Westmorland Estates Limited - Period Ending 2017-04-05

Registration number: 03930105

Westmorland Estates Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 5 April 2017

Montgomery Swann Ltd
Ground Floor Suite 4
Scotts Sufferance Wharf
1 Mill Street
London
SE1 2DE

Westmorland Estates Limited

Contents

Company Information	1
Statement of Comprehensive Income	2
Balance Sheet	3 to 4
Statement of Changes in Equity	5
Notes to the Financial Statements	6 to 11

Westmorland Estates Limited

Company Information

Directors

Miss L Kirby Miss C Kirby

Company secretary

Miss L Kirby

Registered office

Westmorland Estates Limited Flat 5 26 Brunswick Terrace Hove Sussex BN3 1HJ

Accountants

Montgomery Swann Ltd Ground Floor Suite 4 Scotts Sufferance Wharf 1 Mill Street London SE1 2DE

Page 1

Westmorland Estates Limited

Statement of Comprehensive Income for the Year Ended 5 April 2017

	Note	2017 £	2016 £
Profit for the year		13,282	6,210
Total comprehensive income for the year		13,282	6,210

The notes on pages 6 to 11 form an integral part of these financial statements.

Page 2

Westmorland Estates Limited

(Registration number: 03930105)
Balance Sheet as at 5 April 2017

	Note	2017 £	2016 £
Fixed assets
Investment property	5	1,018,106	1,018,106
Current assets
Debtors	6	-	1,565
Cash at bank and in hand		3,444	15,316
		3,444	16,881
Creditors: Amounts falling due within one year	7	(4,771)	(20,235)
Net current liabilities		(1,327)	(3,354)
Total assets less current liabilities		1,016,779	1,014,752
Creditors: Amounts falling due after more than one year	7	(662,222)	(660,447)
Provisions for liabilities		(57,570)	(60,600)
Net assets		296,987	293,705
Capital and reserves
Called up share capital		1,000	1,000
Profit and loss account		295,987	292,705
Total equity		296,987	293,705

For the financial year ending 5 April 2017 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their 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.

The notes on pages 6 to 11 form an integral part of these financial statements.

Page 3

Westmorland Estates Limited

(Registration number: 03930105)
Balance Sheet as at 5 April 2017

Approved and authorised by the Board on 13 December 2017 and signed on its behalf by:
 

.........................................

Miss L Kirby

Company secretary and director

The notes on pages 6 to 11 form an integral part of these financial statements.

Page 4

Westmorland Estates Limited

Statement of Changes in Equity for the Year Ended 5 April 2017

	Share capital £	Profit and loss account £	Total £
At 6 April 2016	1,000	292,705	293,705
Profit for the year	-	13,282	13,282
Total comprehensive income	-	13,282	13,282
Dividends	-	(10,000)	(10,000)
At 5 April 2017	1,000	295,987	296,987

	Share capital £	Profit and loss account £	Total £
At 6 April 2015	1,000	286,495	287,495
Profit for the year	-	6,210	6,210
Total comprehensive income	-	6,210	6,210
At 5 April 2016	1,000	292,705	293,705

The notes on pages 6 to 11 form an integral part of these financial statements.

Page 5

Westmorland Estates Limited

Notes to the Financial Statements for the Year Ended 5 April 2017

1	General information

The company is a private company limited by share capital incorporated in Other.

The address of its registered office is:
Westmorland Estates Limited
Flat 5
26 Brunswick Terrace
Hove
Sussex
BN3 1HJ
England

The principal place of business is:
Westmorland Estates Limited
Flat 5
26 Brunswick Terrace
Hove
Sussex
BN3 1HJ
England

These financial statements were authorised for issue by the Board on 13 December 2017.

2	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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined periodically by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

Page 6

Westmorland Estates Limited

Notes to the Financial Statements for the Year Ended 5 April 2017

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2016 - 2).

4	Profit before tax

Arrived at after charging/(crediting)

	2017 £	2016 £
Mortgage Interest	10,202	6,496
Directors remuneration	5,254	2,561

5	Investment properties

	2017 £
At 6 April	1,018,106

The valuation was carried out by external valuers in a prior period and the directors consider this valuation to be still current.

6

Debtors

	2017 £	2016 £
Other debtors	-	1,565
Total current trade and other debtors	-	1,565

Page 7

Westmorland Estates Limited

Notes to the Financial Statements for the Year Ended 5 April 2017

7

Creditors

	Note	2017 £	2016 £
Due within one year
Other creditors		4,771	20,235
Due after one year
Loans and borrowings	8	662,222	660,447

8	Loans and borrowings

	2017 £	2016 £
Non-current loans and borrowings
Bank borrowings	300,000	300,000
Other borrowings	362,222	360,447
	662,222	660,447

9

Dividends

	2017	2016
	£	£
Interim dividend of £10,000.00 (2016 - £Nil) per ordinary share	10,000	-

10	Transition to FRS 102

The date of transition to FRS102 is 6 April 2015.

Balance Sheet at 6 April 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Investment property		310,315	-	303,000	613,315
Current assets
Debtors		1,930	-	-	1,930
Cash at bank and in hand		2,177	-	-	2,177
		4,107	-	-	4,107

Page 8

Westmorland Estates Limited

Notes to the Financial Statements for the Year Ended 5 April 2017

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Creditors: Amounts falling due within one year		(58,170)	-	-	(58,170)
Net current liabilities		(54,063)	-	-	(54,063)
Total assets less current liabilities		256,252	-	303,000	559,252
Creditors: Amounts falling due after more than one year		(211,157)	-	-	(211,157)
Provisions for liabilities		-	-	(60,600)	(60,600)
Net assets		45,095	-	242,400	287,495
Capital and reserves
Revaluation reserve		(1,000)	-	-	(1,000)
Profit and loss account		(44,095)	-	(242,400)	(286,495)
Total equity		(45,095)	-	(242,400)	(287,495)

Page 9

Westmorland Estates Limited

Notes to the Financial Statements for the Year Ended 5 April 2017

Balance Sheet at 5 April 2016
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Investment property		715,106	-	303,000	1,018,106
Current assets
Debtors		1,566	-	-	1,566
Cash at bank and in hand		15,315	-	-	15,315
		16,881	-	-	16,881
Creditors: Amounts falling due within one year		(76,407)	-	-	(76,407)
Net current liabilities		(59,526)	-	-	(59,526)
Total assets less current liabilities		655,580	-	303,000	958,580
Creditors: Amounts falling due after more than one year		(604,275)	-	-	(604,275)
Provisions for liabilities		-	-	(60,600)	(60,600)
Net assets		51,305	-	242,400	293,705
Capital and reserves
Called up share capital		(1,000)	-	-	(1,000)
Profit and loss account		(50,305)	-	(242,400)	(292,705)
Total equity		(51,305)	-	(242,400)	(293,705)

Page 10

Westmorland Estates Limited

Notes to the Financial Statements for the Year Ended 5 April 2017

Profit and Loss Account for the year ended 5 April 2016
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Turnover		31,635	-	-	31,635
Cost of sales		(7,507)	-	-	(7,507)
Gross profit		24,128	-	-	24,128
Distribution costs		(7,655)	-	-	(7,655)
Administrative expenses		(3,023)	-	-	(3,023)
Operating profit		13,450	-	-	13,450
Other interest receivable and similar income		8	-	-	8
Interest payable and similar expenses		(6,496)	-	-	(6,496)
		(6,488)	-	-	(6,488)
Profit before tax		6,962	-	-	6,962
Taxation		(752)	-	-	(752)
Profit for the financial year		6,210	-	-	6,210

Page 11