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Registered number: 05284302
Custom Built of Westbury Limited
Unaudited Financial Statements
For The Year Ended 30 November 2023
Contents
Page
Accountants' Report 1
Statement of Financial Position 2—3
Notes to the Financial Statements 4—6
Page 1
Accountants' Report
Chartered Accountants' report to the director on the preparation of the unaudited statutory accounts of Custom Built of Westbury Limited for the year ended 30 November 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Custom Built of Westbury Limited for the year ended 30 November 2023 which comprise the Income Statement, the Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the director of Custom Built of Westbury Limited , as a body, in accordance with the terms of our engagement letter dated 14 April 2022. Our work has been undertaken solely to prepare for your approval the accounts of Custom Built of Westbury Limited and state those matters that we have agreed to state to the director of Custom Built of Westbury Limited , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Custom Built of Westbury Limited and its director, as a body, for our work or for this report.
It is your duty to ensure that Custom Built of Westbury Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Custom Built of Westbury Limited . You consider that Custom Built of Westbury Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Custom Built of Westbury Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
30/08/2024
Charlton Baker (Trowbridge)
33 Duke Street
Trowbridge
Wiltshire
BA14 8EA
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Statement of Financial Position
Registered number: 05284302
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 109,152 67,988
109,152 67,988
CURRENT ASSETS
Stocks 5 1,603,507 904,590
Debtors 6 15,534 11,880
1,619,041 916,470
Creditors: Amounts Falling Due Within One Year 7 (1,241,425 ) (517,375 )
NET CURRENT ASSETS (LIABILITIES) 377,616 399,095
TOTAL ASSETS LESS CURRENT LIABILITIES 486,768 467,083
Creditors: Amounts Falling Due After More Than One Year 8 (50,723 ) (31,596 )
NET ASSETS 436,045 435,487
CAPITAL AND RESERVES
Called up share capital 10 100 100
Income Statement 435,945 435,387
SHAREHOLDERS' FUNDS 436,045 435,487
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For the 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.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr A Jones
Director
30/08/2024
The notes on pages 4 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Custom Built of Westbury Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05284302 . The registered office is 3 Lower Marsh Road, Warminster, Wiltshire, BA12 9PB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% reducing balance
2.4. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the income statement so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to income statement as incurred.
2.5. Stocks and Work in Progress
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 stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Tangible Assets
Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 December 2022 240,863 8,755 2,627 252,245
Additions 83,000 - 2,557 85,557
Disposals (45,000 ) - - (45,000 )
As at 30 November 2023 278,863 8,755 5,184 292,802
Depreciation
As at 1 December 2022 175,559 7,180 1,518 184,257
Provided during the period 35,075 394 916 36,385
Disposals (36,992 ) - - (36,992 )
As at 30 November 2023 173,642 7,574 2,434 183,650
Net Book Value
As at 30 November 2023 105,221 1,181 2,750 109,152
As at 1 December 2022 65,304 1,575 1,109 67,988
5. Stocks
2023 2022
£ £
Work in progress 1,603,507 904,590
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6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 2,250 -
Other debtors 13,284 11,880
15,534 11,880
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 14,953 7,854
Trade creditors 163,306 2,881
Bank loans and overdrafts 46,023 52,406
Other loans 834,116 332,263
Other creditors 167,030 115,648
Taxation and social security 15,997 6,323
1,241,425 517,375
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Net obligations under finance lease and hire purchase contracts 35,062 5,816
Bank loans 15,661 25,780
50,723 31,596
9. Obligations Under Finance Leases and Hire Purchase
2023 2022
£ £
The future minimum finance lease payments are as follows:
Not later than one year 14,953 7,854
Later than one year and not later than five years 35,062 5,816
50,015 13,670
50,015 13,670
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
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