Registered number
06081422
Westfield Group UK Limited
Filleted Accounts
30 June 2024
Westfield Group UK Limited
Registered number: 06081422
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 252,591 241,575
Current assets
Stocks 3,850 15,558
Debtors 4 233,663 335,351
Cash at bank and in hand 64,249 42,311
301,762 393,220
Creditors: amounts falling due within one year 5 (223,374) (342,626)
Net current assets 78,388 50,594
Total assets less current liabilities 330,979 292,169
Creditors: amounts falling due after more than one year 6 (161,822) (140,691)
Provisions for liabilities (42,781) (41,606)
Net assets 126,376 109,872
Capital and reserves
Called up share capital 100 100
Profit and loss account 126,276 109,772
Shareholder's funds 126,376 109,872
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Nick Paglia
Director
Approved by the board on 30 August 2024
Westfield Group UK Limited
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 4 years
Motor vehicles over 4 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 18 18
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 July 2023 148,291 304,244 452,535
Additions 22,175 179,257 201,432
Disposals (11,875) (147,493) (159,368)
At 30 June 2024 158,591 336,008 494,599
Depreciation
At 1 July 2023 71,580 139,380 210,960
Charge for the year 31,127 78,520 109,647
On disposals (11,875) (66,724) (78,599)
At 30 June 2024 90,832 151,176 242,008
Net book value
At 30 June 2024 67,759 184,832 252,591
At 30 June 2023 76,711 164,864 241,575
4 Debtors 2024 2023
£ £
Trade debtors 128,856 190,949
Other debtors 104,807 144,402
233,663 335,351
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 116,975
Obligations under finance lease and hire purchase contracts 69,272 62,173
Trade creditors 98,566 127,009
Taxation and social security costs 36,809 9,557
Other creditors 8,727 26,912
223,374 342,626
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 9,167 19,167
Obligations under finance lease and hire purchase contracts 152,655 121,524
161,822 140,691
7 Other information
Westfield Group UK Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 1 Ash Hill Common
Bunny Lane
Sherfield English
Romsey
SO51 6FU
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