Registered number:
11581565
WESTERBERG LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 31 DECEMBER 2019
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WESTERBERG LIMITED
REGISTERED NUMBER:
11581565
BALANCE SHEET
AS AT
31 DECEMBER 2019
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Net current (liabilities)/assets
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Total assets less current liabilities
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The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
3 September 2020
.
The notes on pages 3 to 7 form part of these financial statements.
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WESTERBERG LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED
31 DECEMBER 2019
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Comprehensive income for the period
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Shares issued during the period
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The notes on pages 3 to 7 form part of these financial statements.
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WESTERBERG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2019
Westerberg Limited is a private company limited by shares incorporated in England and Wales (company number: 11581565). The registered office is 70 Jermyn Street, London, SW1Y 6NY.
The financial statements cover the period from incorporation on 21 September 2018 to 31 December 2019.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The following principal accounting policies have been applied:
Despite the loss for the period of £1,059,779 and the company having net liabilities at the Balance Sheet date of £959,779, the directors have considered and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, through available cash resources and the ongoing support of its parent company, which is the entities major creditor. The directors of the parent company have indicated that they will not demand repayment of the intercompany loans for a period of at least twelve months from the date of approval of these financial statements. The directors therefore have adopted the going concern basis of preparation for these financial statements.
In drawing this conclusion, the directors have given due consideration to the impact of the Coronavirus pandemic. The directors have a reasonable expectation that the pandemic will not cause the company to cease to be a going concern.
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WESTERBERG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2019
2.
Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
Revenue represents the value of amounts received on sale of racing/breeding horses and prize money received from racing activities.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
For tax purposes the company's activities are separated into two trades, being Horse Racing and Horse Breeding activities. For UK taxation income and expenditure related to Horse Racing is neither taxable or tax deductible, while income and expenditure relating to Horse Breeding is taxable and tax deductible in the period incurred.
Stock of horses are stated at the lower of cost and net realisable value. At each balance sheet date, stocks are valued by an independent expert, assessing the market value of each horse. If stock is to be revalued, any impairment is recognised immediately in profit or loss.
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WESTERBERG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2019
2.
Accounting policies (continued)
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
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Fees payable to the Company's auditor for the audit of the Company's annual financial statements totalled £
7,500
)
.
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Prepayments and accrued income
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WESTERBERG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2019
5.
Debtors (continued)
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Related party transactions
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During the period one director operated a loan account with the company, which accrues interest at a rate of 2.5% per annum payable on 1 January each year. At the period end the director owed the company £79,914, this amount is included within other debtors. This loan was repaid in full after the balance sheet date.
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The ulimate parent company is Hansa Aktiengesellschaft, a Swiss company limited by shares, by virtue of its 100% holding in the issued share capital of the company.
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WESTERBERG LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2019
The auditors' report on the financial statements for the period ended 31 December 2019 was qualified.
The qualification in the audit report was as follows:
In our opinion the accompanying financial statements present fairly except for the matter described in the Qualified Opinion below, in all other material respects, the financial position of the Company as at 31 December 2019. Except for the effects of the matter described in the Qualified Opinion below the accompanying financial statements present fairly, in all other material respects, its financial performance for the period 31 December 2019.
We were not able to obtain sufficient appropriate audit evidence over the completeness of the stock values at 31 December 2019, which are included in the Balance Sheet at £16,301,650, nor were we able to determine whether the stock was under or over valued at that date, nor by how much it may be misstated.
The audit report was signed on
3 September 2020
by
Deborah Graham
(Senior Statutory Auditor) on behalf of
Ryecroft Glenton
.
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