Company Registration No. 10844687 (England and Wales)
WESTCLIFF INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
WESTCLIFF INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
WESTCLIFF INVESTMENTS LIMITED
BALANCE SHEET
AS AT 29 DECEMBER 2024
29 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
3
4,995,000
4,995,000
Current assets
Debtors
4
493,370
493,203
Cash at bank and in hand
35,482
428
528,852
493,631
Creditors: amounts falling due within one year
5
(3,215,839)
(3,209,660)
Net current liabilities
(2,686,987)
(2,716,029)
Total assets less current liabilities
2,308,013
2,278,971
Creditors: amounts falling due after more than one year
6
(1,657,346)
(1,683,870)
Provisions for liabilities
(43,268)
(43,268)
Net assets
607,399
551,833
Capital and reserves
Called up share capital
1
1
Non-distributable profits reserve
7
129,805
129,805
Distributable profit and loss reserves
477,593
422,027
Total equity
607,399
551,833
WESTCLIFF INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 29 DECEMBER 2024
29 December 2024
- 2 -

For the financial year ended 29 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 3 June 2025 and are signed on its behalf by:
PA Miller MBE
Director
Company registration number 10844687 (England and Wales)
WESTCLIFF INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Westcliff Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, 19 Clifftown Road, Southend-On-Sea, Essex, SS1 1AB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable in respect of rental income due for the period on property lettings.

 

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

1.4
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

WESTCLIFF INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
-
0
-
0
WESTCLIFF INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 DECEMBER 2024
- 5 -
3
Investment property
2024
£
Fair value
At 30 December 2023 and 29 December 2024
4,995,000

Investment property has been valued by the directors with reference to a professional valuation undertaken in the previous period.

 

 

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
16,945
12,622
Amounts owed by group undertakings
456,192
456,720
Other debtors
20,233
23,861
493,370
493,203
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
168,863
168,863
Taxation and social security
18,517
9,040
Other creditors
3,028,459
3,031,757
3,215,839
3,209,660
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
1,657,346
1,683,870

Creditors: amounts falling due after more than one year includes £1,657,346 which is secured by way of a fixed charge over the property held by the company.

7
Non-distributable profits reserve
2024
2023
£
£
At the beginning and end of the year
129,805
129,805
WESTCLIFF INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2024
- 6 -
8
Related party transactions

Companies under common control

 

During the year the company paid amounts totalling £7,498 to associated companies and received advances of £3,420 from associated companies. The balance due at the year end is included within other creditors.

 

Wholly owned Group companies

 

In accordance with FRS102 the company has not disclosed transactions with wholly owned members of the group.

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