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REGISTERED NUMBER: 04101382 (England and Wales)
















Financial Statements for the Year Ended 31 March 2022

for

Western Commodities Limited

Western Commodities Limited (Registered number: 04101382)






Contents of the Financial Statements
for the Year Ended 31 March 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Western Commodities Limited

Company Information
for the Year Ended 31 March 2022







DIRECTORS: R A Stoker
P Collier





REGISTERED OFFICE: Unit 13
South View Estate
Willand
Cullompton
Devon
EX15 2QW





REGISTERED NUMBER: 04101382 (England and Wales)





ACCOUNTANTS: Plunkett Yates Limited
7 Southernhay West
Exeter
Devon
EX1 1JG

Western Commodities Limited (Registered number: 04101382)

Balance Sheet
31 March 2022

31.3.22 31.3.21
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 23,101 46,201
Tangible assets 5 892,891 923,323
915,992 969,524

CURRENT ASSETS
Stocks 1,296,308 1,119,967
Debtors 6 1,931,231 1,396,710
Cash at bank and in hand 60,465 27,146
3,288,004 2,543,823
CREDITORS
Amounts falling due within one year 7 1,559,463 1,017,663
NET CURRENT ASSETS 1,728,541 1,526,160
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,644,533

2,495,684

CREDITORS
Amounts falling due after more than one
year

8

(451,261

)

(439,578

)

PROVISIONS FOR LIABILITIES (133,208 ) (137,471 )
NET ASSETS 2,060,064 1,918,635

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 2,060,063 1,918,634
SHAREHOLDERS' FUNDS 2,060,064 1,918,635

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)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.

Western Commodities Limited (Registered number: 04101382)

Balance Sheet - continued
31 March 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 September 2022 and were signed on its behalf by:





P Collier - Director


Western Commodities Limited (Registered number: 04101382)

Notes to the Financial Statements
for the Year Ended 31 March 2022

1. STATUTORY INFORMATION

Western Commodities Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
During 2018 the director elected to change the depreciation rate for plant and machinery. The rate of depreciation has been increased from that in 2017 to more accurately reflect the value and useful life of the assets owned.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the purchase of one business in 2009 and a further hive-up of a business in 2011 is being amortised over its remaining useful life of 10 years on each respective transaction (previously 5 years).

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 10% on cost
Plant and machinery - at varying rates on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Current or deferred taxation assets and liabilities are not discounted.

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 balance sheet date.


Western Commodities Limited (Registered number: 04101382)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Assets held under finance lease, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are hire purchase contracts, are capitalised in the balance sheet and are depreciated over their useful economic lives. The capital elements of future obligations under the leases and hire purchase contracts are included as liabilities in the balance sheet.

The interest elements of the rental obligations are charged in the profit and loss account over the periods of the leases and hire purchase contracts and represent a constant proportion of the balance of capital repayments outstanding.

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the term.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2021 - 31 ) .

Western Commodities Limited (Registered number: 04101382)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2021
and 31 March 2022 682,775
AMORTISATION
At 1 April 2021 636,574
Charge for year 23,100
At 31 March 2022 659,674
NET BOOK VALUE
At 31 March 2022 23,101
At 31 March 2021 46,201

5. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and Motor
leasehold machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 April 2021 328,532 1,809,754 104,553 18,500 2,261,339
Additions 26,968 129,949 10,691 - 167,608
At 31 March 2022 355,500 1,939,703 115,244 18,500 2,428,947
DEPRECIATION
At 1 April 2021 254,974 997,164 67,378 18,500 1,338,016
Charge for year 13,051 174,229 10,760 - 198,040
At 31 March 2022 268,025 1,171,393 78,138 18,500 1,536,056
NET BOOK VALUE
At 31 March 2022 87,475 768,310 37,106 - 892,891
At 31 March 2021 73,558 812,590 37,175 - 923,323

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Trade debtors 1,003,799 1,102,864
Other debtors 927,432 293,846
1,931,231 1,396,710

Western Commodities Limited (Registered number: 04101382)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2022

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Bank loans and overdrafts 773,352 416,733
Hire purchase contracts 68,862 15,185
Trade creditors 502,655 419,354
Taxation and social security 44,222 20,487
Other creditors 170,372 145,904
1,559,463 1,017,663

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.22 31.3.21
£    £   
Bank loans 337,500 428,810
Hire purchase contracts 113,761 10,768
451,261 439,578

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 71,134

9. SECURED DEBTS

The following secured debts are included within creditors:

31.3.22 31.3.21
£    £   
Bank loans 1,110,852 845,543

The bank loans and overdrafts are secured against assets of the group and company.

10. OTHER FINANCIAL COMMITMENTS

At the balance sheet date the company had commitments to operating leases totalling £12,322.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in other debtors is a loan to the director amounting to £236,483 (2021: Nil). Interest is charged at a rate of 2%. The loan will be fully repaid by 30 September 2022.

12. RELATED PARTY DISCLOSURES

Included in other debtors is an amount of £640,391 (2021: £268,793) due from companies under common control of the director.The loans are interest free and repayable on demand.