COMPANY REGISTRATION NUMBER:
03591305
Westlake Vinnolit Limited (Formerly Vinnolit Limited) |
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Filleted Financial Statements |
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Westlake Vinnolit Limited (Formerly Vinnolit Limited) |
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Year ended 31 December 2023
Statement of financial position |
1 |
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Notes to the financial statements |
2 |
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Westlake Vinnolit Limited (Formerly Vinnolit Limited) |
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Statement of Financial Position |
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31 December 2023
Current assets
Debtors |
5 |
129,315 |
84,360 |
Cash at bank and in hand |
495,578 |
473,789 |
|
--------- |
--------- |
|
624,893 |
558,149 |
|
|
|
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Creditors: amounts falling due within one year |
6 |
262,944 |
184,654 |
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--------- |
--------- |
Net current assets |
361,949 |
373,495 |
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--------- |
--------- |
Total assets less current liabilities |
361,949 |
373,495 |
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|
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Provisions |
– |
(
262) |
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--------- |
--------- |
Net assets |
361,949 |
373,757 |
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--------- |
--------- |
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Capital and reserves
Called up share capital |
100,000 |
100,000 |
Profit and loss account |
261,949 |
273,757 |
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--------- |
--------- |
Shareholders funds |
361,949 |
373,757 |
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--------- |
--------- |
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These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
24 September 2024
, and are signed on behalf of the board by:
Company registration number:
03591305
Westlake Vinnolit Limited (Formerly Vinnolit Limited) |
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Notes to the Financial Statements |
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Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Heath Business & Technical Park, Runcorn, WA7 4QX, England.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared under the going concern basis which relies on continued support from the group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements, estimates and assumptions that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: (i) Purchase recognition - Directors recognise the purchases when significant risks and rewards of ownership are passed to them as buyer. They consider this has taken place on delivery and therefore record all deliveries not yet invoiced as accruals at the year end. (ii) Bad debt - Directors have included bad debt provisions for items which have not been paid between the year end date and the date of signing the accounts. Any debts which are in legal disputes have been reviewed and a proportions has been provided based on expected outcome.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
3
(2022:
3
).
5.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
263 |
263 |
Other debtors |
129,052 |
84,097 |
|
--------- |
-------- |
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129,315 |
84,360 |
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--------- |
-------- |
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6.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Amounts owed to group undertakings |
219,264 |
147,676 |
Social security and other taxes |
20,043 |
17,207 |
Other creditors |
23,637 |
19,771 |
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--------- |
--------- |
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262,944 |
184,654 |
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--------- |
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7.
Summary audit opinion
The auditor's report dated
24 September 2024
was
unqualified
.
The senior statutory auditor was
Roderick Archibald
, for and on behalf of
Burgess Hodgson LLP
.
8.
Related party transactions
At the year end the company owed £219,264 (2022: £147,676) to group companies.
9.
Controlling party
The smallest and largest group in which the results of the company are consolidated is that headed by Westlake Chemical Corporation, incorporated in the United States of America and considered by the directors to be the ultimate parent and controlling party. The ultimate controlling party is
Vinnolit Gmbh & Co Kg
, the parent company of Westlake Vinnolit Limited (formerly Vinnolit Limited). The address of the registered office of Vinnolit Gmbh & Co Kg is Vinnolit, Carl-Zeiss- Ring 25, 85737 Ismaning, Germany
.