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REGISTERED NUMBER: 12816108 (England and Wales)










WES7N LTD

Unaudited Financial Statements

for the Year Ended 31 August 2024






WES7N LTD (Registered number: 12816108)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WES7N LTD

Company Information
for the Year Ended 31 August 2024







DIRECTORS: M Weston DipPFS
Mrs A J Weston





REGISTERED OFFICE: 7 Lynwood Court
Priestlands Place
Lymington
Hampshire
SO41 9GA





REGISTERED NUMBER: 12816108 (England and Wales)

WES7N LTD (Registered number: 12816108)

Balance Sheet
31 August 2024

2024 2023
Notes £    £   
FIXED ASSETS
Investment property 4 165,000 146,861

CURRENT ASSETS
Debtors 5 4,965 1,426
Cash at bank 15 91
4,980 1,517
CREDITORS
Amounts falling due within one year 6 (41,970 ) (41,561 )
NET CURRENT LIABILITIES (36,990 ) (40,044 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

128,010

106,817

CREDITORS
Amounts falling due after more than one year 7 (107,150 ) (107,150 )

ACCRUALS AND DEFERRED INCOME (1,140 ) (1,070 )
NET ASSETS/(LIABILITIES) 19,720 (1,403 )

CAPITAL AND RESERVES
Called up share capital 200 200
Fair value reserve 18,139 -
Retained earnings 1,381 (1,603 )
19,720 (1,403 )

WES7N LTD (Registered number: 12816108)

Balance Sheet - continued
31 August 2024


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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 May 2025 and were signed on its behalf by:





M Weston DipPFS - Director


WES7N LTD (Registered number: 12816108)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATEMENT OF COMPLIANCE

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.

2. ACCOUNTING POLICIES

BASIS OF PREPARATION
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentational currency is pound sterling.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND KEY ACCOUNTING ESTIMATES
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

GOING CONCERN
The financial statements have been prepared on a going concern basis.

TURNOVER
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

REVENUE RECOGNITION
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

INVESTMENT PROPERTY
Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually and adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised within other comprehensive income.

Fair value gains and losses, together with the deferred tax where applicable, are transferred to a separate revaluation reserve as shown in the statement of changes in equity

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.


WES7N LTD (Registered number: 12816108)

Notes to the Financial Statements - continued
for the Year Ended 31 August 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.

CASH AND CASH EQUIVALENTS
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

BORROWINGS
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

TRADE CREDITORS
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.


TRADE DEBTORS
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

SHARE CAPITAL
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

WES7N LTD (Registered number: 12816108)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. INVESTMENT PROPERTY
Total
£   
COST OR VALUATION
At 1 September 2023 146,861
Revaluations 18,139
At 31 August 2024 165,000
NET BOOK VALUE
At 31 August 2024 165,000
At 31 August 2023 146,861

Revaluation
The fair value of the company's investment property was revalued on 31 August by the directors. There has been no valuation of investment property by an independent valuer. The basis of the valuation was open market value. Had this class of asset been measured on a historical cost basis, the carrying amount would have been £146,861 (2023 - £146,861).

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Directors' current accounts 4,965 1,426

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Corporation tax 409 -
Other loan 41,561 41,561
41,970 41,561

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other loans (see note 8) 107,150 107,150

WES7N LTD (Registered number: 12816108)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

8. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due between two and five years:
Other loans - 2-5 years 107,150 107,150

Mortgage borrowings are denominated in pound sterling. The carrying amount at year end is £107,150.

Security for borrowings is provided by way of legal charges registered over the company's investment properties.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2024 and 31 August 2023:

2024 2023
£    £   
M Weston DipPFS
Balance outstanding at start of year 1,426 (824 )
Amounts advanced 4,965 2,250
Amounts repaid (1,426 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 4,965 1,426

10. RELATED PARTY DISCLOSURES

The company continued to receive an interest-free loan from Independence Assured Limited, a company of which one of the directors and a shareholder, is also a director. The loan is unsecured and does not have fixed repayment terms. The loan is included within current liabilities.