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Registration number: 1273971

The West Group Limited

Annual Report and Financial Statements

for the Year Ended 31 August 2024

 

The West Group Limited

Contents

Company Information

1

Strategic Report

2

Directors' Report

3 to 4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Profit and Loss Account and Statement of Retained Earnings

10

Balance Sheet

11

Statement of Cash Flows

12

Notes to the Financial Statements

13 to 25

 

The West Group Limited

Company Information

Directors

Mr BE West

Mr R J R Oddy

Mr MT Middleton

Ms C Jupp

Mr M W Bylett

Mr P L West

Registered office

29 Aston Road
Waterlooville
Hants
PO7 7XJ

Auditors

MMO Limited
Chartered Accountants and Statutory Auditors
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

The West Group Limited

Strategic Report for the Year Ended 31 August 2024

The directors present their strategic report for the year ended 31 August 2024.

Principal activity

The principal activity of the company is that of the design, production and supply of miniature fluid control solutions.

Fair review of the business

The company has maintained a very good level of profitability despite headwinds in the market following overstocking during the COVID-19 period. The company has maintained its vigilance regarding risk and
customer profiles which reflect in the current performance.

Our business strategy involves direct and distributor sales along with technical support, using e-commerce platforms to enhance customer accessibility and satisfaction. The company’s success is built on strong customer relationship, technological innovation, and robust supply chain management.

The position of the company remains satisfactory, as reflected in the year end balance sheet.

Principal risks and uncertainties

The principle risks and uncertainties remain as the level of demand in a recovering economy and foreign exchange as we trade in mainly dollars and sterling.

To mitigate these risks; we actively invest in continuous product and service innovation to make sure we are the trusted global leader of choice in the supply, design and manufacture of precision fluid control components and solutions; we manage our currencies by balancing our customer and supplier activity in these currencies where possible.

Approved and authorised by the Board on 14 April 2025 and signed on its behalf by:
 

.........................................
Mr MT Middleton
Director

 

The West Group Limited

Directors' Report for the Year Ended 31 August 2024

The directors present their report and the financial statements for the year ended 31 August 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr SJ Barnett (ceased 2 September 2024)

Ms MA McStravick (ceased 2 September 2024)

Mr BE West

Mr R J R Oddy

Mr D Osborne (ceased 2 September 2024)

Mr MT Middleton

The following directors were appointed after the year end:

Ms C Jupp (appointed 2 September 2024)

Mr M W Bylett (appointed 1 March 2025)

Mr P L West (appointed 2 September 2024)

Financial instruments

Objectives and policies

The company's main objective is to increase turnover and improve the group position.

Price risk, credit risk, liquidity risk and cash flow risk

The business' principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to finance the business' operations.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding through the use of overdrafts at floating rates of interest. All of the business' cash balances are held in such a way that it achieves a competitive rate of interest. The business makes use of the money market facilities where funds are available.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

The trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Approved and authorised by the Board on 14 April 2025 and signed on its behalf by:
 

 

The West Group Limited

Directors' Report for the Year Ended 31 August 2024

.........................................
Mr MT Middleton
Director

 

The West Group Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

The West Group Limited

Independent Auditor's Report to the Members of The West Group Limited

Opinion

We have audited the financial statements of The West Group Limited (the 'company') for the year ended 31 August 2024, which comprise the Profit and Loss Account and Statement of Retained Earnings, Balance Sheet, Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

give a true and fair view of the state of the company's affairs as at 31 August 2024 and of its profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

 

The West Group Limited

Independent Auditor's Report to the Members of The West Group Limited

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Auditor Responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

 

The West Group Limited

Independent Auditor's Report to the Members of The West Group Limited

Extent to which the audit was considered of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

• Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
• Reviewing minutes of meetings of those charged with governance;
• Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
• Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

 

The West Group Limited

Independent Auditor's Report to the Members of The West Group Limited

......................................
Gillian McIntosh (Senior Statutory Auditor)
For and on behalf of MMO Limited, Statutory Auditor

Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

14 April 2025

 

The West Group Limited

Profit and Loss Account and Statement of Retained Earnings for the Year Ended 31 August 2024

Note

2024
£

2023
£

Turnover

3

12,373,147

12,901,219

Cost of sales

 

(4,575,332)

(5,510,416)

Gross profit

 

7,797,815

7,390,803

Administrative expenses

 

(7,462,040)

(6,889,216)

Other operating income

4

447,960

420,001

Operating profit

5

783,735

921,588

Other interest receivable and similar income

6

5,980

52

Interest payable and similar charges

7

(137,246)

(55,229)

 

(131,266)

(55,177)

Profit before tax

 

652,469

866,411

Taxation

11

(168,001)

(32,546)

Profit for the financial year

 

484,468

833,865

Retained earnings brought forward

 

7,678,572

7,321,371

Dividends paid

 

(576,991)

(476,664)

Retained earnings carried forward

 

7,586,049

7,678,572

 

The West Group Limited

(Registration number: 1273971)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

12

33,958

39,060

Tangible assets

13

4,152,940

4,227,566

Investments

14

100

100

 

4,186,998

4,266,726

Current assets

 

Stocks

15

2,033,098

2,189,801

Debtors

16

5,846,698

5,669,129

Cash at bank and in hand

 

70,284

172,169

 

7,950,080

8,031,099

Creditors: Amounts falling due within one year

18

(3,072,370)

(2,925,829)

Net current assets

 

4,877,710

5,105,270

Total assets less current liabilities

 

9,064,708

9,371,996

Creditors: Amounts falling due after more than one year

18

(887,512)

(1,116,955)

Provisions for liabilities

19

(214,918)

(200,240)

Net assets

 

7,962,278

8,054,801

Capital and reserves

 

Called up share capital

1,000

1,000

Revaluation reserve

375,229

375,229

Retained earnings

7,586,049

7,678,572

Shareholders' funds

 

7,962,278

8,054,801

Approved and authorised by the Board on 14 April 2025 and signed on its behalf by:
 

.........................................
Mr MT Middleton
Director

 

The West Group Limited

Statement of Cash Flows for the Year Ended 31 August 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

484,468

833,865

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

270,961

268,708

Finance income

6

(5,980)

(52)

Finance costs

7

78,329

77,946

Income tax expense

11

168,001

32,546

 

995,779

1,213,013

Working capital adjustments

 

Decrease/(increase) in stocks

15

156,703

(95,372)

(Increase)/decrease in trade debtors

16

(267,362)

1,106,781

Decrease in trade creditors

18

(391,988)

(905,637)

Cash generated from operations

 

493,132

1,318,785

Income taxes paid

11

(63,530)

(55,000)

Net cash flow from operating activities

 

429,602

1,263,785

Cash flows from investing activities

 

Interest received

6

5,980

52

Acquisitions of tangible assets

(187,318)

(391,443)

Acquisition of intangible assets

12

(3,915)

-

Net cash flows from investing activities

 

(185,253)

(391,391)

Cash flows from financing activities

 

Interest paid

7

(78,329)

(77,946)

Proceeds from bank borrowing draw downs

 

(235,090)

(250,376)

Payments to finance lease creditors

 

(108,816)

(55,090)

Dividends paid

(576,991)

(476,664)

Net cash flows from financing activities

 

(999,226)

(860,076)

Net (decrease)/increase in cash and cash equivalents

 

(754,877)

12,318

Cash and cash equivalents at 1 September

 

170,991

158,672

Effect of exchange rate fluctuations on cash held

 

-

1

Cash and cash equivalents at 31 August

 

(583,886)

170,991

 

The West Group Limited

Notes to the Financial Statements for the Year Ended 31 August 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:
29 Aston Road
Waterlooville
Hants
PO7 7XJ
England

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

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.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

The West Group Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

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 income 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 statement of financial position 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.

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:

The depreciation policy has been amended in the current year to better reflect the estimated useful life of the assets.

Asset class

Depreciation method and rate

Furniture and fixtures

10% straight line

Computer Equipment

20% straight line

Plant and machinery

10% straight line

Land and buildings

2% straight line

Motor vehicles

25% straight line

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

The West Group Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

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.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

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

5 years straight line

Patents

10% straight line

Website

20% straight line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

The West Group Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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.

 

The West Group Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. Contributions to the scheme are charged to the profit or loss in the year to which they relate.

Financial instruments

Classification
Basic financial instruments are initially recognised at the transaction value.

Financial assets are derecognised when either the contractual right to cash flows from the asset are fully settled or they expire, or substantially all of the risks and rewards of the asset are transferred to another party.

Financial liabilities are derecognised when the liability is cancelled, discharged or expires,

 

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

12,373,147

12,901,219

The analysis of the company's Turnover for the year by market is as follows:

2024
£

2023
£

UK

6,329,145

6,493,839

Europe

1,612,371

2,131,878

Rest of world

4,431,631

4,275,502

12,373,147

12,901,219

4

Other operating income

The analysis of the company's other operating income for the year is as follows:

2024
£

2023
£

Miscellaneous other operating income

447,960

420,001

 

The West Group Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

5

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

261,945

246,934

Amortisation expense

9,016

21,774

Research and development cost

990

379

Operating lease expense - plant and machinery

122,370

100,791

6

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

5,980

52

7

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

69,635

67,831

Interest on obligations under finance leases and hire purchase contracts

8,433

10,115

Interest expense on other finance liabilities

261

-

Foreign exchange gains/(losses)

58,917

(22,717)

137,246

55,229

8

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2024
£

2023
£

Wages and salaries

4,507,797

4,638,499

Social security costs

483,931

416,789

Other post-employment benefit costs

152,300

109,038

5,144,028

5,164,326

 

The West Group Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

The average number of persons employed by the company (including directors) during the year, analysed by category was as follows:

2024
No.

2023
No.

Administration and support

119

118

119

118

9

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

1,388,521

2,241,491

In respect of the highest paid director:

2024
£

2023
£

Remuneration

392,321

791,091

10

Auditors' remuneration

2024
£

2023
£

Audit of the financial statements

16,000

13,928


 

11

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

153,323

-

Deferred taxation

Arising from origination and reversal of timing differences

14,678

32,546

Tax expense in the income statement

168,001

32,546

 

The West Group Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

12

Intangible assets

Goodwill
 £

Trademarks, patents and licenses
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 September 2023

50,000

81,625

68,056

199,681

Additions acquired separately

-

-

3,915

3,915

At 31 August 2024

50,000

81,625

71,971

203,596

Amortisation

At 1 September 2023

50,000

43,582

67,039

160,621

Amortisation charge

-

8,163

854

9,017

At 31 August 2024

50,000

51,745

67,893

169,638

Carrying amount

At 31 August 2024

-

29,880

4,078

33,958

At 31 August 2023

-

38,043

1,017

39,060


 

 

The West Group Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

13

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 September 2023

3,235,981

603,846

1,223,501

948,792

6,012,120

Additions

26,067

31,084

39,484

90,683

187,318

At 31 August 2024

3,262,048

634,930

1,262,985

1,039,475

6,199,438

Depreciation

At 1 September 2023

100,053

329,567

799,164

555,769

1,784,553

Charge for the year

10,104

34,200

75,469

142,172

261,945

At 31 August 2024

110,157

363,767

874,633

697,941

2,046,498

Carrying amount

At 31 August 2024

3,151,891

271,163

388,352

341,534

4,152,940

At 31 August 2023

3,135,927

274,279

424,337

393,023

4,227,566

Included within the net book value of land and buildings above is £3,151,891 (2023 - £3,135,927) in respect of freehold land and buildings.
 

14

Investments

2024
£

2023
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 September 2023

100

Provision

Carrying amount

At 31 August 2024

100

At 31 August 2023

100

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

The West Group Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Northern Technical & Chemical Services Limited

29 Aston Road
Waterlooville
Hampshire
PO7 7XJ

England

Ordinary Shares

100%

100%

Subsidiary undertakings

Northern Technical & Chemical Services Limited

The principal activity of Northern Technical & Chemical Services Limited is Dormant company.

15

Stocks

2024
£

2023
£

Raw materials and consumables

2,033,098

2,189,801

16

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

1,774,157

1,389,685

Amounts owed by related parties

3,744,025

3,800,437

Other debtors

 

31,339

112,238

Prepayments

 

248,283

228,082

Income tax asset

11

48,894

138,687

   

5,846,698

5,669,129

17

Cash and cash equivalents

2024
£

2023
£

Cash on hand

3,172

363

Cash at bank

67,112

171,806

70,284

172,169

Bank overdrafts

(654,170)

(1,178)

Cash and cash equivalents in statement of cash flows

(583,886)

170,991

 

The West Group Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

18

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

21

930,325

391,796

Trade creditors

 

1,291,774

1,142,308

Amounts due to related parties

77,310

237,887

Social security and other taxes

 

111,409

93,086

Other payables

 

293,581

292,159

Accruals

 

367,971

768,593

 

3,072,370

2,925,829

Due after one year

 

Loans and borrowings

21

887,512

1,116,955

19

Deferred tax and other provisions

Deferred tax
£

Total
£

At 1 September 2023

200,240

200,240

Additional provisions

14,678

14,678

At 31 August 2024

214,918

214,918

20

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share of £1 each

1,000

1,000

1,000

1,000

       
 

The West Group Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

21

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

853,804

1,053,254

Hire purchase contracts

33,708

63,701

887,512

1,116,955

Current loans and borrowings

2024
£

2023
£

Bank borrowings

221,802

257,442

Bank overdrafts

654,170

1,178

Hire purchase contracts

54,353

133,176

930,325

391,796

 

The West Group Limited

Notes to the Financial Statements for the Year Ended 31 August 2024

Bank borrowings

One bank loan is denominated in British Pound Sterling with a nominal interest rate of 6.5%, and the final instalment is due on 6 April 2033. The carrying amount at year end is £165,852 (2023 - £179,325).

The loan is secured by way of a fixed and floating charge over the assets of the company.

One bank loan is denominated in British Pound Sterling with a nominal interest rate of 7.25%, and the final instalment is due on 8 November 2028. The carrying amount at year end is £315,459 (2023 - £324,468).

The loan is secured by way of a fixed and floating charge over the assets of the company.

One bank loan is denominated in British Pound Sterling with a nominal interest rate of 3.16%, and the final instalment is due on 15 November 2024. The carrying amount at year end is £469,358 (2023 - £514,753).

The loan is secured by way of a fixed charge over the property.

Included in the loans and borrowings are the following amounts due after more than five years:

2024
£

2023
£

After more than five years by instalments

459,536

553,584

-

-

22

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

131,520

119,951

Later than one year and not later than five years

101,992

127,534

233,512

247,485

The amount of non-cancellable operating lease payments recognised as an expense during the year was £171,465 (2023 - £111,018).

23

Parent and ultimate parent undertaking

The company's immediate parent is The West Group (Fluid Power) Limited, incorporated in England & Wales.

  These financial statements are available upon request from 29 Aston Road, Waterlooville, Portsmouth, PO7 7XJ

 The ultimate controlling party is Mr O West.