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REGISTERED NUMBER: SC270582 (Scotland)
















Unaudited Financial Statements

for the Year Ended 30 September 2024

for

West Siphonics Limited

West Siphonics Limited (Registered number: SC270582)






Contents of the Financial Statements
for the Year Ended 30 September 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


West Siphonics Limited

Company Information
for the Year Ended 30 September 2024







DIRECTORS: Robert James Connor
James Wilson





SECRETARY: James Wilson





REGISTERED OFFICE: 94 Brown Street
Newmilns
Ayrshire
KA16 9BP





REGISTERED NUMBER: SC270582 (Scotland)





ACCOUNTANTS: Gillespie & Anderson
Chartered Accountants
Westburn Business Centre
McNee Road
Prestwick
KA9 2PB

West Siphonics Limited (Registered number: SC270582)

Balance Sheet
30 September 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 94,509 126,150

CURRENT ASSETS
Stocks 28,923 28,356
Debtors 5 255,774 289,741
Cash at bank 26,639 -
311,336 318,097
CREDITORS
Amounts falling due within one year 6 156,213 267,096
NET CURRENT ASSETS 155,123 51,001
TOTAL ASSETS LESS CURRENT
LIABILITIES

249,632

177,151

CREDITORS
Amounts falling due after more than one
year

7

(30,442

)

(62,665

)

PROVISIONS FOR LIABILITIES (14,182 ) -
NET ASSETS 205,008 114,486

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 204,908 114,386
205,008 114,486

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

West Siphonics Limited (Registered number: SC270582)

Balance Sheet - continued
30 September 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 January 2025 and were signed on its behalf by:




Robert James Connor - Director



James Wilson - Director


West Siphonics Limited (Registered number: SC270582)

Notes to the Financial Statements
for the Year Ended 30 September 2024

1. STATUTORY INFORMATION

West Siphonics Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The directors consider the current and future level of trading on an ongoing basis to assess the resources required to meet commitments as they fall due. Taking account of these factors the directors are confident that the company has sufficient resources now and going forward to allow the company to continue in operation. On the basis of all these factors, the accounts have been prepared on a going concern basis.

Turnover/revenue recognition
Sales comprise the fair value of the consideration received or receivable for the sale of goods and rendering of services in the ordinary course of the Company's activities. Sales are presented, net of value-added tax, rebates and discounts.

The Company recognises revenue when the amount of revenue and related cost can be reliably measured, it is probable that the collectability of the related receivables is reasonably assured and when the specific criteria for each of the Company's activities are met.

Retention monies are only included as receivable amounts if the above criteria is met.

Revenue Recognition

Unbilled revenue is included in debtors, under "amounts recoverable on contracts".

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Tenants property improvements - 20% on cost
Tools and equipment - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer and office equipment - 33% on cost

Tangible fixed assets are stated at cost less depreciation.

Stocks
Stocks are valued at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, first out basis. Net realisable value is based on estimated selling price less additional costs to completion and disposal.


West Siphonics Limited (Registered number: SC270582)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a money purchase pension scheme in the form of employee personal pension plans. The contracts are between the individual and the pension provider and all funds are held externally by a third party pension provider. Pension contributions are charged to the profit and loss account in the period to which they relate.

Leased assets
Where assets are financed by leasing agreements that give rights approximating to ownership (finance leases), the assets are treated as if they had been purchased outright. The amount capitalised is the present value of the minimum lease payments payable over the term of the lease. The corresponding leasing commitments are shown as amounts payable to the lessor. Depreciation on the relevant assets is charged to the profit and loss account over the shorter estimated useful economic life and the period of the lease.

Lease payments are analysed between capital and interest components so that the interest element of the payment is charged to the profit and loss account over the period of the lease and is calculated so that it represents a constant proportion of the balance of capital repayments outstanding. The capital part reduces the amounts payable to the lessor.

All other leases are treated as operating leases. Their annual rentals are charged to the profit and loss account on a straight line basis over the term of the lease.

Impairment of fixed assets
At each reporting date, the company reviews the carrying amounts of its tangible and intangible fixed 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 amount 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.

West Siphonics Limited (Registered number: SC270582)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality.

The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities:

Loans and other receivables
Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses.

Other financial liabilities
Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value.

Impairment of financial instruments
A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 15 ) .

4. TANGIBLE FIXED ASSETS
Computer
Tenants and
property Tools and Motor office
improvements equipment vehicles equipment Totals
£    £    £    £    £   
COST
At 1 October 2023
and 30 September 2024 74,078 47,381 115,695 22,700 259,854
DEPRECIATION
At 1 October 2023 14,815 39,599 57,011 22,279 133,704
Charge for year 14,815 1,945 14,669 212 31,641
At 30 September 2024 29,630 41,544 71,680 22,491 165,345
NET BOOK VALUE
At 30 September 2024 44,448 5,837 44,015 209 94,509
At 30 September 2023 59,263 7,782 58,684 421 126,150

West Siphonics Limited (Registered number: SC270582)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Tools and Motor
equipment vehicles Totals
£    £    £   
COST
At 1 October 2023 8,850 115,695 124,545
Transfer to ownership - (16,900 ) (16,900 )
At 30 September 2024 8,850 98,795 107,645
DEPRECIATION
At 1 October 2023 5,117 44,124 49,241
Charge for year 933 13,667 14,600
Transfer to ownership - (12,890 ) (12,890 )
At 30 September 2024 6,050 44,901 50,951
NET BOOK VALUE
At 30 September 2024 2,800 53,894 56,694
At 30 September 2023 3,733 71,571 75,304

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 231,963 253,138
Other debtors 23,811 36,603
255,774 289,741

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 60,195
Hire purchase contracts (see note 8) 22,324 24,712
Trade creditors 35,484 61,814
Amounts owed to related party 58,649 69,223
Taxation and social security 17,483 15,134
Other creditors 12,273 36,018
156,213 267,096

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 7,808 17,707
Hire purchase contracts (see note 8) 22,634 44,958
30,442 62,665

West Siphonics Limited (Registered number: SC270582)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 22,324 24,712
Between one and five years 22,634 44,958
44,958 69,670

Non-cancellable operating leases
2024 2023
£    £   
Within one year - 13,200

Operating lease commitments represent the total payable over the entire period of the lease agreement for the property.

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank overdraft - 50,195
Bank loans 17,808 27,707
Hire purchase contracts 44,958 69,670
62,766 147,572

Bank borrowings are secured by way of a fixed and floating charge in favour of the bank and by the government under the coronavirus loan guarantee scheme. In addition, from time to time an element of bank borrowings are secured by the personal guarantee of the two directors.

Obligations under hire purchase contracts are secured over the assets to which they relate.

Interest is chargeable at a commercial rate of interest.

West Siphonics Limited (Registered number: SC270582)

Notes to the Financial Statements - continued
for the Year Ended 30 September 2024

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 September 2024 and 30 September 2023:

2024 2023
£    £   
James Wilson
Balance outstanding at start of year 77 77
Amounts advanced 529 -
Amounts repaid (300 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 306 77

Amounts owing from the director at the year end is repayable on demand.

11. RELATED PARTY DISCLOSURES

During the year services to the value of £18,000 (2023 - £18,000) were purchased from a partnership in which both directors are partners and during the year rent was paid amounting to £10,909 (2023 - £10,456). Amounts due from the company to the partnership as at 30 September 2024 amounted to £4,696 (2023 - £4,696).

During the year services to the value of £74,778 (2023 - £94,526) were sold to a company in which both directors are directors. Amounts due to this company at 30 September 2024 amounted to £53,952 (2022 - £64,526).

12. CONTROLLING PARTIES

The company is controlled by the two directors, Robert Connor and James Wilson by virtue of their 75% ownership of the issued share capital.