Westmoreland Securities Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03071605 (England and Wales)

Westmoreland Securities Limited

Unaudited Financial Statements for the Year Ended 31 January 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

T R Baines

A J Rennie

A Banks

REGISTERED OFFICE:

The White House

2 Meadrow

Godalming

Surrey

GU7 3HN

BUSINESS ADDRESS:

10 Albemarle Street

London

W1S 4HH

REGISTERED NUMBER:

03071605 (England and Wales)

ACCOUNTANTS:

Hughes Waddell

The White House

2 Meadrow

Godalming

Surrey

GU7 3HN

FIXED ASSETS

Tangible assets

4

121,775

130,940

Investment property

5

7,000,000

7,000,000

7,121,775

7,130,940

CURRENT ASSETS

Debtors

6

10,088

1,880

Cash at bank

59,445

39,907

69,533

41,787

CREDITORS

Amounts falling due within one year

7

5,618,980

5,548,392

NET CURRENT LIABILITIES

(5,549,447

)

(5,506,605

)

TOTAL ASSETS LESS CURRENT LIABILITIES

1,572,328

1,624,335

CREDITORS

Amounts falling due after more than one year

8

2,250,000

2,250,000

NET LIABILITIES

(677,672

)

(625,665

)

CAPITAL AND RESERVES

Called up share capital

103

103

Revaluation reserve

(308,185

)

(249,275

)

Retained earnings

(369,590

)

(376,493

)

SHAREHOLDERS' FUNDS

(677,672

)

(625,665

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2022 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 March 2022 and were signed on its behalf by:

T R Baines - Director

1.	STATUTORY INFORMATION

Westmoreland Securities Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

The directors have prepared the financial statements under the going concern concept. Since the balance sheet date the directors have taken steps to increase the company's annual profit & are thus confident that the company will be able to meet its financial commitments as they fall due. The directors of the related party company, which has advanced loans to this company, will not seek repayment until this company is in a position to do so.

Turnover

Turnover represents rents receivable from investment properties, adjusted on an accruals basis for amounts received in advance or arrears.

Tangible fixed assets

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

Furnishings

-

10% on cost

Investment property

Investment property is shown at the directors' most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss for the year and then transferred to a non-distributable reserve.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4.	TANGIBLE FIXED ASSETS

Furnishings

£

COST

At 1 February 2021

180,753

Additions

9,900

At 31 January 2022

190,653

DEPRECIATION

At 1 February 2021

49,813

Charge for year

19,065

At 31 January 2022

68,878

NET BOOK VALUE

At 31 January 2022

121,775

At 31 January 2021

130,940

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 February 2021

7,000,000

Additions

58,910

Revaluation

(58,910

)

At 31 January 2022

7,000,000

NET BOOK VALUE

At 31 January 2022

7,000,000

At 31 January 2021

7,000,000

In the opinion of the directors the market value at 31 January 2022 was £7,000,000.

Fair value at 31 January 2022 is represented by:

£

Valuation in 2021

(249,275

)

Valuation in 2022

(58,910

)

Cost

7,308,185

7,000,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.22

31.1.21

£

£

Other debtors

10,088

1,880

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.22

31.1.21

£

£

Trade creditors

-

40,339

Other creditors

5,618,980

5,508,053

5,618,980

5,548,392

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.22

31.1.21

£

£

Bank loans

2,250,000

2,250,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.22

31.1.21

£

£

Bank loans

2,250,000

2,250,000

The bank loan is secured by fixed charges on the company's long leasehold investment properties, a negative pledge against the company's £37,375 bank deposit and a postponement of loan repayments to a related party. The bank loan bears interest at 2.69%.