Registered number
06081422
Westfield Group UK Limited
Filleted Accounts
30 June 2023
Westfield Group UK Limited
Registered number: 06081422
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 241,575 213,987
Current assets
Stocks 15,558 17,167
Debtors 5 335,351 397,897
Cash at bank and in hand 42,311 101,847
393,220 516,911
Creditors: amounts falling due within one year 6 (342,626) (456,615)
Net current assets 50,594 60,296
Total assets less current liabilities 292,169 274,283
Creditors: amounts falling due after more than one year 7 (140,691) (149,911)
Provisions for liabilities (41,606) (35,660)
Net assets 109,872 88,712
Capital and reserves
Called up share capital 100 100
Profit and loss account 109,772 88,612
Shareholder's funds 109,872 88,712
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Nick Paglia
Director
Approved by the board on 4 August 2023
Westfield Group UK Limited
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 4 years
Motor vehicles over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 18 19
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2022 8,000
Disposals (8,000)
At 30 June 2023 -
Amortisation
At 1 July 2022 8,000
On disposals (8,000)
At 30 June 2023 -
Net book value
At 30 June 2023 -
Goodwill was written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2022 137,316 255,798 393,114
Additions 66,003 73,240 139,243
Disposals (55,028) (24,794) (79,822)
At 30 June 2023 148,291 304,244 452,535
Depreciation
At 1 July 2022 88,171 90,956 179,127
Charge for the year 26,681 70,119 96,800
On disposals (43,272) (21,695) (64,967)
At 30 June 2023 71,580 139,380 210,960
Net book value
At 30 June 2023 76,711 164,864 241,575
At 30 June 2022 49,145 164,842 213,987
5 Debtors 2023 2022
£ £
Trade debtors 190,949 293,122
Other debtors 144,402 104,775
335,351 397,897
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 116,975 192,557
Obligations under finance lease and hire purchase contracts 62,173 53,433
Trade creditors 127,009 176,343
Taxation and social security costs 9,557 21,937
Other creditors 26,912 12,345
342,626 456,615
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 19,167 29,167
Obligations under finance lease and hire purchase contracts 121,524 120,744
140,691 149,911
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 56,225 4,952
9 Other information
Westfield Group UK Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 1 Ash Hill Common
Bunny Lane
Sherfield English
Romsey
SO51 6FU
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