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Registered number: 11581565
WESTERBERG LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2021
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WESTERBERG LIMITED
REGISTERED NUMBER: 11581565
BALANCE SHEET
AS AT 31 DECEMBER 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 July 2022.
The notes on pages 2 to 6 form part of these financial statements.
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WESTERBERG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Westerberg Limited is a private company limited by shares incorporated in England and Wales (company number: 11581565). The registered office is 2 Aldford St, London, W1K 2AB.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements are prepared in sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The following principal accounting policies have been applied:
Despite the loss for the year of £2,832,920 and the company having net liabilities at the Balance Sheet date of £13,256,457, the directors have considered and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, through available cash resources and the ongoing support of fellow group companies, which are the entity's major creditors. The directors of the parent company have indicated that the group companies will not demand repayment of the intercompany loans for a period of at least twelve months from the date of approval of these financial statements. The directors therefore have adopted the going concern basis of preparation for these financial statements.
In drawing this conclusion, the directors have given due consideration to the impact of the Coronavirus pandemic. The directors have a reasonable expectation that the pandemic will not cause the company to cease to be a going concern.
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WESTERBERG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'administration expenses'.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
For tax purposes the company's activities are separated into two trades, being Horse Racing and Horse Breeding activities. For UK taxation income and expenditure related to Horse Racing is neither taxable or tax deductible, while income and expenditure relating to Horse Breeding is taxable and tax deductible in the period incurred.
Stock of horses are stated at the lower of cost and net realisable value. At each balance sheet date, stocks are valued assessing the market value of each horse. If stock is to be revalued, any impairment is recognised immediately in profit or loss.
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WESTERBERG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.Accounting policies (continued)
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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The estimates and judgements that have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the financial year are as follows:
Valuation of bloodstock
Bloodstock is carried at fair value reviewed annually by the directors, with reference to external valuers where available and derived from a number of factors including the pedigree of the bloodstock, its performance in training and its health overall.
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The average monthly number of employees, including directors, during the year was 2 (2020 - 2).
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WESTERBERG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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WESTERBERG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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Allotted, called up and fully paid
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100,000 (2020 - 100,000) Ordinary shares of £1 each
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The comparative figures have been restated to incorporate the impact of an omitted supplier invoice. The adjustment has resulted in the prior year loss increasing by £160,698 with accruals increased by the same amount. The reserves brought forward in 2020 have also been reduced by £25,000 due to an omitted liability in the 2019 period, accruals at 31 December 2020 have been increased by the same amount. There has been no impact on corporation tax liabilities from either of these adjustments.
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Related party transactions
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The company has taken advantage of the exemption available in accordance with FRS 102 Section 33 (para 33.11) 'Related party disclosures' not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions. Consolidated financial statements are prepared by the ultimate parent company, and these are available from Hansa Aktiengesellschaft, Via Brattas 2, 7500 St. Moritz, Switzerland.
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The ulimate parent company is Hansa Aktiengesellschaft, a Swiss company limited by shares, by virtue of its 100% holding in the issued share capital of the company.
The auditors' report on the financial statements for the year ended 31 December 2021 was unqualified.
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In their report, the auditors emphasised the following matter without qualifying their report:
A disclaimer of opinion was provided since it has not been possible to obtain independent confirmation of the existence and valuation of the horse stock at 31 December 2020 and 31 December 2021.
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The audit report was signed on 8 July 2022 by Deborah Graham (Senior Statutory Auditor) on behalf of Ryecroft Glenton.
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