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COMPANY REGISTRATION NUMBER: 05521968
Westminster Associates Ltd
Filleted Unaudited Financial Statements
31 July 2024
Westminster Associates Ltd
Financial Statements
Year ended 31 July 2024
Contents
Page
Balance sheet
1
Notes to the financial statements
3
Westminster Associates Ltd
Balance Sheet
31 July 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
5
59,997
733
Current assets
Stocks
12,416
4,344
Debtors
6
42,255
56,296
Cash at bank and in hand
246,718
270,973
---------
---------
301,389
331,613
Creditors: amounts falling due within one year
7
71,825
93,199
---------
---------
Net current assets
229,564
238,414
---------
---------
Total assets less current liabilities
289,561
239,147
Creditors: amounts falling due after more than one year
8
54,375
Provisions
Taxation including deferred tax
776
139
---------
---------
Net assets
234,410
239,008
---------
---------
Westminster Associates Ltd
Balance Sheet (continued)
31 July 2024
2024
2023
Note
£
£
£
£
Capital and reserves
Called up share capital
50
50
Capital redemption reserve
50
50
Profit and loss account
234,310
238,908
---------
---------
Shareholders funds
234,410
239,008
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 July 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 7 April 2025 , and are signed on behalf of the board by:
Mr P A Thompson
Director
Company registration number: 05521968
Westminster Associates Ltd
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 6 Corunna Court, Corunna Road, Warwick, CV34 5HQ.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis and in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Deferred tax is recognised in respect of all timing differences at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant & Machinery
-
25% straight line
Motor Vehicles
-
25% reducing balance
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Plant and machinery
Motor vehicles
Total
£
£
£
Cost
At 1 August 2023
4,716
4,716
Additions
3,611
70,022
73,633
-------
--------
--------
At 31 July 2024
8,327
70,022
78,349
-------
--------
--------
Depreciation
At 1 August 2023
3,983
3,983
Charge for the year
1,239
13,130
14,369
-------
--------
--------
At 31 July 2024
5,222
13,130
18,352
-------
--------
--------
Carrying amount
At 31 July 2024
3,105
56,892
59,997
-------
--------
--------
At 31 July 2023
733
733
-------
--------
--------
6. Debtors
2024
2023
£
£
Trade debtors
38,375
55,333
Other debtors
3,880
963
--------
--------
42,255
56,296
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
23,171
21,948
Corporation tax
16,921
8,971
Social security and other taxes
13,418
16,790
Other creditors
18,315
45,490
--------
--------
71,825
93,199
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
54,375
--------
----
9. Directors' advances, credits and guarantees
The director had an interest free, repayable on demand loan during the year. At the beginning of the year he was owed £10,000 by the company and at the end of the year he was owed £360.