Westgate Holdings Limited - Period Ending 2017-12-31
Westgate Holdings Limited - Period Ending 2017-12-31
Registration number:
Westgate Holdings Limited
for the Year Ended 31 December 2017
Chartered Accountants
Riverside House
Kings Reach Business Park
Yew Street
Stockport
Cheshire
SK4 2HD
Westgate Holdings Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Westgate Holdings Limited
(Registration number: 03997121)
Balance Sheet as at 31 December 2017
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2017 |
(As restated) |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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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 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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.
Page 1 |
Westgate Holdings Limited
(Registration number: 03997121)
Balance Sheet as at 31 December 2017
Approved and authorised by the
Mr D J Hardman
Company secretary and director
Mr P M Oldham
Director
Page 2 |
Westgate Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
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.
Going concern
The financial statements have been prepared on a going concern basis.
Prior period errors
The comparative amounts for 2016 and earlier include a prior period adjustment in respect of corporation tax payable totalling £22,025. The adjustment arose due to incorrectly claimed capital allowances and group loss relief in the corporation tax computations. The correction of these computations has resulted in additional corporation tax of £22,025.
Relating to the current period disclosed in these financial statements | Relating to the prior period disclosed in these financial statements | Relating to periods before the prior period disclosed in these financial statements | |
Corporation tax | - | 6,191 | 15,834 |
Deferred tax | - | (90) | - |
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Page 3 |
Westgate Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Fixtures and fittings |
15% - 25% reducing balance |
Improvements to property |
10% - 20% straight liine |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
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.
Page 4 |
Westgate Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Land and buildings |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 January 2017 |
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Additions |
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At 31 December 2017 |
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Depreciation |
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At 1 January 2017 |
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Charge for the year |
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At 31 December 2017 |
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Carrying amount |
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At 31 December 2017 |
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At 31 December 2016 |
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Included within the net book value of tangible fixed assets are £30,999 in respect of assets held under hire purchase contracts.
Page 5 |
Westgate Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Investments |
2017 |
2016 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 January 2017 |
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Provision |
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Carrying amount |
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At 31 December 2017 |
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At 31 December 2016 |
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Page 6 |
Westgate Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Debtors |
Note |
2017 |
2016 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Other debtors |
9,177 |
8,528 |
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Prepayments |
45,154 |
16,693 |
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Director's current account |
12,084 |
12,084 |
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Total current trade and other debtors |
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Creditors |
Note |
2017 |
(As restated) |
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Due within one year |
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Bank overdrafts |
339,382 |
251,143 |
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Bank loans |
24,999 |
25,000 |
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Hire purchase liabilities |
29,153 |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
- |
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Taxation and social security |
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Accruals |
8,365 |
10,168 |
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Corporation tax control |
40,032 |
28,083 |
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Due after one year |
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Bank loans |
51,785 |
75,754 |
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Hire purchase liabilities |
45,147 |
- |
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96,932 |
75,754 |
Loans and borrowings |
Amounts owing under finance lease and hire purchase contracts are secured against the related asset.
Creditors includes the following liabilities, on which security has been given by the company:
Page 7 |
Westgate Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
2017 |
2016 |
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Non-current loans and borrowings |
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Bank borrowings |
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Hire purchase liabilities |
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- |
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2017 |
2016 |
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Current loans and borrowings |
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Bank borrowings |
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Bank overdrafts |
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Hire purchase liabilities |
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- |
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Bank borrowings
There is an unlimited guarantee and debenture held over the company and its related parties by the Royal Bank of Scotland plc for the group overdraft facility of £300,000. |
Page 8 |
Westgate Holdings Limited
Notes to the Financial Statements for the Year Ended 31 December 2017
Related party transactions |
Transactions with directors |
2017 |
At 1 January 2017 |
At 31 December 2017 |
Overdrawn director's loan account |
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12,084 |
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2016 |
At 1 January 2016 |
At 31 December 2016 |
Overdrawn director's loan account |
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12,084 |
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Directors' remuneration
The directors' remuneration for the year was as follows:
2017 |
2016 |
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Remuneration |
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Summary of transactions with other related parties
During the year the company transacted with various related companies in which Mr P M Oldham is also a director.
Sales to related parties £389,825 (2016: £349,224)
Purchases from related parties £82,351 (2016: £91,463)
Amounts due from related companies at the period end £763,903 (2016: £706,425)
Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
Page 9 |