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REGISTERED NUMBER: 10769302 (England and Wales)















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 35,000 35,000
Investment property 5 565,000 565,000
600,000 600,000

CURRENT ASSETS
Debtors 6 28,560 67,475
Cash at bank 1,842 4,384
30,402 71,859
CREDITORS
Amounts falling due within one year 7 96,649 165,474
NET CURRENT LIABILITIES (66,247 ) (93,615 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

533,753

506,385

CREDITORS
Amounts falling due after more than
one year

8

(442,185

)

(389,664

)

PROVISIONS FOR LIABILITIES (14,787 ) (19,566 )
NET ASSETS 76,781 97,155

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 10 100 100
Fair value reserve 11 161,981 157,202
Retained earnings (85,300 ) (60,147 )
SHAREHOLDERS' FUNDS 76,781 97,155

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 Income Statement has not been delivered.

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




Mr Mark Charles Wilkinson - Director



Mrs Emma Louise Knights - Director


Westbank Ltd (Registered number: 10769302)

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

1. STATUTORY INFORMATION

Westbank Ltd 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: 10769302

Registered office: 17 Hillmont Road
Esher
KT10 9BA

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.

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 2 (2023 - 2 ) .

4. FIXED ASSET INVESTMENTS
Unlisted
investment
£   
COST
At 1 June 2023
and 31 May 2024 35,000
NET BOOK VALUE
At 31 May 2024 35,000
At 31 May 2023 35,000

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023
and 31 May 2024 565,000
NET BOOK VALUE
At 31 May 2024 565,000
At 31 May 2023 565,000

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 28,560 67,475

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.5.24 31.5.23
£    £   
Bank loans and overdrafts 66,629 101,196
Trade creditors 178 -
Other creditors 29,842 64,278
96,649 165,474

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 308,210 269,678
Other creditors 133,975 119,986
442,185 389,664

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 304,790 264,649

9. SECURED DEBTS

The following secured debts are included within creditors:

31.5.24 31.5.23
£    £   
Bank loans 374,839 370,874

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: £    £   
100 Ordinary £1 100 100

11. RESERVES
Fair
value
reserve
£   
At 1 June 2023 157,202
Transfer to/from reserves 4,779

At 31 May 2024 161,981

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.