Westward Securities (Braunton) Limited

Contents

Statement of Financial Position	1
Notes to the Unaudited Financial Statements	2 to 6

Westward Securities (Braunton) Limited

(Registration number: 00974279)
Statement of Financial Position as at 31 March 2026

	Note	2026 £	2025 £
Fixed assets
Tangible assets	4	274	331
Investment property	5	525,000	525,000
		525,274	525,331
Current assets
Debtors	6	11,225	6,424
Cash at bank and in hand		14,840	16,525
		26,065	22,949
Creditors: Amounts falling due within one year	7	(5,600)	(5,765)
Net current assets		20,465	17,184
Total assets less current liabilities		545,739	542,515
Provisions for liabilities		(74,427)	(74,416)
Net assets		471,312	468,099
Capital and reserves
Called up share capital		3,000	3,000
Profit and loss account		468,312	465,099
Shareholders' funds		471,312	468,099

For the financial year ending 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 31 August 2026 and signed on its behalf by:
 

Mr H M Ward Director

Westward Securities (Braunton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 St James Place
Ilfracombe
Devon
EX34 9BH

Principal activity

The principal activity of the company is long term lettings.

2	Accounting policies

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 financial statements are prepared in sterling which is the functional currency of the entity.

Westward Securities (Braunton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026 (continued)

2	Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 value added tax, returns, rebates and discounts.

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.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant & machinery	5% reducing balance
Fixtures, fittings & equipment	25% reducing balance

Westward Securities (Braunton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026 (continued)

2	Accounting policies (continued)

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annuallly. The valuers use observable market prices, 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.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2025 - 2).

Westward Securities (Braunton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026 (continued)

4	Tangible assets

	Fixtures and fittings £	Plant and machinery £	Total £
Cost or valuation
At 1 April 2025	30,408	584	30,992
At 31 March 2026	30,408	584	30,992
Depreciation
At 1 April 2025	30,204	457	30,661
Charge for the year	51	6	57
At 31 March 2026	30,255	463	30,718
Carrying amount
At 31 March 2026	153	121	274
At 31 March 2025	204	127	331

5	Investment properties

	2026 £
At 1 April 2025	525,000
At 31 March 2026	525,000

The investment properties were valued by the directors as at 31 March 2026

6

Debtors

	2026 £	2025 £
Other debtors	10,498	6,100
Prepayments	21	324
Accrued income	706	-
	11,225	6,424

Westward Securities (Braunton) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2026 (continued)

7

Creditors

Creditors: amounts falling due within one year

	2026 £	2025 £
Due within one year
Taxation and social security	2,200	2,427
Accruals and deferred income	3,400	3,338
	5,600	5,765

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses. Included within the reserve are non-distributable profits of £423,851 relating to the revaluation of investment properties.

9	Related party transactions

Transactions with directors

2026	At 1 April 2025 £	Advances to director £	Repayments by director £	At 31 March 2026 £
Directors	6,100	10,498	(6,100)	10,498

2025	At 1 April 2024 £	Advances to director £	Repayments by director £	At 31 March 2025 £
Directors	8,000	7,673	(9,573)	6,100

The loan is repayable on demand and interest is charged at the official rate on overdrawn balances.