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Westomatic Vending Services Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 September 2023

Registration number: 00873813

 

Westomatic Vending Services Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Westomatic Vending Services Limited

Balance Sheet

30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

513,439

530,592

Current assets

 

Stocks

5

577,544

530,509

Debtors

6

682,856

516,310

Cash at bank and in hand

 

236,597

222,802

 

1,496,997

1,269,621

Creditors: Amounts falling due within one year

7

(823,779)

(713,964)

Net current assets

 

673,218

555,657

Total assets less current liabilities

 

1,186,657

1,086,249

Creditors: Amounts falling due after more than one year

7

(1,450,000)

(1,510,000)

Provisions for liabilities

(26,406)

(30,527)

Net liabilities

 

(289,749)

(454,278)

Capital and reserves

 

Called up share capital

8

50,000

50,000

Other reserves

5,000

5,000

Profit and loss account

(344,749)

(509,278)

Shareholders' deficit

 

(289,749)

(454,278)

 

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:

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 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 Board on 16 November 2023 and signed on its behalf by:
 

.........................................
R J S Brinsley
Director

Company Registration Number: 00873813

 

Westomatic Vending Services Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 2023

1

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:
Unit 7-8
Forde Court
Forde Road
Newton Abbot
Devon
TQ12 4BT

These financial statements were authorised for issue by the Board on 16 November 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 '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

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.

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
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the net assets of the company.

 Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

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.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 32 (2022 - 30).

 

Westomatic Vending Services Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 2023

4

Tangible assets

Freehold land and buildings
£

Plant and machinery
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2022

608,354

343,510

6,750

958,614

Additions

-

18,283

-

18,283

Disposals

-

(219,343)

-

(219,343)

At 30 September 2023

608,354

142,450

6,750

757,554

Depreciation

At 1 October 2022

124,248

297,024

6,750

428,022

Charge for the year

12,168

23,268

-

35,436

Eliminated on disposal

-

(219,343)

-

(219,343)

At 30 September 2023

136,416

100,949

6,750

244,115

Carrying amount

At 30 September 2023

471,938

41,501

-

513,439

At 30 September 2022

484,106

46,486

-

530,592

5

Stocks

2023
£

2022
£

Raw materials

476,969

431,169

Work in progress

34,953

28,612

Finished goods

65,622

70,728

577,544

530,509

6

Debtors

2023
£

2022
£

Trade debtors

651,794

484,176

Prepayments

31,062

32,134

682,856

516,310

 

Westomatic Vending Services Limited

Notes to the Unaudited Financial Statements

Year Ended 30 September 2023

7

Creditors

Note

2023
 £

2022
 £

Due within one year

 

Trade creditors

 

492,627

432,158

Amounts due to parent company

 

46,071

46,071

Social security and other taxes

 

151,025

136,903

Director current account

10

75,000

60,000

Accrued expenses

 

59,056

38,832

 

823,779

713,964

Due after one year

 

Director loan

10

1,450,000

1,510,000

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

50,000

50,000

50,000

50,000

         

9

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 £51,268 (2022: £80,773).

10

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).

11

Parent and ultimate parent undertaking

The company's immediate parent is Brintor Group Limited, incorporated in England and Wales.

 The ultimate controlling party is R J S Brinsley.