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REGISTERED NUMBER: 02856224 (England and Wales)










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

WESTWARD PROPERTIES LTD

WESTWARD PROPERTIES LTD (REGISTERED NUMBER: 02856224)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WESTWARD PROPERTIES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2024







DIRECTOR: Mr Keith David Ward





SECRETARY: Mr David Keith Ward





REGISTERED OFFICE: Westward House
2 Bury Road
Hatfield
Hertfordshire
AL10 8BJ





REGISTERED NUMBER: 02856224 (England and Wales)





ACCOUNTANTS: SRG Newmans Ltd
Chartered Certified Accountants
Five Ways
57/59 Hatfield Road
Potters Bar
Hertfordshire
EN6 1HS

WESTWARD PROPERTIES LTD (REGISTERED NUMBER: 02856224)

BALANCE SHEET
30 SEPTEMBER 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Tangible assets 4 1,957,961 1,983,436
Investments 5 95 95
Investment property 6 800,000 800,000
2,758,056 2,783,531

CURRENT ASSETS
Debtors 7 35,328 26,219
Cash at bank and in hand 88,358 69,531
123,686 95,750
CREDITORS
Amounts falling due within one year 8 75,485 66,624
NET CURRENT ASSETS 48,201 29,126
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,806,257

2,812,657

CREDITORS
Amounts falling due after more than one
year

9

(290,888

)

(303,965

)

PROVISIONS FOR LIABILITIES (477,078 ) (388,074 )
NET ASSETS 2,038,291 2,120,618

WESTWARD PROPERTIES LTD (REGISTERED NUMBER: 02856224)

BALANCE SHEET - continued
30 SEPTEMBER 2024

2024 2023
Notes £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Fair value reserve 11 1,431,234 1,552,295
Retained earnings 606,957 568,223
SHAREHOLDERS' FUNDS 2,038,291 2,120,618

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 21 May 2025 and were signed by:





Mr Keith David Ward - Director


WESTWARD PROPERTIES LTD (REGISTERED NUMBER: 02856224)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

1. STATUTORY INFORMATION

Westward Properties Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is 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 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.

WESTWARD PROPERTIES LTD (REGISTERED NUMBER: 02856224)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

3. EMPLOYEES AND DIRECTORS

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

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
COST OR VALUATION
At 1 October 2023
and 30 September 2024 2,380,425 14,307 36,498 2,431,230
DEPRECIATION
At 1 October 2023 398,660 14,307 34,827 447,794
Charge for year 23,804 - 1,671 25,475
At 30 September 2024 422,464 14,307 36,498 473,269
NET BOOK VALUE
At 30 September 2024 1,957,961 - - 1,957,961
At 30 September 2023 1,981,765 - 1,671 1,983,436

Cost or valuation at 30 September 2024 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings Totals
£    £    £    £   
Valuation in 2014 1,009,120 - - 1,009,120
Valuation in 2017 377,280 - - 377,280
Valuation in 2023 18,800 - - 18,800
Cost 975,225 14,307 36,498 1,026,030
2,380,425 14,307 36,498 2,431,230

WESTWARD PROPERTIES LTD (REGISTERED NUMBER: 02856224)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

4. TANGIBLE FIXED ASSETS - continued

If Freehold land and buildings had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 613,600 613,600
Aggregate depreciation 327,811 327,811

Value of land in freehold land and buildings 2,000,000 2,000,000

Freehold land and buildings were valued on an open market offer basis on 30 September 2024 by a purchase offer .

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 October 2023
and 30 September 2024 95
NET BOOK VALUE
At 30 September 2024 95
At 30 September 2023 95

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 October 2023
and 30 September 2024 800,000
NET BOOK VALUE
At 30 September 2024 800,000
At 30 September 2023 800,000

WESTWARD PROPERTIES LTD (REGISTERED NUMBER: 02856224)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

6. INVESTMENT PROPERTY - continued

Fair value at 30 September 2024 is represented by:
£   
Valuation in 2017 123,112
Valuation in 2018 180,000
Valuation in 2023 200,000
Cost 296,888
800,000

If Investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 296,888 296,888

Investment property was valued on an open market basis on 30 September 2024 by by a local estate agent .

The Director of the company is in the opinion that the valuation of the investment property in the financial statements reflects the fair value of it at open market value.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 20,435 14,338
Other debtors 14,893 11,881
35,328 26,219

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 14,000 14,000
Trade creditors 18,621 13,476
Amounts owed to group undertakings 2,067 2,067
Taxation and social security 9,144 6,173
Other creditors 31,653 30,908
75,485 66,624

WESTWARD PROPERTIES LTD (REGISTERED NUMBER: 02856224)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2024

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans 290,888 303,965

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 220,888 233,965

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 304,888 317,965

The National Westminster Bank PLC holds a fixed charge over the freehold property 2 Bury Road Hatfield Hertfordshire.
By way of fixed charge the benefit of all covenants and rights concerning the property and plant machinery fixtures fittings furniture equipment implements and utensils the goodwill of any business carried on at the property and the proceeds of any insurance affecting the property or assets.

Fixed and floating charges over the undertaking and all property and assets present and future including goodwill book debts uncalled capital buildings fixtures fixed plant and machinery.

11. RESERVES

The non-distributable reserve at the reporting date is £1,431,234 (2023- £1,552,295). It was adjusted by applying the 25% Corporation Tax rate.