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Unaudited Financial Statements |
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for the Year Ended 31 March 2019 |
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for |
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Westmount DS Ltd |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 March 2019 |
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for |
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Westmount DS Ltd |
Westmount DS Ltd (Registered number: 09412408) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Westmount DS Ltd |
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Company Information |
for the Year Ended 31 March 2019 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
17 Queens Lane |
Newcastle upon Tyne |
Tyne and Wear |
NE1 1RN |
Westmount DS Ltd (Registered number: 09412408) |
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Balance Sheet |
31 March 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 5 | 1,275,349 | 1,275,349 |
Investment property | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Profit and loss account |
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The director acknowledges his responsibilities for: |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Profit & Loss account has not been delivered. |
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The financial statements were approved by the director on
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Westmount DS Ltd (Registered number: 09412408) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2019 |
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1. | STATUTORY INFORMATION |
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Westmount DS Ltd is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The accounting period is not representative of a twelve month period as the company extended the accounting |
reference date by two months. |
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Preparation of consolidated financial statements |
The financial statements contain information about Westmount DS Ltd as an individual company and do not |
contain consolidated financial information as the parent of a group. The company is exempt under Section |
399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The |
Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party |
transactions with wholly owned subsidiaries within the group. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable and represents amounts |
receivable for management charges. |
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The company recognises revenue when the amount of revenue can be measured reliably and when it is |
probable that future economic benefits will flow to the entity. |
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The company is a holding company. Income from shares in group undertakings is recognised when the rights |
to receive payment established. |
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Investment property |
Investment property is included at fair value. Any aggregate surplus or deficit arising from changes in fair |
value is recognised in the profit and loss account along with associated deferred tax. |
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Fixed asset investments |
Investments in unlisted subsidiary undertakings are held at cost less impairment. |
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Impairment of assets |
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets |
have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of |
any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is |
lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is |
recognised immediately in profit or loss. |
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If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised |
estimate of its recoverable amount, but not in excess of the amount that would have been determined had no |
impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised |
immediately in profit or loss. |
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Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial |
assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third |
parties, loans to related parties and investments on non-puttable ordinary shares. |
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Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period |
for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is |
recognised in profit or loss. |
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Westmount DS Ltd (Registered number: 09412408) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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3. | ACCOUNTING POLICIES - continued |
Taxation |
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A |
current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a |
previous period. |
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Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses |
in the financial statements and their inclusion in tax assessments. |
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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 and other future taxable profits. |
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Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the |
reporting date and that are expected to apply to the reversal of the timing difference. |
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Current and deferred tax assets and liabilities are not discounted. |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2018 - NIL). |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
At 1 April 2018 |
and 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2018 |
and 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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The fair value of the property at 31 March 2018 has been arrived at on the basis of a valuation carried out by |
the director who is not a professionally qualified valuer. The valuation, was arrived at by reference to market |
evidence of transaction prices for similar properties in their location. |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Amounts owed by group undertakings |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans and overdrafts |
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Other creditors |
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Westmount DS Ltd (Registered number: 09412408) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Bank loans |
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Other creditors |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans | 309,694 | 397,068 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Bank loans |
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The bank loans are secured by a debenture. |