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REGISTERED NUMBER: SC290681 (Scotland)















Financial Statements For The Year Ended 31 July 2023

for

Westfast Limited

Westfast Limited (Registered number: SC290681)






Contents of the Financial Statements
For The Year Ended 31 July 2023




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Westfast Limited

Company Information
For The Year Ended 31 July 2023







DIRECTORS: D Weston
Mrs K Weston





REGISTERED OFFICE: Regent Court
70 West Regent Street
Glasgow
G2 2QZ





REGISTERED NUMBER: SC290681 (Scotland)





ACCOUNTANTS: Robb Ferguson Chartered Accountants
Regent Court
70 West Regent Street
Glasgow
G2 2QZ

Westfast Limited (Registered number: SC290681)

Abridged Statement of Financial Position
31 July 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 38,812 64,685
Tangible assets 5 25,628 7,406
64,440 72,091

CURRENT ASSETS
Stocks 805,744 711,631
Debtors 722,370 750,353
Cash at bank 8,779 29,666
1,536,893 1,491,650
CREDITORS
Amounts falling due within one year 635,240 628,726
NET CURRENT ASSETS 901,653 862,924
TOTAL ASSETS LESS CURRENT
LIABILITIES

966,093

935,015

CREDITORS
Amounts falling due after more than one
year

(19,167

)

(29,167

)

PROVISIONS FOR LIABILITIES (6,407 ) (1,852 )
NET ASSETS 940,519 903,996

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 940,517 903,994
SHAREHOLDERS' FUNDS 940,519 903,996

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Westfast Limited (Registered number: SC290681)

Abridged Statement of Financial Position - continued
31 July 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Comprehensive Income and an abridged Statement of Financial Position for the year ended 31 July 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 April 2024 and were signed on its behalf by:





D Weston - Director


Westfast Limited (Registered number: SC290681)

Notes to the Financial Statements
For The Year Ended 31 July 2023

1. STATUTORY INFORMATION

Westfast Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Goodwill
Goodwill is being amortised evenly over its useful life of 10 years.

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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on reducing balance
Computer equipment - 25% on cost

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.


Westfast Limited (Registered number: SC290681)

Notes to the Financial Statements - continued
For The Year Ended 31 July 2023

2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

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.

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 7 (2022 - 5 ) .

4. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 August 2022
and 31 July 2023 258,733
AMORTISATION
At 1 August 2022 194,048
Amortisation for year 25,873
At 31 July 2023 219,921
NET BOOK VALUE

At 31 July 2023 38,812
At 31 July 2022 64,685

Westfast Limited (Registered number: SC290681)

Notes to the Financial Statements - continued
For The Year Ended 31 July 2023

5. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 August 2022 35,211
Additions 21,741
At 31 July 2023 56,952
DEPRECIATION
At 1 August 2022 27,805
Charge for year 3,519
At 31 July 2023 31,324
NET BOOK VALUE
At 31 July 2023 25,628
At 31 July 2022 7,406