Westframe Investments Limited
Westframe Investments Limited
Registered number: 02196601
Unaudited Financial Statements
For The Year Ended
30 September 2020
LK
Westframe Investments Limited
Unaudited Financial Statements
For The Year Ended
30 September 2020
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—6 |
Westframe Investments Limited
Balance Sheet
As at
30 September 2020
Balance Sheet
Registered number:
02196601
For the year ending 30 September 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
( |
( |
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| NET CURRENT ASSETS (LIABILITIES) |
( |
( |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 6 |
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| Fair Value Reserve | 7 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 1,268,011 | 1,017,275 | |||
Page 1
Westframe Investments Limited
Balance Sheet (continued)
As at
30 September 2020
Director's responsibilities
-
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 6 form part of these financial statements.
Page 2
Westframe Investments Limited
Notes to the Financial Statements
For The Year Ended
30 September 2020
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the letting of property and from the rendering of services.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Freehold |
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| Plant & Machinery |
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| Motor Vehicles |
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| Computer Equipment |
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1.4.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
1.5.
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
The movement in current and deferred taxation in the year is ahown in the profit and loss account.
Page 3
Westframe Investments Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 September 2020
1.6.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.
Average Number of Employees
Average number of employees, including directors, during the year was 2 (2019: 2)
3.
Tangible Assets
| Land & Property | ||||
|---|---|---|---|---|
| Freehold | Investment Properties | Plant & Machinery | Motor Vehicles | |
| £ | £ | £ | £ | |
| Cost or Valuation | ||||
| As at
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| Revaluation | - | 225,686 |
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| As at
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| Depreciation | ||||
| As at
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| Provided during the period |
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- |
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| As at
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| Net Book Value | ||||
| As at
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| As at
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| Computer Equipment | Total | |
|---|---|---|
| £ | £ | |
| Cost or Valuation | ||
| As at
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| Revaluation |
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| As at
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| Depreciation | ||
| As at
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| Provided during the period |
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| As at
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| Net Book Value | ||
| As at
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| As at
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Page 4
Westframe Investments Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 September 2020
The analysis of the cost or valuation of the above assets is as follows:
| Land & Property | ||||
|---|---|---|---|---|
| Freehold | Investment Properties | Plant & Machinery | Motor Vehicles | |
| £ | £ | £ | £ | |
| As at
|
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| At cost | 482,218 | - | 14,194 | 14,300 |
| At valuation | - | 1,000,000 | - | - |
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| As at
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| At cost | 482,218 | 774,314 | 14,194 | 14,300 |
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| Computer Equipment | Total | |
|---|---|---|
| £ | £ | |
| As at
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| At cost | 1,815 | 512,527 |
| At valuation | - | 1,000,000 |
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1,512,527 | |
| As at
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| At cost | 1,815 | 1,286,841 |
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1,286,841 | |
4.
Debtors
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Due within one year | |||
| Trade debtors |
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| Prepayments and accrued income |
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| Deferred tax current asset | 30,123 | 33,347 | |
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Page 5
Westframe Investments Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 September 2020
5.
Creditors: Amounts Falling Due Within One Year
| 2020 | 2019 | ||
|---|---|---|---|
| £ | £ | ||
| Trade creditors |
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| Other taxes and social security |
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| VAT |
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| Other creditors |
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| Accruals and deferred income |
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| Director's loan account |
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7.
Reserves
| Fair Value Reserve | |
|---|---|
| £ | |
| Transfer to profit and loss |
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| As at
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8.
General Information
Westframe Investments Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
02196601
. The registered office is 162/164 Teignmouth Road, Torquay, Devon, TQ1 4RY.
Page 6