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Registration number: 00807351

Westley Plastics Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 August 2024

 

Westley Plastics Limited

Contents

Company Information

1

Strategic Report

2 to 3

Directors' Report

4 to 5

Statement of Directors' Responsibilities

6

Independent Auditor's Report

7 to 10

Consolidated Profit and Loss Account

11

Consolidated Statement of Comprehensive Income

12

Consolidated Balance Sheet

13

Balance Sheet

14

Consolidated Statement of Changes in Equity

15

Statement of Changes in Equity

16

Consolidated Statement of Cash Flows

17

Statement of Cash Flows

18

Notes to the Financial Statements

19 to 37

 

Westley Plastics Limited

Company Information

Directors

Thomas Philip Westley DL

Eric Cartelet

Thomas Arthur Westley

Registered office

Gawne Lane
Cradley Heath
West Midlands
B64 5QY

Auditors

Walker Hubble
Registered Auditor5 Parsons Street
Dudley
West Midlands
DY1 1JJ

 

Westley Plastics 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 group is the manufacture of a wide range of goods from industrial plastics.

Fair review of the business

The Directors are pleased to report another successful year for the company and the wider group, with turnover for the group showing growth of £1.5m (9.13%) from last year.

As a result of consecutive positive results, the Directors took the opportunity to invest further in the company by increasing staff numbers and investing more than £1m in key plant and repaying the outstanding bank loans in full.

Alongside the investment by Westley Plastics Ltd, during the year RunFlat International Ltd relocated premises to a new, much larger, fitting centre.

This expansion along with the investment has significantly increased the group’s capacity, which was a limiting factor in prior years.

EBITDA for the group this year fell by £0.73m because of higher establishment costs, wages and salaries. The foundations of the company have been significantly enhanced enabling greater capacity and a better, more efficient response for our customers going forward.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2024

2023

Turnover

£

18,279,730

16,749,753

Turnover per employee

£

388,930

389,529

Gross Profit

£

9,045,912

8,518,862

Gross Profit %

%

50

51

EBITDA before exceptional items

£

5,766,904

6,505,078

EBITDA %

%

32

39

Principal risks and uncertainties

The Directors and management continually monitor the key risks facing the business as well as assessing the controls used to manage these risks.

As a significant proportion of the group’s turnover is generated from foreign markets, exchange rates exposure and the relative strength of the pound is a significant risk. The Directors are confident that the internal policies and exchange strategies in place, alongside a healthy cash reserve balance, provide a robust defence against this risk.

The group invests each year in appropriate commercial insurance policies to protect the balance sheet, assets and employees.

In November 2024 the company obtained its Cyber Essentials certification, complying with requirements of the Cyber Essentials Scheme for cyber security, reducing the potential cyber risk for the group.

 

Westley Plastics Limited

Strategic Report for the Year Ended 31 August 2024

Approved and authorised by the Board on 23 May 2025 and signed on its behalf by:
 

.........................................
Thomas Philip Westley DL
Director

 

Westley Plastics 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 group

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

Thomas Philip Westley DL

Eric Cartelet

Thomas Arthur Westley

Financial instruments

Objectives and policies

The group's activities expose it to a number of financial risks including price risk, credit risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the group's policies approved by the board of directors, which provide written principles on the use of financial derivatives to manage these risks. The group does not use derivative financial instruments for speculative purposes.

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

Price risk:
The group is exposed to commodity price risk. The group manages its risk to commodity price risk where it is considered financially appropriate.

Credit risk:
The group's principal financial assets are bank balances and cash, trade and other receivables.
The group's credit risk is primarily attributed to trade receivables. The amounts presented in the balance sheet are net of doubtful receivables. An allowance is made where there is an identified loss event which, based on previous experience, is evidence of a reduction in the recoverability of cash flows.
The group has no significant concentration of credit risk, with exposure spread over a large number of customers.

Liquidity risk:
The group has funded and intends to continue funding its ongoing operations and future developments through cash generated from operating activities.

Cash flow risk:
As a significant proportion of the group’s turnover is generated from foreign markets, exchange rates exposure and the relative strength of the pound is a significant risk. The Directors are confident that the internal policies and exchange strategies in place, alongside a healthy cash reserve balance, provide a robust defence against this risk.

Employment of disabled persons

The Group gives full and fair consideration to employment applications from disabled persons. Where an employee becomes disabled, arrangements are made wherever practical to continue employment by identifying an available job suited to the person's capabilities and providing any necessary retraining.

Employee involvement

The directors involve and inform the Group's employees as much as possible within regulatory contrainsts. The directors commincate on a regular basis through core briefing updates to the employees to promote awareness of current progress and developments within the Group.

 

Westley Plastics Limited

Directors' Report for the Year Ended 31 August 2024

Environmental matters

Westley Plastics considers respect for the environment as a core value of the Group. The Group has an approved environmental policy which sets out the guiding principles which all of its subsidiaries must adopt and observe.

Under this policy the Group pursues clear strategic goals, taking into account the available technologies and resources, with the aim of progressively improving its environmental performance.

The group is ISO14001 compliant.

Important non adjusting events after the financial period

Westley International Holdings Ltd was incorporated on the 7th August 2024, this is the ultimate holding company of Westley Plastics Limited as of this date.

Disclosure of information to the auditor

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 auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Reappointment of auditors

The auditors Walker Hubble are deemed to be reappointed under section 487(2) of the Companies Act 2006.

Approved and authorised by the Board on 23 May 2025 and signed on its behalf by:
 

.........................................
Thomas Philip Westley DL
Director

 

Westley Plastics 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 group and the company and of the profit or loss of the group 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 UK 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 group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Westley Plastics Limited

Independent Auditor's Report to the Members of Westley Plastics Limited

Opinion

We have audited the financial statements of Westley Plastics Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 August 2024, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, 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 group's and the parent company's affairs as at 31 August 2024 and of the group's 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 group 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 group'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.

 

Westley Plastics Limited

Independent Auditor's Report to the Members of Westley Plastics 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company 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.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 6], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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:

We identified and assessed the risks of material misstatement in respect of irregularities, including fraud and non compliance with laws and regulations. Our procedures included enquiry of management and performing analytical review procedures to identify any unusual relationships that may indicate a material misstatement. We also tested the appropriateness of journals to address the risk of fraud through management override of controls. We performed appropriate testing in respect of the risk of fraud in revenue recognition through a review of margins, sales cut off procedures and by performing existence and valuation testing on trade debtors.

Relevant laws and regulations, together with potential fraud risks, were communicated to the audit engagement team at the planning stage to remain alert to any indication of fraud or non compliance with laws and regulations throughout the audit.

 

Westley Plastics Limited

Independent Auditor's Report to the Members of Westley Plastics Limited

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

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. 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.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the group’s internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the group’s or the parent company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the group or the parent company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

 

Westley Plastics Limited

Independent Auditor's Report to the Members of Westley Plastics Limited

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.

......................................
Gavin R Pearson (Senior Statutory Auditor)
For and on behalf of Walker Hubble, Statutory Auditor
 5 Parsons Street
Dudley
West Midlands
DY1 1JJ

23 May 2025

 

Westley Plastics Limited

Consolidated Profit and Loss Account for the Year Ended 31 August 2024

Note

2024
£

2023
£

Turnover

3

18,279,730

16,749,753

Cost of sales

 

(9,233,818)

(8,230,891)

Gross profit

 

9,045,912

8,518,862

Distribution costs

 

(214,426)

(261,769)

Administrative expenses

 

(3,430,034)

(2,159,591)

Other operating income

4

-

199,065

Operating profit

6

5,401,452

6,296,567

Other interest receivable and similar income

7

128,807

84,778

Interest payable and similar expenses

8

(8,950)

(17,277)

   

119,857

67,501

Profit before tax

 

5,521,309

6,364,068

Tax on profit

12

(1,323,824)

(1,301,035)

Profit for the financial year

 

4,197,485

5,063,033

Profit/(loss) attributable to:

 

Owners of the company

 

3,522,812

4,261,480

Minority interests

 

674,673

801,553

 

4,197,485

5,063,033

The above results were derived from continuing operations.

 

Westley Plastics Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 August 2024

2024
£

2023
£

Profit for the year

4,197,485

5,063,033

Total comprehensive income for the year

4,197,485

5,063,033

Total comprehensive income attributable to:

Owners of the company

3,522,812

4,261,480

Minority interests

674,673

801,553

4,197,485

5,063,033

 

Westley Plastics Limited

(Registration number: 00807351)
Consolidated Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

13

4,425,063

3,155,557

Current assets

 

Stocks

15

1,775,878

1,237,091

Debtors

16

7,282,747

10,121,557

Cash at bank and in hand

 

3,555,031

5,098,045

 

12,613,656

16,456,693

Creditors: Amounts falling due within one year

18

(4,518,360)

(5,195,036)

Net current assets

 

8,095,296

11,261,657

Total assets less current liabilities

 

12,520,359

14,417,214

Creditors: Amounts falling due after more than one year

18

-

(122,895)

Provisions for liabilities

19

(539,268)

(280,535)

Net assets

 

11,981,091

14,013,784

Capital and reserves

 

Called up share capital

21

247,483

247,483

Capital redemption reserve

227,017

227,017

Revaluation reserve

409,203

410,803

Retained earnings

8,448,441

10,579,207

Equity attributable to owners of the company

 

9,332,144

11,464,510

Non controlling interests

 

2,648,947

2,549,274

Shareholders' funds

 

11,981,091

14,013,784

Approved and authorised by the Board on 23 May 2025 and signed on its behalf by:
 

.........................................
Thomas Philip Westley DL
Director

 

Westley Plastics Limited

(Registration number: 00807351)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

13

4,288,251

3,095,721

Investments

14

600

600

 

4,288,851

3,096,321

Current assets

 

Stocks

15

510,825

469,132

Debtors

16

4,304,460

7,221,363

Cash at bank and in hand

 

416,820

317,942

 

5,232,105

8,008,437

Creditors: Amounts falling due within one year

18

(2,331,193)

(1,799,551)

Net current assets

 

2,900,912

6,208,886

Total assets less current liabilities

 

7,189,763

9,305,207

Creditors: Amounts falling due after more than one year

18

-

(122,895)

Provisions for liabilities

19

(505,065)

(265,576)

Net assets

 

6,684,698

8,916,736

Capital and reserves

 

Called up share capital

21

247,483

247,483

Capital redemption reserve

177,017

177,017

Revaluation reserve

409,203

410,803

Retained earnings

5,850,995

8,081,433

Shareholders' funds

 

6,684,698

8,916,736

The company made a profit after tax for the financial year of £3,423,140 (2023 - profit of £3,709,927).

Approved and authorised by the Board on 23 May 2025 and signed on its behalf by:
 

.........................................
Thomas Philip Westley DL
Director

 

Westley Plastics Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 August 2024
Equity attributable to the parent company

Share capital
£

Capital redemption reserve
£

Revaluation reserve
£

Retained earnings
£

Total
£

Non-controlling interests - Equity
£

Total equity
£

At 1 September 2023

247,483

227,017

410,803

10,579,207

11,464,510

2,549,274

14,013,784

Profit for the year

-

-

-

3,522,812

3,522,812

674,673

4,197,485

Other comprehensive income

-

-

(1,600)

1,600

-

-

-

Total comprehensive income

-

-

(1,600)

3,524,412

3,522,812

674,673

4,197,485

Dividends

-

-

-

(5,655,178)

(5,655,178)

(575,000)

(6,230,178)

At 31 August 2024

247,483

227,017

409,203

8,448,441

9,332,144

2,648,947

11,981,091

Share capital
£

Capital redemption reserve
£

Revaluation reserve
£

Retained earnings
£

Total
£

Non-controlling interests - Equity
£

Total equity
£

At 1 September 2022

247,483

227,017

412,403

8,036,127

8,923,030

1,997,721

10,920,751

Profit for the year

-

-

-

4,261,480

4,261,480

801,553

5,063,033

Other comprehensive income

-

-

(1,600)

1,600

-

-

-

Total comprehensive income

-

-

(1,600)

4,263,080

4,261,480

801,553

5,063,033

Dividends

-

-

-

(1,720,000)

(1,720,000)

(250,000)

(1,970,000)

At 31 August 2023

247,483

227,017

410,803

10,579,207

11,464,510

2,549,274

14,013,784

 

Westley Plastics Limited

Statement of Changes in Equity for the Year Ended 31 August 2024

Share capital
£

Capital redemption reserve
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 September 2023

247,483

177,017

410,803

8,081,433

8,916,736

Profit for the year

-

-

-

3,423,140

3,423,140

Other comprehensive income

-

-

(1,600)

1,600

-

Total comprehensive income

-

-

(1,600)

3,424,740

3,423,140

Dividends

-

-

-

(5,655,178)

(5,655,178)

At 31 August 2024

247,483

177,017

409,203

5,850,995

6,684,698

Share capital
£

Capital redemption reserve
£

Revaluation reserve
£

Retained earnings
£

Total
£

At 1 September 2022

247,483

177,017

412,403

6,089,906

6,926,809

Profit for the year

-

-

-

3,709,927

3,709,927

Other comprehensive income

-

-

(1,600)

1,600

-

Total comprehensive income

-

-

(1,600)

3,711,527

3,709,927

Dividends

-

-

-

(1,720,000)

(1,720,000)

At 31 August 2023

247,483

177,017

410,803

8,081,433

8,916,736

 

Westley Plastics Limited

Consolidated Statement of Cash Flows for the Year Ended 31 August 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

4,197,485

5,063,033

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

382,119

214,806

Profit on disposal of tangible assets

5

(16,667)

(6,295)

Finance income

7

(128,807)

(84,778)

Finance costs

8

8,950

17,277

Income tax expense

12

1,323,824

1,301,035

 

5,766,904

6,505,078

Working capital adjustments

 

(Increase)/decrease in stocks

15

(538,787)

30,364

Decrease/(increase) in trade debtors

16

2,838,810

(3,670,414)

Increase in trade creditors

18

58,060

1,714,515

Cash generated from operations

 

8,124,987

4,579,543

Income taxes paid

12

(1,716,569)

(970,420)

Net cash flow from operating activities

 

6,408,418

3,609,123

Cash flows from investing activities

 

Interest received

128,807

84,778

Acquisitions of tangible assets

(1,651,624)

(308,995)

Proceeds from sale of tangible assets

 

16,667

6,709

Net cash flows from investing activities

 

(1,506,150)

(217,508)

Cash flows from financing activities

 

Interest paid

8

(8,950)

(17,277)

Loan repayments

 

(206,154)

(71,784)

Dividends paid

(6,230,178)

(1,970,000)

Net cash flows from financing activities

 

(6,445,282)

(2,059,061)

Net (decrease)/increase in cash and cash equivalents

 

(1,543,014)

1,332,554

Cash and cash equivalents at 1 September

 

5,098,045

3,765,491

Cash and cash equivalents at 31 August

 

3,555,031

5,098,045

 

Westley Plastics Limited

Statement of Cash Flows for the Year Ended 31 August 2024

Note

2024
£

2023
£

Cash flows from operating activities

Profit for the year

 

3,423,140

3,709,927

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

6

355,452

206,243

Loss on disposal of tangible assets

5

-

205

Finance income

(677,429)

(326,645)

Finance costs

8,950

17,277

Income tax expense

12

874,043

862,048

 

3,984,156

4,469,055

Working capital adjustments

 

(Increase)/decrease in stocks

15

(41,693)

63,305

Decrease/(increase) in trade debtors

16

2,916,903

(2,053,296)

Increase in trade creditors

18

962,666

148,476

Cash generated from operations

 

7,822,032

2,627,540

Income taxes paid

12

(982,320)

(840,742)

Net cash flow from operating activities

 

6,839,712

1,786,798

Cash flows from investing activities

 

Interest received

677,429

326,645

Acquisitions of tangible assets

(1,547,981)

(281,487)

Proceeds from sale of tangible assets

 

-

209

Net cash flows from investing activities

 

(870,552)

45,367

Cash flows from financing activities

 

Interest paid

(8,950)

(17,277)

Proceeds from bank borrowing draw downs

 

(206,154)

(71,784)

Dividends paid

(5,655,178)

(1,720,000)

Net cash flows from financing activities

 

(5,870,282)

(1,809,061)

Net increase in cash and cash equivalents

 

98,878

23,104

Cash and cash equivalents at 1 September

 

317,942

294,838

Cash and cash equivalents at 31 August

 

416,820

317,942

 

Westley Plastics 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.

The address of its registered office is:
Gawne Lane
Cradley Heath
West Midlands
B64 5QY

These financial statements were authorised for issue by the Board on 23 May 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 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.

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 group’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the group.

The group 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 group's activities.

Government grants

Government Grants,are credited to the Statement of Profit and Loss and Other Comprehensive Income in the financial period in which they have been received so as to match them with the expenditure to which they relate.

 

Westley Plastics Limited

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

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 August 2024.

A subsidiary is an entity controlled by the company. Control is achieved where the company has the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities.

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the group’s equity therein. Non-controlling interests consist of the amount of those interests at the date of the original business combination and the non-controlling shareholder’s share of changes in equity since the date of the combination.

Entities in which the group holds an interest on a long-term basis and are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. In the group financial statements, joint ventures are accounted for using the gross equity method.

Entities, other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence are treated as associates. In the group financial statements, associates are accounted for using the equity method.

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 translated 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 rates prevailing on the initial transaction dates.

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

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.

 

Westley Plastics Limited

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

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 group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated 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 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.

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

Straight line at 1% on existing buildings only

Plant and machinery

Straight line over 4 to 10 years

Fixtures and fittings

Straight line over 4 to 10 years

Motor vehicles

Straight line over 4 to 10 years

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.

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.

 

Westley Plastics Limited

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

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 group 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 group 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 group 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.

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.

 

Westley Plastics Limited

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

Dividends

Dividend distribution to the group’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 group 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

Turnover

The analysis of the group's turnover for the year from continuing operations is as follows:

2024
£

2023
£

Sale of goods

18,279,730

16,749,753

The analysis of the group's turnover for the year by market is as follows:

2024
£

2023
£

UK

2,829,682

1,085,733

Rest of world

15,450,048

15,664,020

18,279,730

16,749,753

4

Other operating income

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

2024
£

2023
£

Government grants

-

500

Miscellaneous other operating income

-

198,565

-

199,065

5

Other gains and losses

The analysis of the group's other gains and losses for the year is as follows:

2024
£

2023
£

Gain on disposal of tangible assets

16,667

6,295

 

Westley Plastics Limited

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

6

Operating profit

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

382,119

214,806

Operating lease expense - plant and machinery

40,965

21,371

Profit on disposal of property, plant and equipment

(16,667)

(6,295)

7

Other interest receivable and similar income

2024
£

2023
£

Interest income on bank deposits

26,378

8,133

Other finance income

102,429

76,645

128,807

84,778

8

Interest payable and similar expenses

2024
£

2023
£

Interest on bank overdrafts and borrowings

8,950

17,277

9

Staff costs

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

2024
£

2023
£

Wages and salaries

2,306,798

1,748,327

Social security costs

251,730

147,259

Pension costs, defined contribution scheme

146,052

128,833

Other employee expense

35,151

55,593

2,739,731

2,080,012

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

2024
No.

2023
No.

Production

29

27

Administration and support

18

16

47

43

 

Westley Plastics Limited

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

10

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

895,487

498,767

Contributions paid to money purchase schemes

100,000

87,212

995,487

585,979

In respect of the highest paid director:

2024
£

2023
£

Remuneration

796,230

402,911

Company contributions to money purchase pension schemes

60,000

47,212

11

Auditors' remuneration

2024
£

2023
£

Audit of these financial statements

13,000

12,000

Other fees to auditors

Taxation compliance services

2,000

2,000

All other assurance services

1,000

1,000

All other non-audit services

1,000

1,000

4,000

4,000


 

12

Taxation

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

2024
£

2023
£

Current taxation

UK corporation tax

1,122,593

1,341,322

UK corporation tax adjustment to prior periods

(57,502)

(66,042)

1,065,091

1,275,280

Deferred taxation

Arising from origination and reversal of timing differences

258,733

25,755

Tax expense in the income statement

1,323,824

1,301,035

 

Westley Plastics Limited

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

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2023 - the same as the standard rate of corporation tax in the UK) of 25% (2023 - 21.52%).

The differences are reconciled below:

2024
£

2023
£

Profit before tax

5,521,309

6,364,068

Corporation tax at standard rate

1,380,327

1,369,547

Decrease in UK and foreign current tax from adjustment for prior periods

(57,501)

(66,042)

Deferred tax expense/(credit) relating to changes in tax rates or laws

998

(2,470)

Total tax charge

1,323,824

1,301,035

Deferred tax

Group

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Arising from origination and reversal of timing differences

-

539,268

-

539,268

2023

Asset
£

Liability
£

Arising from origination and reversal of timing differences

-

280,535

-

280,535

Company

Deferred tax assets and liabilities

2024

Asset
£

Liability
£

Arising from origination and reversal of timing differences

-

505,065

-

505,065

2023

Asset
£

Liability
£

Arising from origination and reversal of timing differences

-

265,576

-

265,576

 

Westley Plastics Limited

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

13

Tangible assets

Group

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

2,173,123

514,269

3,316,728

87,345

6,091,465

Additions

-

90,268

1,250,474

310,882

1,651,624

Disposals

-

-

-

(25,424)

(25,424)

At 31 August 2024

2,173,123

604,537

4,567,202

372,803

7,717,665

Depreciation

At 1 September 2023

80,000

406,735

2,389,214

59,958

2,935,907

Charge for the year

4,000

46,930

279,749

51,440

382,119

Eliminated on disposal

-

-

-

(25,424)

(25,424)

At 31 August 2024

84,000

453,665

2,668,963

85,974

3,292,602

Carrying amount

At 31 August 2024

2,089,123

150,872

1,898,239

286,829

4,425,063

At 31 August 2023

2,093,123

107,533

927,514

27,387

3,155,557

Included within the net book value of land and buildings above is £2,089,123 (2023 - £2,093,123) in respect of freehold land and buildings.
 

 

Westley Plastics Limited

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

Company

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2023

2,173,123

501,041

3,227,044

61,921

5,963,129

Additions

-

53,163

1,198,431

296,387

1,547,981

At 31 August 2024

2,173,123

554,204

4,425,475

358,308

7,511,110

Depreciation

At 1 September 2023

80,000

394,052

2,358,821

34,534

2,867,407

Charge for the year

4,000

37,472

266,164

47,816

355,452

At 31 August 2024

84,000

431,524

2,624,985

82,350

3,222,859

Carrying amount

At 31 August 2024

2,089,123

122,680

1,800,490

275,958

4,288,251

At 31 August 2023

2,093,123

106,988

868,223

27,387

3,095,721

Included within the net book value of land and buildings above is £2,089,123 (2023 - £2,093,123) in respect of freehold land and buildings.
 

 

Westley Plastics Limited

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

Revaluation

The fair value of the company's Land and buildings was revalued on 16 November 2005 by an independent valuer.
The basis of the valuation of this property was in accordance with the RICS Appraisal and Valuation Standards and FRS 102
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £1,128,370 (2023 - £1,129,970).
 

14

Investments

Group

Details of undertakings

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

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

2024

2023

Subsidiary undertakings

Runflat Holdings Ltd

Gawne Lane, Cradley Heath,
West Midlands, B64 5QY.

Ordinary shares

50%

50%

England

Wheels International Limited

Gawne Lane, Cradley Heath,
West Midlands, B64 5QY.

Ordinary shares

100%

100%

England

Joint ventures

Runflat International Limited

Gawne Lane, Cradley Heath,
West Midlands, B64 5QY.

Ordinary shares

50%

50%

England

Runflat Ltd

Gawne Lane, Cradley Heath,
West Midlands, B64 5QY.

Ordinary shares

50%

50%

England

 

Westley Plastics Limited

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

Company

2024
£

2023
£

Investments in subsidiaries

600

600

Subsidiaries

£

Cost or valuation

At 1 September 2023

600

Provision

Carrying amount

At 31 August 2024

600

At 31 August 2023

600

 

Westley Plastics Limited

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

15

Stocks

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Raw materials and consumables

1,169,081

619,670

99,598

204,480

Work in progress

176,395

158,285

176,395

158,285

Finished goods and goods for resale

430,402

459,136

234,832

106,367

1,775,878

1,237,091

510,825

469,132

16

Debtors

   

Group

Company

Current

Note

2024
£

2023
£

2024
£

2023
£

Trade debtors

 

1,779,132

2,401,875

311,071

613,087

Amounts owed by related parties

25

3,041,705

2,252,190

1,992,154

1,554,016

Other debtors

 

2,290,534

5,111,053

1,910,871

4,769,556

Prepayments

 

171,376

356,439

90,364

284,704

   

7,282,747

10,121,557

4,304,460

7,221,363

17

Cash and cash equivalents

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Cash on hand

478

235

478

235

Cash at bank

3,554,553

5,097,810

416,342

317,707

3,555,031

5,098,045

416,820

317,942

 

Westley Plastics Limited

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

18

Creditors

   

Group

Company

Note

2024
£

2023
£

2024
£

2023
£

Due within one year

 

Loans and borrowings

22

-

83,259

-

83,259

Trade creditors

 

663,535

429,265

457,631

208,090

Amounts due to related parties

25

1,056,850

2,037,059

351,724

100

Social security and other taxes

 

472,171

470,642

472,171

470,642

Other payables

 

7,044

6,365

7,046

6,365

Accruals

 

1,955,073

1,153,281

809,468

450,176

Income tax liability

12

363,687

1,015,165

233,153

580,919

 

4,518,360

5,195,036

2,331,193

1,799,551

Due after one year

 

Loans and borrowings

22

-

122,895

-

122,895

19

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 September 2023

280,535

280,535

Increase (decrease) in existing provisions

258,733

258,733

At 31 August 2024

539,268

539,268

Company

Deferred tax
£

Total
£

At 1 September 2023

265,576

265,576

Increase (decrease) in existing provisions

239,489

239,489

At 31 August 2024

505,065

505,065

 

Westley Plastics Limited

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

20

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £146,052 (2023 - £128,833).

21

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

247,483

247,483

247,483

247,483

       

22

Loans and borrowings

Non-current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

-

122,895

-

122,895

Current loans and borrowings

 

Group

Company

2024
£

2023
£

2024
£

2023
£

Bank borrowings

-

83,259

-

83,259

 

Westley Plastics Limited

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

Group

Bank borrowings

Total bank borrowing is denominated in sterling with a nominal interest rate of 2.05% on average above the bank's base rate%, and the final instalment is due on 20 January 2036. The carrying amount at year end is £Nil (2023 - £206,154).

The first bank loan brought forward is denominated in sterling with a nominal interest rate of 1.95% above the bank's base rate percentage. The carrying amount at the year end is Nil (2023 - £87,774).

A second bank loan brought forward is denominated in sterling with a nominal interest rate of 2.52% above the bank's base rate percentage. The carrying amount at year end is Nil (2023 - £118,380).

Both loans were secured by a legal charge over the factory premises at Gawne Lane, Cradley Heath, West Midlands.

Both loans were repaid in full during the year.

 

Westley Plastics Limited

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

23

Obligations under leases and hire purchase contracts

Group

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

(44,976)

(27,641)

Later than one year and not later than five years

(84,193)

(74,055)

(129,169)

(101,696)

The amount of non-cancellable operating lease payments recognised as an expense during the year was £40,964 (2023 - £21,371).

24

Dividends

2024

2023

£

£

Interim dividend of £22.85 (2023 - £6.95) per ordinary share

5,655,178

1,720,000

 

 
 

Westley Plastics Limited

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

25

Related party transactions

Company

Transactions with directors

2024

At 1 September 2023
£

Advances to director
£

Repayments by director
£

At 31 August 2024
£

Thomas Philip Westley DL

Director's loan

641,393

1,313,106

(1,175,452)

779,047

Eric Cartelet

Director's loan

2,745,133

1,976,133

(4,721,266)

-

Thomas Arthur Westley

Director's loan

250,739

118,712

(369,727)

(276)

2023

At 1 September 2022
£

Advances to director
£

Repayments by director
£

At 31 August 2023
£

Thomas Philip Westley DL

Director's loan

934,862

1,316,449

(1,609,918)

641,393

Eric Cartelet

Director's loan

2,251,576

1,043,557

(550,000)

2,745,133

Thomas Arthur Westley

Director's loan

251,072

82,028

(82,361)

250,739

Other transactions with directors

The company is charging interest on the directors' loan balances at HMRC's official rate of interest.

Summary of transactions with all entities with joint control or significant interest


Runflat International Limited
Westley International Holdings Ltd is the ultimate parent
Westley Plastics Ltd is the direct parent
Inter company trading with Westley Plastics Ltd

Runflat Limited
Westley International Holdings Ltd is the ultimate parent
Westley Plastics Ltd is the direct parent

 

Westley Plastics Limited

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

Summary of transactions with subsidiaries

Runflat Holdings Limited
Westley Plastics Ltd owns 50% of the share capital and has voting control
Dividends receivable

Wheels International Limited
A wholly owned subsidiary

Summary of transactions with other related parties

TR Estates Limited
Mr T P Westley has a controlling interest
Westley Plastics Ltd Group pays rent and associated servcies

Income and receivables from related parties

2024

Entities with joint control or significant influence
£

Subsidiary
£

Other related parties
£

Sale of goods

8,644,992

-

-

Amounts receivable from related party

-

7,023

1,985,131

2023

Entities with joint control or significant influence
£

Subsidiary
£

Other related parties
£

Sale of goods

8,367,629

-

-

Amounts receivable from related party

1,331,862

7,023

215,131

Expenditure with and payables to related parties

2024

Subsidiary
£

Amounts payable to related party

100

2023

Subsidiary
£

Amounts payable to related party

100

26

Non adjusting events after the financial period

Westley International Holdings Ltd was incorporated on the 7th August 2024, this is the ultimate holding company of Westley Plastics Limited as of this date.