Silverfin false false 30/11/2023 01/12/2022 30/11/2023 Mr P Walde 05/11/1991 17 July 2024 The principal activity of the Company during the financial year was fibreglass moulders. 01183244 2023-11-30 01183244 bus:Director1 2023-11-30 01183244 2022-11-30 01183244 core:CurrentFinancialInstruments 2023-11-30 01183244 core:CurrentFinancialInstruments 2022-11-30 01183244 core:Non-currentFinancialInstruments 2023-11-30 01183244 core:Non-currentFinancialInstruments 2022-11-30 01183244 core:ShareCapital 2023-11-30 01183244 core:ShareCapital 2022-11-30 01183244 core:RetainedEarningsAccumulatedLosses 2023-11-30 01183244 core:RetainedEarningsAccumulatedLosses 2022-11-30 01183244 core:LandBuildings 2022-11-30 01183244 core:PlantMachinery 2022-11-30 01183244 core:Vehicles 2022-11-30 01183244 core:OfficeEquipment 2022-11-30 01183244 core:LandBuildings 2023-11-30 01183244 core:PlantMachinery 2023-11-30 01183244 core:Vehicles 2023-11-30 01183244 core:OfficeEquipment 2023-11-30 01183244 bus:OrdinaryShareClass1 2023-11-30 01183244 2022-12-01 2023-11-30 01183244 bus:FilletedAccounts 2022-12-01 2023-11-30 01183244 bus:SmallEntities 2022-12-01 2023-11-30 01183244 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 01183244 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 01183244 bus:Director1 2022-12-01 2023-11-30 01183244 core:LandBuildings core:TopRangeValue 2022-12-01 2023-11-30 01183244 core:PlantMachinery 2022-12-01 2023-11-30 01183244 core:Vehicles 2022-12-01 2023-11-30 01183244 core:OfficeEquipment core:TopRangeValue 2022-12-01 2023-11-30 01183244 2021-12-01 2022-11-30 01183244 core:LandBuildings 2022-12-01 2023-11-30 01183244 core:OfficeEquipment 2022-12-01 2023-11-30 01183244 core:Non-currentFinancialInstruments 2022-12-01 2023-11-30 01183244 bus:OrdinaryShareClass1 2022-12-01 2023-11-30 01183244 bus:OrdinaryShareClass1 2021-12-01 2022-11-30 iso4217:GBP xbrli:pure xbrli:shares

Company No: 01183244 (England and Wales)

WESTWARD MOULDINGS LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2023
Pages for filing with the registrar

WESTWARD MOULDINGS LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

WESTWARD MOULDINGS LIMITED

BALANCE SHEET

As at 30 November 2023
WESTWARD MOULDINGS LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 38,087 37,600
38,087 37,600
Current assets
Stocks 83,190 84,095
Debtors 4 500 0
Cash at bank and in hand 522 1,863
84,212 85,958
Creditors: amounts falling due within one year 5 ( 85,393) ( 59,719)
Net current (liabilities)/assets (1,181) 26,239
Total assets less current liabilities 36,906 63,839
Creditors: amounts falling due after more than one year 6 ( 500,000) ( 500,000)
Net liabilities ( 463,094) ( 436,161)
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account ( 463,194 ) ( 436,261 )
Total shareholder's deficit ( 463,094) ( 436,161)

For the financial year ending 30 November 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Westward Mouldings Limited (registered number: 01183244) were approved and authorised for issue by the Director on 17 July 2024. They were signed on its behalf by:

Mr P Walde
Director
WESTWARD MOULDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
WESTWARD MOULDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Westward Mouldings Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is The New Factory Greenhill, Delaware Rd, Gunnislake Cornwall, PL18 9AS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, he continues to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 50 years straight line
Plant and machinery 10 % reducing balance
Vehicles 25 % reducing balance
Office equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost of finished goods and work in progress includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

3. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 December 2022 113,961 28,816 6,495 6,294 155,566
Additions 0 3,332 0 0 3,332
At 30 November 2023 113,961 32,148 6,495 6,294 158,898
Accumulated depreciation
At 01 December 2022 78,344 27,988 5,340 6,294 117,966
Charge for the financial year 2,279 277 289 0 2,845
At 30 November 2023 80,623 28,265 5,629 6,294 120,811
Net book value
At 30 November 2023 33,338 3,883 866 0 38,087
At 30 November 2022 35,617 828 1,155 0 37,600

4. Debtors

2023 2022
£ £
Trade debtors 500 0

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank overdrafts 1,665 0
Trade creditors 46 738
Other taxation and social security 917 121
Other creditors 82,765 58,860
85,393 59,719

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other creditors 500,000 500,000

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Related party transactions

Transactions with the entity's director

The director has lent funds to the company and the amounts are included in both creditors due within one year and after more than one year. All amounts are lent on an interest free basis. At the balance sheet date the amount due to Mr P S Walde was £578,490 (2022 £555,510)