Westcourt Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02684943 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2019

FOR

WESTCOURT PROPERTIES LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

490,000

844

Investments

5

16

16

Investment property

6

20,755,000

18,833,006

21,245,016

18,833,866

CURRENT ASSETS

Debtors

7

256,193

184,055

Cash at bank

816,967

675,507

1,073,160

859,562

CREDITORS

Amounts falling due within one year

8

9,148,818

8,773,790

NET CURRENT LIABILITIES

(8,075,658

)

(7,914,228

)

TOTAL ASSETS LESS CURRENT LIABILITIES

13,169,358

10,919,638

CREDITORS

Amounts falling due after more than one year

9

(5,729,833

)

(2,704,167

)

PROVISIONS FOR LIABILITIES

12

(74,883

)

(108,500

)

NET ASSETS

7,364,642

8,106,971

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

7,364,640

8,106,969

7,364,642

8,106,971

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2019 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 July 2020 and were signed on its behalf by:

T M J Hodgson - Director

1.	STATUTORY INFORMATION

Westcourt Properties Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address are as below:

Registered number:

02684943

Registered office:

8 North Park Road

Harrogate

North Yorkshire

HG1 5PG

The presentation currency of the financial statements is the Pound Sterling, which is the functional currency of

the company, rounded to the nearest £1.

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.

These financial statements have been prepared on a going concern basis. At the year end the company had net

current liabilities of £8,075,658 which might indicate that the company is not a going concern. However,

included in current liabilities is an amount owed to the immediate parent company of £7,459,776 which, although

is technically repayable on demand, will not be called in within the next twelve months. Taking this into account,

and the profitable nature of the company, the directors are confident that the company will continue to be able to

meet its financial obligations for a period of at least twelve months from the date these financial statements were

approved.

Turnover

Turnover represents the value, net of value added tax, of rental income and services charged to tenants during the

year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost (excluding freehold land)

Plant and machinery

-

33% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on reducing balance

Freehold property is initially recorded at deemed cost.

All other fixed assets are initially recorded at cost.

Investment property

Investment property is shown at fair value. Any aggregate gain or loss arising from changes in fair value is

recognised in profit or loss.

Financial instruments

Bank loans are initially recognised at the present value of the future cash payments and are subsequently

measured at amortised cost using the effective interest rate.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, 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.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at the transaction price.

Investments in associates

Investments in associates are initially recognised at cost and subsequently at cost less any accumulated

impairment losses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

Motor

property

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2019

-

8,200

25,879

2,000

36,079

Disposals

-

(8,200

)

-

(2,000

)

(10,200

)

Reclassification/transfer

500,000

-

-

-

500,000

At 31 December 2019

500,000

-

25,879

-

525,879

DEPRECIATION

At 1 January 2019

-

8,200

25,879

1,156

35,235

Charge for year

10,000

-

-

-

10,000

Eliminated on disposal

-

(8,200

)

-

(1,156

)

(9,356

)

At 31 December 2019

10,000

-

25,879

-

35,879

NET BOOK VALUE

At 31 December 2019

490,000

-

-

-

490,000

At 31 December 2018

-

-

-

844

844

5.	FIXED ASSET INVESTMENTS

Shares in

associated

companies

£

COST

At 1 January 2019

and 31 December 2019

16

NET BOOK VALUE

At 31 December 2019

16

At 31 December 2018

16

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2019

18,833,006

Additions

5,753,979

Disposals

(2,100,000

)

Revaluations

(1,231,985

)

Reclassification/transfer

(500,000

)

At 31 December 2019

20,755,000

NET BOOK VALUE

At 31 December 2019

20,755,000

At 31 December 2018

18,833,006

The historic cost of investment properties was £21,367,412 (2018: £18,148,294). The directors are of the

opinion that the market value of the investment properties at 31 December 2019 is as stated above.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Trade debtors

37,106

49,019

Other debtors

600

-

Tax

55,129

35,494

VAT

5

5,988

Prepayments and accrued income

163,353

93,554

256,193

184,055

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.19

31.12.18

£

£

Bank loans and overdrafts

216,667

216,667

Trade creditors

98,278

86,292

Amounts owed to group undertakings

7,459,776

7,815,039

Other creditors

939,151

412,967

Accruals and deferred income

434,946

242,825

9,148,818

8,773,790

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.19

31.12.18

£

£

Bank loans

5,729,833

2,704,167

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.19

31.12.18

£

£

Within one year

4,596

4,596

Between one and five years

18,384

18,384

In more than five years

522,022

526,618

545,002

549,598

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.19

31.12.18

£

£

Bank loans

5,946,500

2,920,834

Bank loans are secured by first legal charges over certain freehold properties. In addition, there is a debenture

over all freehold and leasehold property.

12.	PROVISIONS FOR LIABILITIES

31.12.19

31.12.18

£

£

Deferred tax

Accelerated capital allowances

166,068

(60,943

)

Revaluations

-

169,443

Losses

(91,185

)

-

74,883

108,500

Deferred

tax

£

Balance at 1 January 2019

108,500

Provided during year

(33,617

)

Balance at 31 December 2019

74,883