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REGISTERED NUMBER: 03588595 (England and Wales)







Unaudited Financial Statements

for the Year Ended 30 June 2024

for

West Tool Limited

West Tool Limited (Registered number: 03588595)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


West Tool Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: C R Duffner
Mrs H C Duffner





REGISTERED OFFICE: 113 Staple Hill Road
Fishponds
Bristol
BS16 5AD





REGISTERED NUMBER: 03588595 (England and Wales)





ACCOUNTANTS: Stanley Joseph Limited
Chartered Accountants
Suite 1
Liberty House
South Liberty Lane
Bristol
BS3 2ST

West Tool Limited (Registered number: 03588595)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 539,722 573,833

CURRENT ASSETS
Inventories 10,200 10,200
Debtors 5 15,623 17,361
Cash at bank and in hand 68,344 63,747
94,167 91,308
CREDITORS
Amounts falling due within one year 6 108,284 102,513
NET CURRENT LIABILITIES (14,117 ) (11,205 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

525,605

562,628

CREDITORS
Amounts falling due after more than one
year

7

(9,833

)

(20,243

)

PROVISIONS FOR LIABILITIES (88,408 ) (92,208 )
NET ASSETS 427,364 450,177

West Tool Limited (Registered number: 03588595)

Balance Sheet - continued
30 June 2024

30.6.24 30.6.23
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 2 2
Fair value reserve 8 371,565 390,225
Retained earnings 55,797 59,950
427,364 450,177

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 August 2024 and were signed on its behalf by:




C R Duffner - Director



Mrs H C Duffner - Director


West Tool Limited (Registered number: 03588595)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. STATUTORY INFORMATION

West Tool Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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 as modified by the revaluation of certain assets.

Turnover
Turnover represents the amounts receivable, excluding VAT and trade discounts, by the company for goods and services provided during the year. All transactions arose in the United Kingdom.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Improvements to property - 10% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on reducing balance

Stocks
Inventories are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

West Tool Limited (Registered number: 03588595)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like cash and bank balances, trade debtors and creditors, bank overdrafts, finance leases and hire purchase contracts and loans to or from related parties.

A financial asset or financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in the profit and loss immediately.

Any reversals of impairment are recognised in the profit and loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

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

West Tool Limited (Registered number: 03588595)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

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 6 (2023 - 5 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST OR VALUATION
At 1 July 2023 475,000 1,000 108,919
Additions - - 350
At 30 June 2024 475,000 1,000 109,269
DEPRECIATION
At 1 July 2023 - 1,000 26,105
Charge for year 9,500 - 20,703
At 30 June 2024 9,500 1,000 46,808
NET BOOK VALUE
At 30 June 2024 465,500 - 62,461
At 30 June 2023 475,000 - 82,814

West Tool Limited (Registered number: 03588595)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

4. PROPERTY, PLANT AND EQUIPMENT - continued

Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST OR VALUATION
At 1 July 2023 7,850 34,223 14,691 641,683
Additions - - - 350
At 30 June 2024 7,850 34,223 14,691 642,033
DEPRECIATION
At 1 July 2023 7,837 18,704 14,204 67,850
Charge for year 3 3,879 376 34,461
At 30 June 2024 7,840 22,583 14,580 102,311
NET BOOK VALUE
At 30 June 2024 10 11,640 111 539,722
At 30 June 2023 13 15,519 487 573,833

Plant and machinery were subject to an impairment review on 30 June 2023 by the directors. The directors believe the net book value was understated and therefore reinstated depreciation previously charged of £76,132. This amount is included within the fair value reserve.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 15,394 17,361
Other debtors 229 -
15,623 17,361

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts 10,048 9,648
Trade creditors 4,346 3,692
Taxation and social security 26,098 19,037
Other creditors 67,792 70,136
108,284 102,513

West Tool Limited (Registered number: 03588595)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.24 30.6.23
£    £   
Bank loans 9,833 20,243

8. RESERVES
Fair
value
reserve
£   
At 1 July 2023 390,225
Deferred tax on revaluation 6,220
Depreciation on fair value (24,880 )

At 30 June 2024 371,565