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Registration number: 14874191

Freshwest Holdings Ltd

Annual Report and Unaudited Financial Statements

for the Period from 17 May 2023 to 30 April 2024

 

Freshwest Holdings Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Freshwest Holdings Ltd

Company Information

Director

Mr C I A James

Registered office

Unit 6
London Road Ind Estate
Pembroke Dock
SA72 4RZ

 

Freshwest Holdings Ltd

(Registration number: 14874191)
Balance Sheet as at 30 April 2024

Note

2024
£

Fixed assets

 

Tangible assets

5

357,244

Investment property

6

185,491

Investments

7

2

 

542,737

Creditors: Amounts falling due within one year

8

(203,916)

Total assets less current liabilities

 

338,821

Creditors: Amounts falling due after more than one year

8

(142,000)

Net assets

 

196,821

Capital and reserves

 

Called up share capital

102

Profit and loss account

196,719

Total equity

 

196,821

For the financial period ending 30 April 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 accounts for the period in question in accordance with section 476; and

The director acknowledges his 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 7 January 2025
 

.........................................
Mr C I A James
Director

   
     
 

Freshwest Holdings Ltd

Notes to the Financial Statements for the Period from 17 May 2023 to 30 April 2024

1

General information

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

The address of its registered office is:
Unit 6
London Road Ind Estate
Pembroke Dock
SA72 4RZ

These financial statements were authorised for issue by the director on 7 January 2025.

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.

Disclosure of long or short period

These are the first financial statements prepared by the company and cover the period from the date of incorporation, 17 May 2023, to the 30 April 2024.

Going concern

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

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

Freehold buildings

2% straight line basis

 

Freshwest Holdings Ltd

Notes to the Financial Statements for the Period from 17 May 2023 to 30 April 2024

Plant and machinery

20% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment. On 11 April 2024, the company acquired 100% of the ordinary shares in Kingswood Engineering Ltd by way of a share for share exchange.

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

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.

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.

 

Freshwest Holdings Ltd

Notes to the Financial Statements for the Period from 17 May 2023 to 30 April 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 1.

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

Depreciation expense

916

Income from shares in group undertakings

(200,000)

5

Tangible assets

Land and buildings
£

Plant and machinery
£

Total
£

Cost or valuation

Additions

275,761

82,400

358,161

At 30 April 2024

275,761

82,400

358,161

Depreciation

Charge for the period

230

687

917

At 30 April 2024

230

687

917

Carrying amount

At 30 April 2024

275,531

81,713

357,244

Included within the net book value of land and buildings above is £275,531 in respect of freehold land and buildings.
 

6

Investment properties

2024
£

Additions

185,491

There has been no valuation of investment property by an independent valuer.

 

Freshwest Holdings Ltd

Notes to the Financial Statements for the Period from 17 May 2023 to 30 April 2024

7

Investments

2024
£

Investments in subsidiaries

2

Subsidiaries

£

Cost or valuation

Additions

2

Provision

Carrying amount

At 30 April 2024

2

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2024

Subsidiary undertakings

Kingswood Engineering Ltd

Unit 6 London Road Industrial Estate, Pembroke Dock, Pembrokeshire, SA72 4RZ

Ordinary

100%

 

Wales

     

The principal activity of Kingswood Engineering Ltd is is that of an engineering company Its financial period end is 30 April.

 

Freshwest Holdings Ltd

Notes to the Financial Statements for the Period from 17 May 2023 to 30 April 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

Due within one year

 

Amounts owed to group undertakings

 

203,167

Other creditors

 

749

 

203,916

Due after one year

 

Loans and borrowings

10

142,000

Creditors: amounts falling due after more than one year

Note

2024
£

Due after one year

 

Loans and borrowings

10

142,000

9

Share capital

Allotted, called up and fully paid shares

 

2024

 

No.

£

Ordinary shares of £1 each

102

102

     

10

Loans and borrowings

2024
£

Non-current loans and borrowings

Bank borrowings

142,000