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REGISTERED NUMBER: 09016346 (England and Wales)




UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

WESTWAY LUBRICANTS LTD

WESTWAY LUBRICANTS LTD (REGISTERED NUMBER: 09016346)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


WESTWAY LUBRICANTS LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTOR: Mr P Tarnawskyj





REGISTERED OFFICE: Units 3-4
Plank Lane
Wombourne Business Park
Wombourne
Staffordshire
WV5 8EB





REGISTERED NUMBER: 09016346 (England and Wales)





ACCOUNTANTS: Brookes Stephens
New Media House
Davidson Road
Lichfield
Staffordshire
WS14 9DZ

WESTWAY LUBRICANTS LTD (REGISTERED NUMBER: 09016346)

STATEMENT OF FINANCIAL POSITION
30 APRIL 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Intangible assets 5 2,524 2,990
Tangible assets 6 65,537 64,878
68,061 67,868

Current assets
Stocks 65,000 52,500
Debtors 7 29,663 30,033
Cash at bank 344,474 182,645
439,137 265,178
Creditors
Amounts falling due within one year 8 163,819 160,600
Net current assets 275,318 104,578
Total assets less current liabilities 343,379 172,446

Provisions for liabilities 12,452 12,327
Net assets 330,927 160,119

Capital and reserves
Called up share capital 10 1 1
Retained earnings 330,926 160,118
Shareholders' funds 330,927 160,119

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

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

The director acknowledges his 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.

WESTWAY LUBRICANTS LTD (REGISTERED NUMBER: 09016346)

STATEMENT OF FINANCIAL POSITION - continued
30 APRIL 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 31 January 2025 and were signed by:





Mr P Tarnawskyj - Director


WESTWAY LUBRICANTS LTD (REGISTERED NUMBER: 09016346)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024


1. STATUTORY INFORMATION

Westway Lubricants Ltd is a private company, limited by shares , registered in England and Wales. 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. STATEMENT OF COMPLIANCE

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

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced goods and services, excluding value added tax.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Computer software is being amortised evenly over its estimated useful life of four years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 33.33% on cost and 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.


WESTWAY LUBRICANTS LTD (REGISTERED NUMBER: 09016346)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 2 ) .

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 May 2023
and 30 April 2024 6,150
AMORTISATION
At 1 May 2023 3,160
Charge for year 466
At 30 April 2024 3,626
NET BOOK VALUE
At 30 April 2024 2,524
At 30 April 2023 2,990

WESTWAY LUBRICANTS LTD (REGISTERED NUMBER: 09016346)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 May 2023 144,277
Additions 17,826
At 30 April 2024 162,103
DEPRECIATION
At 1 May 2023 79,399
Charge for year 17,167
At 30 April 2024 96,566
NET BOOK VALUE
At 30 April 2024 65,537
At 30 April 2023 64,878

Fixed assets, included in the above, which are held under finance leases are as follows:

Plant and
machinery
etc
£   
COST
At 1 May 2023
and 30 April 2024 30,665
DEPRECIATION
At 1 May 2023 17,728
Charge for year 3,234
At 30 April 2024 20,962
NET BOOK VALUE
At 30 April 2024 9,703
At 30 April 2023 12,937

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 25,318 27,508
Other debtors 4,345 2,525
29,663 30,033

WESTWAY LUBRICANTS LTD (REGISTERED NUMBER: 09016346)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Finance leases (see note 9) - 15,508
Trade creditors 73,066 111,799
Taxation and social security 84,612 28,353
Other creditors 6,141 4,940
163,819 160,600

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases
2024 2023
£    £   
Net obligations repayable:
Within one year - 15,508

Non-cancellable operating leases
2024 2023
£    £   
Within one year 16,003 16,003
Between one and five years 64,013 64,013
In more than five years 144,030 160,034
224,046 240,050

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary £1 1 1

11. RELATED PARTY DISCLOSURES

At the year end, the company owed the director £2,669 (2023: £1,695). This loan is interest free and repayable on demand.