Company registration number 04214763 (England and Wales)
WESTWARD ENERGY SERVICES LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
WESTWARD ENERGY SERVICES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 8
Information for management
-
WESTWARD ENERGY SERVICES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
170,003
176,699
Current assets
Stocks
195,487
110,955
Debtors
4
1,667,763
1,638,161
Cash at bank and in hand
177,280
339,268
2,040,530
2,088,384
Creditors: amounts falling due within one year
5
(1,312,849)
(1,179,628)
Net current assets
727,681
908,756
Total assets less current liabilities
897,684
1,085,455
Creditors: amounts falling due after more than one year
6
(42,043)
(191,874)
Provisions for liabilities
(34,721)
(36,073)
Net assets
820,920
857,508
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
8
819,920
856,508
Total equity
820,920
857,508
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
WESTWARD ENERGY SERVICES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on
15 August 2024
15 August 2024
and are signed on its behalf by:
2024-08-15
A C Robinson
J Robinson
Director
Director
Company registration number 04214763 (England and Wales)
WESTWARD ENERGY SERVICES LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
10
352,742
553,748
Interest paid
(17,303)
(15,686)
Income taxes paid
(26,054)
(18,178)
Net cash inflow from operating activities
309,385
519,884
Investing activities
Purchase of tangible fixed assets
(58,328)
(124,564)
Proceeds from disposal of tangible fixed assets
13,542
7,067
Interest received
113
Net cash used in investing activities
(44,673)
(117,497)
Financing activities
Repayment of bank loans
(167,999)
(140,000)
Payment of finance leases obligations
(8,701)
50,109
Dividends paid
(250,000)
(200,000)
Net cash used in financing activities
(426,700)
(289,891)
Net (decrease)/increase in cash and cash equivalents
(161,988)
112,496
Cash and cash equivalents at beginning of year
339,268
226,772
Cash and cash equivalents at end of year
177,280
339,268
WESTWARD ENERGY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
1
Accounting policies
Company information
Westward Energy Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Energy House, Alloy Industrial Estate, Pontardawe, Swansea, SA8 4EN.
1.1
Basis of preparation
These financial statements have been prepared in accordance with applicable accounting standards including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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 financial instruments at fair value. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
Profit is recognised on long-term contracts, if the final outcome can be assessed with reasonable certainty, by including in the profit and loss account turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs to date bear to total expected costs for that contract.
1.3
Tangible fixed assets
Tangible fixed assets are measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
Over 3 years straight line
Fixtures, fittings & equipment
Over 3 - 5 years straight line
Motor vehicles
Over 5 years straight line
1.4
Impairment of fixed assets
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
1.5
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
WESTWARD ENERGY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.8
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to the profit and loss account on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
WESTWARD ENERGY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
99
90
3
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
38,424
238,563
192,854
469,841
Additions
3,816
15,267
39,245
58,328
Disposals
(4,986)
(210,805)
(38,645)
(254,436)
At 31 March 2024
37,254
43,025
193,454
273,733
Depreciation and impairment
At 1 April 2023
6,914
229,861
56,368
293,143
Depreciation charged in the year
3,412
4,931
40,448
48,791
Eliminated in respect of disposals
(4,986)
(210,805)
(22,413)
(238,204)
At 31 March 2024
5,340
23,987
74,403
103,730
Carrying amount
At 31 March 2024
31,914
19,038
119,051
170,003
At 31 March 2023
31,510
8,703
136,486
176,699
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
539,284
519,872
Amounts owed by group undertakings
382,193
515,843
Prepayments and accrued income
746,286
602,446
1,667,763
1,638,161
WESTWARD ENERGY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
42,334
80,000
Obligations under finance leases
45,381
34,584
Trade creditors
775,759
662,840
Corporation tax
72,872
26,054
Other taxation and social security
167,806
199,327
Other creditors
204,438
172,383
Accruals and deferred income
4,259
4,440
1,312,849
1,179,628
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
130,333
Other creditors
42,043
61,541
42,043
191,874
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,000
1,000
1,000
1,000
8
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
856,508
876,482
Profit for the year
213,412
180,026
Dividends declared and paid in the year
(250,000)
(200,000)
At the end of the year
819,920
856,508
WESTWARD ENERGY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 8 -
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
659,726
390,743
10
Cash generated from operations
2024
2023
£
£
Profit for the year after tax
213,412
180,026
Adjustments for:
Taxation charged
71,520
46,314
Finance costs
17,303
15,686
Investment income
(113)
Loss/(gain) on disposal of tangible fixed assets
2,690
(7,067)
Depreciation and impairment of tangible fixed assets
48,791
32,610
Movements in working capital:
(Increase)/decrease in stocks
(84,532)
17,256
(Increase)/decrease in debtors
(29,602)
180,548
Increase in creditors
113,272
86,140
Cash generated from operations
352,741
551,513
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