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REGISTERED NUMBER: 10995236 (England and Wales)















WESTCOTES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2023






WESTCOTES LTD (REGISTERED NUMBER: 10995236)

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










Page

Balance Sheet 1

Notes to the Financial Statements 3


WESTCOTES LTD (REGISTERED NUMBER: 10995236)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 62,400 78,000
Tangible assets 5 58,703 48,311
121,103 126,311

CURRENT ASSETS
Stocks 26,106 55,673
Debtors 6 285,994 271,715
Cash at bank and in hand 384,408 94,420
696,508 421,808
CREDITORS
Amounts falling due within one year 7 715,002 470,167
NET CURRENT LIABILITIES (18,494 ) (48,359 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

102,609

77,952

CREDITORS
Amounts falling due after more than one
year

8

(17,399

)

(25,782

)

PROVISIONS FOR LIABILITIES (13,381 ) (7,488 )
NET ASSETS 71,829 44,682

WESTCOTES LTD (REGISTERED NUMBER: 10995236)

BALANCE SHEET - continued
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 184 204
Retained earnings 71,645 44,478
71,829 44,682

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 2 August 2024 and were signed on its behalf by:





P J Fear - Director


WESTCOTES LTD (REGISTERED NUMBER: 10995236)

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


1. STATUTORY INFORMATION

Westcotes Ltd 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: 10995236

Registered office: 93a Lothair Road
Aylestone Park
Leicester
LE2 7QE

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.

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

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of ten years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 15% on reducing balance

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 first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.


WESTCOTES LTD (REGISTERED NUMBER: 10995236)

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


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

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.

Hire purchase and leasing commitments
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. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 9 ) .

WESTCOTES LTD (REGISTERED NUMBER: 10995236)

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


4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 156,000
AMORTISATION
At 1 January 2023 78,000
Charge for year 15,600
At 31 December 2023 93,600
NET BOOK VALUE
At 31 December 2023 62,400
At 31 December 2022 78,000

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 80,661
Additions 26,320
At 31 December 2023 106,981
DEPRECIATION
At 1 January 2023 32,350
Charge for year 15,928
At 31 December 2023 48,278
NET BOOK VALUE
At 31 December 2023 58,703
At 31 December 2022 48,311

WESTCOTES LTD (REGISTERED NUMBER: 10995236)

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


6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 170,849 110,515
Other debtors 115,145 157,616
285,994 268,131

Amounts falling due after more than one year:
Other debtors - 3,584

Aggregate amounts 285,994 271,715

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 8,383 9,870
Hire purchase contracts - 7,174
Trade creditors 169,516 123,425
Taxation and social security 280,599 169,382
Other creditors 256,504 160,316
715,002 470,167

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Bank loans 17,399 25,782

9. ULTIMATE CONTROLLING PARTY

The controlling party is P.J Fear and Mrs R.C Fear.