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COMPANY REGISTRATION NUMBER: 01175056
WESTIN PUMPS LIMITED (FORMERLY CAMSTEL LIMITED)
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2023
WESTIN PUMPS LIMITED (FORMERLY CAMSTEL LIMITED)
FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
Contents
Pages
Balance sheet 1 to 2
Notes to the financial statements 3 to 6
WESTIN PUMPS LIMITED (FORMERLY CAMSTEL LIMITED)
BALANCE SHEET
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
4,648
5,722
Current assets
Stocks
6
47,810
5,850
Debtors
7
264,977
420,738
Cash at bank and in hand
147,914
448,581
------------
------------
460,701
875,169
Creditors: amounts falling due within one year
8
( 155,729)
( 238,608)
------------
------------
Net current assets
304,972
636,561
------------
------------
Total assets less current liabilities
309,620
642,283
Creditors: amounts falling due after more than one year
9
( 23,333)
( 33,333)
------------
------------
Net assets
286,287
608,950
------------
------------
Capital and reserves
Called up share capital
10
56
56
Share premium account
7,496
7,496
Capital redemption reserve
48
48
Profit and loss account
278,687
601,350
------------
------------
Shareholders funds
286,287
608,950
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 March 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
WESTIN PUMPS LIMITED (FORMERLY CAMSTEL LIMITED)
BALANCE SHEET (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 18 December 2023 , and are signed on behalf of the board by:
J Eastwood Director
Company registration number: 01175056
WESTIN PUMPS LIMITED (FORMERLY CAMSTEL LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Phoenix Mill, Leeds Road, Huddersfield, HD1 6NG.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Plant and machinery
-
10% reducing balance
Motor vehicles
-
25% reducing balance
Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 10 ).
5. Tangible assets
Motor vehicles
Computer equipment
Total
£
£
£
Cost
At 1 April 2022
19,343
5,369
24,712
Additions
425
425
------------
------------
------------
At 31 March 2023
19,343
5,794
25,137
------------
------------
------------
Depreciation
At 1 April 2022
18,990
18,990
Charge for the year
95
1,404
1,499
------------
------------
------------
At 31 March 2023
19,085
1,404
20,489
------------
------------
------------
Carrying amount
At 31 March 2023
258
4,390
4,648
------------
------------
------------
At 31 March 2022
353
5,369
5,722
------------
------------
------------
6. Stocks
2023
2022
£
£
Work in progress
47,810
5,850
------------
------------
7. Debtors
2023
2022
£
£
Trade debtors
171,795
374,530
Amounts owed by group undertakings
79,182
Prepayments and accrued income
14,000
29,489
VAT recoverable
16,719
------------
------------
264,977
420,738
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loan
10,000
10,000
Trade creditors
72,396
187,715
Amounts owed to group undertakings
30,055
Accruals and deferred income
38,772
39,245
Social security and other taxes
4,506
1,648
------------
------------
155,729
238,608
------------
------------
Bank loans and overdafts are secured on the assets of the company.
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loan
23,333
33,333
------------
------------
Bank loans and overdafts are secured on the assets of the company.
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
56
56
56
56
------------
------------
------------
------------
11. Related party transactions
The company has taken advantage of the exemption in FRS 102 from disclosing transactions with other group companies.
12. Control
The largest and smallest group of undertakings for which group accounts are drawn up and of which the company is a member is that of Eastwood Group (Huddersfield) Limited . Group accounts can be obtained from Phoenix Mill, Leeds Road, Huddersfield, HD1 6NG . The immediate parent company is W S Westin Group Limited . The ultimate controlling party is Mr J Eastwood .