REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
FOR |
WEST TECHNOLOGY SYSTEMS LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
FOR |
WEST TECHNOLOGY SYSTEMS LIMITED |
WEST TECHNOLOGY SYSTEMS LIMITED (REGISTERED NUMBER: 02823838) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
WEST TECHNOLOGY SYSTEMS LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Boyce's Building |
Regent Street |
Clifton |
Bristol |
BS8 4HU |
WEST TECHNOLOGY SYSTEMS LIMITED (REGISTERED NUMBER: 02823838) |
BALANCE SHEET |
30 SEPTEMBER 2023 |
30.9.23 | 30.9.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 11 |
Share premium |
Revaluation reserve | 12 |
Capital redemption reserve |
Retained earnings |
SHAREHOLDERS' FUNDS |
WEST TECHNOLOGY SYSTEMS LIMITED (REGISTERED NUMBER: 02823838) |
BALANCE SHEET - continued |
30 SEPTEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
WEST TECHNOLOGY SYSTEMS LIMITED (REGISTERED NUMBER: 02823838) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
1. | STATUTORY INFORMATION |
West Technology Systems Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Improvements to property | - |
Plant and machinery | - |
Motor vehicles | - |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Stocks |
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Work in progress is valued at the selling price of work completed but not invoiced at the year end. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
WEST TECHNOLOGY SYSTEMS LIMITED (REGISTERED NUMBER: 02823838) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 October 2022 |
and 30 September 2023 |
AMORTISATION |
At 1 October 2022 |
Charge for year |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
WEST TECHNOLOGY SYSTEMS LIMITED (REGISTERED NUMBER: 02823838) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
5. | TANGIBLE FIXED ASSETS |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1 October 2022 |
Additions |
Disposals | ( |
) |
Revaluations |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 October 2022 |
Additions |
Disposals | ( |
) | ( |
) |
Revaluations |
At 30 September 2023 |
DEPRECIATION |
At 1 October 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 30 September 2023 |
NET BOOK VALUE |
At 30 September 2023 |
At 30 September 2022 |
WEST TECHNOLOGY SYSTEMS LIMITED (REGISTERED NUMBER: 02823838) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
5. | TANGIBLE FIXED ASSETS - continued |
Cost or valuation at 30 September 2023 is represented by: |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
Valuation in 2016 | 462,657 | - | 462,657 |
Valuation in 2021 | 100,000 | - | 100,000 |
Valuation in 2023 | 150,000 | - | 150,000 |
Cost | 1,037,343 | 515,082 | 1,552,425 |
1,750,000 | 515,082 | 2,265,082 |
Freehold land and buildings were valued on a fair value basis on 10 March 2023 by Andrew Forbes Chartered Surveyors . |
The directors feel that this valuation is still an accurate representation as at 30 September 2023. |
6. | FIXED ASSET INVESTMENTS |
Included in the cost of fixed asset investments above is the cost of an investment in a company incorporated in the State of Indiana, USA, which is a wholly-owned subsidiary of West Technology Systems Limited. |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
WEST TECHNOLOGY SYSTEMS LIMITED (REGISTERED NUMBER: 02823838) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.9.23 | 30.9.22 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 354,851 | 386,409 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.9.23 | 30.9.22 |
£ | £ |
Bank loans |
The bank loans and overdraft provided by Lloyds Bank plc is secured by a fixed and floating rate charge over the company assets. The bank also have a first legal charge over the property at Armstrong Way, Yate. Further detail can be found at Companies House. |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.9.23 | 30.9.22 |
value: | £ | £ |
Ordinary 'A' Shares | £1 | 2,000 | 2,000 |
Ordinary 'B' Shares | £1 | 400 | 400 |
2,400 | 2,400 |
12. | RESERVES |
Revaluatio |
reserve |
£ |
At 1 October 2022 |
Freehold property revaluation | 150,000 |
At 30 September 2023 |
WEST TECHNOLOGY SYSTEMS LIMITED (REGISTERED NUMBER: 02823838) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2023 |
13. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
14. | RELATED PARTY DISCLOSURES |
The company maintains an interest free loan account with its directors. At the year end, the company owed the director £nil (2022: £20,350). |
At the balance sheet date the company was owed £91,019 (2022: £209,257) by West Technology Forensics Inc., a group company. During the year, the company made total sales of £867,089 to this company. |
15. | ULTIMATE CONTROLLING PARTY |
The directors have control of the company. |
16. | PENSION COMMITMENTS |
The company makes contributions to the West Technology Systems Limited Retirement Benefits Scheme, a defined contribution scheme for the directors. The assets of the scheme are being held separately from the assets of the company. The company's liability is limited to the amount of the contribution. The pension charge represents contributions paid by the company and amounts to £59,218 (2022: £49,218). |
For employees, the company operates a separate defined contribution scheme. Included in the balance sheet is £6,793 (2022: £3,065) relating to employee and employer pension contributions payable under this scheme. |