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Company No: 08988689 (England and Wales)

WESTBOUND LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

WESTBOUND LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

WESTBOUND LIMITED

BALANCE SHEET

As at 31 July 2024
WESTBOUND LIMITED

BALANCE SHEET (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 82,022 44,146
82,022 44,146
Current assets
Stocks 4 17,318 9,450
Debtors 5 224,471 22,266
Cash at bank and in hand 153,192 352,525
394,981 384,241
Creditors: amounts falling due within one year 6 ( 95,122) ( 95,495)
Net current assets 299,859 288,746
Total assets less current liabilities 381,881 332,892
Creditors: amounts falling due after more than one year 7 ( 8,778) ( 19,063)
Provision for liabilities ( 12,025) ( 13,816)
Net assets 361,078 300,013
Capital and reserves
Called-up share capital 200 200
Profit and loss account 360,878 299,813
Total shareholders' funds 361,078 300,013

For the financial 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:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Westbound Limited (registered number: 08988689) were approved and authorised for issue by the Board of Directors on 17 April 2025. They were signed on its behalf by:

Mr D M J Iszatt
Director
WESTBOUND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
WESTBOUND LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Westbound Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 41 Great Western Road, Dorchester, DT1 1UF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Office equipment 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 28 18

3. Tangible assets

Land and buildings Plant and machinery Vehicles Office equipment Total
£ £ £ £ £
Cost
At 01 August 2023 8,743 112,502 10,050 2,449 133,744
Additions 953 49,919 0 932 51,804
At 31 July 2024 9,696 162,421 10,050 3,381 185,548
Accumulated depreciation
At 01 August 2023 5,387 77,295 5,249 1,667 89,598
Charge for the financial year 930 11,603 1,200 195 13,928
At 31 July 2024 6,317 88,898 6,449 1,862 103,526
Net book value
At 31 July 2024 3,379 73,523 3,601 1,519 82,022
At 31 July 2023 3,356 35,207 4,801 782 44,146

4. Stocks

2024 2023
£ £
Stocks 17,318 9,450

5. Debtors

2024 2023
£ £
Other debtors 224,471 22,266

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 10,289 10,035
Trade creditors 12,917 0
Taxation and social security 69,971 40,140
Other creditors 1,945 45,320
95,122 95,495

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 8,778 19,063

There are no amounts included above in respect of which any security has been given by the small entity.

8. Financial commitments

Commitments

Capital commitments are as follows:

2024 2023
£ £
Contracted for but not provided for:
Finance leases entered into 34,500 69,250

Total future minimum lease payments under non-cancellable operating leases are as follows:

2024 2023
£ £
within one year 34,500 34,750
between one and five years 0 34,500
34,500 69,250

9. Related party transactions

The Directors loan accounts are repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 August 2023 the balance owed to the directors was £43,593. During the year, £223,292 was advanced and £67,176 was repaid. As at 31 July 2024 the balance owed by the directors was £112,523.

At 1 August 2022 the balance owed to the directors was £53,169. During the year, £80,011 was advanced and £70,435 was repaid. As at 31 July 2023 the balance owed to the directors was £43,593..