Acorah Software Products - Accounts Production 14.5.601 false true 31 December 2022 1 January 2022 false 1 January 2023 31 December 2023 31 December 2023 07873418 Mr A Haigh Mrs M A Haigh Mr R Haigh Mrs M A Haigh iso4217:GBP iso4217:EUR iso4217:USD xbrli:shares xbrli:pure xbrli:pure 07873418 2022-12-31 07873418 2023-12-31 07873418 2023-01-01 2023-12-31 07873418 frs-core:CurrentFinancialInstruments 2023-12-31 07873418 frs-core:Non-currentFinancialInstruments 2023-12-31 07873418 frs-core:ComputerEquipment 2023-12-31 07873418 frs-core:ComputerEquipment 2023-01-01 2023-12-31 07873418 frs-core:ComputerEquipment 2022-12-31 07873418 frs-core:FurnitureFittings 2023-12-31 07873418 frs-core:FurnitureFittings 2023-01-01 2023-12-31 07873418 frs-core:FurnitureFittings 2022-12-31 07873418 frs-core:MotorVehicles 2023-12-31 07873418 frs-core:MotorVehicles 2023-01-01 2023-12-31 07873418 frs-core:MotorVehicles 2022-12-31 07873418 frs-core:PlantMachinery 2023-12-31 07873418 frs-core:PlantMachinery 2023-01-01 2023-12-31 07873418 frs-core:PlantMachinery 2022-12-31 07873418 frs-core:RevaluationReserve 2023-12-31 07873418 frs-core:ShareCapital 2023-12-31 07873418 frs-core:RetainedEarningsAccumulatedLosses 2023-12-31 07873418 frs-bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07873418 frs-bus:FilletedAccounts 2023-01-01 2023-12-31 07873418 frs-bus:SmallEntities 2023-01-01 2023-12-31 07873418 frs-bus:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 07873418 frs-bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 07873418 frs-bus:Director1 2023-01-01 2023-12-31 07873418 frs-bus:Director2 2023-01-01 2023-12-31 07873418 frs-bus:Director3 2023-01-01 2023-12-31 07873418 frs-bus:CompanySecretary1 2023-01-01 2023-12-31 07873418 frs-countries:EnglandWales 2023-01-01 2023-12-31 07873418 2021-12-31 07873418 2022-12-31 07873418 2022-01-01 2022-12-31 07873418 frs-core:CurrentFinancialInstruments 2022-12-31 07873418 frs-core:Non-currentFinancialInstruments 2022-12-31 07873418 frs-core:RevaluationReserve 2022-12-31 07873418 frs-core:ShareCapital 2022-12-31 07873418 frs-core:RetainedEarningsAccumulatedLosses 2022-12-31
Registered number: 07873418
Westgate (Midlands) Limited
Financial Statements
For The Year Ended 31 December 2023
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07873418
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 5,826 16,405
5,826 16,405
CURRENT ASSETS
Stocks 5 4,696 33,329
Debtors 6 51,099 34,204
Cash at bank and in hand 74,455 177,940
130,250 245,473
Creditors: Amounts Falling Due Within One Year 7 (71,289 ) (122,336 )
NET CURRENT ASSETS (LIABILITIES) 58,961 123,137
TOTAL ASSETS LESS CURRENT LIABILITIES 64,787 139,542
Creditors: Amounts Falling Due After More Than One Year 8 (48,968 ) (85,778 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (3,117 ) (3,117 )
NET ASSETS 12,702 50,647
CAPITAL AND RESERVES
Called up share capital 9 2 2
Revaluation reserve - 1,886
Profit and Loss Account 12,700 48,759
SHAREHOLDERS' FUNDS 12,702 50,647
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For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs M A Haigh
Director
12 March 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
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Notes to the Financial Statements
1. General Information
Westgate (Midlands) Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07873418 . The registered office is 135 Easthorpe, Southwell, Nottinghamshire, NG25 0HZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 15% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures & Fittings 15% Reducing Balance
Computer Equipment 33% Reducing Balance
2.4. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. 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.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2022: 6)
6 6
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4. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 January 2023 21,924 22,758 6,497 4,457 55,636
Additions 98 - - 1,290 1,388
Disposals (14,684 ) - (5,968 ) (4,457 ) (25,109 )
As at 31 December 2023 7,338 22,758 529 1,290 31,915
Depreciation
As at 1 January 2023 12,491 20,732 3,159 2,849 39,231
Provided during the period 596 507 26 430 1,559
Disposals (9,121 ) - (2,731 ) (2,849 ) (14,701 )
As at 31 December 2023 3,966 21,239 454 430 26,089
Net Book Value
As at 31 December 2023 3,372 1,519 75 860 5,826
As at 1 January 2023 9,433 2,026 3,338 1,608 16,405
5. Stocks
2023 2022
£ £
Stock 4,696 33,329
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 10,110 34,135
Prepayments and accrued income - 69
Corporation tax recoverable assets 1,705 -
Directors' loan accounts 39,284 -
51,099 34,204
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 18,335 43,171
Bank loans and overdrafts 10,648 10,648
Corporation tax - 18,210
Other taxes and social security 566 3,301
VAT 6,444 10,994
Funding Circle Loan < 1 year 34,276 34,276
Accruals and deferred income 1,020 1,020
Directors' loan accounts - 716
71,289 122,336
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8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bounce Back Loan > 1 year 15,927 25,770
Funding Circle Loan > 1 year 33,041 60,008
48,968 85,778
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
The above loan is unsecured, interest free and repayable on demand.
11. Related Party Transactions
At the balance sheet date, the company owed the directors £716 (2021: £41,284 owed by the directors). The amount is unsecured, interest-free, with no fixed repayment date.
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