REGISTERED NUMBER: |
WESTMIDVENT LIMITED |
Unaudited Financial Statements for the Year Ended 31 July 2024 |
REGISTERED NUMBER: |
WESTMIDVENT LIMITED |
Unaudited Financial Statements for the Year Ended 31 July 2024 |
WESTMIDVENT LIMITED (REGISTERED NUMBER: 01375073) |
Contents of the Financial Statements |
for the year ended 31 July 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 | to | 6 |
WESTMIDVENT LIMITED |
Company Information |
for the year ended 31 July 2024 |
Directors: |
Registered office: |
Registered number: |
Bankers: |
PO Box 9 |
47 High Street |
Dudley |
West Midlands |
DY1 1PP |
WESTMIDVENT LIMITED (REGISTERED NUMBER: 01375073) |
Statement of Financial Position |
31 July 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Current assets |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
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 |
Net assets |
Capital and reserves |
Called up share capital | 9 |
Revaluation reserve | 10 |
Retained earnings |
Shareholders' funds |
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. |
The financial statements were approved by the Board of Directors and authorised for issue on |
WESTMIDVENT LIMITED (REGISTERED NUMBER: 01375073) |
Notes to the Financial Statements |
for the year ended 31 July 2024 |
1. | Statutory information |
Westmidvent 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 |
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Fixed assets |
All fixed assets are initially recorded at cost. |
Depreciation |
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: |
Freehold Property | - | 2% straight line |
Motor vehicles | - | 25% reducing balance |
Equipment | - | 10% 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. |
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 held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis. |
WESTMIDVENT LIMITED (REGISTERED NUMBER: 01375073) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2024 |
2. | Accounting policies - continued |
Finance lease agreements |
Where the company enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. The asset is recorded in the balance sheet as a tangible fixed asset and is depreciated in accordance with the above depreciation policies. Future instalments under such leases, net of finance charges, are included within creditors. Rentals payable are apportioned between the finance element, which is charged to the profit and loss account on a straight line basis, and the capital element which reduces the outstanding obligation for future instalments. |
Pension costs |
The pension costs charged against profits represent the amount of the contributions payable to the scheme in respect of the accounting period. |
Debtors and creditors receivable / payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Tangible fixed assets |
Freehold | Motor |
property | vehicles | Equipment | Totals |
£ | £ | £ | £ |
Cost or valuation |
At 1 August 2023 |
Additions |
At 31 July 2024 |
Depreciation |
At 1 August 2023 |
Charge for year |
At 31 July 2024 |
Net book value |
At 31 July 2024 |
At 31 July 2023 |
The freehold properties were valued by the directors on the basis of an open market valuation. |
Cost or valuation at 31 July 2024 is represented by: |
Freehold | Motor |
property | vehicles | Equipment | Totals |
£ | £ | £ | £ |
Valuation in 2019 | 220,291 | - | - | 220,291 |
Cost | 96,034 | 78,352 | 73,717 | 248,103 |
316,325 | 78,352 | 73,717 | 468,394 |
The net book value of plant, machinery and vehicles includes an amount of £11,889 (2023 - £15,851) in respect of assets held under finance leases and hire purchase contracts. |
WESTMIDVENT LIMITED (REGISTERED NUMBER: 01375073) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2024 |
5. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Trade debtors |
Prepayments |
6. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Social security and other taxes |
VAT | 7,827 | 6,184 |
Other creditors | 100 | 100 |
Directors' loan accounts | 137,536 | 137,536 |
Accruals and deferred income |
7. | Creditors: amounts falling due after more than one year |
2024 | 2023 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
Hire purchase contracts |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 5,556 | 11,111 |
8. | Secured debts |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Hire purchase contracts | 2,445 | 7,973 |
Hire purchase liabilities are secured over the assets to which they relate. |
9. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
WESTMIDVENT LIMITED (REGISTERED NUMBER: 01375073) |
Notes to the Financial Statements - continued |
for the year ended 31 July 2024 |
10. | Reserves |
Revaluation |
reserve |
£ |
At 1 August 2023 |
Transfer to reserves | (4,405 | ) |
At 31 July 2024 |
11. | Ultimate controlling party |
The Ultimate controlling parties are Mr T P Jones and Mr S M Jones equally. |