Westbrook James Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09444921 (England and Wales)

Westbrook James Limited

Unaudited Financial Statements

for the Year Ended 31 August 2021

Page

Company information

1

Balance sheet

2

Notes to the financial statements

4

Director:

K G Jackson

Registered office:

76 Manchester Rd

Denton

Manchester

M34

3PS

Registered number:

09444921 (England and Wales)

Accountants:

Warr & Co Limited

Chartered Accountants

76 Manchester Road

Denton

Manchester

M34 3PS

Fixed assets

Investments

4

1,791,700

2,835,700

Investment property

5

3,470,000

-

5,261,700

2,835,700

Current assets

Debtors

6

3,602,209

2,400,830

Cash at bank

59

10,200

3,602,268

2,411,030

Creditors

Amounts falling due within one year

7

(6,138,953

)

(5,204,083

)

Net current liabilities

(2,536,685

)

(2,793,053

)

Total assets less current liabilities

2,725,015

42,647

Creditors

Amounts falling due after more than one year

8

(2,174,980

)

(41,666

)

Provisions for liabilities

(128,858

)

-

Net assets

421,177

981

Capital and reserves

Called up share capital

10

1

1

Retained earnings

11

421,176

980

Shareholders' funds

421,177

981

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 9 March 2022 and were signed by:

K G Jackson - Director

1.	Statutory information

Westbrook James 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.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property

Investment properties are initially measured at cost and subsequently measured at fair value. Changes in fair value are recognised in profit or loss.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in FRS 102. The directors consider that, because investment properties are not held for consumption, but for their investment potential, to depreciate them would not give a true and fair view.

If this departure from the Companies Act 2006 had not been made in order to give a true and fair view, the profit for the financial year would have been reduced by depreciation. However the amount of depreciation cannot reasonably be quantified, because depreciation is only one of many factors reflected in the annual valuation and the amount relating to the depreciation of the property cannot be separately identified.

Taxation

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

3.	Employees and directors

The average number of employees during the year was 1 (2020 - 1 ) .

4.	Fixed asset investments

Other

investments

£

Cost

At 1 September 2020

2,835,700

Transfer to investment

properties additions

(1,044,000

)

At 31 August 2021

1,791,700

Net book value

At 31 August 2021

1,791,700

At 31 August 2020

2,835,700

Other investments represent deposits paid on properties

5.	Investment property

Total

£

Fair value

Additions

2,791,800

Revaluations

678,200

At 31 August 2021

3,470,000

Net book value

At 31 August 2021

3,470,000

Fair value at 31 August 2021 is represented by:

£

Valuation in 2021

678,200

Cost

2,791,800

3,470,000

6.

Debtors: amounts falling due within one year

31.8.21

31.8.20

£

£

Other debtors

3,444,446

2,270,062

Corporation tax recoverable

15,284

10,184

VAT

22,375

480

Prepayments

120,104

120,104

3,602,209

2,400,830

7.

Creditors: amounts falling due within one year

31.8.21

31.8.20

£

£

Bank loans and overdrafts

8,333

8,333

Trade creditors

352

-

Corporation tax

4,789

4,829

Other creditors

5,533,709

4,579,141

Dok 82 Ltd

585,342

600,892

Directors' current accounts

2,756

7,756

Accrued expenses

3,672

3,132

6,138,953

5,204,083

8.

Creditors: amounts falling due after more than one year

31.8.21

31.8.20

£

£

Bank loans - 1-2 years

8,333

8,333

Bank loans - 2-5 years

32,297

33,333

Mortgage - due over 5 years

2,134,350

-

2,174,980

41,666

9.	Secured debts

The following secured debts are included within creditors:

31.8.21

31.8.20

£

£

Mortgage

2,134,350

-

The mortgage is from Hampshire Trust, is interest only, secured by a legal charge over the investment properties and is repayable in April 2031

10.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.21

31.8.20

value:

£

£

1

Ordinary

1

1

1

11.

Reserves

Retained

earnings

£

At 1 September 2020

980

Profit for the year

420,196

At 31 August 2021

421,176