REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 September 2024 |
for |
West Siphonics Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
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 were approved by the Board of Directors and authorised for issue on |
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 |
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 |
Tenants property improvements | - |
Tools and equipment | - |
Motor vehicles | - |
Computer and office equipment | - |
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 |
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 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
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 |
Transfer to ownership | - | (16,900 | ) | (16,900 | ) |
At 30 September 2024 |
DEPRECIATION |
At 1 October 2023 |
Charge for year |
Transfer to ownership | - | (12,890 | ) | (12,890 | ) |
At 30 September 2024 |
NET BOOK VALUE |
At 30 September 2024 |
At 30 September 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 8) |
Trade creditors |
Amounts owed to related party | 58,649 | 69,223 |
Taxation and social security |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 8) |
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 |
Between one and five years |
Non-cancellable operating | leases |
2024 | 2023 |
£ | £ |
Within one year |
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 |
Bank loans |
Hire purchase contracts | 44,958 | 69,670 |
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 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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. |