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Registered number: 09125440










WESTMERE HOMES LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024

 
WESTMERE HOMES LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WESTMERE HOMES LIMITED
FOR THE YEAR ENDED 31 DECEMBER 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 Westmere Homes Limited for the year ended 31 December 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 Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Westmere Homes Limited, as a body, in accordance with the terms of our engagement letter dated 15 March 2021Our work has been undertaken solely to prepare for your approval the financial statements of Westmere Homes Limited and state those matters that we have agreed to state to the Board of directors of Westmere Homes Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Westmere Homes Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Westmere Homes 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 loss of Westmere Homes Limited. You consider that Westmere Homes 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 Westmere Homes 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.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
13 June 2025
Page 1

 
WESTMERE HOMES LIMITED
REGISTERED NUMBER: 09125440

BALANCE SHEET
AS AT 31 DECEMBER 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,961
3,755

  
2,961
3,755

Current assets
  

Stocks
 5 
50,770
2,442,242

Debtors: amounts falling due within one year
 6 
3,648
107,635

Cash at bank and in hand
  
85,644
76,260

  
140,062
2,626,137

Creditors: amounts falling due within one year
 7 
(108,248)
(306,235)

Net current assets
  
 
 
31,814
 
 
2,319,902

Total assets less current liabilities
  
34,775
2,323,657

Creditors: amounts falling due after more than one year
 8 
-
(2,250,000)

  

Net assets
  
34,775
73,657


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
34,675
73,557

  
34,775
73,657


Page 2

 
WESTMERE HOMES LIMITED
REGISTERED NUMBER: 09125440
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2024

The directors consider 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 directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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 13 June 2025.




M Bailey
Honourable R De Grey
Director
Director

The notes on pages 4 to 8 form part of these financial statements.

Page 3

 
WESTMERE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

1.


General information

Westmere Homes Limited is a United Kingdom Company limited by shares. It is both incorporated and domiciled in England and Wales. The address of its registered office is 7 The Close, Norwich, Norfolk, NR1 4DJ.
The Company's principal activity is that of development of building projects.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover 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 turnover 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.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
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

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
WESTMERE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
20% reducing balance
Trailers and vehicles
-
20% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Stocks

Stocks represent work in progress on property developments and are valued at the lower of cost and estimated net relisable value of the work undertaken.

 
2.7

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.

 
2.8

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.


3.


Employees

The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
4
4

Page 5

 
WESTMERE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

4.


Tangible fixed assets





Plant and machinery
Trailers and vehicles
Total

£
£
£



Cost or valuation


At 1 January 2024
316
26,426
26,742


Disposals
(316)
-
(316)



At 31 December 2024

-
26,426
26,426



Depreciation


At 1 January 2024
262
22,725
22,987


Charge for the year on owned assets
-
740
740


Disposals
(262)
-
(262)



At 31 December 2024

-
23,465
23,465



Net book value



At 31 December 2024
-
2,961
2,961



At 31 December 2023
54
3,701
3,755


5.


Stocks

2024
2023
£
£

Work in progress
50,770
2,442,242

50,770
2,442,242


Page 6

 
WESTMERE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

6.


Debtors

2024
2023
£
£


Trade debtors
3,648
15,377

Other debtors
-
92,258

3,648
107,635



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
8,051
291,295

Other taxation and social security
45,095
-

Other creditors
52,339
-

Accruals and deferred income
2,763
14,940

108,248
306,235



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Other loans
-
2,250,000

-
2,250,000


The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2024
2023
£
£


Repayable other than by instalments
-
2,250,000

-
2,250,000



Page 7

 
WESTMERE HOMES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024

9.


Transactions with directors

As at 1 January 2023, the balance owed by the directors was £63,118. During the year repayments amounting to £65,458 were made by the directors.
As a result the balance owed to the directors was 
£2,340 at the year end. The loan is repayable on demand.

 
Page 8