IRIS Accounts Production v25.3.0.601 11148030 Board of Directors Board of Directors 1.1.24 31.12.24 31.12.24 15/10/2025 0 0 false true false false true false Auditors Opinion Fair value model Ordinary 1.00000 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 11148030 2023-12-31 11148030 2024-12-31 11148030 2024-01-01 2024-12-31 11148030 2022-12-31 11148030 2023-01-01 2023-12-31 11148030 2023-12-31 11148030 ns15:EnglandWales 2024-01-01 2024-12-31 11148030 ns14:PoundSterling 2024-01-01 2024-12-31 11148030 ns10:Director1 2024-01-01 2024-12-31 11148030 ns10:Director2 2024-01-01 2024-12-31 11148030 ns10:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 11148030 ns10:SmallEntities 2024-01-01 2024-12-31 11148030 ns10:Audited 2024-01-01 2024-12-31 11148030 ns10:SmallCompaniesRegimeForDirectorsReport 2024-01-01 2024-12-31 11148030 ns10:SmallCompaniesRegimeForAccounts 2024-01-01 2024-12-31 11148030 ns10:FullAccounts 2024-01-01 2024-12-31 11148030 ns10:OrdinaryShareClass1 2024-01-01 2024-12-31 11148030 ns10:RegisteredOffice 2024-01-01 2024-12-31 11148030 ns5:CurrentFinancialInstruments 2024-12-31 11148030 ns5:CurrentFinancialInstruments 2023-12-31 11148030 ns5:Non-currentFinancialInstruments 2024-12-31 11148030 ns5:Non-currentFinancialInstruments 2023-12-31 11148030 ns5:ShareCapital 2024-12-31 11148030 ns5:ShareCapital 2023-12-31 11148030 ns5:RetainedEarningsAccumulatedLosses 2024-12-31 11148030 ns5:RetainedEarningsAccumulatedLosses 2023-12-31 11148030 ns5:FurnitureFittings 2024-01-01 2024-12-31 11148030 ns5:FurnitureFittings 2023-12-31 11148030 ns5:FurnitureFittings 2024-12-31 11148030 ns5:FurnitureFittings 2023-12-31 11148030 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-12-31 11148030 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2023-12-31 11148030 ns5:Secured 2024-12-31 11148030 ns5:Secured 2023-12-31 11148030 ns5:DeferredTaxation 2023-12-31 11148030 ns5:DeferredTaxation 2024-01-01 2024-12-31 11148030 ns5:DeferredTaxation 2024-12-31 11148030 ns10:OrdinaryShareClass1 2024-12-31

REGISTERED NUMBER: 11148030 (England and Wales)

Financial Statements

for the Year Ended 31 December 2024

for

WESTCORE FARADAY LIMITED

WESTCORE FARADAY LIMITED (REGISTERED NUMBER: 11148030) |

Contents of the Financial Statements

for the year ended 31 December 2024

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| WESTCORE FARADAY LIMITED |

Company Information

for the year ended 31 December 2024

| Directors: | D C Barrington

| C M Eagle

| Registered office: | 3rd Floor

| 86-90 Paul Street

| London

| EC2A 4NE

| Registered number: | 11148030 (England and Wales)

| Auditors: | Cooper Parry Group Limited

| Statutory Auditor

| Broadwalk House, 5th Floor

| 5 Appold Street

| Broadgate

| London

| EC2A 2AG

WESTCORE FARADAY LIMITED (REGISTERED NUMBER: 11148030) |

Balance Sheet

31 December 2024

2024 | 2023 |

| Notes | £ | £ | £ | £

Fixed assets

Tangible assets | 4 | - |  | - |  |

Investment property | 5 | 14,900,000 |  | 15,000,000 |  |

14,900,000 |  | 15,000,000 |  |

Current assets

Debtors | 6 | 1,134,500 |  | 995,552 |  |

Cash at bank | 559,437 |  | 371,203 |  |

1,693,937 |  | 1,366,755 |  |

Creditors

Amounts falling due within one year | 7 | 6,729,800 |  | 5,489,354 |  |

Net current liabilities | (5,035,863 | ) | (4,122,599 | ) |

Total assets less current liabilities | 9,864,137 |  | 10,877,401 |  |

Creditors

Amounts falling due after more than one year | 8 | (8,250,000 | ) | (9,123,750 | ) |

Provisions for liabilities | 10 | (282,336 | ) | (310,098 | ) |

Net assets | 1,331,801 |  | 1,443,553 |  |

Capital and reserves

Called up share capital | 11 | 254 |  | 254 |  |

Retained earnings | 12 | 1,331,547 |  | 1,443,299 |  |

Shareholders' funds | 1,331,801 |  | 1,443,553 |  |

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 10 October 2025 and were signed on its behalf by:

D C Barrington - Director

C M Eagle - Director

WESTCORE FARADAY LIMITED (REGISTERED NUMBER: 11148030) |

Notes to the Financial Statements

for the year ended 31 December 2024

1. | Statutory information

| Westcore Faraday Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| The presentation currency of the financial statements is the Pound Sterling (£).

2. | Accounting policies

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| Going concern

| The financial statements have been prepared on a going concern basis. The directors have considered the relevant information including the cash forecasts and the levels of vacant properties.The company is deemed to be able to continue to operate for the foreseeable future.

| At 31 December 2024 the company owed the parent £4,400,000. The parent company has however indicated its willingness to continue to provide finance to the company, should it be required. The directors believe that the parent company will continue to have sufficient resources, in the event that the company requires additional funds.

| Having taken into consideration the foregoing, the directors have concluded that it remains appropriate to adopt the going concern basis for the preparation of the financial statements, as they believe the company will continue to be in business, with neither the necessity of liquidation or requirement to cease to carrying on in business for a period of at least 12 months from the date of approval of these financial statements.

| Key source of estimation, uncertainty and judgement

| The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

| There is key judgement applied when determining the fair value of the investment property. External experts are used to advise management of the fair market value of the property.

| There is key judgement applied when determining the recoverability of debtors. Management consider the debtors on a line by line basis to determine where bad debt provisions should be made.

| There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is as accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed of.

| Turnover

| Turnover relates to rental and service charge income, spread over the period to which it relates. It is measured at fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

| Tangible fixed assets

| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

| Fixtures and fittings | - | 33% on cost

WESTCORE FARADAY LIMITED (REGISTERED NUMBER: 11148030) |

Notes to the Financial Statements - continued

for the year ended 31 December 2024

2. | Accounting policies - continued

| Financial instruments

| Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

| Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

| Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

| Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

| Taxation

| Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

| Deferred tax

| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

| Investment properties

| Investment properties are shown at fair value and not depreciated.

| Fair value is the estimated amount for which the asset could be exchanged between knowledgeable, willing parties in an arm's length transaction, therefore in practice the concept is similar to open market value.

| The directors' opinion of market value is used to ascertain a fair value for each investment property, having regard to the last professional market valuation.

| Gains and losses arising on changes in fair value are recognised in the income statement.

| Deferred tax is provided on the unrealised gains at the rate expected to be applied when the property is sold.

3. | Employees and directors

| The average number of employees during the year was NIL (2023 - NIL).

WESTCORE FARADAY LIMITED (REGISTERED NUMBER: 11148030) |

Notes to the Financial Statements - continued

for the year ended 31 December 2024

4. | Tangible fixed assets

Fixtures |

and |

fittings |

| £

| Cost

| At 1 January 2024

| and 31 December 2024 | 2,250 |  |

| Depreciation

| At 1 January 2024

| and 31 December 2024 | 2,250 |  |

| Net book value

| At 31 December 2024 | - |  |

| At 31 December 2023 | - |  |

5. | Investment property

Total |

| £

| Fair value

| At 1 January 2024 | 15,000,000 |  |

| Additions | 46,115 |  |

| Revaluations | (146,115 | ) |

| At 31 December 2024 | 14,900,000 |  |

| Net book value

| At 31 December 2024 | 14,900,000 |  |

| At 31 December 2023 | 15,000,000 |  |

| This is a Directors valuation, based on a third party valuation report produced by a professional valuation firm.

| Fair value at 31 December 2024 is represented by:

| £

| Valuation in 2024 | 14,900,000 |  |

6. | Debtors: amounts falling due within one year |

2024 | 2023 |

| £ | £

| Trade debtors | 293,194 |  | 451,503 |  |

| Amounts owed by group undertakings | 321,017 |  | 321,017 |  |

| Other debtors | 520,289 |  | 223,032 |  |

1,134,500 |  | 995,552 |  |

7. | Creditors: amounts falling due within one year |

2024 | 2023 |

| £ | £

| Trade creditors | 82,643 |  | 77,351 |  |

| Amounts owed to group undertakings | 5,771,837 |  | 4,400,000 |  |

| Taxation and social security | 272,385 |  | 324,723 |  |

| Other creditors | 602,935 |  | 687,280 |  |

6,729,800 |  | 5,489,354 |  |

WESTCORE FARADAY LIMITED (REGISTERED NUMBER: 11148030) |

Notes to the Financial Statements - continued

for the year ended 31 December 2024

8. | Creditors: amounts falling due after more than one year |

2024 | 2023 |

| £ | £

| Bank loans | 8,250,000 |  | 9,123,750 |  |

9. | Secured debts

| The following secured debts are included within creditors:

2024 | 2023 |

| £ | £

| Bank loans | 8,250,000 |  | 9,123,750 |  |

| There is a fixed and floating charge over the investment property held in the accounts.

10. | Provisions for liabilities

2024 | 2023 |

| £ | £

| Deferred tax | 282,336 |  | 310,098 |  |

Deferred tax |

| £

| Balance at 1 January 2024 | 310,098 |  |

| Credit to Profit and Loss Account during year | (27,762 | ) |

| Balance at 31 December 2024 | 282,336 |  |

11. | Called up share capital

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 2024 | 2023 |

value: |  | £ | £

| 254 | Ordinary | £1 | 254 |  | 254 |  |

12. | Reserves

| The split of retained earnings by distributable reserves and non-distributable reserves is as follows:

| Retained Earnings |  |

| £ |  |

| Distributable reserves |  | 127,902 |  |

| Undistributable reserves |  | 1,203,645 |  |

| Total reserves |  | 1,331,547 |  |

13. | Disclosure under Section 444(5B) of the Companies Act 2006

| The Report of the Auditors was unqualified.

| Lorraine Clark ACCA (Senior Statutory Auditor)

| for and on behalf of Cooper Parry Group Limited

WESTCORE FARADAY LIMITED (REGISTERED NUMBER: 11148030) |

Notes to the Financial Statements - continued

for the year ended 31 December 2024

14. | Related party disclosures

| At 31 December 2024 the company owed £5,771,837 (2023: £4,400,000) to its parent company. The loan is subject to an interest charge of 5% per annum. Interest totalling £220,603 (2023: £220,000) is included in the profit and loss account.

15. | Ultimate controlling party

| The ultimate controlling party is Marc Brutten.

| The parent company is WE SWDC LLC, a company registered in the United States of America. Accounts for this company can be found at 120 S.Sierra, Solana Beach CA 92075