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Company Registration number: 04391411

West Coast Thermal Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 31 May 2024

 

West Coast Thermal Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 9

 

West Coast Thermal Limited

Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

42,297

42,582

Current assets

 

Stocks

6

73,731

21,772

Debtors

7

433,263

444,447

Cash at bank and in hand

 

28,326

577

 

535,320

466,796

Creditors: Amounts falling due within one year

8

(518,459)

(359,928)

Net current assets

 

16,861

106,868

Total assets less current liabilities

 

59,158

149,450

Creditors: Amounts falling due after more than one year

8

(44,858)

(48,151)

Provisions for liabilities

(8,037)

(7,760)

Net assets

 

6,263

93,539

Capital and reserves

 

Called up share capital

273

273

Retained earnings

5,990

93,266

Shareholders' funds

 

6,263

93,539

 

West Coast Thermal Limited

Balance Sheet as at 31 May 2024 (continued)

For the financial year ending 31 May 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.

Company registration number: 04391411

Approved and authorised by the Board on 9 August 2024 and signed on its behalf by:
 

.........................................
Mr B Graham
Company secretary and director

.........................................
Mr J Boughey
Director

.........................................
Mr N E Murray
Director

 

West Coast Thermal Limited

Notes to the financial statements for the Year Ended 31 May 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:
Unit 2 Derwent Building
40 Lakes Road
Derwent Howe
Workington
CA14 3YP

These financial statements were authorised for issue by the Board on 9 August 2024.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

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

 

West Coast Thermal Limited

Notes to the financial statements for the Year Ended 31 May 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

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 corporation 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.

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.

 

West Coast Thermal Limited

Notes to the financial statements for the Year Ended 31 May 2024 (continued)

2

ACCOUNTING POLICIES (continued)

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

Fixtures and fittings

25% straight line basis

Motor vehicles

20% straight line basis

Plant and machinery

20% straight line basis

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

10% straight line

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.

 

West Coast Thermal Limited

Notes to the financial statements for the Year Ended 31 May 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 42 (2023 - 39).

 

West Coast Thermal Limited

Notes to the financial statements for the Year Ended 31 May 2024 (continued)

4

INTANGIBLE ASSETS

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

90,000

90,000

At 31 May 2024

90,000

90,000

Amortisation

At 1 June 2023

90,000

90,000

At 31 May 2024

90,000

90,000

Carrying amount

At 31 May 2024

-

-

5

TANGIBLE ASSETS

Fixtures and fittings
£

Motor vehicles
 £

Plant and Machinery
£

Total
£

Cost or valuation

At 1 June 2023

28,020

194,874

57,827

280,721

Additions

-

15,500

-

15,500

Disposals

-

(12,460)

-

(12,460)

At 31 May 2024

28,020

197,914

57,827

283,761

Depreciation

At 1 June 2023

24,665

156,600

56,874

238,139

Charge for the year

1,743

13,661

381

15,785

Eliminated on disposal

-

(12,460)

-

(12,460)

At 31 May 2024

26,408

157,801

57,255

241,464

Carrying amount

At 31 May 2024

1,612

40,113

572

42,297

At 31 May 2023

3,355

38,274

953

42,582

 

West Coast Thermal Limited

Notes to the financial statements for the Year Ended 31 May 2024 (continued)

6

STOCKS

2024
£

2023
£

Stock

14,239

10,521

Work in progress

59,492

11,251

73,731

21,772

7

DEBTORS

Current

2024
£

2023
£

Trade debtors

302,994

392,283

Prepayments

32,776

8,878

Other debtors

97,493

43,286

 

433,263

444,447

8

CREDITORS

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

11,485

13,026

Trade creditors

 

372,735

220,985

Taxation and social security

 

101,558

75,380

Accruals and deferred income

 

26,894

24,616

Other creditors

 

5,787

25,921

 

518,459

359,928


Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £6,080 (2023 - £3,440).

 

West Coast Thermal Limited

Notes to the financial statements for the Year Ended 31 May 2024 (continued)

8

CREDITORS (continued)

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

44,858

48,151

2024
£

2023
£

Due after more than five years

After more than five years by instalments

6,555

12,529

-

-

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £15,279 (2023 - £13,167).

9

LOANS AND BORROWINGS

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

29,579

34,984

Hire purchase contracts

15,279

13,167

44,858

48,151

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,405

5,272

Bank overdrafts

-

4,314

Hire purchase contracts

6,080

3,440

11,485

13,026

10

RELATED PARTY TRANSACTIONS

Summary of transactions with parent

The company's parent undertaking at the balance sheet date was West Coast Holdings (Cumbria) Limited, a company registered in England.