Registered number: 02788789 | ||||||||
FOR THE YEAR ENDED 30/09/2023 | ||||||||
Prepared By: | ||||||||
DBR Accounts Limited | ||||||||
1 Station Court | ||||||||
Station Approach | ||||||||
Wickford | ||||||||
Essex | ||||||||
SS11 7AT |
Westwood Contracts Ltd | ||||||||
ACCOUNTS | ||||||||
FOR THE YEAR ENDED 30/09/2023 | ||||||||
DIRECTORS | ||||||||
REGISTERED OFFICE | ||||||||
West Berkshire | ||||||||
COMPANY DETAILS | ||||||||
Private company limited by shares registered in EW - England and Wales, registered number 02788789 | ||||||||
ACCOUNTANTS | ||||||||
DBR Accounts Limited | ||||||||
1 Station Court | ||||||||
Station Approach | ||||||||
Wickford | ||||||||
Essex | ||||||||
SS11 7AT |
Westwood Contracts Ltd | ||||||||
ACCOUNTS | ||||||||
FOR THEYEARENDED30/09/2023 | ||||||||
CONTENTS | ||||||||
Page | ||||||||
Directors' Report | - | |||||||
Accountants' Report | - | |||||||
Statement Of Comprehensive Income | - | |||||||
Balance Sheet | 3 | |||||||
Notes To The Accounts | 5 | |||||||
The following do not form part of the statutory financial statements: | ||||||||
Trading And Profit And Loss Account | - | |||||||
Profit And Loss Account Summaries | - |
Westwood Contracts Ltd | ||||||||
BALANCE SHEET AT | ||||||||||
2023 | 2022 | |||||||||
Notes | £ | £ | ||||||||
FIXED ASSETS | ||||||||||
Tangible assets | 2 | |||||||||
CURRENT ASSETS | ||||||||||
Stock | ||||||||||
Debtors | 5 | |||||||||
Cash at bank and in hand | ||||||||||
154,695 | 195,627 | |||||||||
CREDITORS: Amounts falling due within one year | 6 | |||||||||
NET CURRENT ASSETS | 112,937 | |||||||||
TOTAL ASSETS LESS CURRENT LIABILITIES | ||||||||||
CREDITORS: Amounts falling due after more than one year | 7 | 56,857 | 71,764 | |||||||
NET ASSETS | ||||||||||
CAPITAL AND RESERVES | ||||||||||
Called up share capital | 9 | |||||||||
Share premium account | 10 | |||||||||
Revaluation reserve | 1e,11 | 3,760 | 3,760 | |||||||
Capital redemption reserve | 12 | |||||||||
Profit and loss account | 247,840 | 261,473 | ||||||||
SHAREHOLDERS' FUNDS | ||||||||||
Westwood Contracts Ltd | ||||||||
BALANCE SHEET AT | ||||||||||
Approved by the board on | ||||||||||
............................. | ||||||||||
Director | ||||||||||
............................. | ||||||||||
M Watson | ||||||||||
Director | ||||||||||
............................. | ||||||||||
K Cleary | ||||||||||
Director |
Westwood Contracts Ltd | ||||||||
NOTES TO THE ACCOUNTS | ||||||||||
FOR THE YEAR ENDED 30/09/2023 | ||||||||||
1. ACCOUNTING POLICIES |
1a. Basis Of Accounting | ||||||||
The accounts have been prepared under the historical cost convention. | ||||||||
The accounts have been prepared in accordance with FRS102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006 . |
1b. Depreciation | ||||||||
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. | ||||||||
Plant And Machinery | reducing balance25% | |||||||
Fixtures And Fittings | reducing balance15% | |||||||
Motor Cars | reducing balance25% |
1c. Investment Properties | ||||||||
Investment properties are included in the financial statements at open market value. No depreciation is provided on such property in compliance with the Financial Reporting Standard for Smaller Entities. This departure from Companies Act requirements is necessary to show a true and fair view. | ||||||||
The investment property, being freehold commercial property, was valued on an open market basis on 30 September 2022 by the director. The investment property is located within the United Kingdom. |
1d. Stocks | ||||||||
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs. | ||||||||
When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amount of stocks recognised as an expense in the period in which the reversal occurs. |
Westwood Contracts Ltd | ||||||||
1e. Revaluation Reserve | ||||||||
Surpluses or deficits arising on the revaluation of individual fixed assets other than investment properties are credited or debited to a non-distributible reserve known as the revaluation reserve (see also note 11). | ||||||||
Revaluation deficits in excess of the amount of prior revaluation surpluses on the same asset are charged to the profit and loss account. |
1f. Taxation | ||||||||
Taxation represents the tax currently payable. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
1g. Financial Instruments | ||||||||
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. | ||||||||
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are initially measured at amortised cost. | ||||||||
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
2. TANGIBLE FIXED ASSETS | ||||||||
Plant and | Fixtures | |||||||
Machinery | and Fittings | Motor Cars | Total | |||||
£ | £ | £ | £ | |||||
Cost | ||||||||
At 01/10/2022 | 1,342 | 5,265 | 60,173 | 66,780 | ||||
Additions | - | - | 24,500 | 24,500 | ||||
Disposals | - | - | (29,384) | (29,384) | ||||
At 30/09/2023 | 1,342 | 5,265 | 55,289 | 61,896 | ||||
Depreciation | ||||||||
At 01/10/2022 | 1,200 | 4,735 | 56,928 | 62,863 | ||||
Disposals | - | - | (29,160) | (29,160) | ||||
For the year | 41 | 99 | 1,832 | 1,972 | ||||
At 30/09/2023 | 1,241 | 4,834 | 29,600 | 35,675 | ||||
Net Book Amounts | ||||||||
At 30/09/2023 | 26,221 | |||||||
At 30/09/2022 | 3,917 | |||||||
Westwood Contracts Ltd | ||||||||
3. INVESTMENT PROPERTIES | ||||||||
Investment | ||||||||
Properties | Total | |||||||
£ | £ | |||||||
Fair value | ||||||||
At 01/10/2022 | 225,000 | 225,000 | ||||||
At 30/09/2023 | 225,000 | 225,000 | ||||||
The investment property, being freehold commercial property, was valued on an open market basis on 30 September 2022 by the director. The investment property is located within the United Kingdom. | ||||||||
4. STOCK | 2023 | 2022 | ||||
£ | £ | |||||
Stock comprises: | ||||||
Stock | ||||||
Work in progress | ||||||
5. DEBTORS | 2023 | 2022 | ||||||
£ | £ | |||||||
Amounts falling due within one year | ||||||||
Trade debtors | - | 59,986 | ||||||
VAT | 4,515 | 8,013 | ||||||
Other debtors | 1,000 | 1,000 | ||||||
K Cleary | 41,918 | 42,632 | ||||||
47,433 | 111,631 | |||||||
Westwood Contracts Ltd | ||||||||
6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||||||||
2023 | 2022 | |||||||
£ | £ | |||||||
UK corporation tax | 11,284 | 7,077 | ||||||
R Watson | 1,056 | 505 | ||||||
Bank Loan | 9,620 | 9,121 | ||||||
Loans | 5,547 | 5,378 | ||||||
Credit card | 749 | - | ||||||
Trade creditors | 47,456 | 45,490 | ||||||
Other creditors | 3,128 | 3,126 | ||||||
Accruals | 13,762 | 11,993 | ||||||
92,602 | 82,690 | |||||||
7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR | ||||||||
2023 | 2022 | |||||||
£ | £ | |||||||
Bank loans (secured) >1yr | 19,107 | 28,464 | ||||||
Loans >1yr | 37,750 | 43,300 | ||||||
56,857 | 71,764 | |||||||
8. EMPLOYEES | ||||||
2023 | 2022 | |||||
No. | No. | |||||
Average number of employees | 1 | |||||
Westwood Contracts Ltd | ||||||||
9. SHARE CAPITAL | 2023 | 2022 | ||||||
£ | £ | |||||||
Allotted, issued and fully paid: | ||||||||
760 | 760 | |||||||
76 | 76 | |||||||
836 | 836 | |||||||
10. SHARE PREMIUM ACCOUNT | 2023 | 2022 | ||||
£ | £ | |||||
Share premium account | 3,973 | 3,973 |
11. REVALUATION RESERVE | 2023 | 2022 | ||||||
£ | £ | |||||||
Revaluation reserve | 3,760 | 3,760 | ||||||
3,760 | 3,760 | |||||||
12. OTHER RESERVES | 2023 | 2022 | ||||
£ | £ | |||||
Capital redemption reserve | 48 | 48 | ||||
48 | 48 | |||||
13. CONTROLLING PARTY | ||||||||
No one party is the ultimate controlling party of the company | ||||||||
Westwood Contracts Ltd | ||||||||
14. SECURITY ON CREDITORS | ||||||||
The company's bankers have an all debentures security on the net assets owned by Westwood Contracts Limited and a specific legal charge on the company's freehold property. The secured debts included within the creditors is for a bank loan and the amount outstanding as at the balance sheet date is £28,728 (2022: £37,584). | ||||||||
The company also have a secured rent deposit obligation to the company's landlord's of their trading address of £1,000. | ||||||||