Year Ended
Registration number:
Westomatic Vending Services Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Westomatic Vending Services Limited
Balance Sheet
30 September 2023
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2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Other reserves |
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Profit and loss account |
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Shareholders' deficit |
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Westomatic Vending Services Limited
Balance Sheet
30 September 2023
For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 00873813
Westomatic Vending Services Limited
Notes to the Unaudited Financial Statements
Year Ended 30 September 2023
General information |
The company is a private company limited by share capital, incorporated in England.
The address of its registered office and principal place of business is:
These financial statements were authorised for issue by the
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 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' including Section 1A and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention.
The presentational currency of Westomatic Vending Services Limited is considered to be pounds sterling because this is the currency of the primary economic environment in which the company operates.
Going concern
The company has net liabilities as at 30 September 2023 of £289,749 (2022: £454,278).
The company has prepared forecasts through to September 2024 which indicate that it will continue to be dependent on the financial support of RJS Brinsley, director. He has agreed not to recall the amounts due to him (which stood at £1.525 million as at 30 September 2023) in preference to third party creditors for a period of at least 12 months from the date of approval of these financial statements. In addition, the company does not have an agreed overdraft facility. Should such facilities be required, they will be made available to the company either by securing borrowings on the company's assets or from personal resources. Consequently, the financial statements have been prepared on a going concern basis.
Revenue recognition
Revenue 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. Revenue is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company. Revenue is recognised on despatch or when the service has been provided.
Westomatic Vending Services Limited
Notes to the Unaudited Financial Statements
Year Ended 30 September 2023
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
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.
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 |
Freehold Property |
2% on cost |
Plant & Machinery |
10% to 33.3% straight line |
Motor vehicles |
33.3% straight line |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Westomatic Vending Services Limited
Notes to the Unaudited Financial Statements
Year Ended 30 September 2023
Pensions
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Recognition and measurement
The company holds the following financial instruments:
• Short term trade and other debtors and creditors including directors' loans; and
• Cash and bank balances.
All financial instruments are classified as basic.
All financial instruments of the company are considered to be basic financial instruments. Such instruments are initially recorded at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments. Directors' loans are not discounted on the grounds of materiality.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Westomatic Vending Services Limited
Notes to the Unaudited Financial Statements
Year Ended 30 September 2023
Tangible assets |
Freehold land and buildings |
Plant and machinery |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 October 2022 |
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Additions |
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Disposals |
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At 30 September 2023 |
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Depreciation |
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At 1 October 2022 |
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Charge for the year |
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- |
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Eliminated on disposal |
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- |
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At 30 September 2023 |
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Carrying amount |
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At 30 September 2023 |
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- |
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At 30 September 2022 |
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Stocks |
2023 |
2022 |
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Raw materials |
476,969 |
431,169 |
Work in progress |
34,953 |
28,612 |
Finished goods |
65,622 |
70,728 |
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Debtors |
2023 |
2022 |
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Trade debtors |
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Prepayments |
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Westomatic Vending Services Limited
Notes to the Unaudited Financial Statements
Year Ended 30 September 2023
Creditors |
Note |
2023 |
2022 |
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Due within one year |
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Trade creditors |
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Amounts due to parent company |
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Social security and other taxes |
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Director current account |
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Accrued expenses |
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Due after one year |
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Director loan |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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50,000 |
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50,000 |
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Transactions with directors |
During the year the company repaid funds to R J S Brinsley. Interest of £3,873 (2022: £3,962) was charged to the company on the balance owed during the year. At the balance sheet date, the amount due to R J S Brinsley was £1,525,000 (2022: £1,570,000).
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is