Westgate Laboratories Limited 04700568 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is Other business support service activities Digita Accounts Production Advanced 6.30.9574.0 true 04700568 2023-05-01 2024-04-30 04700568 2024-04-30 04700568 core:RetainedEarningsAccumulatedLosses 2024-04-30 04700568 core:ShareCapital 2024-04-30 04700568 core:CurrentFinancialInstruments 2024-04-30 04700568 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 04700568 core:Goodwill 2024-04-30 04700568 core:FurnitureFittings 2024-04-30 04700568 core:LandBuildings core:OwnedOrFreeholdAssets 2024-04-30 04700568 core:MotorVehicles 2024-04-30 04700568 core:OfficeEquipment 2024-04-30 04700568 core:OtherPropertyPlantEquipment 2024-04-30 04700568 core:PlantMachinery 2024-04-30 04700568 bus:SmallEntities 2023-05-01 2024-04-30 04700568 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 04700568 bus:FilletedAccounts 2023-05-01 2024-04-30 04700568 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 04700568 bus:RegisteredOffice 2023-05-01 2024-04-30 04700568 bus:CompanySecretaryDirector1 2023-05-01 2024-04-30 04700568 bus:Director1 2023-05-01 2024-04-30 04700568 bus:Director3 2023-05-01 2024-04-30 04700568 bus:Director4 2023-05-01 2024-04-30 04700568 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 04700568 bus:Agent1 2023-05-01 2024-04-30 04700568 core:Goodwill 2023-05-01 2024-04-30 04700568 core:CommunicationNetworkEquipment 2023-05-01 2024-04-30 04700568 core:FurnitureFittings 2023-05-01 2024-04-30 04700568 core:FurnitureFittingsToolsEquipment 2023-05-01 2024-04-30 04700568 core:LandBuildings 2023-05-01 2024-04-30 04700568 core:LandBuildings core:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 04700568 core:MotorVehicles 2023-05-01 2024-04-30 04700568 core:OfficeEquipment 2023-05-01 2024-04-30 04700568 core:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 04700568 core:PlantMachinery 2023-05-01 2024-04-30 04700568 countries:EnglandWales 2023-05-01 2024-04-30 04700568 2023-04-30 04700568 core:Goodwill 2023-04-30 04700568 core:FurnitureFittings 2023-04-30 04700568 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 04700568 core:MotorVehicles 2023-04-30 04700568 core:OfficeEquipment 2023-04-30 04700568 core:OtherPropertyPlantEquipment 2023-04-30 04700568 core:PlantMachinery 2023-04-30 04700568 2022-05-01 2023-04-30 04700568 2023-04-30 04700568 core:RetainedEarningsAccumulatedLosses 2023-04-30 04700568 core:ShareCapital 2023-04-30 04700568 core:CurrentFinancialInstruments 2023-04-30 04700568 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 04700568 core:Goodwill 2023-04-30 04700568 core:FurnitureFittings 2023-04-30 04700568 core:LandBuildings core:OwnedOrFreeholdAssets 2023-04-30 04700568 core:MotorVehicles 2023-04-30 04700568 core:OfficeEquipment 2023-04-30 04700568 core:OtherPropertyPlantEquipment 2023-04-30 04700568 core:PlantMachinery 2023-04-30 iso4217:GBP xbrli:pure

Registration number: 04700568

Westgate Laboratories Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Westgate Laboratories Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Westgate Laboratories Limited

Company Information

Directors

G.M. Booth

D. Booth

C.E. Shand

K.M. Hodgson

Company secretary

D. Booth

Registered office

Middle Stobswood
Morpeth
Northumberland
NE61 3AZ

Bankers

Santander
Bootle
Merseyside
L30 4GB

 

Westgate Laboratories Limited

(Registration number: 04700568)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

4,112

5,140

Tangible assets

5

132,909

115,090

 

137,021

120,230

Current assets

 

Stocks

6

18,566

14,341

Debtors

7

309,260

383,693

Cash at bank and in hand

 

348,826

236,607

 

676,652

634,641

Creditors: Amounts falling due within one year

8

(201,045)

(149,137)

Net current assets

 

475,607

485,504

Total assets less current liabilities

 

612,628

605,734

Provisions for liabilities

(26,524)

(21,533)

Net assets

 

586,104

584,201

Capital and reserves

 

Called up share capital

50

50

Retained earnings

586,054

584,151

Shareholders' funds

 

586,104

584,201

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 January 2025 and signed on its behalf by:
 

.........................................
D. Booth
Company secretary and director

 

Westgate Laboratories Limited

Notes to the Unaudited Financial Statements for the
Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
Middle Stobswood
Morpeth
Northumberland
NE61 3AZ

These financial statements were authorised for issue by the Board on 18 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.

These financial statements are prepared in sterling which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Westgate Laboratories Limited

Notes to the Unaudited Financial Statements for the
Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

Property improvements

- 10% reducing balance

Plant & machinery

- 15% reducing balance

Fixtures & fittings

- 15% reducing balance

Motor vehicles

- 20% reducing balance

Equipment

- 15% reducing balance

Computer software

- 20% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

- 4% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Westgate Laboratories Limited

Notes to the Unaudited Financial Statements for the
Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade 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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2023 - 13).

 

Westgate Laboratories Limited

Notes to the Unaudited Financial Statements for the
Year Ended 30 April 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

25,700

25,700

At 30 April 2024

25,700

25,700

Amortisation

At 1 May 2023

20,560

20,560

Amortisation charge

1,028

1,028

At 30 April 2024

21,588

21,588

Carrying amount

At 30 April 2024

4,112

4,112

At 30 April 2023

5,140

5,140

 

Westgate Laboratories Limited

Notes to the Unaudited Financial Statements for the
Year Ended 30 April 2024 (continued)

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Website & software development
£

Total
£

Cost or valuation

At 1 May 2023

86,165

14,021

37,362

22,076

19,734

150,229

329,587

Additions

-

-

20,508

-

-

19,150

39,658

At 30 April 2024

86,165

14,021

57,870

22,076

19,734

169,379

369,245

Depreciation

At 1 May 2023

58,358

11,347

27,880

12,488

17,087

87,337

214,497

Charge for the year

3,193

401

1,524

2,013

529

14,179

21,839

At 30 April 2024

61,551

11,748

29,404

14,501

17,616

101,516

236,336

Carrying amount

At 30 April 2024

24,614

2,273

28,466

7,575

2,118

67,863

132,909

At 30 April 2023

27,807

2,674

9,482

9,588

2,647

62,892

115,090

 

Westgate Laboratories Limited

Notes to the Unaudited Financial Statements for the
Year Ended 30 April 2024 (continued)

6

Stocks

2024
£

2023
£

Other inventories

18,566

14,341

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

23,136

24,057

Amounts owed by related parties

284,565

358,000

Other debtors

 

1,559

1,636

 

309,260

383,693

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

41,960

3,370

Taxation and social security

79,296

56,706

Other creditors

79,789

89,061

201,045

149,137