Westmoreland Developments Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 04257904 (England and Wales)

Westmoreland Developments Limited

Unaudited Financial Statements

for the Period 1 November 2021 to 3 February 2023

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

T R Baines

A J Rennie

D L Sheehan

A Banks

REGISTERED OFFICE:

The White House

2 Meadrow

Godalming

Surrey

GU7 3HN

BUSINESS ADDRESS:

10 Albemarle Street

London

W1S 4HH

REGISTERED NUMBER:

04257904 (England and Wales)

ACCOUNTANTS:

Hughes Waddell

The White House

2 Meadrow

Godalming

Surrey

GU7 3HN

FIXED ASSETS

Investment property

4

-

18,500,000

CURRENT ASSETS

Debtors

5

-

7,283,541

Cash at bank

-

31,372

-

7,314,913

CREDITORS

Amounts falling due within one year

6

-

277,409

NET CURRENT ASSETS

-

7,037,504

TOTAL ASSETS LESS CURRENT LIABILITIES

-

25,537,504

CREDITORS

Amounts falling due after more than one year

7

-

11,740,000

NET ASSETS

-

13,797,504

CAPITAL AND RESERVES

Called up share capital

1

6,420,001

Non-distributable reserve

-

6,060,233

Retained earnings

(1

)

1,317,270

SHAREHOLDERS' FUNDS

-

13,797,504

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 3 February 2023.

The members have not required the company to obtain an audit of its financial statements for the period ended 3 February 2023 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 8 February 2023 and were signed on its behalf by:

T R Baines - Director

1.	STATUTORY INFORMATION

Westmoreland Developments 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.

Turnover

Turnover during the year represents rents receivable and insurance recovered. Turnover in earlier years represented fees received from the tenant during the period of development plus the recharge of tenants variations.

Investment property

Investment properties are initially measured at cost. Cost comprises the purchase price plus directly attributable expenditure.

Investment properties are subsequently measured at fair value at the reporting date based on a professional valuation. Changes in fair value are recognised in profit and loss and then transferred to a non distributable reserve.

3.	EMPLOYEES AND DIRECTORS

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

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 November 2021

18,500,000

Disposals

(18,500,000

)

At 3 February 2023

-

NET BOOK VALUE

At 3 February 2023

-

At 31 October 2021

18,500,000

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

3.2.23

31.10.21

£

£

Trade debtors

-

218

Other debtors

-

7,283,323

-

7,283,541

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

3.2.23

31.10.21

£

£

Trade creditors

-

2,160

Other creditors

-

275,249

-

277,409

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

3.2.23

31.10.21

£

£

Bank loans

-

11,740,000

8.	SECURED DEBTS

The following secured debts are included within creditors:

3.2.23

31.10.21

£

£

Bank loans

-

11,740,000

The loan from Legal & General Assurance Society Limited is secured on the company's investment property and property owned by companies under common control.