Westcourt Properties Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 02684943 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

WESTCOURT PROPERTIES LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

462,196

467,500

Investments

5

250,008

8

Investment property

6

18,361,041

18,007,000

19,073,245

18,474,508

CURRENT ASSETS

Debtors

7

357,076

354,759

Cash at bank

792,258

3,812,862

1,149,334

4,167,621

CREDITORS

Amounts falling due within one year

8

7,740,634

7,865,789

NET CURRENT LIABILITIES

(6,591,300

)

(3,698,168

)

TOTAL ASSETS LESS CURRENT LIABILITIES

12,481,945

14,776,340

CREDITORS

Amounts falling due after more than one year

9

3,613,603

5,815,922

NET ASSETS

8,868,342

8,960,418

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

8,868,340

8,960,416

8,868,342

8,960,418

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 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 21 December 2023 and were signed on its behalf by:

S J Caygill - 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:

27 York Place

Leeds

West Yorkshire

LS1 2EY

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 £6,591,300 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 £7,227,637 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

Computer equipment

-

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 year 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 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.

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 year was 6 (2022 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

Computer

property

fittings

equipment

Totals

£

£

£

£

COST

At 1 April 2022

500,000

25,879

-

525,879

Additions

-

-

5,870

5,870

At 31 March 2023

500,000

25,879

5,870

531,749

DEPRECIATION

At 1 April 2022

32,500

25,879

-

58,379

Charge for year

10,000

-

1,174

11,174

At 31 March 2023

42,500

25,879

1,174

69,553

NET BOOK VALUE

At 31 March 2023

457,500

-

4,696

462,196

At 31 March 2022

467,500

-

-

467,500

5.	FIXED ASSET INVESTMENTS

31.3.23

31.3.22

£

£

Shares in group undertakings

8

8

Other investments not loans

250,000

-

250,008

8

Additional information is as follows:

Shares in

associated

companies

£

COST

At 1 April 2022

and 31 March 2023

8

NET BOOK VALUE

At 31 March 2023

8

At 31 March 2022

8

Investments (neither listed nor unlisted) were as follows:

31.3.23

31.3.22

£

£

Investment portfolio

250,000

-

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2022

18,007,000

Disposals

(92,000

)

Revaluations

446,041

At 31 March 2023

18,361,041

NET BOOK VALUE

At 31 March 2023

18,361,041

At 31 March 2022

18,007,000

The historic cost of investment properties was £15,685,943 (2022 - £15,787,163). The directors are of the opinion that the market value of the investment properties at 31 March 2023 is as stated above.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade debtors

88,886

46,634

Amounts owed by group undertakings

24,000

70,000

Other debtors

120,000

-

Directors' current accounts

-

591

VAT

11

-

Deferred tax asset

69,698

51,316

Prepayments and accrued income

54,481

186,218

357,076

354,759

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.23

31.3.22

£

£

Trade creditors

7,869

432,940

Amounts owed to group undertakings

7,227,637

6,988,298

Social security and other taxes

7,844

-

Other creditors

25,888

32,041

Directors' current accounts

9

-

Accruals and deferred income

471,387

412,510

7,740,634

7,865,789

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.3.23

31.3.22

£

£

Bank loans

3,613,603

5,815,922

10.	LEASING AGREEMENTS

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

31.3.23

31.3.22

£

£

Within one year

21,762

20,905

Between one and five years

13,078

19,864

In more than five years

-

85,038

34,840

125,807

11.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.23

31.3.22

£

£

Bank loans

3,613,603

5,815,922

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.	DEFERRED TAX

£

Balance at 1 April 2022

(51,316

)

Provided during year

(18,382

)

Balance at 31 March 2023

(69,698

)

13.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2023 and 31 March 2022:

31.3.23

31.3.22

£

£

T M J Hodgson

Balance outstanding at start of year

591

-

Amounts advanced

-

600

Amounts repaid

(600

)

(9

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(9

)

591