Westcot Limited 06989178 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is light engineering Digita Accounts Production Advanced 6.30.9574.0 true 06989178 2023-01-01 2023-12-31 06989178 2023-12-31 06989178 core:CurrentFinancialInstruments 2023-12-31 06989178 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 06989178 core:Non-currentFinancialInstruments 2023-12-31 06989178 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 06989178 core:FurnitureFittings 2023-12-31 06989178 core:MotorVehicles 2023-12-31 06989178 core:OfficeEquipment 2023-12-31 06989178 core:PlantMachinery 2023-12-31 06989178 bus:SmallEntities 2023-01-01 2023-12-31 06989178 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 06989178 bus:FullAccounts 2023-01-01 2023-12-31 06989178 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 06989178 bus:RegisteredOffice 2023-01-01 2023-12-31 06989178 bus:CompanySecretaryDirector2 2023-01-01 2023-12-31 06989178 bus:Director1 2023-01-01 2023-12-31 06989178 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 06989178 core:FurnitureFittings 2023-01-01 2023-12-31 06989178 core:MotorVehicles 2023-01-01 2023-12-31 06989178 core:OfficeEquipment 2023-01-01 2023-12-31 06989178 core:PlantMachinery 2023-01-01 2023-12-31 06989178 countries:EnglandWales 2023-01-01 2023-12-31 06989178 2022-12-31 06989178 core:FurnitureFittings 2022-12-31 06989178 core:MotorVehicles 2022-12-31 06989178 core:OfficeEquipment 2022-12-31 06989178 core:PlantMachinery 2022-12-31 06989178 2022-01-01 2022-12-31 06989178 2022-12-31 06989178 core:CurrentFinancialInstruments 2022-12-31 06989178 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 06989178 core:Non-currentFinancialInstruments 2022-12-31 06989178 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 06989178 core:FurnitureFittings 2022-12-31 06989178 core:MotorVehicles 2022-12-31 06989178 core:OfficeEquipment 2022-12-31 06989178 core:PlantMachinery 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 06989178

Westcot Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Westcot Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Westcot Limited

(Registration number: 06989178)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

6,900

3,662

Current assets

 

Stocks

6,251

14,542

Debtors

5

13,677

2,827

Cash at bank and in hand

 

55,703

70,994

 

75,631

88,363

Creditors: Amounts falling due within one year

6

(41,262)

(20,844)

Net current assets

 

34,369

67,519

Total assets less current liabilities

 

41,269

71,181

Creditors: Amounts falling due after more than one year

6

-

(12,654)

Provisions for liabilities

(1,725)

(732)

Net assets

 

39,544

57,795

Capital and reserves

 

Called up share capital

100

100

Retained earnings

39,444

57,695

Shareholders' funds

 

39,544

57,795

 

Westcot Limited

(Registration number: 06989178)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 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 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 3 April 2024 and signed on its behalf by:
 

.........................................
Mr I R F Brown
Director

.........................................
Mrs A J Brown
Company secretary and director

 

Westcot Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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:
31 a Charnham Street
Hungerford
Berkshire
RG17 0EJ
United Kingdom

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.

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.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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:

 

Westcot Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Asset class

Depreciation method and rate

Plant and machinery

25% Reducing Balance

Motor vehicles

25% Reducing Balance

Office equipment

25% Reducing Balance

Fixtures and fittings

25% Reducing Balance

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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

 

Westcot Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

1,186

49,186

1,639

3,400

55,411

Additions

-

4,968

736

-

5,704

Disposals

-

(1,750)

(541)

-

(2,291)

At 31 December 2023

1,186

52,404

1,834

3,400

58,824

Depreciation

At 1 January 2023

1,029

45,926

1,475

3,319

51,749

Charge for the year

39

2,046

194

20

2,299

Eliminated on disposal

-

(1,679)

(445)

-

(2,124)

At 31 December 2023

1,068

46,293

1,224

3,339

51,924

Carrying amount

At 31 December 2023

118

6,111

610

61

6,900

At 31 December 2022

157

3,260

164

81

3,662

5

Debtors

Current

2023
£

2022
£

Trade debtors

4,650

1,172

Prepayments

1,915

1,655

Other debtors

7,112

-

 

13,677

2,827

 

Westcot Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

10,730

1,062

Taxation and social security

15,427

8,240

Other creditors

15,105

11,542

41,262

20,844

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

-

12,654

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

-

12,654

8

Related party transactions

Other transactions with directors

As at 31 December 2023 the company owed the directors £12,796 (2022: £22,654).