Westway Productions Ltd 03072231 false 2023-08-01 2024-07-31 2024-07-31 The principal activity of the company is warehousing including fulfilment and contract packaging Digita Accounts Production Advanced 6.30.9574.0 true true true 03072231 2023-08-01 2024-07-31 03072231 2024-07-31 03072231 bus:OrdinaryShareClass1 2024-07-31 03072231 core:CurrentFinancialInstruments 2024-07-31 03072231 core:CurrentFinancialInstruments core:WithinOneYear 2024-07-31 03072231 core:LandBuildings 2024-07-31 03072231 core:OtherPropertyPlantEquipment 2024-07-31 03072231 bus:SmallEntities 2023-08-01 2024-07-31 03072231 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 03072231 bus:FilletedAccounts 2023-08-01 2024-07-31 03072231 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 03072231 bus:RegisteredOffice 2023-08-01 2024-07-31 03072231 bus:Director1 2023-08-01 2024-07-31 03072231 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 03072231 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 03072231 core:LandBuildings 2023-08-01 2024-07-31 03072231 core:OtherPropertyPlantEquipment 2023-08-01 2024-07-31 03072231 core:PlantMachinery 2023-08-01 2024-07-31 03072231 1 2023-08-01 2024-07-31 03072231 countries:EnglandWales 2023-08-01 2024-07-31 03072231 2023-07-31 03072231 core:LandBuildings 2023-07-31 03072231 core:OtherPropertyPlantEquipment 2023-07-31 03072231 2022-08-01 2023-07-31 03072231 2023-07-31 03072231 bus:OrdinaryShareClass1 2023-07-31 03072231 core:CurrentFinancialInstruments 2023-07-31 03072231 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 03072231 core:LandBuildings 2023-07-31 03072231 core:OtherPropertyPlantEquipment 2023-07-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03072231

Westway Productions Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Westway Productions Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

Westway Productions Ltd

(Registration number: 03072231)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

65,482

90,215

Current assets

 

Stocks

5

56,193

72,082

Debtors

6

345,768

419,317

Cash at bank and in hand

 

53,897

101,110

 

455,858

592,509

Creditors: Amounts falling due within one year

7

(266,953)

(347,789)

Net current assets

 

188,905

244,720

Net assets

 

254,387

334,935

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

253,387

333,935

Shareholders' funds

 

254,387

334,935

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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 April 2025
 

.........................................
Mrs E J Callan
Director

   
     
 

Westway Productions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 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:
Unit 1
Rectors Lane Industrial Estate
Rectors Lane, Pentre
Deeside
Clwyd
CH5 2DH

These financial statements were authorised for issue by the director on 24 April 2025.

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 have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tangible assets

Tangible assets are stated in the balance sheet 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.

 

Westway Productions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

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:

Asset class

Depreciation method and rate

Land and buildings

25% straight line basis

Tangible fixed assets

25 - 33% reducing balance basis

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.

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.

 

Westway Productions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

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.

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

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 29 (2023 - 31).

 

Westway Productions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

4

Tangible assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 August 2023

7,381

199,718

207,099

Additions

-

7,408

7,408

At 31 July 2024

7,381

207,126

214,507

Depreciation

At 1 August 2023

7,381

109,503

116,884

Charge for the year

-

32,141

32,141

At 31 July 2024

7,381

141,644

149,025

Carrying amount

At 31 July 2024

-

65,482

65,482

At 31 July 2023

-

90,215

90,215

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of short leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

56,193

72,082

6

Debtors

Current

2024
£

2023
£

Trade debtors

258,047

281,820

Prepayments

83,996

133,949

Other debtors

3,725

3,548

 

345,768

419,317

 

Westway Productions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

32,408

37,963

Trade creditors

 

134,555

205,239

Taxation and social security

 

52,318

64,113

Accruals and deferred income

 

29,657

23,711

Other creditors

 

18,015

16,763

 

266,953

347,789

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000

       

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

32,408

37,963

10

Parent and ultimate parent undertaking

The ultimate controlling party is Mrs E J Callan by virtue of having more than 50% but not more than 75% of shares and voting rights..