| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 |
| FOR |
| WESTERN LIFE LIMITED |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2025 |
| FOR |
| WESTERN LIFE LIMITED |
| WESTERN LIFE LIMITED (REGISTERED NUMBER: 02721674) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2025 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| Chartered Accountants' Report | 8 |
| WESTERN LIFE LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 OCTOBER 2025 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| Number 5 |
| The Business Quarter |
| Eco Park Road |
| Ludlow |
| Shropshire |
| SY8 1FD |
| WESTERN LIFE LIMITED (REGISTERED NUMBER: 02721674) |
| BALANCE SHEET |
| 31 OCTOBER 2025 |
| 31.10.25 | 31.10.24 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 5 |
| Tangible assets | 6 |
| Investments | 7 |
| Investment property | 8 |
| CURRENT ASSETS |
| Debtors | 9 |
| Investments | 10 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 11 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| WESTERN LIFE LIMITED (REGISTERED NUMBER: 02721674) |
| BALANCE SHEET - continued |
| 31 OCTOBER 2025 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| WESTERN LIFE LIMITED (REGISTERED NUMBER: 02721674) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 OCTOBER 2025 |
| 1. | STATUTORY INFORMATION |
| Western Life Limited is a |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared under the historical cost convention. The accounts have been prepared on a going concern basis. |
| The financial statements are presented in Sterling (£) rounded to the nearest £1. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Freehold property | - |
| Plant and machinery | - |
| Depreciation has not been provided in respect of Freehold property. The directors consider that this accounting policy which represents a departure from the Companies Act 2006 is necessary for the financial statements to show a true and fair view. |
| Investment property |
| Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in an investment property fair value reserve. |
| Financial instruments |
| The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. |
| Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price and subsequently carried at amortised cost with an assessment for objective evidence of impairment. Any impairment is recognised in profit and loss. |
| Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards or control of the ownership of the asset are transferred to another party. |
| Basic financial liabilities including trade and other creditors are initially recognised at transaction price and subsequently carried at amortised cost. |
| Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
| WESTERN LIFE LIMITED (REGISTERED NUMBER: 02721674) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2025 |
| 3. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Current asset investments |
| Investments held are stated at fair value with any material changes being reflected in the fair value reserve. |
| Fixed asset investment |
| Investments held are stated at fair value with any material changes being reflected in the fair value reserve. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was NIL (2024 - NIL). |
| 5. | INTANGIBLE FIXED ASSETS |
| Patents |
| Intangible | and |
| assets | licences | Totals |
| £ | £ | £ |
| COST |
| At 1 November 2024 |
| and 31 October 2025 |
| NET BOOK VALUE |
| At 31 October 2025 |
| At 31 October 2024 |
| WESTERN LIFE LIMITED (REGISTERED NUMBER: 02721674) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2025 |
| 6. | TANGIBLE FIXED ASSETS |
| Freehold | Plant and |
| property | machinery | Totals |
| £ | £ | £ |
| COST |
| At 1 November 2024 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31 October 2025 |
| DEPRECIATION |
| At 1 November 2024 |
| Charge for year |
| At 31 October 2025 |
| NET BOOK VALUE |
| At 31 October 2025 |
| At 31 October 2024 |
| 7. | FIXED ASSET INVESTMENTS |
| Shares in |
| group | Other |
| undertakings | investments | Totals |
| £ | £ | £ |
| COST |
| At 1 November 2024 |
| and 31 October 2025 | 19,114 |
| PROVISIONS |
| At 1 November 2024 | - | 624 | 624 |
| Exchange differences | - | (640 | ) | (640 | ) |
| At 31 October 2025 | - | (16 | ) | (16 | ) |
| NET BOOK VALUE |
| At 31 October 2025 | 19,130 |
| At 31 October 2024 | 18,490 |
| 8. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 November 2024 |
| and 31 October 2025 |
| NET BOOK VALUE |
| At 31 October 2025 |
| At 31 October 2024 |
| WESTERN LIFE LIMITED (REGISTERED NUMBER: 02721674) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 OCTOBER 2025 |
| 8. | INVESTMENT PROPERTY - continued |
| The company's investment properties are included in the financial statements at cost which, in the opinion of the directors, approximated to its fair value. |
| 9. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.25 | 31.10.24 |
| £ | £ |
| Trade debtors |
| Other debtors |
| VAT |
| 10. | CURRENT ASSET INVESTMENTS |
| The following investments subsisted during the year: |
| Original cost | Market value |
| 31.10.25 | 31.10.24 | 31.10.25 | 31.10.24 |
| £ | £ | £ | £ |
| Hippolytus Loan | 484,285 | 484,285 | 238,067 | 225,760 |
| 484,285 | 484,285 | 238,067 | 225,760 |
| Hippolytus is located in Croatia. |
| Loans have been included on the balance sheet at the sterling equivalent as at the 31st October 2025. |
| 11. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.10.25 | 31.10.24 |
| £ | £ |
| Trade creditors |
| Tax |
| Other creditors |
| Directors' current accounts |
| Accruals and deferred income |
| 12. | RELATED PARTY DISCLOSURES |
| Included within other debtors are amounts due from companies in which the director has a material interest totalling £3,375,621 (2024: £2,400,407). There are no terms as to repayments in respect of the amounts and they are repayable on demand. |
| Included within other creditors are amounts due to companies in which the director has a material interest totalling £180,356 (2024: £159,906). There are no terms as to repayments in respect of the amounts and they are repayable on demand. |
| CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
| ON THE UNAUDITED FINANCIAL STATEMENTS OF |
| WESTERN LIFE LIMITED |
| The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Western Life Limited for the year ended 31 October 2025 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the Board of Directors of Western Life Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Western Life Limited and state those matters that we have agreed to state to the Board of Directors of Western Life Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Western Life Limited and its Board of Directors, as a body, for our work or for this report. |
| It is your duty to ensure that Western Life Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Western Life Limited. You consider that Western Life Limited is exempt from the statutory audit requirement for the year. |
| We have not been instructed to carry out an audit or a review of the financial statements of Western Life Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| Chartered Accountants |
| Number 5 |
| The Business Quarter |
| Eco Park Road |
| Ludlow |
| Shropshire |
| SY8 1FD |