Company registration number 01028553 (England and Wales)
WESTMORLAND GLASS (KENDAL) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
WESTMORLAND GLASS (KENDAL) LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
WESTMORLAND GLASS (KENDAL) LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF WESTMORLAND GLASS (KENDAL) LIMITED FOR THE YEAR ENDED 31 JANUARY 2024
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Westmorland Glass (Kendal) Limited for the year ended 31 January 2024 which comprise, the balance sheet 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 the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Westmorland Glass (Kendal) Limited, as a body, in accordance with the terms of our engagement letter dated 7 August 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Westmorland Glass (Kendal) Limited and state those matters that we have agreed to state to the board of directors of Westmorland Glass (Kendal) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Westmorland Glass (Kendal) Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Westmorland Glass (Kendal) 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 loss of Westmorland Glass (Kendal) Limited. You consider that Westmorland Glass (Kendal) 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 Westmorland Glass (Kendal) 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.
Waters & Atkinson
24 October 2024
Chartered Accountants
The Old Court House
Clark Street
Morecambe
Lancashire
LA4 5HR
WESTMORLAND GLASS (KENDAL) LIMITED
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
885,600
885,600
Current assets
-
-
Creditors: amounts falling due within one year
4
(106,979)
(106,975)
Net current liabilities
(106,979)
(106,975)
Net assets
778,621
778,625
Capital and reserves
Called up share capital
8,000
8,000
Share premium account
1,352
1,352
Revaluation reserve
842,297
842,297
Profit and loss reserves
(73,028)
(73,024)
Total equity
778,621
778,625
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 24 October 2024
Mr P Farrar
Director
Company registration number 01028553 (England and Wales)
WESTMORLAND GLASS (KENDAL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information
Westmorland Glass (Kendal) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 2, Mealbank Industrial Estate, Mealbank, Kendal, Cumbria, LA8 9DL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Buildings
2% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.3
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
WESTMORLAND GLASS (KENDAL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
1
1
3
Tangible fixed assets
Land and buildings
£
Cost or valuation
At 1 February 2023 and 31 January 2024
900,000
Depreciation and impairment
At 1 February 2023 and 31 January 2024
14,400
Carrying amount
At 31 January 2024
885,600
At 31 January 2023
885,600
On 2nd October 2013 the land and buildings were revalued by Hyde Harrington Chartered Surveyors on an open market value for existing use basis. In the opinion of the directors the open market value of the land and buildings on an existing use basis at 31st January 2024 is not materially different to the valuation report prepared.
If revalued assets were stated on an historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
WESTMORLAND GLASS (KENDAL) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
3
Tangible fixed assets
(Continued)
- 5 -
2024
2023
£
£
Cost
97,585
97,585
Accumulated depreciation
33,520
33,520
Carrying value
131,105
131,105
4
Creditors: amounts falling due within one year
2024
2023
£
£
Amounts owed to group undertakings
106,979
106,975
5
Contingent liabilities
Borrowings of the company's parent undertaking are secured by an unlimited inter-company guarantee between the parent and Westmorland Glass (Kendal) Limited supported by a debenture over the company's whole assets and undertaking.
6
Related party transactions
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due to related parties
£
£
Entities with control, joint control or significant influence over the company
106,979
106,975
The company has taken advantage of the exemption contained in Section 33 of FRS 102 "Related Party Disclosures" from disclosing transactions with entities which are part of the group, where 100% of the voting rights in the entities are controlled within the group.