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 2021 |
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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 2021 |
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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 2021 |
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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 2021 |
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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 2021 |
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2021 | 2020 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks | 4 |
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Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS/(LIABILITIES) |
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( |
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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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( |
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SHAREHOLDERS' FUNDS |
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( |
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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 and authorised for issue on
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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 2021 |
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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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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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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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Turnover |
Turnover relates to income from property development activities, excluding value added tax. |
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The profit on the sale of property developments is recognised when there is an unconditional agreement to sell. |
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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. |
WESTGATE PARK |
CARDIFF LIMITED (REGISTERED NUMBER: 03215930) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2021 |
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2. | ACCOUNTING POLICIES - continued |
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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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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 profit for the year and has net assets at the statement of financial position date. The company is reliant on the continued support of its related parties, namely Macob Westgate Limited and G Securities 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 G Securities 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. The directors have assessed the risks facing the business from Covid-19 and implemented reasonable measures to address these risks. Although the situation remains uncertain, in the opinion of the directors the challenges presented by Covid-19 will not adversely affect the ability of the company to continue trading for the foreseeable future. |
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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. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2020 - NIL). |
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4. | STOCKS |
2021 | 2020 |
£ | £ |
Land for sale and development |
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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 2021 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade debtors |
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Prepayments and accrued income |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2021 | 2020 |
£ | £ |
Trade creditors |
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Amounts owed to shareholders |
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Amounts owed to related parties | - | 5,000 |
Corporation tax payable |
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VAT | 799,583 | 3,884 |
Accruals and deferred income |
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The balances owed to shareholders are interest-free and repayable on demand. |
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7. | 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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for and on behalf of
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8. | 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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9. | ULTIMATE CONTROLLING PARTY |
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The company is under the joint control of Macob Westgate Limited and G Securities Limited. |
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The parent company of Macob Westgate Limited is Macob Commercial Limited, a company registered in England and Wales. The parent company of G Securities Limited is G Capital Limited, a company registered in England and Wales. |