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Registration number: 10703657

Martin Westcott & Son Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Martin Westcott & Son Limited

Contents

Directors' Report

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Martin Westcott & Son Limited

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

Miss Jessica May Leat (ceased 10 July 2023)

Mr Andrew Martin Westcott

Mr Martin Colin Westcott

Principal activity

The principal activity of the company is general builder

Small companies provision statement

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

Approved and authorised by the Board on 16 September 2024 and signed on its behalf by:
 

.........................................
Mr Andrew Martin Westcott
Director

.........................................
Mr Martin Colin Westcott
Director

 

Martin Westcott & Son Limited

(Registration number: 10703657)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

196,153

176,313

Current assets

 

Stocks

6

213,795

101,679

Debtors

7

77,438

30,726

Cash at bank and in hand

 

5,338

41,746

 

296,571

174,151

Creditors: Amounts falling due within one year

8

(377,682)

(225,164)

Net current liabilities

 

(81,111)

(51,013)

Total assets less current liabilities

 

115,042

125,300

Creditors: Amounts falling due after more than one year

8

(114,923)

(116,826)

Net assets

 

119

8,474

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

19

8,374

Shareholders' funds

 

119

8,474

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 16 September 2024 and signed on its behalf by:
 

 

Martin Westcott & Son Limited

(Registration number: 10703657)
Balance Sheet as at 31 March 2024

.........................................
Mr Andrew Martin Westcott
Director

.........................................
Mr Martin Colin Westcott
Director

 

Martin Westcott & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
2 Drake House
Cook Way
Taunton
Somerset
TA2 6BJ
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

 

Martin Westcott & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and Machinery

Reducing Balance at 15%

Motor Vehicles

Reducing Balance at 25%

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Martin Westcott & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2023 - 15).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

47,331

42,673

 

Martin Westcott & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

137,800

167,712

305,512

Additions

35,167

53,065

88,232

Disposals

-

(29,150)

(29,150)

At 31 March 2024

172,967

191,627

364,594

Depreciation

At 1 April 2023

64,888

64,311

129,199

Charge for the year

27,020

20,311

47,331

Eliminated on disposal

-

(8,089)

(8,089)

At 31 March 2024

91,908

76,533

168,441

Carrying amount

At 31 March 2024

81,059

115,094

196,153

At 31 March 2023

72,912

103,401

176,313

6

Stocks

2024
£

2023
£

Work in progress

113,466

93,400

Other inventories

100,329

8,279

213,795

101,679

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

70,325

5,611

Amounts owed by related parties

12

600

600

Other debtors

 

6,513

24,515

   

77,438

30,726

8

Creditors

Creditors: amounts falling due within one year

 

Martin Westcott & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

10

55,624

40,521

Trade creditors

 

257,006

102,701

Taxation and social security

 

29,002

22,332

Accruals and deferred income

 

2,800

1,500

Other creditors

 

33,250

58,110

 

377,682

225,164

 

Martin Westcott & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

114,923

116,826

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

32,567

48,093

Hire purchase contracts

82,356

68,733

114,923

116,826

2024
£

2023
£

Current loans and borrowings

Hire purchase contracts

55,624

40,449

Other borrowings

-

72

55,624

40,521

11

Dividends

Interim dividends paid

   

2024
£

 

2023
£

Interim dividend of £230.00 (2023 - £183.00) per each Ordinary

 

23,000

 

18,300

         

12

Related party transactions

 

Martin Westcott & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr Martin Colin Westcott

Director's current account

(73)

28,122

(23,000)

5,049

         
       

 

 

Martin Westcott & Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

93,663

107,084

Contributions paid to money purchase schemes

2,358

2,651

96,021

109,735