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REGISTERED NUMBER: 04691019 (England and Wales)















WESTWICK AUDIO LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024






WESTWICK AUDIO LIMITED (REGISTERED NUMBER: 04691019)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 4


WESTWICK AUDIO LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: W R Haggas



REGISTERED OFFICE: Oxley House
Lincoln Way
Louth
Lincolnshire
LN11 0LS



REGISTERED NUMBER: 04691019 (England and Wales)



ACCOUNTANTS: Duncan & Toplis Limited
Oxley House
Lincoln Way
Louth
Lincolnshire
LN11 0LS



BANKERS: Barclays Bank plc
Leicester
Leicestershire
LE87 2BB

WESTWICK AUDIO LIMITED (REGISTERED NUMBER: 04691019)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,543 915

CURRENT ASSETS
Stocks 2,649 16,585
Debtors 5 217 740
Cash at bank and in hand 4,830 1,133
7,696 18,458
CREDITORS
Amounts falling due within one year 6 23,091 26,131
NET CURRENT LIABILITIES (15,395 ) (7,673 )
TOTAL ASSETS LESS CURRENT LIABILITIES (13,852 ) (6,758 )

CAPITAL AND RESERVES
Called up share capital 7 1 1
Retained earnings (13,853 ) (6,759 )
SHAREHOLDERS' FUNDS (13,852 ) (6,758 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved and authorised for issue by the director and authorised for issue on 29 January 2025 and were signed by:





W R Haggas - Director


WESTWICK AUDIO LIMITED (REGISTERED NUMBER: 04691019)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1. STATUTORY INFORMATION

Westwick Audio Limited 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.

2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows:

Plant and machinery- 15% on reducing balance
Fixtures and fittings- 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items.

Financial instruments
The company has chosen to adopt the FRS102 1A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Going concern
Despite negative shareholder funds of £13,853 (2023: £6,759), the director considers the going concern basis to be appropriate as included in creditors falling due within one year is a director's loan account of £20,742 that will not be repaid until the company is in a position to repay the balance without affecting its ability to trade.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

WESTWICK AUDIO LIMITED (REGISTERED NUMBER: 04691019)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 April 2023 792 3,540 4,332
Additions - 785 785
At 31 March 2024 792 4,325 5,117
DEPRECIATION
At 1 April 2023 678 2,739 3,417
Charge for year 17 140 157
At 31 March 2024 695 2,879 3,574
NET BOOK VALUE
At 31 March 2024 97 1,446 1,543
At 31 March 2023 114 801 915

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 217 740

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,500 4,339
Other creditors 21,591 21,792
23,091 26,131

7. CALLED UP SHARE CAPITAL

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