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COMPANY REGISTRATION NUMBER: 0820611
Westcourt Financial Services Limited
Filleted Unaudited Financial Statements
30 April 2025
Westcourt Financial Services Limited
Financial Statements
Year ended 30 April 2025
Contents
Page
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Westcourt Financial Services Limited
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Westcourt Financial Services Limited
Year ended 30 April 2025
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Westcourt Financial Services Limited for the year ended 30 April 2025, which comprise the statement of financial position 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Westcourt Financial Services Limited, as a body, in accordance with the terms of our engagement letter dated 20 June 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Westcourt Financial Services Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Westcourt Financial Services Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Westcourt Financial Services 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 profit of Westcourt Financial Services Limited. You consider that Westcourt Financial Services Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Westcourt Financial Services 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.
HEBBLETHWAITES Chartered accountants
2 Westbrook Court Sharrow Vale Road Sheffield S11 8YZ
25 July 2025
Westcourt Financial Services Limited
Statement of Financial Position
30 April 2025
2025
2024
Note
£
£
Fixed assets
Tangible assets
5
37,578
35,664
Current assets
Debtors
6
175,661
158,745
Cash at bank and in hand
49,782
42,697
---------
---------
225,443
201,442
Creditors: amounts falling due within one year
7
99,269
62,522
---------
---------
Net current assets
126,174
138,920
---------
---------
Total assets less current liabilities
163,752
174,584
Creditors: amounts falling due after more than one year
8
11,667
Provisions
9,395
8,915
---------
---------
Net assets
154,357
154,002
---------
---------
Capital and reserves
Called up share capital
4,000
4,000
Profit and loss account
150,357
150,002
---------
---------
Shareholders funds
154,357
154,002
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 April 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have 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 Act with respect to accounting records and the preparation of financial statements .
Westcourt Financial Services Limited
Statement of Financial Position (continued)
30 April 2025
These financial statements were approved by the board of directors and authorised for issue on 16 July 2025 , and are signed on behalf of the board by:
D Bullock
J S Dungworth
Director
Director
Company registration number: 0820611
Westcourt Financial Services Limited
Notes to the Financial Statements
Year ended 30 April 2025
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Westbrook Court, 2 Sharrow Vale Road, Sheffield, South Yorkshire, S11 8YZ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents insurances and commissions receivable for the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Land and buildings leasehold
-
20% straight line
Fixtures, fittings and equipment
-
10% reducing balance and 20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2024: 14 ).
5. Tangible assets
Land and buildings leasehold
Fixtures, fittings and equipment
Total
£
£
£
Cost
At 1 May 2024
14,725
263,991
278,716
Additions
6,703
6,703
--------
---------
---------
At 30 April 2025
14,725
270,694
285,419
--------
---------
---------
Depreciation
At 1 May 2024
14,725
228,327
243,052
Charge for the year
4,789
4,789
--------
---------
---------
At 30 April 2025
14,725
233,116
247,841
--------
---------
---------
Carrying amount
At 30 April 2025
37,578
37,578
--------
---------
---------
At 30 April 2024
35,664
35,664
--------
---------
---------
6. Debtors
2025
2024
£
£
Trade debtors
1,805
6,995
Other debtors
173,856
151,750
---------
---------
175,661
158,745
---------
---------
7. Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
10,000
Corporation tax
11,086
11,083
Social security and other taxes
22,811
19,419
Other creditors
65,372
22,020
--------
--------
99,269
62,522
--------
--------
8. Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
11,667
----
--------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2025
2024
£
£
Not later than 1 year
9,921
9,921
Later than 1 year and not later than 5 years
4,939
14,860
--------
--------
14,860
24,781
--------
--------
10. Contingencies
A contingent liability arises in respect of any clawback of revenue realised by the company which is reliant on the client making payment of any subsequent premium payable in relation to that revenue stream, which contingent liability is not quantifiable at any point in time.
11. Related party transactions
During the year amounts were charged to this company, by Demistone Properties Limited, a company under common control of the directors, in relation to rent and amounting to £30,000 (2024: £30,000). Recharges and transfers were also transacted during the year amounting to £22,105 (2024: £7,691) At the year end date, a debtor balance was outstanding from Demistone Properties Limited, by way of loan, amounting to £172,854 (2024: £150,749) in relation to which no formal repayment terms apply and interest is not being charged.