Westgate Investments Limited - Accounts to registrar (filleted) - small 17.3
Westgate Investments Limited - Accounts to registrar (filleted) - small 17.3
| REGISTERED NUMBER: |
| Westgate Investments Limited |
| Financial Statements for the Year Ended 31 March 2017 |
| Westgate Investments Limited (Registered number: 07060078) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Westgate Investments Limited |
| Company Information |
| for the Year Ended 31 March 2017 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| BUSINESS ADDRESS: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| The White House |
| 2 Meadrow |
| Godalming |
| Surrey |
| GU7 3HN |
| BANKERS: |
| 440 Strand |
| London |
| WC2R 0QS |
| Westgate Investments Limited (Registered number: 07060078) |
| Balance Sheet |
| 31 March 2017 |
| 31.3.17 | 31.3.16 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Debtors | 3 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 4 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| 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. |
| 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 by: |
| Westgate Investments Limited (Registered number: 07060078) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2017 |
| 1. | STATUTORY INFORMATION |
| Westgate Investments Limited is a |
| company's registered number and registered office address can be found on the Company Information page. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Significant judgements and estimates |
| The preparation of financial statements requires management to make estimates and assumptions that affect the |
| reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the |
| balance sheet date and the reported amounts of revenues and expenses during the reporting period. Estimates and |
| judgement are continuously evaluated and are based on management's experience and other factors, including |
| expectations of future events that are believed to be reasonable under the circumstances. Actual outcomes could |
| differ from these estimates. |
| The key source of estimation uncertainty that has significant risk of causing material adjustment to the amounts |
| recognised in the financial statements is the impairment of the Company's assets. |
| Impairment |
| The Company monitors internal and external indicators of impairment relating to its assets, which may indicate |
| that the carrying value of the assets may not be recoverable.The assessment of the existence of indicators of |
| impairment in assets involves judgement as to whether the recoverable amount may not cover the carrying value |
| of the assets. |
| The Company determines whether assets are impaired at an asset level when facts and circumstances suggest that |
| the carrying amount may exceed its recoverable amount. |
| Turnover |
| Turnover comprises the fair value of the consideration received or receivable, net of value added tax.Turnover |
| includes revenue earned from the rendering of project management fees and from the recovery of Highways |
| bonds in accordance with the original bonding agreement. |
| Revenue and profit are recognised as follows:- |
| (a) Commercial leisure development properties |
| Revenue is recognised in the income statement when the significant risks and rewards of ownership have been |
| transferred to the purchaser. Revenue in respect of the sale of commercial leisure development properties is |
| recognised at the fair value of the consideration received or receivable on legal completion. |
| (b) Long term contracts |
| Where the outcome of a construction contract can be estimated reliably, revenue and costs are recognised by the |
| stage of completion of the contract activity at the balance sheet date. This is normally measured by surveys of |
| work performed to date. Revenue is calculated by reference to the value of work performed to date as a |
| proportion of the total contract value and overall contract profit. |
| Where the outcome of a construction contract can not be estimated reliably, contract revenue is recognised to the |
| extent of contract costs incurred that it is probable will be recoverable. Contract costs are recognised as expenses |
| in the period in which they are incurred. When it is probable that total contract costs will exceed total contract |
| revenue, the expected loss is recognised as an expense immediately. |
| Westgate Investments Limited (Registered number: 07060078) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| 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. |
| Going concern |
| After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the |
| company has adequate resources to continue in operational existence for the foreseeable future. Related party |
| balances will not be paid until there are sufficient surplus funds to do so. For these reasons, the directors |
| continue to adopt the going concern basis in preparing the financial statements. |
| Financial instruments |
| Financial instruments comprise financial assets, cash and cash equivalents, financial liabilities and equity |
| instruments. |
| Financial assets |
| Financial assets within the scope of IAS 39 are classified as either financial assets at fair value through profit or |
| loss, or loans and receivables, as appropriate. When financial assets are recognised initially, they are measured at |
| fair value. Transaction costs that are directly attributable to the acquisition or issue of the financial asset are |
| capitalised unless they relate to a financial asset classified at fair value through profit and loss in which case |
| transaction costs are expensed in the income statement. |
| The company determines the classification of its financial assets at initial recognition and, where allowed and |
| appropriate, re-evaluates this designation at each financial year end. |
| Loans to and from related undertakings are non derivative financial assets or liabilities, are interest free and |
| repayable on demand. |
| Cash and cash equivalents are balances with banks |
| 3. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.17 | 31.3.16 |
| £ | £ |
| Related undertakings | - | 345,608 |
| VAT |
| Westgate Investments Limited (Registered number: 07060078) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2017 |
| 4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 31.3.17 | 31.3.16 |
| £ | £ |
| Trade creditors |
| Corporation tax |
| Loans from related parties |
| Accruals and deferred income |
| 5. | ULTIMATE CONTROLLING PARTY |
| Since 14 December 2015 the company has been ultimately controlled by T R Baines. |