Westminster Fire Station Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, NW1 3ER, United Kingdom.
The financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future through the support of its shareholders.
As stated in note 7 the directors have considered the effect of the Covid-19 outbreak. The relevance of this is to the group companies who continue to support the company by providing the investment for the development project. The directors consider that the outbreak is unlikely to cause a significant disruption to the group companies’ ability to continue to provide support to Westminster Fire Station Limited and are confident that the company can continue as a going concern for a period of at least twelve months from the date approval of these financial statements. The directors have a reasonable expectation that the company has access to adequate resources to continue in operation for the foreseeable future.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Included within stock is capitalised interest of £3,510,286 (2018 - £2,242,398).
Included in Other creditors is a loan secured by a fixed charge over the freehold land and buildings known as Westminster Fire Station, being 4 Greycoat Place, London SW1P 1SB.
Included in the comparative figure for Other creditors payable in more than one year is a loan secured by a fixed charge over the freehold land and buildings known as Westminster Fire Station, being 4 Greycoat Place, London SW1P 1SB.
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006 :
The auditor's report was unqualified.
The directors have considered the effect of the Covid-19 outbreak that has been spreading throughout the world in early 2020 with regard to the company’s activities. Due to the stage of development and the expectation that the outbreak will have passed by the time the property is sold, the directors do not expect that the outbreak is likely to cause significant disruption to the company’s business. At the date of approval of these financial statements, the extent and quantum of the disruption remains uncertain but the directors do not think a material impact will be felt on the carrying value of the company’s stock.
The intermediate holding company is Far East Orchard Limited, a quoted company based in Singapore whose registered office address is 1 Tanglin Road #05-01, Orchard Rendezvous Hotel, Singapore (Podium Block), Singapore 247905. The ultimate holding company is Far East Organization Pte. Ltd., based in Singapore.