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Registration number: 11521776

Weston Analytics Limited

Financial Statements

for the Year Ended 31 March 2023

 

Weston Analytics Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Weston Analytics Limited

Company Information

Directors

C H Peach

P A Munnelly

P D Munnelly

P J Clifford-Brown

H Morris

G H Peacock

Registered office

Munnelly House
84-88 Pinner Road
Harrow
Middlesex
HA1 4LP

Auditors

Landmark Audit Limited
Chartered Accountants
Statutory Auditors
Leavesden Park
5 Hercules Way
Watford
Hertfordshire
WD25 7GS

 

Weston Analytics Limited

(Registration number: 11521776)
Balance Sheet as at 31 March 2023

Note

2023

2022

   

£ 000

£ 000

£ 000

£ 000

Fixed assets

   

 

Intangible assets

4

 

445

 

402

Tangible assets

5

 

2

 

2

   

447

 

404

Current assets

   

 

Debtors

6

153

 

107

 

Cash at bank and in hand

 

64

 

53

 

 

217

 

160

 

Creditors: Amounts falling due within one year

7

(351)

 

(365)

 

Net current liabilities

   

(134)

 

(205)

Net assets

   

313

 

199

Capital and reserves

   

 

Profit and loss account

313

 

199

 

Total equity

   

313

 

199

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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 November 2023 and signed on its behalf by:
 

.........................................
P A Munnelly
Director

 

Weston Analytics Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
Munnelly House
84-88 Pinner Road
Harrow
Middlesex
HA1 4LP
England

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.

These financial statements have been prepared in £ Sterling and are rounded to the nearest £'000.

Summary of disclosure exemptions

The company has taken advantage of the exemption under FRS 102 Section 1A not to disclose transactions with 100% wholly owned subsidiaries within the same group.

Audit report

The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 22 November 2023 was Philip Cole FCA, who signed for and on behalf of Landmark Audit Limited.

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.

Government grants

Government grants are recognised where there is a reasonable assurance that the grant will be received and the entity will comply with the conditions attached to them.

 

Weston Analytics Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

Tax

The tax expense for the period comprises current 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 income 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

Plant and machinery

Straight line method over 3 years

Office equipment

Straight line method over 3 years

Development costs

Research expenditure is accounted for as revenue expenditure and therefore expensed as incurred. Where development expenditure can be measured reliably and the directors are satisfied that the asset being developed will bring an economic benefit to the company, the expenditure will be capitalised as an intangible asset and amortised over its useful life.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Internally generated software development costs

Straight line method over 5 years

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.

 

Weston Analytics Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

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 instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.
 Recognition and measurement
Basic financial instruments are recognised at amortised cost.
 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 14).

 

Weston Analytics Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Internally generated software development costs
 £ 000

Total
£ 000

Cost or valuation

At 1 April 2022

515

515

Additions acquired separately

165

165

At 31 March 2023

680

680

Amortisation

At 1 April 2022

113

113

Amortisation charge

122

122

At 31 March 2023

235

235

Carrying amount

At 31 March 2023

445

445

At 31 March 2022

402

402

5

Tangible assets

Plant and machinery
£ 000

Office equipment
£ 000

Total
£ 000

Cost or valuation

At 1 April 2022

1

2

3

Additions

-

1

1

At 31 March 2023

1

3

4

Depreciation

At 1 April 2022

-

1

1

Charge for the year

1

-

1

At 31 March 2023

1

1

2

Carrying amount

At 31 March 2023

-

2

2

At 31 March 2022

1

1

2

 

Weston Analytics Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

6

Debtors

Current

2023
£ 000

2022
£ 000

Trade debtors

31

19

Amounts owed by related parties

108

63

Prepayments

14

24

Other debtors

-

1

 

153

107

7

Creditors

2023
£ 000

2022
£ 000

Due within one year

Trade creditors

42

45

Amounts owed to group undertakings and undertakings in which the company has a participating interest

165

163

Taxation and social security

93

141

Other creditors

51

16

351

365

8

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

Included in the balance sheet are pensions of £1,000 (2022 - £Nil).

9

Parent and ultimate parent undertaking

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

 

The parent of the smallest group in which these financial statements are consolidated is Munnelly Group Limited.

The address of Munnelly Group Limited is:
Munnelly House
84-88 Pinner Road
Harrow
HA1 4LP