Year Ended
Registration number:
WestWood Liquid Technologies Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
WestWood Liquid Technologies Limited
Company Information
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Directors |
G P Hemmings W Chissell A Westphal K Westphal |
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Registered office |
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Auditors |
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WestWood Liquid Technologies Limited
Balance Sheet
31 December 2024
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2023 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 08570476
WestWood Liquid Technologies Limited
Notes to the Financial Statements
Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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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 - 'The Financial Reporting Standard applicable in the UK 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.
These financial statements are presented in pound sterling and rounded to the nearest whole pound.
Going concern
The company has the continued support of its parent company for a period of at least twelve months from the date of approval of these financial statements. The directors have also reviewed budgets and following this review the directors are satisfied that it is appropriate for the company to adopt the going concern basis of presentation.
Revenue recognition
Revenue comprises the fair value of the consideration received or receivable for the sale of liquid resin floors and the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.
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.
WestWood Liquid Technologies Limited
Notes to the Financial Statements
Year Ended 31 December 2024
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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:
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Asset class |
Depreciation method and rate |
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Leasehold improvements |
Straight line over the term of the lease |
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Fixtures and fittings |
25% straight line |
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Computer equipment |
25% straight line |
Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less
costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
At each balance sheet date, stocks are assessed for impairment. If stock is 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.
WestWood Liquid Technologies Limited
Notes to the Financial Statements
Year Ended 31 December 2024
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.
Financial instruments
Classification
• Short term trade and other debtors and creditors; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
WestWood Liquid Technologies Limited
Notes to the Financial Statements
Year Ended 31 December 2024
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Tangible assets |
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Leasehold land and buildings |
Furniture, fittings and equipment |
Total |
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Cost |
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At 1 January 2024 |
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Additions |
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Disposals |
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At 31 December 2024 |
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Depreciation |
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At 1 January 2024 |
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Charge for the year |
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Eliminated on disposal |
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At 31 December 2024 |
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Carrying amount |
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At 31 December 2024 |
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At 31 December 2023 |
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Included within the net book value of land and buildings above is £122,454 (2023 - £93,237) in respect of short leasehold land and buildings.
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Debtors |
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2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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WestWood Liquid Technologies Limited
Notes to the Financial Statements
Year Ended 31 December 2024
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings |
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Corporation tax |
55,179 |
83,068 |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Within amounts owed to group undertakings is £923,468 (2023: £1,055,233) which is unsecured, incurs interest of 2.5% payable annually in arrears and is repayable on demand.
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Financial commitments, guarantees and contingencies |
At 31 December 2024 the company had future minimum lease payments under non-cancellable operating leases totalling £456,704 (2023: £414,938).
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Parent and ultimate parent undertaking |
The company's immediate parent is
Group financial statements are not publicly available.
The registered address of WestWood Kunststofftechnik GmbH is An der Wandlung 20, 32469 Petershagen, Germany.
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Audit report |