REGISTERED NUMBER: |
WESTWIRE HARNESSING LIMITED |
REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31 MARCH 2023 |
REGISTERED NUMBER: |
WESTWIRE HARNESSING LIMITED |
REPORT OF THE DIRECTORS AND |
AUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED |
31 MARCH 2023 |
WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 | to | 3 |
Report of the Independent Auditors | 4 | to | 6 |
Statement of Income and Retained Earnings | 7 |
Statement of Financial Position | 8 |
Notes to the Financial Statements | 9 | to | 20 |
WESTWIRE HARNESSING LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditors |
43-45 Devizes Road |
SWINDON |
Wiltshire |
SN1 4BG |
BANKERS: |
5 High Street |
Old Town |
SWINDON |
Wiltshire |
SN1 3ED |
WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2023 |
The directors present their report with the financial statements of the company for the year ended 31 March 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of electrical harness assemblers. |
REVIEW OF BUSINESS |
Following acquisition of the business in September 2021 by SASMOS HET Technologies Ltd (hereinafter known as Sasmos) it was essential to align the business to a corporate operating process and prepare the business for growth. |
As such, the company has invested in infrastructure in support of manufacturing and improved efficiency, rebranded, sought new business opportunities and implemented operational changes to bring the company into the wider Sasmos group reporting and control systems. |
During the year, the company implemented the group wide ERP solution and migrated away from the previous accounting and job costing system which was no longer suitable for a business of this size and with the aspiration for growth the business holds. The scale of this task was significant but deemed a necessary step in order to set the foundations for growth and operation efficiency moving forward under the Sasmos group. |
As a result of this process, for a temporary period during this period of accounts, internal controls were not functioning as effectively as they are required. As such, we have been unable to provide the necessary evidence to enable our auditors to conclude upon whether these financial statements present a true and fair view. We are however satisfied as directors, that the accounts do indeed reflect a true and fair view and significant improvements have been made to the internal systems and controls following this period end which we expect to vastly improve the company's financial reporting, resilience, adaptability, efficiency and put it in a position to achieve its future growth plans. |
EVENTS SINCE THE END OF THE YEAR |
Information relating to events since the end of the year is given in the notes to the financial statements. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 MARCH 2023 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
AUDITORS |
The auditors, Morris Owen, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WESTWIRE HARNESSING LIMITED |
Disclaimer of opinion |
We were engaged to audit the financial statements of Westwire Harnessing Limited for the year which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
We do not express an opinion on the accompanying financial statements, because of the significance of the matter described in the Basis for Disclaimer of Opinion section in our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements. |
Basis for disclaimer of opinion |
During the reporting period the company migrated their accounting software to an integrated system common across all group companies. The process of migration and implementation lacked a sufficiently controlled approach and as such the records provided to support the figures for the financial statements proved both insufficient and adequate for the purpose. |
As of the date of our report, while management have made significant progress in rectifying the system deficiencies, we have been unable to obtain sufficient audit evidence to form an opinion. |
. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
Notwithstanding our disclaimer of an opinion on the financial statements, in our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the directors’ report has been prepared in accordance with applicable legal requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WESTWIRE HARNESSING LIMITED |
Matters on which we are required to report by exception |
Notwithstanding our disclaimer of an opinion on the financial statements, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit performed subject to the limitation described above, we have not identified material misstatements in the directors’ report. |
In our opinion proper books and records, in context of the Companies Act definition have not been maintained. |
Due to the difficulties surrounding the migration of the company accounting system as explained in our Basis for disclaimer of opinion above, the directors have not been able to provide us with all of the information and explanations we require for our audit. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made. |
- | the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
However, because of the matters described in the Basis of Disclaimer of Opinion section of our report, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
WESTWIRE HARNESSING LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors |
43-45 Devizes Road |
SWINDON |
Wiltshire |
SN1 4BG |
WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617) |
STATEMENT OF INCOME AND |
RETAINED EARNINGS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Year Ended | Period |
31.3.23 | 1.9.21 to 31.3.22 |
Notes | £ | £ | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Distribution costs |
Administrative expenses |
1,165,800 | 826,318 |
OPERATING PROFIT/(LOSS) | 5 | ( |
) |
Interest receivable and similar income |
17,120 | (421,697 | ) |
Interest payable and similar expenses | 6 |
PROFIT/(LOSS) BEFORE TAXATION | ( |
) |
Tax on profit/(loss) | 7 | ( |
) |
PROFIT/(LOSS) FOR THE FINANCIAL YEAR |
( |
) |
Retained earnings at beginning of year as previously reported |
1,240,065 |
1,863,943 |
Dividends | 8 | ( |
) | ( |
) |
Prior year adjustment - corrections of material errors |
- |
(24,710 |
) |
RETAINED EARNINGS AT END OF YEAR |
WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617) |
STATEMENT OF FINANCIAL POSITION |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
Tangible assets | 10 |
CURRENT ASSETS |
Stocks | 11 |
Debtors | 12 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 13 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
14 |
( |
) |
PROVISIONS FOR LIABILITIES | 18 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 19 |
Retained earnings | 20 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Westwire Harnessing Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address are as below: |
Registered number: 02142617 |
Registered office: 43-45 Devizes Road, Swindon, Wiltshire SN1 4BG |
Place of business: Unit 2 Headlands Trading Estate, Swindon, SN2 7JQ |
The presentation currency of the financial statements is the Pound Sterling (£) rounded to the nearest pound. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 3.17(d). |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Significant judgements and estimates |
In preparing these financial statements, the directors have made the following judgements: |
- | Determine the period of useful economic life and any residual value of all tangible fixed assets order to write off the value of each asset over that period. |
- | Determine an appropriate provision for bad and doubtful debts by assessing the recoverability of all balances on a balance by balance basis. |
- | Determine an appropriate provision for obsolete and slow moving stocks by assessing the net realisable value of all stock lines on a line by line basis. |
- | Determine an appropriate provision for dilapidations by assessing the probable future obligations expected to exist at the end of the property lease. |
- | Determine whether leases entered into by the company as a lessee are operating leases or finance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred from the lessor to the lessee on a lease by lease basis. |
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. |
WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Leasehold property | - |
Plant and machinery | - |
Fixtures, fittings & office equipment | - |
Motor vehicles | - |
Tangible fixed assets are stated historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost include expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. |
The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, if there is an indication of a significant change since the last reporting date. |
Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income. |
Stocks |
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Cost is calculated using the average cost method and includes all purchase, transport, handling costs in bringing stocks to their present location and condition. |
Work in progress is valued on the basis of direct costs plus attributable overhaeads based on normal levels of activity. Provision is made for any foreseeable losses where appropriate. |
Financial instruments |
Short term debtors are measured at transaction price less any impairment. Loans receivable are measured initially at fair value, net of transaction costs and are measured subsequently at amortised cost using the effective interest method, less any impairment. |
Short term trade creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 statement of financial position date. |
WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 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 statement of financial position 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 statement of financial position 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. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. | TURNOVER |
The turnover and profit (2022 - loss) before taxation are attributable to the one principal activity of the company. |
4. | EMPLOYEES AND DIRECTORS |
Period |
1.9.21 |
Year Ended | to |
31.3.23 | 31.3.22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
4. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees during the year was as follows: |
Period |
1.9.21 |
Year Ended | to |
31.3.23 | 31.3.22 |
Direct | 26 | 29 |
Admin | 10 | 4 |
Directors | 1 | 1 |
Period |
1.9.21 |
Year Ended | to |
31.3.23 | 31.3.22 |
£ | £ |
Directors' remuneration |
Directors' pension contributions to money purchase schemes |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes |
5. | OPERATING PROFIT/(LOSS) |
The operating profit (2022 - operating loss) is stated after charging: |
Period |
1.9.21 |
Year Ended | to |
31.3.23 | 31.3.22 |
£ | £ |
Hire of plant and machinery |
Depreciation - owned assets |
Depreciation - assets on hire purchase contracts |
Loss on disposal of fixed assets |
Website & computer software amortisation |
Auditors' remuneration |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1.9.21 |
Year Ended | to |
31.3.23 | 31.3.22 |
£ | £ |
Bank loan interest |
Bank charges |
Corporation tax interest payable | ( |
) |
PAYE interest payable |
Hire purchase |
WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
7. | TAXATION |
Analysis of the tax charge/(credit) |
The tax charge/(credit) on the profit for the year was as follows: |
Period |
1.9.21 |
Year Ended | to |
31.3.23 | 31.3.22 |
£ | £ |
Current tax: |
UK corporation tax | ( |
) |
Under/over provision | - | 495 |
Research and development tax credit | - | (26,175 | ) |
Total current tax | ( |
) |
Deferred tax |
Tax on profit/(loss) | ( |
) |
UK corporation tax has been charged at 19% (2022 - 19%). |
Reconciliation of total tax charge/(credit) included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
1.9.21 |
Year Ended | to |
31.3.23 | 31.3.22 |
£ | £ |
Profit/(loss) before tax | ( |
) |
Profit/(loss) multiplied by the standard rate of corporation tax in the UK of |
( |
) |
Effects of: |
Expenses not deductible for tax purposes |
Adjustments to tax charge in respect of previous periods | ( |
) |
Research and development tax credit | - | (26,175 | ) |
Super-deduction relief | (5,510 | ) | - |
Changes in expected future tax rates | 6,247 | - |
Total tax charge/(credit) | 281 | (81,891 | ) |
8. | DIVIDENDS |
Period |
1.9.21 |
Year Ended | to |
31.3.23 | 31.3.22 |
£ | £ |
Interim |
WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
9. | INTANGIBLE FIXED ASSETS |
Website & |
computer |
software |
£ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
AMORTISATION |
At 1 April 2022 |
Amortisation for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
10. | TANGIBLE FIXED ASSETS |
Fixtures, |
fittings |
Leasehold | Plant and | & office | Motor |
property | machinery | equipment | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
10. | TANGIBLE FIXED ASSETS - continued |
Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
Motor |
vehicles |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
11. | STOCKS |
2023 | 2022 |
£ | £ |
Raw materials |
Stock provision | (258,343 | ) | (251,502 | ) |
Work-in-progress |
Finished goods |
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by participating interests | 6,666 | - |
Other debtors |
Corporation tax recoverable |
Prepayments and accrued income |
WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts (see note 15) |
Other loans (see note 15) |
Hire purchase contracts (see note 16) |
Trade creditors |
Amounts owed to group undertakings |
Amounts owed to participating interests | - | 16,667 |
Corporation tax |
Social security and other taxes |
VAT | 109,202 | 43,922 |
Other creditors |
Accruals and deferred income |
Included in creditors is an amount of £4,074 (2022: £3,158) in relation to outstanding pension contributions. |
14. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Other loans (see note 15) |
Hire purchase contracts (see note 16) |
15. | LOANS |
An analysis of the maturity of loans is given below: |
2023 | 2022 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank loans |
Other loans |
Amounts falling due between one and two years: |
Other loans - 1-2 years | 50,000 |
Amounts falling due between two and five years: |
Other loans - 2-5 years |
WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase | contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
Non-cancellable | operating leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
17. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts | 25,534 | 8,602 |
The hire purchase liability is secured against the assets concerned. |
The bank loan is secured by way of a cross guarantee provided by the company's parent company, SASMOS HET Technologies Limited. |
The other loan is secured by way of a debenture dated 1 June 2022 creating a fixed charge over all present and future freehold, leasehold or commonhold property, goodwill, uncalled share capital, tangible fixed assets, intellectual property, book debts, investments bank balances and proceeds of any insurance claim, and a floating charge over any other property, assets or rights belonging to the company. |
18. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax |
Accelerated capital allowances | 61,672 | 45,529 |
Deferred tax losses | (15,862 | ) | - |
45,810 | 45,529 |
WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2023 | 2022 |
£ | £ |
Other provisions | 55,880 | 54,828 |
Aggregate amounts | 101,690 | 100,357 |
Deferred | Other |
tax | provisions |
£ | £ |
Balance at 1 April 2022 |
Accelerated capital allowances | 16,143 | - |
Losses | (15,862 | ) | - |
Balance at 31 March 2023 |
Other provisions relates to a dilapidation provision of £40,000 (2022:£40,000) and a warranty provision £15,880 (2022: £14,828). |
19. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 10,000 | 10,000 |
Ordinary shares - The shares have full voting rights and right to dividends. |
20. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2022 | 1,240,065 |
Profit for the year |
Dividends | ( |
) |
At 31 March 2023 |
21. | ULTIMATE PARENT COMPANY |
Sasmoss HET Technologies Limited (incorporated in India ) is regarded by the directors as being the company's ultimate parent company. |
The address from where the financial statements for the company can be found are: |
311 Npr Complex Survey No.197 Hoody Village |
Whitefield Road |
Bangalore |
India |
560048 |
The immediate parent company is SASMOS International BV, a company incorporated in Netherlands. |
WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
22. | CAPITAL COMMITMENTS |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements |
23. | RELATED PARTY DISCLOSURES |
During the year, the following transactions took place and balances existed at the period end with related parties: |
Sasmos International BV - Fellow subsidiary |
2023 | 2022 |
£ | £ |
Amount due to related party at 1 April 2022 | 9,612 | - |
Interest free loan received | - | 20,000 |
Expenses paid on behalf of group company | - | 10,388 |
Paid to related party | 9,612 | - |
Amount due to related party at 31 March 2023 | - | 9,612 |
Sasmos HET Technologies Ltd - Ultimate parent company |
2023 | 2022 |
£ | £ |
Amount due to related party at 1 April 2022 | 72,062 |
Subcontracted management services received | - | 72,062 |
Other goods and services received from related party | 59,731 |
Sale of goods ro related party | 18,964 |
Paid to related party | 115,500 |
Received from related party | 4,326 |
Amount due to related party at 31 March 2023 | 1,655 | 72,062 |
Hanuka Technologies Private Limited - Associate company |
2023 | 2022 |
£ | £ |
Amount due to related party at 1 April 2022 | 16,667 |
Subcontracted management services received | 30,000 | 16,667 |
Interest free loan received | 50,161 |
Paid to related party | 103,494 |
Amount due to related party at 31 March 2022 | 16,667 |
Amount due from related party at 31 March 2023 | 6,666 |
The company's key management personnel are considered to be the directors. |
24. | POST BALANCE SHEET EVENTS |
After the balance sheet date but before these financial statements were approved for issue, the following events too place: |
The company took out further loans totalling £650,000 as part of a short term revolving credit facility. In addition, the term of £150,000 of short term loans drawn in the year ended 31 March 2023 was extended under this facility. All amounts are repayable within 12 months subject to an automatic rollover at the end of the initial term, at the discretion of the lender under the terms of the facility. |
On 27 February 2024, one of the company's customers entered administration. At the point of entering administration, the company was owed £137,136 which related wholly to sales made post after 1 April 2023. While the directors are optimistic regarding the recovery of this balance from the administrators, it is unclear how much will be recovered. |
WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
25. | ULTIMATE CONTROLLING PARTY |
The ultimate controlling party is Mr Chandrashekar Hosa Agrahara Govindarao. |