Westbay Properties Limited - Period Ending 2020-06-30

Westbay Properties Limited

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 5

Westbay Properties Limited

Company Information

Director

Mr Charles Edwyn Anthony

Registered office

102 Fulham Palace Road London W6 9PL

Accountants

Michaelides Warner & Co 102 Fulham Palace Road London W6 9PL

Westbay Properties Limited

(Registration number: 03385300)
Balance Sheet as at 30 June 2020

	Note	2020 £	2019 £
Current assets
Debtors	4	170,030	166,680
Cash at bank and in hand		945	123
		170,975	166,803
Creditors: Amounts falling due within one year	5	(10,211)	(4,200)
Net assets		160,764	162,603
Capital and reserves
Called up share capital	6	170,000	170,000
Profit and loss account		(9,236)	(7,397)
Shareholders' funds		160,764	162,603

For the financial year ending 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 30 June 2021
 

.........................................

Mr Charles Edwyn Anthony
Director

Westbay Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
102 Fulham Palace Road
London
W6 9PL
England

These financial statements were authorised for issue by the director on 30 June 2021.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Judgements

The directors consider that there are no key judgements that management have made in the process of applying the company's accounting policies and that may have had a significant effect on the amounts recognised in the financial statements.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Westbay Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like investments, trade and other receivables, cash and bank balances, trade and other creditors.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or cash consolidation expected to be paid or received.
 
 

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2019 - 1).

4

Debtors

	2020 £	2019 £
Other debtors	170,030	166,680
	170,030	166,680

Westbay Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020

5

Creditors

Creditors: amounts falling due within one year

	2020 £	2019 £
Due within one year
Trade creditors	793	-
Accruals and deferred income	750	4,200
Other creditors	8,668	-
	10,211	4,200

6	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
Ordinary shares of £1 each	170,000	170,000	170,000	170,000

7	Related party transactions

During the year the company paid rent and made loan interest charges to JMV Holdings Limited, a company in which C E Anthony is a director. The total charge for the year amounted to £3,350 (2019: £55,547).

At the year end, JMV Holdings Limited owed a balance of £170,029 (2019: £166,679) to Westbay Properties Limited.

Transactions with directors

2020	At 1 July 2019 £	Repayments by director £	At 30 June 2020 £
Mr Charles Edwyn Anthony
Amounts owed to/ (from) the director	-	8,668	8,668