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24 April 2025
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No description of principal activity
2024-01-01
Sage Accounts Production Advanced 2024 - FRS102_2024
851,506
547,006
304,500
304,500
xbrli:pure
xbrli:shares
iso4217:GBP
03745631
2024-01-01
2024-12-31
03745631
2024-12-31
03745631
2023-12-31
03745631
2023-01-01
2023-12-31
03745631
2023-12-31
03745631
2022-12-31
03745631
core:LandBuildings
core:OwnedOrFreeholdAssets
2024-01-01
2024-12-31
03745631
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2024-01-01
2024-12-31
03745631
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2024-01-01
2024-12-31
03745631
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2024-01-01
2024-12-31
03745631
bus:Director6
2024-01-01
2024-12-31
03745631
bus:Director7
2024-01-01
2024-12-31
03745631
core:LandBuildings
core:OwnedOrFreeholdAssets
2024-12-31
03745631
core:WithinOneYear
2024-12-31
03745631
core:WithinOneYear
2023-12-31
03745631
core:ShareCapital
2024-12-31
03745631
core:ShareCapital
2023-12-31
03745631
core:SharePremium
2024-12-31
03745631
core:SharePremium
2023-12-31
03745631
core:RetainedEarningsAccumulatedLosses
2024-12-31
03745631
core:RetainedEarningsAccumulatedLosses
2023-12-31
03745631
core:LandBuildings
core:OwnedOrFreeholdAssets
2023-12-31
03745631
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2024-01-01
2024-12-31
03745631
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2024-01-01
2024-12-31
03745631
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2024-01-01
2024-12-31
03745631
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2024-01-01
2024-12-31
03745631
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2024-01-01
2024-12-31
03745631
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2024-01-01
2024-12-31
COMPANY REGISTRATION NUMBER:
03745631
Westlake Epoxy International Holdings Limited |
|
Filleted Financial Statements |
|
Westlake Epoxy International Holdings Limited |
|
Year ended 31 December 2024
Officers and professional advisers |
1 |
|
|
Statement of financial position |
2 |
|
|
Notes to the financial statements |
3 |
|
|
Westlake Epoxy International Holdings Limited |
|
Officers and Professional Advisers |
|
The board of directors |
Mr J A Holy |
|
Mr M S Bender |
|
Mr A W M Mertens |
|
|
Registered office |
Unit 32 |
|
Tokenspire Business Park Hull Road |
|
Woodmansey |
|
Beverly |
|
England |
|
HU17 0TB |
|
|
Auditor |
Burgess Hodgson LLP |
|
Chartered accountants & statutory auditor |
|
Camburgh House |
|
27 New Dover Road |
|
Canterbury |
|
Kent |
|
CT1 3DN |
|
|
Westlake Epoxy International Holdings Limited |
|
Statement of Financial Position |
|
31 December 2024
Fixed assets
Tangible assets |
5 |
304,500 |
304,500 |
|
|
|
|
Current assets
Debtors |
6 |
235,684 |
474,930 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
9,295 |
94,839 |
|
--------- |
--------- |
Net current assets |
226,389 |
380,091 |
|
--------- |
--------- |
Total assets less current liabilities |
530,889 |
684,591 |
|
|
|
|
Provisions
Other provisions |
– |
41,926 |
|
--------- |
--------- |
Net assets |
530,889 |
642,665 |
|
--------- |
--------- |
|
|
|
Capital and reserves
Called up share capital |
1 |
1 |
Share premium account |
1,050,000 |
1,050,000 |
Profit and loss account |
(
519,112) |
(
407,336) |
|
------------ |
------------ |
Shareholders funds |
530,889 |
642,665 |
|
------------ |
------------ |
|
|
|
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 statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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
9 April 2025
, and are signed on behalf of the board by:
Mr A W M Mertens |
Director |
|
Company registration number:
03745631
Westlake Epoxy International Holdings Limited |
|
Notes to the Financial Statements |
|
Year ended 31 December 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 Unit 32, Tokenspire Business Park Hull Road, Woodmansey, Beverly, HU17 0TB, England.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a break up basis with the owners intention for the company to be liquidated during 2025.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements,estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The judgements, estimates and assumptions that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: (i) Purchase recognition - Directors recognise the purchases when significant risks and rewards of ownership are passed to them as buyer. They consider this has taken place on delivery and therefore record all deliveries not yet invoiced as accruals at the year end. (ii) Bad debt - Directors have included bad debt provisions for items which have not been paid between the year end date and the date of signing the accounts. Any debts which are in legal disputes have been reviewed and a proportions has been provided based on expected outcome. (iii) Useful economic life of fixed assets - The annual depreciation and amortisation charges are based upon management's assessment of the useful economic lives and residual values of the company's tangible assets. These are re-assessed annually and amended where necessary.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:
|
Freehold property |
- |
2% straight line |
|
|
|
|
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. 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. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
1
(2023:
2
).
5.
Tangible assets
|
Freehold property |
|
£ |
Cost |
|
At 1 January 2024 and 31 December 2024 |
851,506 |
|
--------- |
Depreciation |
|
At 1 January 2024 and 31 December 2024 |
547,006 |
|
--------- |
Carrying amount |
|
At 31 December 2024 |
304,500 |
|
--------- |
At 31 December 2023 |
304,500 |
|
--------- |
|
|
During 2021, the company acquired a property at Peterlee. Once environmental approvals have been obtained, it is the company intention to sell the property. As such, no depreciation has been charged during the year.
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Trade debtors |
– |
2,248 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
232,962 |
462,447 |
Other debtors |
2,722 |
10,235 |
|
--------- |
--------- |
|
235,684 |
474,930 |
|
--------- |
--------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
2,595 |
44 |
Social security and other taxes |
– |
8,913 |
Other creditors |
6,700 |
85,882 |
|
------- |
-------- |
|
9,295 |
94,839 |
|
------- |
-------- |
|
|
|
8.
Summary audit opinion
The auditor's report dated
24 April 2025
was
unqualified
.
The senior statutory auditor was
Roderick Archibald
, for and on behalf of
Burgess Hodgson LLP
.