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Registration number: 11696992

Westwin Technologies Co Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2022

 

Westwin Technologies Co Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Westwin Technologies Co Ltd

Company Information

Directors

Mr Liu Zhenyu

Mr J R Simpson

Registered office

277 - 279 Chiswick High Road
London
W4 4PU

Accountants

Flintham Mackenzie Limited
Chartered Accountants
277 - 279 Chiswick High Road
London
W4 4PU

 

Westwin Technologies Co Ltd

(Registration number: 11696992)
Balance Sheet as at 30 November 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

405

-

Current assets

 

Debtors

5

25

3,988

Cash at bank and in hand

 

144,168

286,498

 

144,193

290,486

Creditors: Amounts falling due within one year

6

(6,709)

(138,598)

Net current assets

 

137,484

151,888

Total assets less current liabilities

 

137,889

151,888

Creditors: Amounts falling due after more than one year

6

(199,988)

(199,988)

Net liabilities

 

(62,099)

(48,100)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(62,199)

(48,200)

Shareholders' deficit

 

(62,099)

(48,100)

For the financial year ending 30 November 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 13 October 2023 and signed on its behalf by:
 

.........................................
Mr Liu Zhenyu
Director

 

Westwin Technologies Co Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
277 - 279 Chiswick High Road
London
W4 4PU

These financial statements were authorised for issue by the Board on 13 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

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

The company recognises revenue when:
The amount of revenue can be reliably measured;
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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Westwin Technologies Co Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

33% Straight line

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.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2021 - 2).

 

Westwin Technologies Co Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

Additions

608

608

At 30 November 2022

608

608

Depreciation

Charge for the year

203

203

At 30 November 2022

203

203

Carrying amount

At 30 November 2022

405

405

5

Debtors

Current

2022
£

2021
£

Prepayments

-

1,488

Other debtors

25

2,500

6

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

210

132,933

Taxation and social security

1,540

3,638

Accruals and deferred income

1,500

1,800

Other creditors

3,459

227

6,709

138,598

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

7

199,988

199,988

 

Westwin Technologies Co Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

7

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Other borrowings

199,988

199,988