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REGISTERED NUMBER: 02827766 (England and Wales)















Report of the Directors and

Financial Statements for the Year Ended 30 November 2023

for

Holwest Limited

Holwest Limited (Registered number: 02827766)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page


Company Information 1

Report of the Directors 2

Report of the Independent Auditors 4

Income Statement 8

Balance Sheet 9

Statement of Changes in Equity 10

Notes to the Financial Statements 11


Holwest Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: F P N Coupat
J R Bastable





SECRETARY: D S Munday





REGISTERED OFFICE: 30 Gay Street
Bath
Somerset
BA1 2PA





REGISTERED NUMBER: 02827766 (England and Wales)





AUDITORS: Moore
Chartered Accountants and Statutory Auditor
30 Gay Street
Bath
BA1 2PA

Holwest Limited (Registered number: 02827766)

Report of the Directors
for the Year Ended 30 November 2023

The directors present their report with the financial statements of the company for the year ended 30 November 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 December 2022 to the date of this report.

F P N Coupat
J R Bastable

Other changes in directors holding office are as follows:

N D Kent - resigned 30 November 2023
A Bell - resigned 31 December 2022

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Moore, will be proposed for re-appointment at the forthcoming Annual General Meeting.


Holwest Limited (Registered number: 02827766)

Report of the Directors
for the Year Ended 30 November 2023

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





N D Kent - Director


20 August 2024

Report of the Independent Auditors to the Members of
Holwest Limited

Opinion
We have audited the financial statements of Holwest Limited (the 'company') for the year ended 30 November 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 November 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Report of the Independent Auditors to the Members of
Holwest Limited


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Holwest Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit in respect of fraud, are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the company.

Our approach was as follows:

We obtained an understanding of the legal and regulatory requirements applicable to the company and considered that the most significant are the Companies Act 2006, UK Financial Reporting Standards and UK taxation legislation.

We obtained an understanding of how the company complies with these requirements by discussions with management and those charged with governance.

We assessed the risk of material misstatement of the financial statements, including the risk of material misstatement due to fraud and how it might occur, by holding discussions with management and those charged with governance.

We inquired of management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations.

Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Holwest Limited


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Simon Cunningham (Senior Statutory Auditor)
for and on behalf of Moore
Chartered Accountants and Statutory Auditor
30 Gay Street
Bath
BA1 2PA

23 August 2024

Holwest Limited (Registered number: 02827766)

Income Statement
for the Year Ended 30 November 2023

30.11.23 30.11.22
Notes £    £   

TURNOVER 1,227,321 1,331,181

Cost of sales 544,663 655,769
GROSS PROFIT 682,658 675,412

Administrative expenses 726,203 677,358
(43,545 ) (1,946 )

Other operating income 7,727 -
OPERATING LOSS 4 (35,818 ) (1,946 )

Interest receivable and similar income 1,598 303
(34,220 ) (1,643 )

Interest payable and similar expenses 11,998 -
LOSS BEFORE TAXATION (46,218 ) (1,643 )

Tax on loss 3,838 (6,033 )
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(50,056

)

4,390

Holwest Limited (Registered number: 02827766)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 6 75,747 75,322

CURRENT ASSETS
Debtors 7 218,406 308,833
Cash at bank and in hand 315,992 457,859
534,398 766,692
CREDITORS
Amounts falling due within one year 8 201,297 224,282
NET CURRENT ASSETS 333,101 542,410
TOTAL ASSETS LESS CURRENT
LIABILITIES

408,848

617,732

CREDITORS
Amounts falling due after more than
one year

9

(70,970

)

(113,491

)

PROVISIONS FOR LIABILITIES (16,194 ) (15,486 )
NET ASSETS 321,684 488,755

CAPITAL AND RESERVES
Called up share capital 300 600
Capital redemption reserve 7,200 6,900
Retained earnings 314,184 481,255
SHAREHOLDERS' FUNDS 321,684 488,755

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 20 August 2024 and were signed on its behalf by:





N D Kent - Director


Holwest Limited (Registered number: 02827766)

Statement of Changes in Equity
for the Year Ended 30 November 2023

Called up Capital
share Retained redemption Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 December 2021 600 511,681 6,900 519,181

Changes in equity
Dividends - (34,816 ) - (34,816 )
Total comprehensive income - 4,390 - 4,390
Balance at 30 November 2022 600 481,255 6,900 488,755

Changes in equity
Issue of share capital (300 ) - - (300 )
Dividends - (47,610 ) - (47,610 )
Total comprehensive income - (119,461 ) 300 (119,161 )
Balance at 30 November 2023 300 314,184 7,200 321,684

Holwest Limited (Registered number: 02827766)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Holwest 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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 33% on reducing balance

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.

Holwest Limited (Registered number: 02827766)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued

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 17 (2022 - 19 ) .

4. OPERATING LOSS

The operating loss is stated after charging:

30.11.23 30.11.22
£    £   
Depreciation - owned assets 17,612 17,754

5. DIVIDENDS
30.11.23 30.11.22
£    £   
Ordinary shares of £0.10 each
Final 47,610 34,816

Holwest Limited (Registered number: 02827766)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

6. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Computer
property fittings equipment Totals
£    £    £    £   
COST
At 1 December 2022 123,763 44,891 165,343 333,997
Additions 11,887 600 5,550 18,037
At 30 November 2023 135,650 45,491 170,893 352,034
DEPRECIATION
At 1 December 2022 78,270 29,195 151,210 258,675
Charge for year 8,607 2,444 6,561 17,612
At 30 November 2023 86,877 31,639 157,771 276,287
NET BOOK VALUE
At 30 November 2023 48,773 13,852 13,122 75,747
At 30 November 2022 45,493 15,696 14,133 75,322

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 171,450 235,089
Amounts recoverable on contract 19,898 33,284
Other debtors 27,058 40,460
218,406 308,833

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans and overdrafts 42,582 35,319
Trade creditors 78,544 92,847
Taxation and social security 71,393 74,102
Other creditors 8,778 22,014
201,297 224,282

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans 70,970 113,491

Holwest Limited (Registered number: 02827766)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.11.23 30.11.22
£    £   
Within one year 62,931 73,063
Between one and five years 67,708 2,298
130,639 75,361

11. TRANSACTIONS WITH DIRECTORS

During the year dividends were paid to the directors and a connected person to the directors as follows:

N D Kent received dividends of £17,805 (2022: £17,408)

S E Kent received dividends of £17,805 (2022: £17,408)

F P N Coupat received dividends of £6,000 (2022: £nil)

J R Bastable received dividends of £6,000 (2022: £nil).

During the year an amount of £10,000 was advanced to a director. At the year end, the balance due to the company totalled £10,000 (2022: £10,000).

During the year, the company entered into share buyback transactions with N D Kent for 750 Ordinary Shares of 10p each, S E Kent for 750 Ordinary Shares of 10p each and A Bell for 1,500 Ordinary Shares of 10p each. The total consideration amounted to £69,405.

12. ULTIMATE CONTROLLING PARTY

The directors did not believe there to be one ultimate controlling party.