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REGISTERED NUMBER: 02142617 (England and Wales)















WESTWIRE HARNESSING LIMITED

REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2023






WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Report of the Directors 2 to 3

Report of the Independent Auditors 4 to 6

Statement of Income and Retained Earnings 7

Statement of Financial Position 8

Notes to the Financial Statements 9 to 20


WESTWIRE HARNESSING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: Mr M Kirkham
SASMOS International BV



REGISTERED OFFICE: 43-45 Devizes Road
SWINDON
Wiltshire
SN1 4BG



REGISTERED NUMBER: 02142617 (England and Wales)



AUDITORS: Morris Owen
Statutory Auditors
43-45 Devizes Road
SWINDON
Wiltshire
SN1 4BG



BANKERS: Lloyds Bank Plc
5 High Street
Old Town
SWINDON
Wiltshire
SN1 3ED

WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2023


The directors present their report with the financial statements of the company for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of electrical harness assemblers.

REVIEW OF BUSINESS
Following acquisition of the business in September 2021 by SASMOS HET Technologies Ltd (hereinafter known as Sasmos) it was essential to align the business to a corporate operating process and prepare the business for growth.

As such, the company has invested in infrastructure in support of manufacturing and improved efficiency, rebranded, sought new business opportunities and implemented operational changes to bring the company into the wider Sasmos group reporting and control systems.

During the year, the company implemented the group wide ERP solution and migrated away from the previous accounting and job costing system which was no longer suitable for a business of this size and with the aspiration for growth the business holds. The scale of this task was significant but deemed a necessary step in order to set the foundations for growth and operation efficiency moving forward under the Sasmos group.

As a result of this process, for a temporary period during this period of accounts, internal controls were not functioning as effectively as they are required. As such, we have been unable to provide the necessary evidence to enable our auditors to conclude upon whether these financial statements present a true and fair view. We are however satisfied as directors, that the accounts do indeed reflect a true and fair view and significant improvements have been made to the internal systems and controls following this period end which we expect to vastly improve the company's financial reporting, resilience, adaptability, efficiency and put it in a position to achieve its future growth plans.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

Mr M Kirkham
SASMOS International BV

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 MARCH 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Morris Owen, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mr M Kirkham - Director


28 March 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WESTWIRE HARNESSING LIMITED


Disclaimer of opinion
We were engaged to audit the financial statements of Westwire Harnessing Limited for the year which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

We do not express an opinion on the accompanying financial statements, because of the significance of the matter described in the Basis for Disclaimer of Opinion section in our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.

Basis for disclaimer of opinion
During the reporting period the company migrated their accounting software to an integrated system common across all group companies. The process of migration and implementation lacked a sufficiently controlled approach and as such the records provided to support the figures for the financial statements proved both insufficient and adequate for the purpose.

As of the date of our report, while management have made significant progress in rectifying the system deficiencies, we have been unable to obtain sufficient audit evidence to form an opinion.

.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
Notwithstanding our disclaimer of an opinion on the financial statements, in our opinion, based on the work undertaken in the course of the audit:

- the information given in the directors’ report for the financial year for which the financial
statements are prepared is consistent with the financial statements; and
- the directors’ report has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WESTWIRE HARNESSING LIMITED


Matters on which we are required to report by exception
Notwithstanding our disclaimer of an opinion on the financial statements, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit performed subject to the limitation described above, we have not identified material misstatements in the directors’ report.

In our opinion proper books and records, in context of the Companies Act definition have not been maintained.

Due to the difficulties surrounding the migration of the company accounting system as explained in our Basis for disclaimer of opinion above, the directors have not been able to provide us with all of the information and explanations we require for our audit.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

- returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made.
- the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

However, because of the matters described in the Basis of Disclaimer of Opinion section of our report, we were not able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WESTWIRE HARNESSING LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




David John Marshall (Senior Statutory Auditor)
for and on behalf of Morris Owen
Statutory Auditors
43-45 Devizes Road
SWINDON
Wiltshire
SN1 4BG

29 March 2024

WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617)

STATEMENT OF INCOME AND
RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2023

Year Ended Period
31.3.23 1.9.21 to 31.3.22
Notes £    £    £    £   

TURNOVER 3 3,236,644 2,942,333

Cost of sales 2,053,724 2,537,731
GROSS PROFIT 1,182,920 404,602

Distribution costs 2,131 22,704
Administrative expenses 1,163,669 803,614
1,165,800 826,318
OPERATING PROFIT/(LOSS) 5 17,120 (421,716 )

Interest receivable and similar income - 19
17,120 (421,697 )

Interest payable and similar expenses 6 14,587 3,459
PROFIT/(LOSS) BEFORE TAXATION 2,533 (425,156 )

Tax on profit/(loss) 7 281 (81,891 )
PROFIT/(LOSS) FOR THE
FINANCIAL YEAR

2,252

(343,265

)

Retained earnings at beginning of year
as previously reported

1,240,065

1,863,943

Dividends 8 (8 ) (255,903 )
Prior year adjustment - corrections of
material errors

-

(24,710

)

RETAINED EARNINGS AT END OF
YEAR

1,242,309

1,240,065

WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 33,248 3,520
Tangible assets 10 443,636 397,755
476,884 401,275

CURRENT ASSETS
Stocks 11 839,511 1,077,826
Debtors 12 846,049 546,262
Cash at bank 66,735 123,835
1,752,295 1,747,923
CREDITORS
Amounts falling due within one year 13 754,337 798,776
NET CURRENT ASSETS 997,958 949,147
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,474,842

1,350,422

CREDITORS
Amounts falling due after more than
one year

14

(120,843

)

-

PROVISIONS FOR LIABILITIES 18 (101,690 ) (100,357 )
NET ASSETS 1,252,309 1,250,065

CAPITAL AND RESERVES
Called up share capital 19 10,000 10,000
Retained earnings 20 1,242,309 1,240,065
SHAREHOLDERS' FUNDS 1,252,309 1,250,065

The financial statements were approved by the Board of Directors and authorised for issue on 28 March 2024 and were signed on its behalf by:





Mr M Kirkham - Director


WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Westwire Harnessing Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 02142617

Registered office: 43-45 Devizes Road, Swindon, Wiltshire SN1 4BG

Place of business: Unit 2 Headlands Trading Estate, Swindon, SN2 7JQ

The presentation currency of the financial statements is the Pound Sterling (£) rounded to the nearest pound.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d).

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Significant judgements and estimates
In preparing these financial statements, the directors have made the following judgements:

-Determine the period of useful economic life and any residual value of all tangible fixed assets
order to write off the value of each asset over that period.
-Determine an appropriate provision for bad and doubtful debts by assessing the
recoverability of all balances on a balance by balance basis.
-Determine an appropriate provision for obsolete and slow moving stocks by assessing the net
realisable value of all stock lines on a line by line basis.
-Determine an appropriate provision for dilapidations by assessing the probable future
obligations expected to exist at the end of the property lease.
-Determine whether leases entered into by the company as a lessee are operating leases or
finance leases. These decisions depend on an assessment of whether the risks and rewards of
ownership have been transferred from the lessor to the lessee on a lease by lease basis.

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.

Website & computer software is being amortised evenly over its estimated useful life of three years.

WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Leasehold property - Straight line over 15 years
Plant and machinery - 15% on reducing balance
Fixtures, fittings & office equipment - 15% on reducing balance
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost include expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, if there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income.

Stocks
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 items.

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

Work in progress is valued on the basis of direct costs plus attributable overhaeads based on normal levels of activity. Provision is made for any foreseeable losses where appropriate.

Financial instruments
Short term debtors are measured at transaction price less any impairment. Loans receivable are measured initially at fair value, net of transaction costs and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Short term trade creditors are measured at the transaction price. Other financial liabilities, including loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.


WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 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 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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. TURNOVER

The turnover and profit (2022 - loss) before taxation are attributable to the one principal activity of the company.

4. EMPLOYEES AND DIRECTORS
Period
1.9.21
Year Ended to
31.3.23 31.3.22
£    £   
Wages and salaries 1,227,563 1,207,314
Social security costs 122,359 115,661
Other pension costs 25,468 21,406
1,375,390 1,344,381

WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


4. EMPLOYEES AND DIRECTORS - continued

The average number of employees during the year was as follows:
Period
1.9.21
Year Ended to
31.3.23 31.3.22

Direct 26 29
Admin 10 4
Directors 1 1
37 34

Period
1.9.21
Year Ended to
31.3.23 31.3.22
£    £   
Directors' remuneration 153,888 36,316
Directors' pension contributions to money purchase schemes 6,744 1,696

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 1 1

5. OPERATING PROFIT/(LOSS)

The operating profit (2022 - operating loss) is stated after charging:

Period
1.9.21
Year Ended to
31.3.23 31.3.22
£    £   
Hire of plant and machinery 1,520 470
Depreciation - owned assets 45,264 51,931
Depreciation - assets on hire purchase contracts 2,240 4,073
Loss on disposal of fixed assets - 2,455
Website & computer software amortisation 9,387 2,222
Auditors' remuneration 11,450 8,500

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.9.21
Year Ended to
31.3.23 31.3.22
£    £   
Bank loan interest 5,615 -
Bank charges 8,773 1,798
Corporation tax interest payable (649 ) 1,000
PAYE interest payable 420 -
Hire purchase 428 661
14,587 3,459

WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


7. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
Period
1.9.21
Year Ended to
31.3.23 31.3.22
£    £   
Current tax:
UK corporation tax - (58,671 )
Under/over provision - 495
Research and development tax credit - (26,175 )
Total current tax - (84,351 )

Deferred tax 281 2,460
Tax on profit/(loss) 281 (81,891 )

UK corporation tax has been charged at 19% (2022 - 19%).

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1.9.21
Year Ended to
31.3.23 31.3.22
£    £   
Profit/(loss) before tax 2,533 (425,156 )
Profit/(loss) multiplied by the standard rate of corporation tax in
the UK of 19% (2022 - 19%)

481

(80,780

)

Effects of:
Expenses not deductible for tax purposes 751 24,569
Adjustments to tax charge in respect of previous periods (1,688 ) 495
Research and development tax credit - (26,175 )
Super-deduction relief (5,510 ) -
Changes in expected future tax rates 6,247 -
Total tax charge/(credit) 281 (81,891 )

8. DIVIDENDS
Period
1.9.21
Year Ended to
31.3.23 31.3.22
£    £   
Interim 8 255,903

WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


9. INTANGIBLE FIXED ASSETS
Website &
computer
software
£   
COST
At 1 April 2022 10,000
Additions 39,115
At 31 March 2023 49,115
AMORTISATION
At 1 April 2022 6,480
Amortisation for year 9,387
At 31 March 2023 15,867
NET BOOK VALUE
At 31 March 2023 33,248
At 31 March 2022 3,520

10. TANGIBLE FIXED ASSETS
Fixtures,
fittings
Leasehold Plant and & office Motor
property machinery equipment vehicles Totals
£    £    £    £    £   
COST
At 1 April 2022 422,161 177,615 40,435 20,862 661,073
Additions - 46,955 22,533 23,897 93,385
At 31 March 2023 422,161 224,570 62,968 44,759 754,458
DEPRECIATION
At 1 April 2022 118,835 119,656 12,935 11,892 263,318
Charge for year 27,863 11,521 5,880 2,240 47,504
At 31 March 2023 146,698 131,177 18,815 14,132 310,822
NET BOOK VALUE
At 31 March 2023 275,463 93,393 44,153 30,627 443,636
At 31 March 2022 303,326 57,959 27,500 8,970 397,755

WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


10. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 April 2022
and 31 March 2023 20,862
DEPRECIATION
At 1 April 2022 11,892
Charge for year 2,240
At 31 March 2023 14,132
NET BOOK VALUE
At 31 March 2023 6,730
At 31 March 2022 8,970

11. STOCKS
2023 2022
£    £   
Raw materials 1,036,140 1,202,925
Stock provision (258,343 ) (251,502 )
Work-in-progress 58,678 66,479
Finished goods 3,036 59,924
839,511 1,077,826

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 779,537 465,185
Amounts owed by participating interests 6,666 -
Other debtors 57,465 -
Corporation tax recoverable - 58,671
Prepayments and accrued income 2,381 22,406
846,049 546,262

WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 15)
250,000

-
Other loans (see note 15) 50,000 -
Hire purchase contracts (see note 16) 4,691 8,602
Trade creditors 213,426 461,917
Amounts owed to group undertakings 1,655 81,674
Amounts owed to participating interests - 16,667
Corporation tax - 63,377
Social security and other taxes 40,342 30,051
VAT 109,202 43,922
Other creditors 14,349 3,725
Accruals and deferred income 70,672 88,841
754,337 798,776

Included in creditors is an amount of £4,074 (2022: £3,158) in relation to outstanding pension contributions.

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other loans (see note 15) 100,000 -
Hire purchase contracts (see note 16) 20,843 -
120,843 -

15. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 250,000 -
Other loans 50,000 -
300,000 -

Amounts falling due between one and two years:
Other loans - 1-2 years 50,000 -

Amounts falling due between two and five years:
Other loans - 2-5 years 50,000 -

WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 4,691 8,602
Between one and five years 20,843 -
25,534 8,602

Non-cancellable operating leases
2023 2022
£    £   
Within one year 50,281 44,303
Between one and five years 126,335 5,074
176,616 49,377

17. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 250,000 -
Hire purchase contracts 25,534 8,602
275,534 8,602

The hire purchase liability is secured against the assets concerned.

The bank loan is secured by way of a cross guarantee provided by the company's parent company, SASMOS HET Technologies Limited.

The other loan is secured by way of a debenture dated 1 June 2022 creating a fixed charge over all present and future freehold, leasehold or commonhold property, goodwill, uncalled share capital, tangible fixed assets, intellectual property, book debts, investments bank balances and proceeds of any insurance claim, and a floating charge over any other property, assets or rights belonging to the company.

18. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax
Accelerated capital allowances 61,672 45,529
Deferred tax losses (15,862 ) -
45,810 45,529

WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2023 2022
£    £   
Other provisions 55,880 54,828

Aggregate amounts 101,690 100,357

Deferred Other
tax provisions
£    £   
Balance at 1 April 2022 45,529 54,828
Accelerated capital allowances 16,143 -
Losses (15,862 ) -
Balance at 31 March 2023 45,810 54,828

Other provisions relates to a dilapidation provision of £40,000 (2022:£40,000) and a warranty provision £15,880 (2022: £14,828).

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
10,000 Ordinary £1 10,000 10,000

Ordinary shares - The shares have full voting rights and right to dividends.

20. RESERVES
Retained
earnings
£   

At 1 April 2022 1,240,065
Profit for the year 2,252
Dividends (8 )
At 31 March 2023 1,242,309

21. ULTIMATE PARENT COMPANY

Sasmoss HET Technologies Limited (incorporated in India ) is regarded by the directors as being the company's ultimate parent company.

The address from where the financial statements for the company can be found are:

311 Npr Complex Survey No.197 Hoody Village
Whitefield Road
Bangalore
India
560048

The immediate parent company is SASMOS International BV, a company incorporated in Netherlands.

WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


22. CAPITAL COMMITMENTS
2023 2022
£    £   
Contracted but not provided for in the
financial statements - 5,995

23. RELATED PARTY DISCLOSURES

During the year, the following transactions took place and balances existed at the period end with related parties:

Sasmos International BV - Fellow subsidiary

2023 2022
£    £   
Amount due to related party at 1 April 2022 9,612 -
Interest free loan received - 20,000
Expenses paid on behalf of group company - 10,388
Paid to related party 9,612 -
Amount due to related party at 31 March 2023 - 9,612

Sasmos HET Technologies Ltd - Ultimate parent company

2023 2022
£    £   
Amount due to related party at 1 April 2022 72,062
Subcontracted management services received - 72,062
Other goods and services received from related party 59,731
Sale of goods ro related party 18,964
Paid to related party 115,500
Received from related party 4,326
Amount due to related party at 31 March 2023 1,655 72,062

Hanuka Technologies Private Limited - Associate company

2023 2022
£    £   
Amount due to related party at 1 April 2022 16,667
Subcontracted management services received 30,000 16,667
Interest free loan received 50,161
Paid to related party 103,494
Amount due to related party at 31 March 2022 16,667
Amount due from related party at 31 March 2023 6,666

The company's key management personnel are considered to be the directors.

24. POST BALANCE SHEET EVENTS

After the balance sheet date but before these financial statements were approved for issue, the following events too place:

The company took out further loans totalling £650,000 as part of a short term revolving credit facility. In addition, the term of £150,000 of short term loans drawn in the year ended 31 March 2023 was extended under this facility. All amounts are repayable within 12 months subject to an automatic rollover at the end of the initial term, at the discretion of the lender under the terms of the facility.

On 27 February 2024, one of the company's customers entered administration. At the point of entering administration, the company was owed £137,136 which related wholly to sales made post after 1 April 2023. While the directors are optimistic regarding the recovery of this balance from the administrators, it is unclear how much will be recovered.

WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


25. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr Chandrashekar Hosa Agrahara Govindarao.