Westside Developments Limited - Period Ending 2023-04-05
Westside Developments Limited - Period Ending 2023-04-05
Registration number:
Westside Developments Limited
for the Year Ended 5 April 2023
Westside Developments Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Westside Developments Limited
Company Information
Director |
Mr I R McMahon |
Company secretary |
Mr J L McMahon |
Registered office |
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Solicitors |
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Accountants |
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Westside Developments Limited
(Registration number: NI016066)
Balance Sheet as at 5 April 2023
Note |
05 April |
05 April |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 5 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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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
Westside Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 5 April 2023
General information |
The company is a private company limited by share capital, incorporated in the United Kingdom.
The address of its registered office is:
Northern Ireland
These financial statements were authorised for issue by the
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
Going concern
The financial statements have been prepared on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Investment property
Westside Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 5 April 2023
2 |
Accounting policies (continued) |
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.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Investment properties |
05 April |
05 April |
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At 6 April |
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2,565,455 |
Disposals |
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( |
Fair value adjustments |
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( |
At 5 April |
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1,261,948 |
Westside Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 5 April 2023
4 |
Investment properties (continued) |
The investment property comprises land and buildings at Somerset, Coleraine. The investment property was valued by independent valuers, Savills, on 14 July 2021 as part of a larger valuation that included other property not belonging to Westside Developments Limited. The fair value has been determined by apportioning Westside Developments Limited's share of the property included within the valuation.
Debtors |
Note |
05 April |
05 April |
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Amounts owed from related parties |
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Other debtors |
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Creditors |
Note |
05 April |
05 April |
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Due within one year |
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Corporation tax liability |
- |
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Amounts owed to related parties |
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Other creditors |
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Accruals and deferred income |
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Westside Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 5 April 2023
Share capital |
Allotted, called up and fully paid shares
05 April |
05 April |
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No. |
£ |
No. |
£ |
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12 |
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12 |
Related party transactions |
Loans to related parties
2023 |
Other related parties |
At start of period |
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At end of period |
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2022 |
Other related parties |
At start of period |
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At end of period |
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Terms of loans to related parties
Westside Developments Limited
Notes to the Unaudited Financial Statements for the Year Ended 5 April 2023
8 |
Related party transactions (continued) |
Loans from related parties
2023 |
Other related parties |
At start of period |
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Advanced |
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Repaid |
( |
At end of period |
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2022 |
Other related parties |
At start of period |
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Advanced |
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Repaid |
( |
At end of period |
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Terms of loans from related parties