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WestWood Liquid Technologies Limited

Annual Report and Financial Statements
Year Ended 31 December 2024

Registration number: 08570476

 

WestWood Liquid Technologies Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

WestWood Liquid Technologies Limited

Company Information

Directors

G P Hemmings

W Chissell

A Westphal

K Westphal

Registered office

31 Morris Road
Nuffield Industrial Estate
Poole
Dorset
BH17 0GG

Auditors

PKF Francis Clark
Statutory AuditorTowngate House
Parkstone Road
Poole
Dorset
BH15 2PW

 

WestWood Liquid Technologies Limited

Balance Sheet

31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

137,710

113,231

Current assets

 

Stocks

757,597

914,850

Debtors

5

1,245,098

1,628,085

Cash at bank and in hand

 

1,292,448

1,257,809

 

3,295,143

3,800,744

Creditors: Amounts falling due within one year

6

(2,924,104)

(3,485,857)

Net current assets

 

371,039

314,887

Total assets less current liabilities

 

508,749

428,118

Provisions for liabilities

(13,939)

(15,764)

Net assets

 

494,810

412,354

Capital and reserves

 

Called up share capital

50,000

50,000

Profit and loss account

444,810

362,354

Shareholders' funds

 

494,810

412,354

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 Board on 3 June 2025 and signed on its behalf by:
 

.........................................
G P Hemmings
Director

Company Registration Number: 08570476

 

WestWood Liquid Technologies Limited

Notes to the Financial Statements

Year Ended 31 December 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
31 Morris Road
Nuffield Industrial Estate
Poole
Dorset
BH17 0GG

These financial statements were authorised for issue by the Board on 3 June 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 - '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

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 retranslated 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 rate on the date when the fair value is re-measured.

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:

Asset class

Depreciation method and rate

Leasehold improvements

Straight line over the term of the lease

Fixtures and fittings

25% straight line

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
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2023 - 17).

 

WestWood Liquid Technologies Limited

Notes to the Financial Statements

Year Ended 31 December 2024

4

Tangible assets

Leasehold land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 January 2024

180,858

67,421

248,279

Additions

57,657

6,049

63,706

Disposals

-

(3,466)

(3,466)

At 31 December 2024

238,515

70,004

308,519

Depreciation

At 1 January 2024

87,621

47,427

135,048

Charge for the year

28,440

10,649

39,089

Eliminated on disposal

-

(3,328)

(3,328)

At 31 December 2024

116,061

54,748

170,809

Carrying amount

At 31 December 2024

122,454

15,256

137,710

At 31 December 2023

93,237

19,994

113,231

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.
 

5

Debtors

2024
£

2023
£

Trade debtors

1,141,336

1,548,872

Prepayments

101,190

38,557

Other debtors

2,572

40,656

1,245,098

1,628,085

 

WestWood Liquid Technologies Limited

Notes to the Financial Statements

Year Ended 31 December 2024

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

130,576

76,261

Amounts owed to group undertakings

2,188,936

2,825,851

Corporation tax

55,179

83,068

Taxation and social security

390,248

355,890

Accruals and deferred income

151,558

138,124

Other creditors

7,607

6,663

2,924,104

3,485,857

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.

7

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).

 

8

Parent and ultimate parent undertaking

The company's immediate parent is WestWood Kunststofftechnik GmbH, incorporated in Germany.

Group financial statements are not publicly available.
 
The registered address of WestWood Kunststofftechnik GmbH is An der Wandlung 20, 32469 Petershagen, Germany.

9

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Adrian Way FCA FCCA, who signed for and on behalf of PKF Francis Clark on 4 June 2025.