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REGISTERED NUMBER:
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WESTGATE PARK |
CARDIFF LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2018 |
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REGISTERED NUMBER:
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WESTGATE PARK |
CARDIFF LIMITED |
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2018 |
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WESTGATE PARK |
CARDIFF LIMITED (REGISTERED NUMBER: 03215930) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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Page |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 | to | 5 |
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WESTGATE PARK |
CARDIFF LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SENIOR STATUTORY AUDITOR: |
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AUDITORS: |
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Chartered Accountants and Statutory Auditor |
3 New Mill Court |
Swansea Enterprise Park |
Swansea |
SA7 9FG |
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BANKERS: |
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Santander UK plc |
WESTGATE PARK |
CARDIFF LIMITED (REGISTERED NUMBER: 03215930) |
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STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2018 |
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2018 | 2017 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks | 3 |
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Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
its behalf by: |
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WESTGATE PARK |
CARDIFF LIMITED (REGISTERED NUMBER: 03215930) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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1. | STATUTORY INFORMATION |
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Westgate Park Cardiff Limited is a private company, limited by shares, registered in England and |
Wales. The company's registered number, registered office and principal place of business address |
can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The presentation currency of the financial statements is Sterling (£). |
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Monetary amounts in these financial statements are rounded to the nearest £. |
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The particular accounting policies adopted, which have been consistently applied throughout the |
current and prior financial year, are described below. |
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Critical accounting judgements and key sources of estimation uncertainty |
The preparation of the financial statements requires management to make judgements, estimates and |
assumptions that affect the amounts reported. These estimates and judgements are continually |
reviewed and are based on experience and other factors, including a reasonable expectation of future |
events. |
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Stocks |
Stocks are measured at the lower of cost and estimated selling price less costs to sell. Cost includes |
cost of purchase and other costs incurred in bringing the stock to its present location and condition. |
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At each reporting date an assessment is made for impairment. Any excess of the carrying value of |
stocks over its estimated selling price less costs to sell, is recognised as an impairment loss in profit or |
loss. Reversals of impairment losses are also recognised in profit or loss. |
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Financial instruments |
Basic financial assets, which include cash and bank balances, are initially measured at transaction |
price 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. |
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Basic financial liabilities, including trade and other creditors 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 payments discounted at a market rate of interest. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax |
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 statement of financial position date. |
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WESTGATE PARK |
CARDIFF LIMITED (REGISTERED NUMBER: 03215930) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the statement of financial position date. |
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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. |
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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 or other future taxable profits. |
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Going concern |
The company recognised a loss for the year and has both net current and net liabilities at the |
statement of financial position date. The company is reliant on the continued support of its related |
parties, namely Macob Westgate Limited and Mewslade Holdings Limited, through its parent company, |
G Capital Limited. |
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The directors consider that the company is an integral part of the group structure and strategy of both |
Macob Westgate Limited and Mewslade Holdings Limited and have indicated that these companies |
will provide the necessary financial support to ensure that the company is a going concern for at least |
12 months from the date of signing of these financial statements. |
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After making enquiries and taking into account the factors noted above, the directors have concluded |
that the company will have access to adequate resources to continue in existence for the foreseeable |
future. Accordingly, they continue to adopt the going concern basis in preparing the financial |
statements. |
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3. | STOCKS |
2018 | 2017 |
£ | £ |
Land for sale and development |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
VAT |
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Prepayments and accrued income |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
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Amounts owed to shareholders |
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Amounts owed to related parties | 5,000 | 5,000 |
Accruals and deferred income |
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The balances owed to shareholders are interest-free and repayable on demand. |
WESTGATE PARK |
CARDIFF LIMITED (REGISTERED NUMBER: 03215930) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
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6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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We draw attention to note 2 of the financial statements concerning the company's ability to continue as |
a going concern, which indicates that the company incurred a loss in the year and had net liabilities as |
at 31 December 2018. These conditions indicate a material uncertainty that may cast doubt on the |
company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. |
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Brian Garland (Senior Statutory Auditor) |
for and on behalf of Gerald Thomas |
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7. | CONTINGENT LIABILITIES |
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The company has a contingent liability in respect of an overage agreement for which the amounts |
cannot be quantified at the date of signing the financial statements. |
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8. | ULTIMATE CONTROLLING PARTY |
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The company is under the joint control of Macob Westgate Limited and Mewslade Holdings Limited. |
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The parent company of Macob Westgate Limited is Valeleigh Limited, a company registered in |
England and Wales. |
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The parent company of Mewslade Holdings Limited is G Capital Limited, a company registered in |
England and Wales. |