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REGISTERED NUMBER: 02823838 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

FOR

WEST TECHNOLOGY SYSTEMS LIMITED

WEST TECHNOLOGY SYSTEMS LIMITED (REGISTERED NUMBER: 02823838)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WEST TECHNOLOGY SYSTEMS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 SEPTEMBER 2023







DIRECTORS: I A Harris
C W Wright
R Houghton



SECRETARY: I A Harris



REGISTERED OFFICE: Dalton House
Armstrong Way
Yate
Bristol
BS37 5NG



REGISTERED NUMBER: 02823838 (England and Wales)



SENIOR STATUTORY AUDITOR: Paul Freeman BA FCA FCCA



AUDITORS: Lawes & Co UK Limited (Statutory Auditor)
Boyce's Building
Regent Street
Clifton
Bristol
BS8 4HU

WEST TECHNOLOGY SYSTEMS LIMITED (REGISTERED NUMBER: 02823838)

BALANCE SHEET
30 SEPTEMBER 2023

30.9.23 30.9.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 21,852 29,136
Tangible assets 5 1,902,911 1,715,569
Investments 6 802 802
1,925,565 1,745,507

CURRENT ASSETS
Stocks 1,291,812 662,232
Debtors 7 768,896 644,386
Cash at bank and in hand 600,299 535,381
2,661,007 1,841,999
CREDITORS
Amounts falling due within one year 8 594,916 452,361
NET CURRENT ASSETS 2,066,091 1,389,638
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,991,656

3,135,145

CREDITORS
Amounts falling due after more than
one year

9

(540,091

)

(573,889

)

PROVISIONS FOR LIABILITIES (212,351 ) (144,493 )
NET ASSETS 3,239,214 2,416,763

CAPITAL AND RESERVES
Called up share capital 11 2,400 2,400
Share premium 19,976 19,976
Revaluation reserve 12 712,657 562,657
Capital redemption reserve 1,644 1,644
Retained earnings 2,502,537 1,830,086
SHAREHOLDERS' FUNDS 3,239,214 2,416,763

WEST TECHNOLOGY SYSTEMS LIMITED (REGISTERED NUMBER: 02823838)

BALANCE SHEET - continued
30 SEPTEMBER 2023


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

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

The financial statements were approved by the Board of Directors and authorised for issue on 1 February 2024 and were signed on its behalf by:





I A Harris - Director


WEST TECHNOLOGY SYSTEMS LIMITED (REGISTERED NUMBER: 02823838)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1. STATUTORY INFORMATION

West Technology Systems Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 5% on cost
Plant and machinery - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Work in progress is valued at the selling price of work completed but not invoiced at the year end.

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 balance sheet date.


WEST TECHNOLOGY SYSTEMS LIMITED (REGISTERED NUMBER: 02823838)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 20 (2022 - 18 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 October 2022
and 30 September 2023 36,420
AMORTISATION
At 1 October 2022 7,284
Charge for year 7,284
At 30 September 2023 14,568
NET BOOK VALUE
At 30 September 2023 21,852
At 30 September 2022 29,136

WEST TECHNOLOGY SYSTEMS LIMITED (REGISTERED NUMBER: 02823838)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST OR VALUATION
At 1 October 2022 1,600,000 63,705 280,569
Additions - - 40,172
Disposals - - (6,250 )
Revaluations 150,000 - -
At 30 September 2023 1,750,000 63,705 314,491
DEPRECIATION
At 1 October 2022 - 2,654 231,359
Charge for year - 15,271 18,419
Eliminated on disposal - - (5,834 )
At 30 September 2023 - 17,925 243,944
NET BOOK VALUE
At 30 September 2023 1,750,000 45,780 70,547
At 30 September 2022 1,600,000 61,051 49,210

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 October 2022 62,757 55,208 2,062,239
Additions 30,000 8,016 78,188
Disposals (19,095 ) - (25,345 )
Revaluations - - 150,000
At 30 September 2023 73,662 63,224 2,265,082
DEPRECIATION
At 1 October 2022 59,612 53,045 346,670
Charge for year 4,536 2,204 40,430
Eliminated on disposal (19,095 ) - (24,929 )
At 30 September 2023 45,053 55,249 362,171
NET BOOK VALUE
At 30 September 2023 28,609 7,975 1,902,911
At 30 September 2022 3,145 2,163 1,715,569

WEST TECHNOLOGY SYSTEMS LIMITED (REGISTERED NUMBER: 02823838)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 30 September 2023 is represented by:

Plant and
Land and machinery
buildings etc Totals
£    £    £   
Valuation in 2016 462,657 - 462,657
Valuation in 2021 100,000 - 100,000
Valuation in 2023 150,000 - 150,000
Cost 1,037,343 515,082 1,552,425
1,750,000 515,082 2,265,082

Freehold land and buildings were valued on a fair value basis on 10 March 2023 by Andrew Forbes Chartered Surveyors .

The directors feel that this valuation is still an accurate representation as at 30 September 2023.

6. FIXED ASSET INVESTMENTS

Included in the cost of fixed asset investments above is the cost of an investment in a company incorporated in the State of Indiana, USA, which is a wholly-owned subsidiary of West Technology Systems Limited.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Trade debtors 604,404 374,904
Other debtors 164,492 269,482
768,896 644,386

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.23 30.9.22
£    £   
Bank loans and overdrafts 37,048 37,496
Trade creditors 304,605 227,404
Taxation and social security 225,266 142,756
Other creditors 27,997 44,705
594,916 452,361

WEST TECHNOLOGY SYSTEMS LIMITED (REGISTERED NUMBER: 02823838)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.9.23 30.9.22
£    £   
Bank loans 540,091 573,889

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 354,851 386,409

10. SECURED DEBTS

The following secured debts are included within creditors:

30.9.23 30.9.22
£    £   
Bank loans 577,139 611,385

The bank loans and overdraft provided by Lloyds Bank plc is secured by a fixed and floating rate charge over the company assets. The bank also have a first legal charge over the property at Armstrong Way, Yate. Further detail can be found at Companies House.

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.9.23 30.9.22
value: £    £   
2,000 Ordinary 'A' Shares £1 2,000 2,000
400 Ordinary 'B' Shares £1 400 400
2,400 2,400

12. RESERVES
Revaluatio
reserve
£   
At 1 October 2022 562,657
Freehold property revaluation 150,000

At 30 September 2023 712,657

WEST TECHNOLOGY SYSTEMS LIMITED (REGISTERED NUMBER: 02823838)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 SEPTEMBER 2023

13. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Paul Freeman BA FCA FCCA (Senior Statutory Auditor)
for and on behalf of Lawes & Co UK Limited (Statutory Auditor)

14. RELATED PARTY DISCLOSURES

The company maintains an interest free loan account with its directors. At the year end, the company owed the director £nil (2022: £20,350).

At the balance sheet date the company was owed £91,019 (2022: £209,257) by West Technology Forensics Inc., a group company. During the year, the company made total sales of £867,089 to this company.

15. ULTIMATE CONTROLLING PARTY

The directors have control of the company.

16. PENSION COMMITMENTS

The company makes contributions to the West Technology Systems Limited Retirement Benefits Scheme, a defined contribution scheme for the directors. The assets of the scheme are being held separately from the assets of the company. The company's liability is limited to the amount of the contribution. The pension charge represents contributions paid by the company and amounts to £59,218 (2022: £49,218).

For employees, the company operates a separate defined contribution scheme. Included in the balance sheet is £6,793 (2022: £3,065) relating to employee and employer pension contributions payable under this scheme.