Westville Family Properties Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 08648203 (England and Wales)

Financial Statements for the Year Ended 31 August 2017

for

Westville Family Properties Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Dr T White

Dr H White

REGISTERED OFFICE:

Westville

17 West Bank Road

Skipton

West Yorkshire

BD23 1QT

REGISTERED NUMBER:

08648203 (England and Wales)

ACCOUNTANTS:

Richard Smedley Limited

Chartered Accountants & Registered Auditors

Oakford House

291 Low Lane

Horsforth

Leeds

West Yorkshire

LS18 5NU

FIXED ASSETS

Tangible assets

4

379

137

Investment property

5

397,407

279,273

397,786

279,410

CURRENT ASSETS

Cash at bank

2,010

4,534

CREDITORS

Amounts falling due within one year

6

376,462

266,557

NET CURRENT LIABILITIES

(374,452

)

(262,023

)

TOTAL ASSETS LESS CURRENT LIABILITIES

23,334

17,387

PROVISIONS FOR LIABILITIES

3,818

3,746

NET ASSETS

19,516

13,641

CAPITAL AND RESERVES

Called up share capital

40

40

Revaluation reserve

15,971

15,971

Retained earnings

3,505

(2,370

)

SHAREHOLDERS' FUNDS

19,516

13,641

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 12 October 2017 and were signed on its behalf by:

Dr T White - Director

1.	STATUTORY INFORMATION

Westville Family Properties 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The accounts are prepared on a going concern basis due to the continued support of the director and

shareholders of the company.

Tangible fixed assets

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

Computer equipment

-

Straight line over 3 years

Investment property

Investment property is included at fair value. Gains are recognised in the profit and loss and deferred

taxation is provided on these gains at the rate expected to apply when the property is sold.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

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.

Income

Income represents rental income excluding value added tax.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 .

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 September 2016

244

429

673

Additions

-

415

415

At 31 August 2017

244

844

1,088

DEPRECIATION

At 1 September 2016

107

429

536

Charge for year

35

138

173

At 31 August 2017

142

567

709

NET BOOK VALUE

At 31 August 2017

102

277

379

At 31 August 2016

137

-

137

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 September 2016

279,273

Additions

118,134

At 31 August 2017

397,407

NET BOOK VALUE

At 31 August 2017

397,407

At 31 August 2016

279,273

Cost or valuation at 31 August 2017 is represented by:

£

Valuation in 2016

19,717

Cost

377,690

397,407

Investment property was valued on an open market basis on 31 August 2017 by LCF Residential Harrogate Limited

.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.17

31.8.16

£

£

Tax

1,102

-

Directors' loan accounts

374,699

265,897

Accruals and deferred income

661

660

376,462

266,557

7.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2017 and

31 August 2016:

31.8.17

31.8.16

£

£

Dr T White

Balance outstanding at start of year

(265,897

)

(259,757

)

Amounts repaid

(110,802

)

(6,140

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(376,699

)

(265,897

)

These loans are repayable on demand.

8.	RELATED PARTY DISCLOSURES

9.	FIRST YEAR ADOPTION

This is the first year that the company has presented its financial statements under Financial

Reporting Standard 102 section 1A (FRS 102 section 1A) issued by the Financial Reporting Council.

The following disclosures are required in the year of transition.

The last financial statements under previous UK GAAP were for the year ended 31 August 2016 and

the date of transition to FRS 102 section 1A was therefore 1 September 2015.There are two

transitional adjustments as follows:

1 Changes in fair value of investment property

FRS 102 requires that changes in the fair value of investment properties be recognised in profit or

loss for the period. Under previous UK GAAP these changes were recognised outside of profit or loss

and presented separately in a revaluation reserve. This change has increased profit reported for the

year ended 31 August 2016 but has not affected the measurement of investment property on the

balance sheet.

2 Deferred tax on revaluation gains and losses

FRS 102 requires that deferred tax be recognised on revaluations of investment property. This was not

required under previous UK GAAP unless there was a binding agreement to sell the revalued asset

and the gains or losses expected to arise on sale had been recognised. This change has been

retrospectively applied, leading to the recognition of additional deferred tax liabilities at the date of

transition and to increase the deferred tax charge for the year ended 31 August 2016.