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REGISTERED NUMBER: 08874109 (England and Wales)








Unaudited Financial Statements

for the Year Ended 31 December 2022

for

Westford Trade Services (UK) Ltd

Westford Trade Services (UK) Ltd (Registered number: 08874109)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Westford Trade Services (UK) Ltd

Company Information
for the Year Ended 31 December 2022







DIRECTOR: Ms H Elmener





SECRETARY: AR Mushens





REGISTERED OFFICE: St Lawrence Lodge
37 Chamberlain Street
Wells
Somerset
BA5 2PQ





REGISTERED NUMBER: 08874109 (England and Wales)





ACCOUNTANTS: Probusiness Ltd
St Lawrence Lodge
37 Chamberlain Street
Wells
Somerset
BA5 2PQ

Westford Trade Services (UK) Ltd (Registered number: 08874109)

Balance Sheet
31 December 2022

31.12.22 31.12.21
Notes £    £   
CURRENT ASSETS
Debtors 4 612,081 -
Cash at bank 1,717 1,755
613,798 1,755
CREDITORS
Amounts falling due within one year 5 (7,968,075 ) (8,121,681 )
NET CURRENT LIABILITIES (7,354,277 ) (8,119,926 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(7,354,277

)

(8,119,926

)

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (7,354,278 ) (8,119,927 )
SHAREHOLDERS' FUNDS (7,354,277 ) (8,119,926 )

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

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

The director acknowledges her 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.

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 director and authorised for issue on 30 September 2023 and were signed by:



Ms H Elmener - Director


Westford Trade Services (UK) Ltd (Registered number: 08874109)

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

1. STATUTORY INFORMATION

Westford Trade Services (UK) Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The principal accounting policies applied in the preparation of these financial statements have been consistently applied to all the years presented unless otherwise stated. These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
Following the insolvency of a customer the company has been unable to recover amounts due to it and has therefore been unable to meet its financial obligations and has ceased trading. Althoug efforts continue to be made to recover the amount owed there is no realistic likelihood of it being able to meet its liabilities in the short term and therefore the director does not consider the going concern basis to be appropriate. The accounts have therefore been prepared on the basis of net realisable value.

Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of goods and services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when all of the following conditions are satisfied:
- the amount of revenue can be reliably measured;
- all of the significant risks and rewards of ownership have been transferred to the customer;
- the entity retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
- the costs incurred or to be incurred in respect of the transaction can be measured reliably;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the company's activities.

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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Financial instruments are assessed for impairment at the end of each reporting period.


Westford Trade Services (UK) Ltd (Registered number: 08874109)

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

2. ACCOUNTING POLICIES - continued
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.

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.

Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business. Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Westford Trade Services (UK) Ltd (Registered number: 08874109)

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

2. ACCOUNTING POLICIES - continued

Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Trade debtors 124,572 -
Amounts owed by group undertakings 1,279 -
Other debtors 486,230 -
612,081 -

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Bank borrowings 7,093,793 6,353,206
Trade creditors 8,372 7,595
Amounts owed to group undertakings 570,508 1,465,693
Other creditors 295,402 295,187
7,968,075 8,121,681

6. SECURED DEBTS

The following secured debts are included within creditors:

31.12.22 31.12.21
£    £   
Bank overdrafts 7,093,793 6,353,206

Bank borrowings are secured by fixed and floating charges over the assets of the company and by the assignment of rights under trade contracts.

Westford Trade Services (UK) Ltd (Registered number: 08874109)

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

7. RELATED PARTY DISCLOSURES

The company's ultimate parent company is Westford Ltd (incorporated in Hong Kong). Its registered office is at Flat/Rm 01, 11/F, Lucky Commercial Centre, 103 Des Voeux Road West, Hong Kong.

During the year the company received repayments from and made advances to a group company and the balance owing to that company at 31 December 2022 was £392,660 (2021: £337,101).

Also during the year the company continued to receive an interest free loan from a group company and the amount due on this loan at 31 December 2022 was £141,346 (2021: £1,099,595).

During the year the company received payments from and made repayments to another group company and the amount due on this loan at 31 December 2022 was £36,503 (2021: £28,997).

During the year the company made payments on behalf of another group company and the balance owing to the company at 31 December 2022 was £1,279 (2021 - £Nil).