025.




Gurdawer Uppal
Director

The notes on pages 5 to 11 form part of these financial statements.

Page 4

 
WESTSIDE PROPERTY LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 July 2024

1.


General information

Westside Property Limited is a company limited by shares incorporated in England within the United Kingdom, having a registration of 04415552.  The address of the registered office is 77 Francis Road, Birmingham, B16 8SP. The principal activity of the company in the year under review was that of rental property provider.
The financial statements are presented in sterling which is functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below.  These policies have been consistently applied to all years presented unless otherwise stated.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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.

 
2.2

Going concern

The financial statements has been prepared on a going concern basis which assumes that the company will continue to receive support from creditors and the director as and when required.

Page 5

 
WESTSIDE PROPERTY LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 July 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 6

 
WESTSIDE PROPERTY LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 July 2024

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.8

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 7

 
WESTSIDE PROPERTY LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 July 2024

2.Accounting policies (continued)

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 1).


4.


Taxation


2024
2023
£
£



Total current tax
-
-

Deferred tax

Total deferred tax
-
-


Taxation on profit on ordinary activities
-
-
Page 8

 
WESTSIDE PROPERTY LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 July 2024
 
4.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is the same as (2023 - the same as) the standard rate of corporation tax in the UK of 19% (2023 - 19%) as set out below:

2024
2023
£
£


Profit/(loss) on ordinary activities before tax
3,871
(54,059)

Effects of:

Total tax charge for the year
-
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


5.


Investment property


Freehold investment property

£



Valuation


At 1 August 2023
1,264,278


Additions at cost
14,200


Disposals
(798,734)



At 31 July 2024
479,744

The 2024 valuations were made by the directors , on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2024
2023
£
£


Historic cost
479,744
1,264,278

479,744
1,264,278

Page 9

 
WESTSIDE PROPERTY LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 July 2024

6.


Debtors

2024
2023
£
£


Trade debtors
604
7,480

Other debtors
339,041
342,013

339,645
349,493



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,001,122
457,331

1,001,122
457,331



8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
108
6,876

Other creditors
961,897
1,204,741

Accruals and deferred income
128,556
127,356

1,090,561
1,338,973


Page 10

 
WESTSIDE PROPERTY LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 July 2024

9.


Deferred taxation




2024


£






At beginning of year
(44,563)



At end of year
(44,563)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Revaluation of investment property
(44,563)
(44,563)

(44,563)
(44,563)



 
Page 11