REGISTERED NUMBER: 04263351 (England and Wales)

Westfield Properties (Hampshire) Limited

Unaudited Financial Statements

for the Year Ended 31 January 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R J Gibbins

M R Gibbins

SECRETARY:

R J Gibbins

REGISTERED OFFICE:

7 Temple Court

School Lane

Lymington

Hampshire

SO41 9PD

REGISTERED NUMBER:

04263351 (England and Wales)

Fixed assets

Tangible assets

5

121

161

Other financial assets

6

70

70

Investment property

7

8,816,087

8,704,662

8,816,278

8,704,893

Current assets

Debtors

8

36,816

42,221

Cash at bank

119,229

298,180

156,045

340,401

Creditors

Amounts falling due within one year

9

(266,287

)

(344,579

)

Net current liabilities

(110,242

)

(4,178

)

Total assets less current liabilities

8,706,036

8,700,715

Creditors

Amounts falling due after more than one year

10

(1,835,931

)

(2,054,806

)

Provisions for liabilities

(445,067

)

(445,067

)

Net assets

6,425,038

6,200,842

Capital and reserves

Share capital

12

1,500,000

1,500,000

Revaluation reserve

1,635,504

1,635,504

Profit and loss account

3,289,534

3,065,338

Shareholders' funds

6,425,038

6,200,842

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 1 September 2025 and were signed on its behalf by:

R J Gibbins - Director

1.	GENERAL INFORMATION

Westfield Properties (Hampshire) 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.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

3.	ACCOUNTING POLICIES

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.

The company's functional and presentational currency is pound sterling.

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.

GOING CONCERN

The financial statements have been prepared on a going concern basis.

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 company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:

The amount of revenue can be reliably measured;

it is probable that future economic benefits will flow to the entity;

and specific criteria have been met for each of the company's activities.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following rates in order to write off assets over their economic useful life:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance basis

INVESTMENT PROPERTY

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually, based on observable market prices, and adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Fair value gains and losses, together with the deferred tax, are transferred to a separate revaluation reserve as shown in the statement of changes in equity.

INVESTMENTS

Other financial assets, including investments in equity instruments, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss.

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.

HIRE PURCHASE AND LEASING COMMITMENTS

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 merchandise 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 company will not be able to collect all amounts due according to the original terms of the receivables.

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 company 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.

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 company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 2 ) .

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 February 2024

and 31 January 2025

383

DEPRECIATION

At 1 February 2024

222

Charge for year

40

At 31 January 2025

262

NET BOOK VALUE

At 31 January 2025

121

At 31 January 2024

161

6.

OTHER FINANCIAL ASSETS (CURRENT AND NON-CURRENT)

Unlisted

investments

£

COST

At 1 February 2024

and 31 January 2025

70

NET BOOK VALUE

At 31 January 2025

70

At 31 January 2024

70

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2024

8,704,662

Additions

111,425

At 31 January 2025

8,816,087

NET BOOK VALUE

At 31 January 2025

8,816,087

At 31 January 2024

8,704,662

Investment properties are measured at fair value at each reporting date with changes in fair value recognised in profit or loss for the period.

The investment property fair value of £8,816,087 (2024 - £8,704,662) was determined by the directors by reference to the current open market prices for comparable property and adjusted for any differences in the nature, location and condition of the specific asset.

There has been no valuation of investment property by an independent valuer.

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

14,261

12,663

Other debtors

14,749

14,749

Prepayments and accrued income

7,806

14,809

36,816

42,221

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts (see note 11)

-

86,500

Trade creditors

8,996

20,384

Corporation tax liability

71,485

79,469

VAT

8,763

1,219

Other creditors

79,844

72,992

Accruals and deferred income

97,199

84,015

266,287

344,579

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank borrowings (see note 11)

-

168,875

Directors' loan accounts

1,835,931

1,885,931

1,835,931

2,054,806

11.

LOANS

An analysis of the maturity of loans is given below:

2025

2024

£

£

Amounts falling due within one year or on demand:

Bank loans

-

86,500

Amounts falling due between two and five years:

Bank loans - 2-5 years

-

168,875

Bank borrowings

Bank borrowings are denominated in pound sterling.

The carrying amount at year end is £nil (2024 - £255,375).

Security for borrowings is provided by way of legal charges registered over the company's investment properties.

12.	SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

1,500,000

Ordinary shares

£1

1,500,000

1,500,000