Registration number:
3West Holdings Limited
for the Year Ended 31 December 2024
3West Holdings Limited
(Registration number: 10012078)
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Consolidated Profit and Loss Account |
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Consolidated Statement of Comprehensive Income |
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Consolidated Balance Sheet |
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Balance Sheet |
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Consolidated Statement of Changes in Equity |
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Statement of Changes in Equity |
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Consolidated Statement of Cash Flows |
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Statement of Cash Flows |
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Notes to the Financial Statements |
3West Holdings Limited
(Registration number: 10012078)
Company Information
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Directors |
Mrs K L Fowler Mr F J D Fowler Mr J D Fowler Ms S C Fowler |
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Company secretary |
Mrs L Oxland |
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Registered office |
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Auditors |
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3West Holdings Limited
(Registration number: 10012078)
Strategic Report for the Year Ended 31 December 2024
The directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the group is property development
Fair review of the business
The directors consider that the key financial performance indicators are those that communicate the financial performance and strength of the group as a whole, these being turnover, profit margins and an assessment of the company's investment property portfolio.
The group's key financial and other performance indicators during the year were as follows:
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Financial KPIs |
Unit |
2024 |
2023 |
|
Turnover |
£,000 |
28,017 |
13,521 |
|
Gross profit |
£,000 |
6,443 |
2,922 |
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Gross profit margin |
% |
23 |
22 |
|
Fair value of investment properties |
£,000 |
11,519 |
11,798 |
Principal risks and uncertainties
The board of directors undertake a regular review of the group and have identified that the principal risks faced by the group relate to competition and the impacts of the current economic climate.
Approved and authorised by the
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3West Holdings Limited
(Registration number: 10012078)
Directors' Report for the Year Ended 31 December 2024
The directors present their report and the for the year ended 31 December 2024.
Directors of the group
The directors who held office during the year were as follows:
Financial instruments
Objectives and policies
The company's principal financial instruments comprise the bank balance, trade creditors, hire purchase agreements and bank borrowings. The main purpose of these instruments is to raise funds for the group's operations.
Price risk, credit risk, liquidity risk and cash flow risk
The group's approach to managing risks applicable to the financial instruments is shown below.
In respect of the bank balance, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of bank borrowings at various rates of interest.
The hire purchase agreements are provided by financial institutions at fixed and variable rates of interest. The company ensures that there are sufficient funds to meet these requirements.
Trade creditors liquidity risk is managed by ensuring that sufficient funds are available to meet amounts due.
Loans are provided by financial institutions in the form of revolving credit facilities. The interest rates and monthly repayments are variable. The business manages the liquidity risk by ensuring that there are sufficient house completions within specified periods.
The group is affected by price fluctuations in the UK housing market. These are in turn affected by the wider economic conditions such as mortgage availability and associated interest rates, employment and consumer confidence. Market downturns could adversely affect property valuations, sales volumes, and project profitability. Whilst these risks are beyond the company's control, the company has managed the risks by selling some houses to a corporate investor, thus reducing the reliance on the private sale market.
The company's exposure to credit risk is limited by the fact that the company receives cash for the sales to private individuals at the point of legal completion. For the block sales to corporate investors, the company collects cash at regular intervals in line with build progress in order to minimise its credit risk.
3West Holdings Limited
(Registration number: 10012078)
Directors' Report for the Year Ended 31 December 2024
Future developments
The directors do not envisage the business of the group changing in the foreseeable future, but continually look for opportunities for further expansion.
Important non adjusting events after the financial period
After the year-end, investment properties were sold at their fair value for consideration of £6,417,000.
Disclosure of information to the auditor
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.
Approved and authorised by the
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3West Holdings Limited
(Registration number: 10012078)
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
3West Holdings Limited
(Registration number: 10012078)
Independent Auditor's Report to the Members of 3West Holdings Limited
Opinion
We have audited the financial statements of 3West Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the group's and the parent company's affairs as at 31 December 2024 and of the group's profit for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Other matters
The financial statements for the year ended 31 December 2024 have been audited. However, the comparative financial statements for the year ended 31 December 2023, which were not audited, are presented for comparative purposes only. We do not express an opinion on these comparatives, as they were not audited. We have, however, performed procedures relating to the opening balances as required by ISA (UK and Ireland) 510, and we are not aware of any material misstatement in those opening balances.
3West Holdings Limited
(Registration number: 10012078)
Independent Auditor's Report to the Members of 3West Holdings Limited
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the parent company financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit. |
3West Holdings Limited
(Registration number: 10012078)
Independent Auditor's Report to the Members of 3West Holdings Limited
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities [set out on page 5], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
The extent to which the audit was considered capable of detecting irregularities including fraud
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
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• |
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; |
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we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the construction sector; |
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we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental, fire safety and health and safety legislation; |
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we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing licenses, certificates and relevant correspondence including the inspection of legal correspondence; and |
3West Holdings Limited
(Registration number: 10012078)
Independent Auditor's Report to the Members of 3West Holdings Limited
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• |
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. |
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
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making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and |
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considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. |
To address the risk of fraud through management bias and override of controls, we:
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performed analytical procedures to identify any unusual or unexpected relationships; |
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tested journal entries to identify unusual transactions; |
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assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and |
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investigated the rationale behind significant or unusual transactions. |
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
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agreeing financial statement disclosures to underlying supporting documentation; |
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reading the minutes of meetings of those charged with governance; |
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enquiring of management as to actual and potential litigation and claims; and |
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reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors. |
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
3West Holdings Limited
(Registration number: 10012078)
Independent Auditor's Report to the Members of 3West Holdings Limited
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
For and on behalf of
28 Alexandra Terrace
Devon
EX8 1BD
3West Holdings Limited
(Registration number: 10012078)
Consolidated Profit and Loss Account for the Year Ended 31 December 2024
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Note |
2024 |
2023 |
|
|
Turnover |
|
|
|
|
Cost of sales |
( |
( |
|
|
Gross profit |
|
|
|
|
Administrative expenses |
|
|
|
|
Operating profit |
|
|
|
|
Other interest receivable and similar income |
|
|
|
|
Interest payable and similar expenses |
( |
( |
|
|
Share of (loss)/profit of equity accounted investees |
( |
|
|
|
Profit before tax |
|
|
|
|
Taxation |
( |
( |
|
|
Profit for the financial year |
|
|
|
|
Profit/(loss) attributable to: |
|||
|
Owners of the company |
|
|
The above results were derived from continuing operations.
The group has no recognised gains or losses for the year other than the results above.
3West Holdings Limited
(Registration number: 10012078)
Consolidated Statement of Comprehensive Income for the Year Ended 31 December 2024
|
2024 |
2023 |
|
|
Profit for the year |
|
|
|
Total comprehensive income for the year |
|
|
|
Total comprehensive income attributable to: |
||
|
Owners of the company |
|
|
3West Holdings Limited
(Registration number: 10012078)
Consolidated Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Investment property |
|
|
|
|
Investments |
|
|
|
|
|
|
||
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Profit and loss account |
|
|
|
|
Equity attributable to owners of the company |
|
|
|
|
Total equity |
|
|
Approved and authorised by the
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3West Holdings Limited
(Registration number: 10012078)
Balance Sheet as at 31 December 2024
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Note |
2024 |
2023 |
|
|
Fixed assets |
|||
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Tangible assets |
|
|
|
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Investment property |
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|
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Investments |
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|
|
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Current assets |
|||
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Debtors |
|
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|
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Cash at bank and in hand |
|
|
|
|
|
|
||
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Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Provisions for liabilities |
( |
( |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
|
|
|
|
Profit and loss account |
|
|
|
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Total equity |
|
|
The company made a profit after tax for the financial year of £6,158,919 (2023 - profit of £7,742,158).
Approved and authorised by the
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3West Holdings Limited
(Registration number: 10012078)
Consolidated Statement of Changes in Equity for the Year Ended 31 December 2024
Equity attributable to the parent company
|
Share capital |
Retained earnings |
Total |
Total equity |
|
|
At 1 January 2024 |
|
|
|
|
|
Prior period adjustment |
- |
|
|
|
|
At 1 January 2024 (As restated) |
|
|
|
|
|
Profit for the year |
- |
|
|
|
|
Other share capital movements |
(69,050) |
- |
(69,050) |
(69,050) |
|
At 31 December 2024 |
|
|
|
|
|
Share capital |
Retained earnings |
Total |
Total equity |
|
|
At 1 January 2023 |
|
|
|
|
|
Profit for the year |
- |
|
|
|
|
At 31 December 2023 |
69,067 |
18,580,900 |
18,649,967 |
18,649,967 |
3West Holdings Limited
(Registration number: 10012078)
Statement of Changes in Equity for the Year Ended 31 December 2024
|
Share capital |
Retained earnings |
Total |
|
|
At 1 January 2024 |
|
|
|
|
Profit for the year |
- |
|
|
|
At 31 December 2024 |
|
|
|
|
Share capital |
Retained earnings |
Total |
|
|
At 1 January 2023 |
|
|
|
|
Profit for the year |
- |
|
|
|
At 31 December 2023 |
17 |
24,209,006 |
24,209,023 |
3West Holdings Limited
(Registration number: 10012078)
Consolidated Statement of Cash Flows for the Year Ended 31 December 2024
|
Note |
2024 |
2023 |
|
|
Cash flows from operating activities |
|||
|
Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Changes in fair value of investment property |
( |
( |
|
|
Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Share of profit/loss of equity accounted investees |
|
( |
|
|
Income tax expense |
|
|
|
|
Impairment losses |
(64,406) |
6,917 |
|
|
|
|
||
|
Working capital adjustments |
|||
|
Increase in stocks |
( |
( |
|
|
Increase in debtors |
( |
( |
|
|
Increase/(decrease) in creditors |
|
( |
|
|
Decrease in deferred income, including government grants |
- |
( |
|
|
Cash generated from operations |
( |
( |
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
( |
( |
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Acquisition of investment properties |
( |
- |
|
|
Proceeds from sale of investment properties |
|
- |
|
|
Dividends received from associates |
- |
200,000 |
|
|
Net cash flows from investing activities |
|
|
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Proceeds from bank borrowing draw downs |
|
|
|
|
Repayment of bank borrowing |
( |
( |
|
|
Repayment of other borrowing |
( |
( |
|
|
Payments to finance lease creditors |
( |
- |
|
|
Proceeds of draw downs of finance lease creditors |
209,568 |
66,277 |
|
|
Net cash flows from financing activities |
( |
|
|
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
3West Holdings Limited
(Registration number: 10012078)
Consolidated Statement of Cash Flows for the Year Ended 31 December 2024
|
Note |
2024 |
2023 |
|
|
Cash and cash equivalents at 1 January |
|
|
|
|
Cash and cash equivalents at 31 December |
600,097 |
209,242 |
3West Holdings Limited
(Registration number: 10012078)
Statement of Cash Flows for the Year Ended 31 December 2024
|
Note |
2024 |
2023 |
|
|
Cash flows from operating activities |
|||
|
Profit for the year |
|
|
|
|
Adjustments to cash flows from non-cash items |
|||
|
Depreciation and amortisation |
|
|
|
|
Changes in fair value of investment property |
( |
( |
|
|
Profit on disposal of tangible assets |
- |
( |
|
|
Finance income |
( |
( |
|
|
Finance costs |
|
|
|
|
Income tax expense |
|
|
|
|
|
|
||
|
Working capital adjustments |
|||
|
Increase in debtors |
( |
( |
|
|
Decrease in creditors |
( |
( |
|
|
Decrease in deferred income, including government grants |
- |
( |
|
|
Cash generated from operations |
( |
( |
|
|
Income taxes paid |
( |
( |
|
|
Net cash flow from operating activities |
( |
( |
|
|
Cash flows from investing activities |
|||
|
Interest received |
|
|
|
|
Acquisitions of tangible assets |
( |
( |
|
|
Proceeds from sale of tangible assets |
- |
|
|
|
Acquisition of investment properties |
( |
- |
|
|
Proceeds from sale of investment properties |
|
- |
|
|
Dividend income |
|
|
|
|
Net cash flows from investing activities |
|
|
|
|
Cash flows from financing activities |
|||
|
Interest paid |
( |
( |
|
|
Repayment of bank borrowing |
( |
( |
|
|
Repayment of other borrowing |
( |
( |
|
|
Payments to finance lease creditors |
( |
- |
|
|
Proceeds from draw downs of finance lease creditors |
209,568 |
66,277 |
|
|
Net cash flows from financing activities |
( |
( |
|
|
Net increase/(decrease) in cash and cash equivalents |
|
( |
|
|
Cash and cash equivalents at 1 January |
|
|
|
|
Cash and cash equivalents at 31 December |
551,788 |
40,911 |
|
3West Holdings Limited
(Registration number: 10012078)
Notes to the Financial Statements for the Year Ended 31 December 2024
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Basis of consolidation
The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings, together with the group's share of the results of associates drawn up to 31 December 2024.
No Profit and Loss Account is presented for the company as permitted by section 408 of the Companies Act 2006. The company made a profit after tax for the financial year of £6,158,919 (2023 - profit of £7,742,158).
3West Holdings Limited
(Registration number: 10012078)
Notes to the Financial Statements for the Year Ended 31 December 2024
A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.
The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.
The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.
Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.
Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.
An associate is an entity in which the group holds a long-term interest and where the group has significant influence. The group considered that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting.
Going concern
The financial statements have been prepared on a going concern basis.
3West Holdings Limited
(Registration number: 10012078)
Notes to the Financial Statements for the Year Ended 31 December 2024
Judgements
The company carries its investment properties at fair value, with changes in fair value being recognised in profit or loss. The investment properties were valued on 31 December 2024 by the directors. The methodology of this valuation was based on market values of similar properties and rental yields. The value of investment properties at the year end is £11,519,112 (2023: £11,797,918) with the carrying amount at historical cost being £8,046,752 (2023: £10,185,975). |
Key sources of estimation uncertainty
The preparation of the financial statements includes the use of estimates including assumptions which are based on historical experience and other relevant factors and are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year, or in the year of the revision and future years if the revision affects both current and future years.
The key source of estimation and uncertainty with a significant risk of a material change to the carrying value of assets and expenses is margin forecasting.
Cost of sales and gross margin on each plot sold is recognised based on the overall site margin expected to be generated over its remaining life. To determine the site margin, the company must make assumptions relating to future sales prices and the estimated costs to complete. Any changes in these assumptions are recognised in both the current year and future years.
The company regularly reviews the assumptions used in the calculation of site margin, including assessing the degree of future uncertainty from changes in macroeconomic factors. These include sales prices and build and labour costs.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group. Recognition criteria for the primary income streams of the group are as follows:
Turnover on contracts recognised at a point in time - Revenue is recognised at a point in time when the customer obtains control of the completed home at legal completion, at which point the company has fulfilled its performance obligations, Cash incentives are considered to be a discount from the purchase price offered to the customer and are therefore accounted for as a reduction to revenue.
Turnover on contracts recognised over time - Revenue is recognised over time when the company reaches certain pre agreed build stages on each house. This is measured by a survey of the individual houses to determine if the relevant build stage has been completed. The company has an enforceable right to be paid for the stages completed to date and invoices are issued and paid over the life of the house build.
Rental income - Revenue is recognised over the period for which the land and buildings are occupied by the tenant and on a time apportionment basis.
3West Holdings Limited
(Registration number: 10012078)
Notes to the Financial Statements for the Year Ended 31 December 2024
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the group operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements and on unused tax losses or tax credits in the group. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Office equipment |
25% reducing balance basis |
|
Plant and machinery |
25% reducing balance basis |
|
Motor vehicles |
25% reducing balance basis |
Investment property
Investment properties whose fair value can be measured reliably are subsequently measured at fair value, derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
3West Holdings Limited
(Registration number: 10012078)
Notes to the Financial Statements for the Year Ended 31 December 2024
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for properties sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the group will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the group does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
3West Holdings Limited
(Registration number: 10012078)
Notes to the Financial Statements for the Year Ended 31 December 2024
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the group’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
3West Holdings Limited
(Registration number: 10012078)
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Turnover |
The analysis of the group's Turnover for the year from continuing operations is as follows:
|
2024 |
2023 |
|
|
Sale of goods |
|
|
|
Rendering of services |
|
|
|
Rental income from investment property |
|
|
|
|
|
|
Operating profit |
Arrived at after charging/(crediting)
|
2024 |
2023 |
|
|
Depreciation expense |
|
|
|
Operating lease expense - plant and machinery |
|
|
|
Other interest receivable and similar income |
|
2024 |
2023 |
|
|
Other finance income |
|
|
|
Interest payable and similar expenses |
|
2024 |
2023 |
|
|
Interest on bank overdrafts and borrowings |
|
|
|
Interest on obligations under finance leases and hire purchase contracts |
|
- |
|
Interest expense on other finance liabilities |
|
|
|
|
|
3West Holdings Limited
(Registration number: 10012078)
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Staff costs |
The aggregate payroll costs (including directors' remuneration) were as follows:
|
2024 |
2023 |
|
|
Wages and salaries |
|
|
|
Social security costs |
|
|
|
|
|
The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:
|
2024 |
2023 |
|
|
Administration and support |
|
|
|
|
|
|
Directors' remuneration |
The directors' remuneration for the year was as follows:
|
2024 |
2023 |
|
|
Remuneration |
|
- |
In respect of the highest paid director:
|
2024 |
2023 |
|
|
Remuneration |
|
- |
|
Auditors' remuneration |
|
2024 |
2023 |
|
|
Audit of these financial statements |
7,500 |
- |
|
Audit of the financial statements of subsidiaries of the company pursuant to legislation |
9,500 |
- |
|
|
- |
3West Holdings Limited
(Registration number: 10012078)
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Taxation |
Tax charged/(credited) in the consolidated profit and loss account
|
2024 |
2023 |
|
|
Current taxation |
||
|
UK corporation tax |
|
|
|
UK corporation tax adjustment to prior periods |
|
|
|
1,174,742 |
355,332 |
|
|
Deferred taxation |
||
|
Arising from origination and reversal of timing differences |
|
|
|
Tax expense in the income statement |
|
|
The tax on profit before tax for the year is higher than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
2023 |
|
|
Profit before tax |
|
|
|
Corporation tax at standard rate |
|
|
|
Increase in UK and foreign current tax from adjustment for prior periods |
|
|
|
Effect of expense not deductible in determining taxable profit (tax loss) |
|
|
|
Increase/(decrease) from effect of joint-ventures and associates results reported net of tax |
|
( |
|
Deferred tax expense relating to changes in tax rates or laws |
- |
|
|
Tax increase from other tax effects |
|
- |
|
Total tax charge |
|
|
As of 1 April 2023, the main rate of UK corporation tax increased from 19% to 25%. As the company’s previous financial year straddled this date, a blended corporation tax rate of 23.52% was applied which was calculated by apportioning the two tax rates on a weighted basis for the proportion of the financial year for which each main tax rate was applicable.
3West Holdings Limited
(Registration number: 10012078)
Notes to the Financial Statements for the Year Ended 31 December 2024
Deferred tax
Group
Deferred tax assets and liabilities
|
2024 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
Revaluation of investment property |
- |
|
|
- |
|
|
2023 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
Revaluation of investment property |
- |
|
|
- |
|
Company
Deferred tax assets and liabilities
|
2024 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
Revaluation of investment property |
- |
|
|
- |
|
|
2023 |
Asset |
Liability |
|
Accelerated capital allowances |
- |
|
|
Revaluation of investment property |
- |
|
|
- |
|
3West Holdings Limited
(Registration number: 10012078)
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Tangible assets |
Group
|
Office Equipment |
Motor vehicles |
Plant and machinery |
Total |
|
|
Cost or valuation |
||||
|
At 1 January 2024 |
|
|
|
|
|
Additions |
- |
|
|
|
|
At 31 December 2024 |
|
|
|
|
|
Depreciation |
||||
|
At 1 January 2024 |
|
|
|
|
|
Charge for the year |
|
|
|
|
|
At 31 December 2024 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 December 2024 |
|
|
|
|
|
At 31 December 2023 |
|
|
|
|
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2024 |
2023 |
|
|
Motor vehicles |
264,918 |
66,027 |
3West Holdings Limited
(Registration number: 10012078)
Notes to the Financial Statements for the Year Ended 31 December 2024
Company
|
Office equipment |
Motor vehicles |
Plant and machinery |
Total |
|
|
Cost or valuation |
||||
|
At 1 January 2024 |
|
|
- |
|
|
Additions |
- |
|
|
|
|
At 31 December 2024 |
|
|
|
|
|
Depreciation |
||||
|
At 1 January 2024 |
|
|
- |
|
|
Charge for the year |
|
|
|
|
|
At 31 December 2024 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 December 2024 |
|
|
|
|
|
At 31 December 2023 |
|
|
- |
|
Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:
|
2024 |
2023 |
|
|
Motor vehicles |
264,918 |
66,027 |
|
Investment properties |
Group
|
2024 |
|
|
At 1 January |
|
|
Additions |
|
|
Disposals |
( |
|
Fair value adjustments |
|
|
At 31 December |
|
The directors consider the open market value of the investment property portfolio to be the same as the carrying value in the accounts, which includes a fair value adjustment of £2,133,444 (2023: £1,611,942).
There has been no valuation of investment property by an independent valuer.
3West Holdings Limited
(Registration number: 10012078)
Notes to the Financial Statements for the Year Ended 31 December 2024
Company
|
2024 |
|
|
At 1 January |
|
|
Additions |
|
|
Disposals |
( |
|
Fair value adjustments |
|
|
At 31 December |
|
There has been no valuation of investment property by an independent valuer.
|
Investments |
Group
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:
|
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
|
2024 |
2023 |
|||
|
Subsidiary undertakings |
||||
|
|
Unit 3 Gereint Hill, Tithebarn, Exeter, Devon, England, EX1 3RS |
|
|
|
|
|
Unit 3 Gereint Hill, Tithebarn, Exeter, Devon, England, EX1 3RS |
|
|
|
|
Associates |
||||
|
|
Unit 3 Gereint Hill, Tithebarn, Exeter, Devon, England, EX1 3RS |
Ordinary |
|
|
|
|
Eagle House, 44 The Strand, Exmouth, Devon, EX8 1AL |
Ordinary |
|
|
* indicates direct investment of the company
3West Holdings Limited
(Registration number: 10012078)
Notes to the Financial Statements for the Year Ended 31 December 2024
Subsidiary undertakings
|
Goodmores Limited The principal activity of Goodmores Limited is |
|
Eagle Developments Limited The principal activity of Eagle Developments Limited is |
Associate undertakings
|
3West Group Limited
The principal activity of 3West Group Limited is |
|
Eagle Investments (SW) Limited
The principal activity of Eagle Investments (SW) Limited is |
|
Group |
£ |
|
Associates |
|
|
Cost |
|
|
At 1 January 2024 |
4,160,050 |
|
At 31 December 2024 |
4,160,050 |
|
Provision |
|
|
At 1 January 2024 |
124,237 |
|
Provision |
(85,546) |
|
At 31 December 2024 |
38,691 |
|
Carrying amount |
|
|
At 31 December 2024 |
4,198,741 |
|
At 31 December 2023 |
4,284,287 |
3West Holdings Limited
(Registration number: 10012078)
Notes to the Financial Statements for the Year Ended 31 December 2024
Company
|
2024 |
2023 |
|
|
Investments in subsidiaries |
|
|
|
Investments in associates |
|
|
|
|
|
|
Subsidiaries |
£ |
|
Cost or valuation |
|
|
At 1 January 2024 |
|
|
At 31 December 2024 |
|
|
Carrying amount |
|
|
At 31 December 2024 |
|
|
At 31 December 2023 |
|
|
Associates |
£ |
|
Cost |
|
|
At 1 January 2024 |
|
|
At 31 December 2024 |
|
|
Carrying amount |
|
|
At 31 December 2024 |
|
|
At 31 December 2023 |
|
|
Stocks |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Work in progress - build costs |
|
|
- |
- |
|
Work in progress - land |
|
|
- |
- |
|
|
|
- |
- |
|
3West Holdings Limited
(Registration number: 10012078)
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Debtors |
|
Group |
Company |
||||
|
Note |
2024 |
2023 |
2024 |
2023 |
|
|
Trade debtors |
|
|
|
|
|
|
Amounts owed by related parties |
|
|
|
|
|
|
Other debtors |
|
|
|
|
|
|
Prepayments and accrued income |
|
|
|
|
|
|
|
|
|
|
||
|
Cash and cash equivalents |
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Cash at bank |
|
|
|
|
|
Creditors |
|
Group |
Company |
||||
|
Note |
2024 |
2023 |
2024 |
2023 |
|
|
Due within one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
|
Trade creditors |
|
|
|
|
|
|
Social security and other taxes |
|
|
|
|
|
|
Other creditors |
|
|
|
|
|
|
Accruals |
|
|
|
|
|
|
Corporation tax liability |
1,174,710 |
196,862 |
612,790 |
106,699 |
|
|
|
|
|
|
||
|
Due after one year |
|||||
|
Loans and borrowings |
|
|
|
|
|
3West Holdings Limited
(Registration number: 10012078)
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Loans and borrowings |
Current loans and borrowings
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Bank borrowings |
|
|
|
|
|
Hire purchase contracts |
|
|
|
|
|
|
|
|
|
|
Non-current loans and borrowings
|
Group |
Company |
|||
|
2024 |
2023 |
2024 |
2023 |
|
|
Bank borrowings |
- |
|
- |
|
|
Hire purchase contracts |
|
|
|
|
|
Other borrowings |
- |
|
- |
|
|
|
|
|
|
|
Group
Bank borrowings
|
The group has a The loan is secured by way of a charge over the assets of the investment properties owned by the company. |
|
The group has a The loan is secured by a fixed and floating charge over all the assets of the company. |
|
The group has a The loan is secured by a fixed and floating charge over all assets of the company. |
|
The group has a The loan is secured by a fixed and floating charge over all assets of the company. |
3West Holdings Limited
(Registration number: 10012078)
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Provisions for liabilities |
Group
|
Deferred tax |
Total |
|
|
At 1 January 2024 |
|
|
|
Increase (decrease) in existing provisions |
|
|
|
At 31 December 2024 |
|
|
|
|
||
Company
|
Deferred tax |
Total |
|
|
At 1 January 2024 |
|
|
|
Increase (decrease) in existing provisions |
|
|
|
At 31 December 2024 |
|
|
|
|
||
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
17 |
|
17 |
Rights, preferences and restrictions
|
Ordinary have the following rights, preferences and restrictions: |
|
Obligations under leases and hire purchase contracts |
The amounts disclosed below are applicable to both the group and the company.
Finance leases
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
3West Holdings Limited
(Registration number: 10012078)
Notes to the Financial Statements for the Year Ended 31 December 2024
Operating leases - lessor
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
Company
Operating leases - lessor
The total of future minimum lease payments is as follows:
|
2024 |
2023 |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The company holds investment properties, which are let to third parties. These non-cancellable leases have remaining terms (up to a break clause date where applicable) of between 1 and 44 months. A majority of the leases also have periodic rent reviews according to prevailing market conditions.
3West Holdings Limited
(Registration number: 10012078)
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Analysis of changes in net debt |
Group
|
At 1 January 2024 |
Financing cash flows |
Acquisition of subsidiaries |
New finance leases |
Other non-cash changes |
At 31 December 2024 |
|
|
Cash and cash equivalents |
||||||
|
Cash |
209,242 |
6,497,219 |
(6,106,364) |
- |
- |
600,097 |
|
Borrowings |
||||||
|
Long term borrowings |
(11,069,223) |
9,093,223 |
- |
- |
1,976,000 |
- |
|
Short term borrowings |
(3,740,225) |
(9,644,322) |
- |
- |
(1,976,000) |
(15,360,547) |
|
Lease liabilities |
(66,277) |
26,184 |
- |
(209,568) |
- |
(249,661) |
|
(14,875,725) |
(524,915) |
- |
(209,568) |
- |
(15,610,208) |
|
|
|
||||||
|
( |
|
( |
( |
- |
( |
|
3West Holdings Limited
(Registration number: 10012078)
Notes to the Financial Statements for the Year Ended 31 December 2024
Company
|
At 1 January 2024 |
Financing cash flows |
New finance leases |
Other non-cash changes |
At 31 December 2024 |
|
|
Cash and cash equivalents |
|||||
|
Cash |
40,911 |
510,877 |
- |
- |
551,788 |
|
Borrowings |
|||||
|
Long term borrowings |
(5,908,885) |
3,932,885 |
- |
1,976,000 |
- |
|
Short term borrowings |
(300,000) |
300,000 |
- |
(1,976,000) |
(1,976,000) |
|
Lease liabilities |
(66,277) |
26,184 |
(209,568) |
- |
(249,661) |
|
(6,275,162) |
4,259,069 |
(209,568) |
- |
(2,225,661) |
|
|
( |
|
( |
- |
( |
|
|
|
|||||
3West Holdings Limited
(Registration number: 10012078)
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Financial guarantee contracts |
Company
The company has agreed to charge its shares in the subsidiary company Goodmores Limited in respect of loan finance advanced to Goodmores Limited by a third party. The total of the liability as at 31 December 2024 was £13,384,547 (2023: £8,600,563).
|
Related party transactions |
Group
Sales amounting to £200,000 were made to directors relating to two plots of land on the development.
Income and receivables from related parties
|
2024 |
Other related parties |
|
Sale of goods |
|
|
Amounts receivable from related party |
|
|
|
|
|
2023 |
Other related parties |
|
Sale of goods |
|
|
Amounts receivable from related party |
|
|
|
|
Expenditure with and payables to related parties
|
2024 |
Other related parties |
|
Purchase of goods |
|
|
Amounts payable to related party |
|
|
|
|
|
2023 |
Other related parties |
|
Purchase of goods |
|
|
|
|
3West Holdings Limited
(Registration number: 10012078)
Notes to the Financial Statements for the Year Ended 31 December 2024
Loans to related parties
|
2024 |
Associates |
Other related parties |
Total |
|
At start of period |
|
|
|
|
Advanced |
|
|
|
|
Impairment |
( |
- |
( |
|
At end of period |
|
|
|
|
|
|||
|
2023 |
Associates |
Other related parties |
Total |
|
At start of period |
|
|
|
|
Advanced |
|
|
|
|
Repaid |
( |
( |
( |
|
Impairment |
|
- |
|
|
At end of period |
|
|
|
|
|
|||
Terms of loans to related parties
Company
Loans to related parties
|
2024 |
Associates |
Other related parties |
Total |
|
At start of period |
|
|
|
|
Advanced |
|
|
|
|
At end of period |
|
|
|
|
|
|||
|
2023 |
Associates |
Other related parties |
Total |
|
At start of period |
|
|
|
|
Advanced |
|
|
|
|
Repaid |
( |
( |
( |
|
At end of period |
|
|
|
|
|
|||
Terms of loans to related parties
3West Holdings Limited
(Registration number: 10012078)
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Non adjusting events after the financial period |
|
|
|
Controlling party |
The ultimate controlling party is Mr J D Fowler.