| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 May 2024 |
| for |
| Westbank Ltd |
| REGISTERED NUMBER: |
| Unaudited Financial Statements for the Year Ended 31 May 2024 |
| for |
| Westbank Ltd |
| Westbank Ltd (Registered number: 10769302) |
| Contents of the Financial Statements |
| for the Year Ended 31 May 2024 |
| Page |
| Statement of Financial Position | 1 |
| Notes to the Financial Statements | 3 |
| Westbank Ltd (Registered number: 10769302) |
| Statement of Financial Position |
| 31 May 2024 |
| 31.5.24 | 31.5.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Investments | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| Westbank Ltd (Registered number: 10769302) |
| Statement of Financial Position - continued |
| 31 May 2024 |
| 31.5.24 | 31.5.23 |
| Notes | £ | £ | £ | £ |
| CAPITAL AND RESERVES |
| Called up share capital | 10 |
| Fair value reserve | 11 |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| 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 were approved by the Board of Directors and authorised for issue on |
| Westbank Ltd (Registered number: 10769302) |
| Notes to the Financial Statements |
| for the Year Ended 31 May 2024 |
| 1. | STATUTORY INFORMATION |
| Westbank Ltd is a |
| Registered number: |
| Registered office: |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover represents the fair value of rent received or receivable from the investment properties, excluding discounts, rebates, value added tax and other sales taxes. |
| Investment property |
| Investment properties are shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
| 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 statement of financial position date. |
| Westbank Ltd (Registered number: 10769302) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 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 statement of financial position 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. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | FIXED ASSET INVESTMENTS |
| Unlisted |
| investment |
| £ |
| COST |
| At 1 June 2023 |
| and 31 May 2024 |
| NET BOOK VALUE |
| At 31 May 2024 |
| At 31 May 2023 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 June 2023 |
| and 31 May 2024 |
| NET BOOK VALUE |
| At 31 May 2024 |
| At 31 May 2023 |
| Westbank Ltd (Registered number: 10769302) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 5. | INVESTMENT PROPERTY - continued |
| Investment property situated at 11 Allen Street is under a charge from Paratus AMC Limited. The charge was created on 14th June 2019. |
| Investment property situated at 15 Jones Street,Tonypandy CF40 2BZ is under a charge from Charter Court Financial Services Limited. The charge was created on 21 March 2022. |
| Investment property situated at 14 Partridge Road,Tonypandy CF40 2SL is under a charge from Charter Court Financial Services Limited. The charge was created on 21 March 2022. |
| Investment property situated at 68 Thomas Street,Tonypandy, CF40 2AJ is under a charge from Charter Court Financial Services Limited. The charge was created on 1 December 2023. |
| Investment property situated at 62 Park Street, Clydach Vale,Tonypandy, CF40 2BT is under a charge from Family Finance Limited. The charge was created on 10 January 2024. |
| Fair value at 31 May 2024 is represented by: |
| £ |
| Valuation in 2021 | 151,768 |
| Valuation in 2022 | (35,000 | ) |
| Valuation in 2023 | 60,000 |
| Cost | 388,232 |
| 565,000 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Other creditors |
| Westbank Ltd (Registered number: 10769302) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Bank loans |
| Other creditors |
| Amounts falling due in more than five years: |
| Repayable otherwise than by instalments |
| Bank loans more 5 yrs non-inst |
| 9. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 31.5.24 | 31.5.23 |
| £ | £ |
| Bank loans |
| The loan amounting to £72,678 is secured by the way of charge on the property situated at 11 Allen Street (disclosed as investment property). The charge was created in the name of Paratus Amc Limited on 14 June 2019 |
| The loan amounting to £76,150 is secured by the way of charge on the property situated at 15 Jones Street Tonypandy (disclosed as investment property). The charge was created in the name of Charter Court Financial Services Limited on 21 March 2022. |
| The loan amounting to £79,956 is secured by the way of charge on the property situated at 14 Partridge Road Tonypandy (disclosed as investment property). The charge was created in the name of Charter Court Financial Services Limited on 21 March 2022. |
| The loan amounting to £75,000 is secured by the way of charge on the property situated at 68 Thomas Street. Tonypandy, CF40 2AJ (disclosed as investment property). The charge was created in the name of Charter Court Financial Services Limited on 1 December 2023. |
| The loan amounting to £64,748 is secured by the way of charge on the property situated at 62 Park Street, Clydach Vale,Tonypandy. CF40 2BT (disclosed as investment property). The charge was created in the name of Family Finance Limited on 10 January 2024. |
| Westbank Ltd (Registered number: 10769302) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 May 2024 |
| 10. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 31.5.24 | 31.5.23 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| 11. | RESERVES |
| Fair |
| value |
| reserve |
| £ |
| At 1 June 2023 |
| Transfer to/from reserves | 4,779 |
| At 31 May 2024 |
| 12. | RELATED PARTY DISCLOSURES |
| The company owes £12,566 (2023: £47,402) to its director, Mrs Emma Louise Knights who is also a 50% shareholder of the company as at accounting year end date. |
| The company was owed £3,071 (2023: £8,933) to its director, Mr Mark Charles Wilkinson who is also a 50% shareholder of the company as at accounting year end date |
| The company was owed £2,074 (2023: £2,074) as at accounting year end date from Hillmont Associates Ltd, a company registered in United Kingdom (Company registered number: 11895646). Mr Mark Charles Wilkinson is also a director and sole shareholder of this company. |
| The company owes £37,376 (2023: £15,8690 as at accounting year end date to Bamboo Living Ltd, a company registered in United Kingdom (Company registered number: 11189922). Mr Mark Charles Wilkinson is also a director and a 50% shareholder of this company. |
| The company owes £38,660 (2023: £45,278) as at accounting year end date to Bamboo Events Ltd, a company registered in United Kingdom (Company registered number: 05277929). Mrs Emma Louise Knights is also a director and sole shareholder shareholder of this company. |
| The company owes £7,174 (2023: £6,000) as at accounting year end date to Life Remixed Ltd, a company registered in United Kingdom (Company registered number: 11607510). Mr Mark Charles Wilkinson is also a director and a sole shareholder of this company. |
| The company was owed £20,000 (2023: £20,000) as at accounting year end date to Momentum Developments Ltd, a company registered in United Kingdom (Company registered number: 11564187). Mr Mark Charles Wilkinson and Mrs Emma Louise Knights are also directors and shareholders of this company holding 25% each in this company. |