Westcourt Properties Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02684943 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2020 TO 31 MARCH 2021

FOR

WESTCOURT PROPERTIES LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

477,500

490,000

Investments

5

16

16

Investment property

6

20,410,113

20,755,000

20,887,629

21,245,016

CURRENT ASSETS

Debtors

7

260,172

230,959

Cash at bank

1,013,368

816,967

1,273,540

1,047,926

CREDITORS

Amounts falling due within one year

8

8,066,992

9,123,584

NET CURRENT LIABILITIES

(6,793,452

)

(8,075,658

)

TOTAL ASSETS LESS CURRENT LIABILITIES

14,094,177

13,169,358

CREDITORS

Amounts falling due after more than one year

9

(5,782,216

)

(5,729,833

)

PROVISIONS FOR LIABILITIES

12

(182,239

)

(74,883

)

NET ASSETS

8,129,722

7,364,642

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

8,129,720

7,364,640

8,129,722

7,364,642

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2021 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 December 2021 and were signed on its behalf by:

T M J Hodgson - Director

1.	STATUTORY INFORMATION

Westcourt Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

02684943

Registered office:

8 North Park Road

Harrogate

North Yorkshire

HG1 5PG

The presentation currency of the financial statements is the Pound Sterling, which is the functional currency of the company, rounded to the nearest £1.

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.

These financial statements have been prepared on a going concern basis. At the period end the company had net current liabilities of £6,793,452 which might indicate that the company is not a going concern. However, included in current liabilities is an amount owed to the immediate parent company of £7,141,906 which, although is technically repayable on demand, will not be called in within the next twelve months. Taking this into account, and the profitable nature of the company, the directors are confident that the company will continue to be able to meet its financial obligations for a period of at least twelve months from the date these financial statements were approved.

Turnover

Turnover represents the value, net of value added tax, of rental income and services charged to tenants during the period.

Tangible fixed assets

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

Freehold property

-

2% on cost (excluding freehold land)

Fixtures and fittings

-

20% on cost

Freehold property is initially recorded at deemed cost and is subsequently remeasured using the revaluation method. Revaluation gains are recognised in other comprehensive income.

All other fixed assets are initially recorded at cost.

Investment property

Investment property is shown at fair value. Any aggregate gain or loss arising from changes in fair value is recognised in profit or loss.

Financial instruments

Bank loans are initially recognised at the present value of the future cash payments and are subsequently measured at amortised cost using the effective interest rate.

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 period 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at the transaction price.

Investments in associates

Investments in associates are initially recognised at cost and subsequently at cost less any accumulated impairment losses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

COST

At 1 January 2020

and 31 March 2021

500,000

25,879

525,879

DEPRECIATION

At 1 January 2020

10,000

25,879

35,879

Charge for period

12,500

-

12,500

At 31 March 2021

22,500

25,879

48,379

NET BOOK VALUE

At 31 March 2021

477,500

-

477,500

At 31 December 2019

490,000

-

490,000

5.	FIXED ASSET INVESTMENTS

Shares in

associated

companies

£

COST

At 1 January 2020

and 31 March 2021

16

NET BOOK VALUE

At 31 March 2021

16

At 31 December 2019

16

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2020

20,755,000

Additions

531,373

Disposals

(1,220,000

)

Revaluations

343,740

At 31 March 2021

20,410,113

NET BOOK VALUE

At 31 March 2021

20,410,113

At 31 December 2019

20,755,000

The historic cost of investment properties was £20,861,391 (2019: £21,367,412). The directors are of the opinion that the market value of the investment properties at 31 March 2021 is as stated above.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.12.19

£

£

Trade debtors

174,810

37,106

Other debtors

-

600

Tax

-

55,129

VAT

-

5

Prepayments and accrued income

85,362

138,119

260,172

230,959

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.21

31.12.19

£

£

Bank loans and overdrafts

-

205,720

Trade creditors

7,962

98,278

Amounts owed to group undertakings

7,141,906

7,459,776

VAT

759

-

Other creditors

439,170

939,151

Accruals and deferred income

477,195

420,659

8,066,992

9,123,584

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.21

31.12.19

£

£

Bank loans

5,782,216

5,729,833

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.3.21

31.12.19

£

£

Within one year

28,053

4,746

Between one and five years

45,569

18,984

In more than five years

85,408

551,321

159,030

575,051

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.21

31.12.19

£

£

Bank loans

5,782,216

5,935,553

Bank loans are secured by first legal charges over certain freehold properties. In addition, there is a debenture over all freehold and leasehold property.

12.	PROVISIONS FOR LIABILITIES

31.3.21

31.12.19

£

£

Deferred tax

Accelerated capital allowances

219,989

166,068

Losses

(37,750

)

(91,185

)

182,239

74,883

Deferred

tax

£

Balance at 1 January 2020

74,883

Provided during period

107,356

Balance at 31 March 2021

182,239