Registered number
10279482
West Dubs Limited
Report and Accounts
31 August 2023
West Dubs Limited
Registered number: 10279482
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 353 441
Tangible assets 4 316,271 278,384
316,624 278,825
Current assets
Stocks 465,079 680,738
Debtors 5 279,449 334,766
Cash at bank and in hand 2,200,815 1,604,561
2,945,343 2,620,065
Creditors: amounts falling due within one year 6 (307,808) (360,272)
Net current assets 2,637,535 2,259,793
Total assets less current liabilities 2,954,159 2,538,618
Creditors: amounts falling due after more than one year 7 (22,250) (22,250)
Provisions for liabilities (63,761) (39,717)
Net assets 2,868,148 2,476,651
Capital and reserves
Called up share capital 1 1
Profit and loss account 2,868,147 2,476,650
Shareholder's funds 2,868,148 2,476,651
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S.Whatmore
Director
Approved by the board on 29 April 2024
West Dubs Limited
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold land and buildings 20% on cost
Plant and machinery 15% reducing balance
Fixtures, fittings, tools and equipment 15% reducing balance
Motor vehicles 25% reducing balance
Computer equipment 30% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 17 16
3 Intangible fixed assets £
Goodwill Other intangible assets Total
Cost £ £ £
At 1 September 2022 245,000 882 245,882
Disposals - - -
At 31 August 2023 245,000 882 245,882
Amortisation
At 1 September 2022 245,088 353 245,441
Provided during the year - 88 88
At 31 August 2023 245,088 441 245,529
Net book value
At 31 August 2023 (88) 441 353
At 31 August 2022 (88) 529 441
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years, and Other intangible assets over 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 September 2022 55,846 129,785 256,493 442,124
Additions - 95,744 12,700 108,444
Disposals - - (1,100) (1,100)
At 31 August 2023 55,846 225,529 268,093 549,468
Depreciation
At 1 September 2022 22,772 52,294 88,674 163,740
Charge for the year 9,419 15,661 45,013 70,093
On disposals - - (636) (636)
At 31 August 2023 32,191 67,955 133,051 233,197
Net book value
At 31 August 2023 23,655 157,574 135,042 316,271
At 31 August 2022 33,074 77,491 167,819 278,384
5 Debtors 2023 2022
£ £
Trade debtors 205,664 195,219
Other debtors 73,785 139,547
279,449 334,766
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 48,018 23,881
Taxation and social security costs 243,110 328,414
Other creditors 16,680 7,977
307,808 360,272
7 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 22,250 22,250
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
S. Whatmore
Directors loan (14) 17,845 (17,831) -
C. Whatmore
Directors loan 85,511 - (68,361) 17,150
85,497 17,845 (86,192) 17,150
The above loans are unsecured, interest free and repayable on demand.
9 Other information
West Dubs Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 4C-E, Bruff Business Centre
Suckley
Worcester
WR6 5DR
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