Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31true20false2023-01-0132falsegeneral construction and civil engineeringtrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01305337 2023-01-01 2023-12-31 01305337 2022-01-01 2022-12-31 01305337 2023-12-31 01305337 2022-12-31 01305337 c:Director2 2023-01-01 2023-12-31 01305337 d:PlantMachinery 2023-01-01 2023-12-31 01305337 d:PlantMachinery 2023-12-31 01305337 d:PlantMachinery 2022-12-31 01305337 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01305337 d:PlantMachinery d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 01305337 d:MotorVehicles 2023-01-01 2023-12-31 01305337 d:MotorVehicles 2023-12-31 01305337 d:MotorVehicles 2022-12-31 01305337 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01305337 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 01305337 d:FurnitureFittings 2023-01-01 2023-12-31 01305337 d:FurnitureFittings 2023-12-31 01305337 d:FurnitureFittings 2022-12-31 01305337 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01305337 d:FurnitureFittings d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 01305337 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01305337 d:LeasedAssetsHeldAsLessee 2023-01-01 2023-12-31 01305337 d:CurrentFinancialInstruments 2023-12-31 01305337 d:CurrentFinancialInstruments 2022-12-31 01305337 d:Non-currentFinancialInstruments 2023-12-31 01305337 d:Non-currentFinancialInstruments 2022-12-31 01305337 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 01305337 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 01305337 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-12-31 01305337 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-12-31 01305337 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-12-31 01305337 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-12-31 01305337 c:FRS102 2023-01-01 2023-12-31 01305337 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 01305337 c:FullAccounts 2023-01-01 2023-12-31 01305337 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01305337 2 2023-01-01 2023-12-31 01305337 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-12-31 01305337 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-12-31 01305337 d:LeasedAssetsHeldAsLessee 2023-12-31 01305337 d:LeasedAssetsHeldAsLessee 2022-12-31 01305337 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 01305337









WESTMADE LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
WESTMADE LIMITED
REGISTERED NUMBER: 01305337

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

Fixed assets
  

Tangible assets
 5 
211,766
157,225

  
211,766
157,225

Current assets
  

Stocks
 6 
885,000
585,000

Debtors: amounts falling due within one year
 7 
1,586,052
1,048,759

Cash at bank and in hand
 8 
447,403
693,527

  
2,918,455
2,327,286

Creditors: amounts falling due within one year
 9 
(1,980,428)
(1,377,520)

Net current assets
  
 
 
938,027
 
 
949,766

Total assets less current liabilities
  
1,149,793
1,106,991

  

Creditors: amounts falling due after more than one year
 10 
(137,145)
(97,207)

  
1,012,648
1,009,784

  

  

Net assets
  
1,012,648
1,009,784


Capital and reserves
  

Called up share capital 
  
200
200

Profit and loss account
  
1,012,448
1,009,584

  
1,012,648
1,009,784


Page 1

 
WESTMADE LIMITED
REGISTERED NUMBER: 01305337
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 September 2024.





................................................
Allen Gilbert-Stroud
Director


The notes on pages 3 to 12 form part of these financial statements.

Page 2

 
WESTMADE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Westmade Limited is a private company limited by shares, incorporated in England and Wales. The principal activity of the Company is that of general construction and civil engineering. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 3

 
WESTMADE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.9

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 4

 
WESTMADE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
15% reducing balance
Motor vehicles
-
25% reducing balance
Fixture, fittings and equipment
-
15% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
WESTMADE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.


3.


Employees

The average monthly number of employees, including directors, during the year was 32 (2022 - 20).


4.


Dividends

2023
2022
£
£


Dividends on ordinary A shares
352,073
221,304


Dividends on ordinary B shares
55,000
-

407,073
221,304

Page 6

 
WESTMADE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures, fittings and equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
2,195
259,358
100,194
361,747


Additions
-
131,067
2,498
133,565


Disposals
-
(47,919)
-
(47,919)



At 31 December 2023

2,195
342,506
102,692
447,393



Depreciation


At 1 January 2023
1,541
132,926
70,055
204,522


Charge for the year on owned assets
99
4,023
4,895
9,017


Charge for the year on financed assets
-
55,919
-
55,919


Disposals
-
(33,831)
-
(33,831)



At 31 December 2023

1,640
159,037
74,950
235,627



Net book value



At 31 December 2023
555
183,469
27,742
211,766



At 31 December 2022
654
126,432
30,139
157,225

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Motor vehicles
167,747
107,126

167,747
107,126

Page 7

 
WESTMADE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Stocks

2023
2022
£
£

Work in progress
885,000
585,000

885,000
585,000



7.


Debtors

2023
2022
£
£


Trade debtors
1,295,051
824,390

Amounts owed by related parties
142,286
113,387

Other debtors
137,487
100,462

Prepayments and accrued income
11,228
10,520

1,586,052
1,048,759



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
447,403
693,527

447,403
693,527


Page 8

 
WESTMADE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,649
10,000

Trade creditors
864,565
444,049

Corporation tax
126,318
157,620

Other taxation and social security
823,874
519,681

Obligations under finance lease and hire purchase contracts
59,569
37,932

Other creditors
74,098
194,903

Accruals and deferred income
21,355
13,335

1,980,428
1,377,520


The following liabilities were secured:

2023
2022
£
£



Hire purchase
59,569
37,932

59,569
37,932

Details of security provided:

Hire purchase is secured against the asset.

Page 9

 
WESTMADE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
15,134
25,000

Net obligations under finance leases and hire purchase contracts
122,011
72,207

137,145
97,207


The following liabilities were secured:

2023
2022
£
£



Hire purchase
122,554
72,207

122,554
72,207

Details of security provided:

Hire purchase is secured against the asset.


11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,649
10,000


Amounts falling due 2-5 years

Bank loans
15,134
25,000


25,783
35,000


Page 10

 
WESTMADE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
59,569
37,932

Between 1-5 years
122,554
72,707

182,123
110,639


13.


Financial instruments

2023
2022
£
£

Financial assets


Financial assets measured at fair value through profit or loss
447,403
693,527




Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.


14.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £201,471 (2022: £98,677). At the balance sheet date £6,603 (2022: £8,168) was paid in advance to the fund.

Page 11

 
WESTMADE LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Related party transactions

Westmade Hire LLP is a related party due to common control. During the year sales of £23,087 (2022: £71,958) were made to Westmade Hire LLP, and purchases were made of £417,460 (2022: £486,900). Also during the year the Company made transactions totalling £14,009 (2022: £15,376) with this entity.The amount due from Westmade Hire LLP at the year end was £141,144 (2022: £113,387). 
Alpha Roofing Solutions Ltd is a company in which the directors Lee Humphreys and Allen Gilbert-Stroud are directors and shareholders. During the year sales of £40,269 (2022: £18,985) were made to this company, and purchases were made of £349,856 (2022: £165,619). The amount due from Alpha Roofing Solutions Ltd at the year end was £1,142 (2022: £Nil).
Kamm Civil Engineering Ltd is a company in which the directors Adam McCormack and Keith McWilliams are directors and have control. During the year sales of £Nil (2022: £Nil) were made, and rates of £Nil (2022: £3,799) were paid to Kamm Civil Engineering Ltd. The amount due to Kamm Civil Engineering Ltd at the year end was £Nil (2022: £Nil). 
Kamm Plant Hire is a partnership in which the directors Adam McCormack and Keith McWilliams are partners. During the year sales of £Nil (2022: £Nil) were made with, and rent of £950 (2022: £11,400) was paid to, Kamm Plant Hire. The amount due from Kamm Plant Hire at the year end was £Nil (2022: £Nil). 
 


16.


Controlling party

There is no overall controlling party.

 
Page 12