COMPANY REGISTRATION NUMBER:
13185431
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Westbourne Village Limited |
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|
Filleted Financial Statements |
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Westbourne Village Limited |
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Statement of Financial Position |
|
31 December 2024
Current assets
|
Debtors |
5 |
308,201 |
317,300 |
|
Cash at bank and in hand |
54,339 |
58,728 |
|
--------- |
--------- |
|
362,540 |
376,028 |
|
|
|
|
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Creditors: amounts falling due within one year |
6 |
(
379,443) |
(
391,578) |
|
--------- |
--------- |
|
Net current liabilities |
(
16,903) |
(
15,550) |
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-------- |
-------- |
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Total assets less current liabilities |
(
16,903) |
(
15,550) |
|
-------- |
-------- |
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Net liabilities |
(
16,903) |
(
15,550) |
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-------- |
-------- |
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|
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Capital and reserves
|
Called up share capital |
100 |
100 |
|
Profit and loss account |
(
17,003) |
(
15,650) |
|
-------- |
-------- |
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Shareholders deficit |
(
16,903) |
(
15,550) |
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-------- |
-------- |
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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.
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 were approved by the
board of directors
and authorised for issue on
30 September 2025
, and are signed on behalf of the board by:
Company registration number:
13185431
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Westbourne Village Limited |
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Notes to the Financial Statements |
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Year ended 31 December 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Rowles Way, Buckingway Business Park, Swavesey, CB24 4UG.
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.
Going concern
The company entered into an option agreement and has the right to acquire a property for future development. There are certain conditions precedent to be satisfied before the option can be exercised and these are described in note 9. The Conditional Share Subscription Agreement, which was signed on 10 March 2023 by the company and other parties, sets out the initial funding contributions required by each party to the project. The directors believe that each of the parties to the contract is expected to meet its obligations in full in respect of the financing requirements set out in that contract. At the balance sheet date, there is no commitment to any further expenditure. Consequently, at the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company continues to have the financial support of its immediate parent company Ascendal Group Limited and its ultimate controlling party as and when required and the group has confirmed this existing support will remain in place. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4.
Employees
There were no employees of the company during the year (2023: nil).
5.
Debtors
|
2024 |
2023 |
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£ |
£ |
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Other debtors |
308,201 |
317,300 |
|
--------- |
--------- |
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|
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6.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
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Trade creditors |
4,350 |
– |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
39,050 |
39,050 |
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Other creditors |
336,043 |
352,528 |
|
--------- |
--------- |
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379,443 |
391,578 |
|
--------- |
--------- |
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7.
Summary audit opinion
The auditor's report dated
30 September 2025
was
unqualified
.
The senior statutory auditor was
Terrence Bourne
, for and on behalf of
Moore Kingston Smith LLP
.
8.
Related party transactions
At the year end, Westbourne Village owed £204,078 (2023: £204,078) to Ayr Projects Limited, a related party.
9.
Conditional share subscription agreement
On 10 March 2023,
Westbourne Village Limited
(WVL) and its parent company, Ascendal Group Limited, entered into a Conditional Share Subscription Agreement with one joint venture party and an investor relating to the funding and subscription of shares in WVL. The agreement, which committed Ascendal Group Limited to fund £1.625m of WVL's development costs subject to certain milestones, was subsequently terminated on 28 July 2025.
Following this termination, Ascendal Group Limited have entered constructive discussions aimed at reshaping the vision for the property. The new strategy under consideration places a particular focus on the delivery of high-quality mixed use development, reflecting strong demand in the sector, and aligning with wider regeneration opportunities. Investor appetite for this remains robust, supported by positive market fundamentals, and discussions are ongoing to establish a framework for future funding, development management and planning consents to enable the project to move forward.
10.
Controlling party
The company is a wholly owned subsidiary of Ascendal Group Limited, a company incorporated in England and Wales. The parent's consolidated financial statements can be obtained from the registered office at 2 Rowles Way, Buckingway Business Park, Swavesey, England, CB24 4UG. The Ultimate controlling party is
Citco Jersey Limited as Trustee of the RSJT Trust
. The Trust's Financial Statements can be obtained from the registered office of the Trustee at No. 4 The Forum, Grenville Street, St Helier, Jersey JE2 4UF.
11.
Future financial commitments
In September 2021,
Ascendal Group Limited
(the parent company of Westbourne Village Limited), Westbourne Village Limited and Tower Transit Operations Limited entered into a Novation Agreement in which rights and obligations under the original contract were novated from Ascendal Group Limited to Westbourne Village Limited.
The contract provides Westbourne Village Limited with the option to purchase freehold interest in a property known as part of the Westbourne Park Bus Garage, Great Western Road, once certain conditions are met. As part of the ongoing strategic review, the exercise of this option is being considered in the context of the revised development vision centered on a mixed use development, in an area which continues to attract strong interest from investors and stakeholders alike.