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COMPANY REGISTRATION NUMBER: SC199151
Westfield Caledonian Limited
Filleted Unaudited Financial Statements
31 March 2024
Westfield Caledonian Limited
Financial Statements
Year ended 31 March 2024
Contents
Page
Chartered accountants report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Westfield Caledonian Limited
Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Westfield Caledonian Limited
Year ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Westfield Caledonian Limited for the year ended 31 March 2024, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at www.icas.com/accountspreparationguidance. This report is made solely to the director of Westfield Caledonian Limited. Our work has been undertaken solely to prepare for your approval the financial statements of Westfield Caledonian Limited and state those matters that we have agreed to state to you in this report in accordance with the requirements of ICAS as detailed at www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Westfield Caledonian Limited and its director for our work or for this report.
It is your duty to ensure that Westfield Caledonian Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Westfield Caledonian Limited. You consider that Westfield Caledonian Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Westfield Caledonian 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 statutory financial statements.
GILLILAND & COMPANY Chartered Accountants
216 West George Street Glasgow G2 2PQ
23 September 2024
Westfield Caledonian Limited
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
198,518
110,380
Current assets
Stocks
6,168
8,453
Debtors
6
199,873
184,659
Cash at bank and in hand
355,798
239,913
---------
---------
561,839
433,025
Creditors: amounts falling due within one year
7
232,280
218,948
---------
---------
Net current assets
329,559
214,077
---------
---------
Total assets less current liabilities
528,077
324,457
Creditors: amounts falling due after more than one year
8
11,806
34,724
Provisions
Taxation including deferred tax
16,615
3,102
---------
---------
Net assets
499,656
286,631
---------
---------
Westfield Caledonian Limited
Statement of Financial Position (continued)
31 March 2024
2024
2023
Note
£
£
£
Capital and reserves
Called up share capital
2,000
2,000
Share premium account
10,000
10,000
Capital redemption reserve
10,001
10,001
Other reserves
69,740
69,740
Profit and loss account
407,915
194,890
---------
---------
Shareholders funds
499,656
286,631
---------
---------
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 comprehensive income has not been delivered.
For the 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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act 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 23 September 2024 , and are signed on behalf of the board by:
Mr W Leitch
Director
Company registration number: SC199151
Westfield Caledonian Limited
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 4 Mollins Court, Westfield, Cumbernauld, Glasgow, G68 9HP.
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.
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.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Tenants Improvements
-
25% straight line
Laboratory Equipment
-
33% straight line
Plant & Machinery
-
33% straight line
Fixtures & Fittings
-
20% straight line
Motor Vehicles
-
30% reducing balance
Computer Equipment
-
33% straight line
Laboratory Fit-out
-
25% straight line
Work in progress
Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 15 (2023: 17 ).
5. Tangible assets
Laboratory Equipment
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Lab Fit-Out
Total
£
£
£
£
£
£
Cost
At 1 Apr 2023
40,974
50,684
61,608
159,698
8,271
321,235
Additions
3,745
10,772
274
58,678
51,099
124,568
--------
--------
--------
---------
--------
---------
At 31 Mar 2024
44,719
61,456
61,882
218,376
59,370
445,803
--------
--------
--------
---------
--------
---------
Depreciation
At 1 Apr 2023
40,974
47,083
57,642
56,885
8,271
210,855
Charge for the year
81
2,746
212
30,014
3,377
36,430
--------
--------
--------
---------
--------
---------
At 31 Mar 2024
41,055
49,829
57,854
86,899
11,648
247,285
--------
--------
--------
---------
--------
---------
Carrying amount
At 31 Mar 2024
3,664
11,627
4,028
131,477
47,722
198,518
--------
--------
--------
---------
--------
---------
At 31 Mar 2023
3,601
3,966
102,813
110,380
--------
--------
--------
---------
--------
---------
6. Debtors
2024
2023
£
£
Trade debtors
186,543
172,665
Other debtors
13,330
11,994
---------
---------
199,873
184,659
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
47,000
50,944
Corporation tax
64,931
47,816
Social security and other taxes
51,640
45,086
Other creditors
68,709
75,102
---------
---------
232,280
218,948
---------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
11,806
34,724
--------
--------
9. Controlling party
The company is under the control of the director during the current year and prior year.