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Company No: 08643047 (England and Wales)

# WESTMINSTER DEVELOPMENTS LIMITED

### Unaudited Financial Statements
For the financial year ended 31 July 2025
Pages for filing with the registrar

WESTMINSTER DEVELOPMENTS LIMITED

## Unaudited Financial Statements

For the financial year ended 31 July 2025

Contents

WESTMINSTER DEVELOPMENTS LIMITED

## STATEMENT OF FINANCIAL POSITION

As at 31 July 2025
WESTMINSTER DEVELOPMENTS LIMITED

## STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2025

| Note | 2025 |  | 2024
|  | £ |  | £
Fixed assets |  |  |  |
Investment property | 3 | 2,600,000 |  | 2,600,000
|  | 2,600,000 |  | 2,600,000
Current assets |  |  |  |
Debtors | 4 | 41,765 |  | 7,178
Cash at bank and in hand |  | 38,171 |  | 15,231
|  | 79,936 |  | 22,409
Creditors: amounts falling due within one year | 5 | ( 880,607) |  | ( 870,832)
Net current liabilities |  | (800,671) |  | (848,423)
Total assets less current liabilities |  | 1,799,329 |  | 1,751,577
Creditors: amounts falling due after more than one year | 6 | ( 517,336) |  | ( 537,066)
Provision for liabilities |  | ( 141,532) |  | ( 141,532)
Net assets |  | 1,140,461 |  | 1,072,979
Capital and reserves |  |  |  |
Called-up share capital | 7 | 10 |  | 10
Profit and loss account |  | 1,140,451 |  | 1,072,969
Total shareholder's funds |  | 1,140,461 |  | 1,072,979

For the financial year ending 31 July 2025 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
- 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; and
- These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Westminster Developments Limited (registered number: 08643047) were approved and authorised for issue by the Board of Directors on 19 March 2026. They were signed on its behalf by:

P J Maynard Director |

WESTMINSTER DEVELOPMENTS LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2025
WESTMINSTER DEVELOPMENTS LIMITED

## NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2025

##### 1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

##### General information and basis of accounting

Westminster Developments Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 78 Cumnor Road, Boars Hill, Oxford, OX1 5JP, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

##### Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

##### Turnover

Rental income from investment property leased out under operating leases is recognised in the income statement on a straight-line basis over the term of the lease.

##### Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
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.

##### Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

##### Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
The fair value is determined annually by the directors, on an open market value for existing use basis.

##### Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

##### Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

##### Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

##### Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

##### Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

##### Ordinary share capital

The ordinary share capital of the Company is presented as equity.

#### 2. Employees

| 2025 |  | 2024
| Number |  | Number
Monthly average number of persons employed by the Company during the year, including directors | 2 |  | 1

#### 3. Investment property

| Investment property
| £
Valuation |
As at 01 August 2024 | 2,600,000
As at 31 July 2025 | 2,600,000

Valuation

The valuation is determined annually by the director, on an open market value for existing use basis.

#### 4. Debtors

| 2025 |  | 2024
| £ |  | £
Trade debtors | 10 |  | 10
Amounts owed by Group undertakings | 35,000 |  | 0
Prepayments | 6,755 |  | 7,168
| 41,765 |  | 7,178

#### 5. Creditors: amounts falling due within one year

| 2025 |  | 2024
| £ |  | £
Bank loans (secured) | 25,200 |  | 34,000
Trade creditors | 3,369 |  | 3,369
Amounts owed to Group undertakings | 335,454 |  | 173,254
Amounts owed to directors | 453,944 |  | 622,311
Accruals | 2,200 |  | 2,200
Taxation and social security | 60,440 |  | 35,698
| 880,607 |  | 870,832

Amounts owed to Group undertakings are repayable on demand and do not bear interest.

Bank loans are secured by way of an unlimited debenture for Westminster Developments Limited, and a first legal charge from Westminster Developments Limited over the freehold land and buildings at 26-28 Westminster Way, Botley, Oxford, OX2 0LW. Interest is charged at 2.8% above the Bank of England Base Rate.

#### 6. Creditors: amounts falling due after more than one year

| 2025 |  | 2024
| £ |  | £
Bank loans (secured) | 517,336 |  | 537,066

Bank loans are secured by way of an unlimited debenture for Westminster Developments Limited, and a first legal charge from Westminster Developments Limited over the freehold land and buildings at 26-28 Westminster Way, Botley, Oxford, OX2 0LW. Interest is charged at 2.8% above the Bank of England Base Rate.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

| 2025 |  | 2024
| £ |  | £
Bank loans (secured / repayable by instalments) | 371,336 |  | 391,066

#### 7. Called-up share capital

| 2025 |  | 2024
| £ |  | £
Allotted, called-up and fully-paid |  |  |
10 Ordinary shares of £ 1.00 each | 10 |  | 10

#### 8. Related party transactions

The company is a wholly owned subsidiary of GMD Estates Limited and has therefore taken advantage of the exemption under Section 33 to not disclose transactions with other group companies.
At the year end the company owed £335,454 (2024: £173,254 ) to a company under common control and £453,944 (2024: £622,311 ) to the director of the company. The amounts are non-interest bearing and are repayable on demand.