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Registration number: 07612309

Westland Environmental Safety Ltd

Unaudited Financial Statements

for the Year Ended 31 August 2023

 

Westland Environmental Safety Ltd

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Westland Environmental Safety Ltd

(Registration number: 07612309)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

62,860

68,911

Current assets

 

Stocks

950

5,000

Debtors

5

200,121

202,046

Cash at bank and in hand

 

1,931

1,849

 

203,002

208,895

Creditors: Amounts falling due within one year

6

(206,770)

(206,481)

Net current (liabilities)/assets

 

(3,768)

2,414

Total assets less current liabilities

 

59,092

71,325

Creditors: Amounts falling due after more than one year

6

(38,737)

(61,521)

Provisions for liabilities

(9,468)

(9,428)

Net assets

 

10,887

376

Capital and reserves

 

Called up share capital

100

100

Retained earnings

10,787

276

Shareholders' funds

 

10,887

376

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Westland Environmental Safety Ltd

(Registration number: 07612309)
Balance Sheet as at 31 August 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 28 March 2024 and signed on its behalf by:
 

.........................................
Mr J Collett
Director

.........................................
Mr J D Breakwell
Director

 

Westland Environmental Safety Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
3 Cherry Orchard
Ryecroft
Newcastle-under-Lyme
Staffordshire
ST5 2UB

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Westland Environmental Safety Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Tax

The tax expense for the period comprises current and deferred tax.

The current tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

15% on reducing balance

Plant and machinery

15% on reducing balance

Motor vehicles

20% on reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Westland Environmental Safety Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Debt Factoring

The company uses a factoring agent to raise finance on debts from customers. The gross amount of factored
debts at the balance sheet date is included within trade debtors.

The balance of amounts payable to the factoring agent at the balance sheet date is included in other creditors.

Factoring charges are recognised as they accrue and are included in the profit and loss account with other
finance costs.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 17 (2022 - 18).

 

Westland Environmental Safety Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 September 2022

34,850

27,950

59,981

122,781

Additions

2,142

-

622

2,764

At 31 August 2023

36,992

27,950

60,603

125,545

Depreciation

At 1 September 2022

14,879

8,812

30,179

53,870

Charge for the year

2,970

3,828

2,017

8,815

At 31 August 2023

17,849

12,640

32,196

62,685

Carrying amount

At 31 August 2023

19,143

15,310

28,407

62,860

At 31 August 2022

19,971

19,138

29,802

68,911


Assets held under finance leases and hire purchase contracts
The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts is £14,311 (2022: £17,888)

5

Debtors

Current

2023
£

2022
£

Trade debtors

192,293

178,768

Prepayments

3,946

9,511

Other debtors

3,882

13,767

 

200,121

202,046

 

Westland Environmental Safety Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

29,303

63,441

Trade creditors

 

21,601

8,782

Taxation and social security

 

135,908

123,588

Accruals and deferred income

 

15,144

2,644

Other creditors

 

4,814

8,026

 

206,770

206,481

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

38,737

61,521

 

Westland Environmental Safety Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

35,461

51,693

Hire purchase contracts

3,276

9,828

38,737

61,521

2023
£

2022
£

Current loans and borrowings

Bank borrowings

18,702

20,401

Hire purchase contracts

6,552

6,552

Other borrowings

4,049

36,488

29,303

63,441

The bank loan is secured by personal guarantee provided by J Collett and J D Breakwell.

Advances from the factoring agent are secured on all assets of the company.

The hire purchase creditor is secured on the asset to which it relates.