Company No: 10661177 (England and Wales)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2023		2022
		£		£
Fixed assets
Tangible assets	3	4,775		6,188
Investment property	4	972,790		972,790
		977,565		978,978
Current assets
Debtors	5	959		738
Cash at bank and in hand		245,772		224,632
		246,731		225,370
Creditors: amounts falling due within one year	6	( 485,985)		( 505,331)
Net current liabilities		(239,254)		(279,961)
Total assets less current liabilities		738,311		699,017
Creditors: amounts falling due after more than one year	7	( 662,423)		( 662,423)
Net assets		75,888		36,594
Capital and reserves
Called-up share capital		360		360
Profit and loss account		75,528		36,234
Total shareholders' funds		75,888		36,594

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

• The members have not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Westbury Park Property Ltd (registered number: 10661177) were approved and authorised for issue by the Director on 14 December 2023. They were signed on its behalf by:

C Rochford Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Westbury Park Property Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 3 Filers Way, Weston Gateway Business Park, Weston-Super-Mare, BS24 7JP, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Fixtures and fittings	20 % reducing balance
Office equipment	33.33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

2. Employees

	2023		2022
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	2		2

3. Tangible assets

	Fixtures and fittings		Office equipment		Total
	£		£		£
Cost
At 01 April 2022	9,528		1,348		10,876
At 31 March 2023	9,528		1,348		10,876
Accumulated depreciation
At 01 April 2022	4,651		37		4,688
Charge for the financial year	976		437		1,413
At 31 March 2023	5,627		474		6,101
Net book value
At 31 March 2023	3,901		874		4,775
At 31 March 2022	4,877		1,311		6,188

4. Investment property

	Investment property
	£
Valuation
As at 01 April 2022	972,790
As at 31 March 2023	972,790

The fair value of the investment properties is assessed annually and the carrying value adjusted as required. The directors, who are internal to the company, have assessed the fair value of the properties on an open market value basis, based on available market data. The directors have concluded that carrying value is materially consistent with the fair value of the properties at the year end.

5. Debtors

	2023		2022
	£		£
Other debtors	959		738

6. Creditors: amounts falling due within one year

	2023		2022
	£		£
Bank loans (secured)	26,176		26,176
Trade creditors	0		1,273
Taxation and social security	9,830		8,248
Other creditors	449,979		469,634
	485,985		505,331

7. Creditors: amounts falling due after more than one year

	2023		2022
	£		£
Bank loans (secured)	662,423		662,423

Amounts repayable after more than 5 years are included in creditors falling due over one year:

	2023		2022
	£		£
Bank loans (secured)	662,423		662,423

Mortgages are secured against the investment properties