Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| 828 | 1,003 | |||
| Current assets | ||||
| Stocks |
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| Debtors | 4 |
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| Cash at bank and in hand |
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| 124,648 | 184,199 | |||
| Creditors: amounts falling due within one year | 5 | (
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| Net current liabilities | (13,915) | (4,986) | ||
| Total assets less current liabilities | (13,087) | (3,983) | ||
| Provision for liabilities | 6 | (
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| Net liabilities | (
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| Capital and reserves | ||||
| Called-up share capital |
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| Profit and loss account | (
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| Total shareholders' deficit | (
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Directors' responsibilities:
The financial statements of Western Business Systems Limited (registered number:
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S M Pickering
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Western Business Systems Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 4b Edward VII Quay, Navigation Way, Preston, Lancashire, PR2 2YF, United Kingdom. The principal place of business is Hangar 8 Blackpool Airport, Blackpool, Lancashire, FY4 2QY.
The financial statements have been prepared under the break up basis (realisation basis), which includes the assessment and adjustment of certain items to fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The company incurred a loss of £36,027 for the year ended 31 December 2024 and had net liabilities of £40,201 at the balance sheet date. The directors have reviewed the company’s forecast cash flows and financial position, and at the time of approving the financial statements, the directors acknowledge that there is no formal commitment of financial support from shareholders or third parties.
As a result, the directors do not consider it appropriate to prepare the financial statements on a going concern basis, as they do not believe that the company will be able to continue to trade and meet its liabilities as they fall due for at least 12 months from the date of approval. As such, the financial statements have been prepared on a break-up basis.
In preparing the financial statements on a break up basis, the assets are stated at their net realisable values, which has not resulted in any adjustments to the financial statements, and liabilities include provisions for any expected costs arising from the cessation of trade (see note 6). Comparative figures have not been restated.
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
* the amount of revenue can be measured reliably;
* it is probable that the Company will receive the consideration due under the contract;
* the stage of completion of the contract at the end of the reporting period can be measured reliably; and
* the costs incurred and the costs to complete the contract can be measured reliably.
Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
| Vehicles |
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| Fixtures and fittings |
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| Computer equipment |
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The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including directors |
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| Vehicles | Fixtures and fittings | Computer equipment | Total | ||||
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| Cost | |||||||
| At 01 January 2024 |
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| At 31 December 2024 |
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| Charge for the financial year |
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| At 31 December 2024 |
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| Net book value | |||||||
| At 31 December 2024 |
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| At 31 December 2023 |
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| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors |
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| Prepayments |
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| £ | £ | ||
| Trade creditors |
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| Amounts owed to Group undertakings |
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| Amounts owed to related parties |
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| Accruals |
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| Taxation and social security |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Deferred tax |
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| Other provisions |
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Other provisions relate to costs expected to be incurred as a result of winding down the company's trade within 12 months.
The ultimate parent company is String Holdings Ltd, a company registered in England and Wales, company number 08913094, which owns 75% of the called up share capital.
The ultimate controlling party is Mr S M Pickering, a director, by virtue of his majority shareholding in String Holdings Ltd.