REGISTERED NUMBER: 11148030 (England and Wales)

Financial Statements

for the Year Ended 31 December 2024

for

WESTCORE FARADAY LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

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

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

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

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).

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

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

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