Silverfin false false 31/12/2024 01/01/2024 31/12/2024 P P Kiveal 01/02/2021 S M Pickering 11/12/2020 P J Westoby 26/11/1998 07 July 2025 no description of principal activity 01864612 2024-12-31 01864612 bus:Director1 2024-12-31 01864612 bus:Director2 2024-12-31 01864612 bus:Director3 2024-12-31 01864612 2023-12-31 01864612 core:CurrentFinancialInstruments 2024-12-31 01864612 core:CurrentFinancialInstruments 2023-12-31 01864612 core:ShareCapital 2024-12-31 01864612 core:ShareCapital 2023-12-31 01864612 core:RetainedEarningsAccumulatedLosses 2024-12-31 01864612 core:RetainedEarningsAccumulatedLosses 2023-12-31 01864612 core:Vehicles 2023-12-31 01864612 core:FurnitureFittings 2023-12-31 01864612 core:ComputerEquipment 2023-12-31 01864612 core:Vehicles 2024-12-31 01864612 core:FurnitureFittings 2024-12-31 01864612 core:ComputerEquipment 2024-12-31 01864612 core:RemainingRelatedParties core:CurrentFinancialInstruments 2024-12-31 01864612 core:RemainingRelatedParties core:CurrentFinancialInstruments 2023-12-31 01864612 core:DeferredTaxation 2024-12-31 01864612 core:DeferredTaxation 2023-12-31 01864612 core:OtherProvisionsContingentLiabilities 2024-12-31 01864612 core:OtherProvisionsContingentLiabilities 2023-12-31 01864612 2024-01-01 2024-12-31 01864612 bus:FilletedAccounts 2024-01-01 2024-12-31 01864612 bus:SmallEntities 2024-01-01 2024-12-31 01864612 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 01864612 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 01864612 bus:Director1 2024-01-01 2024-12-31 01864612 bus:Director2 2024-01-01 2024-12-31 01864612 bus:Director3 2024-01-01 2024-12-31 01864612 core:Vehicles 2024-01-01 2024-12-31 01864612 core:FurnitureFittings 2024-01-01 2024-12-31 01864612 core:ComputerEquipment core:TopRangeValue 2024-01-01 2024-12-31 01864612 2023-01-01 2023-12-31 01864612 core:ComputerEquipment 2024-01-01 2024-12-31 01864612 1 2024-01-01 2024-12-31 iso4217:GBP xbrli:pure

Company No: 01864612 (England and Wales)

WESTERN BUSINESS SYSTEMS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

WESTERN BUSINESS SYSTEMS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

WESTERN BUSINESS SYSTEMS LIMITED

BALANCE SHEET

As at 31 December 2024
WESTERN BUSINESS SYSTEMS LIMITED

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 828 1,003
828 1,003
Current assets
Stocks 2,574 5,698
Debtors 4 46,640 46,278
Cash at bank and in hand 75,434 132,223
124,648 184,199
Creditors: amounts falling due within one year 5 ( 138,563) ( 189,185)
Net current liabilities (13,915) (4,986)
Total assets less current liabilities (13,087) (3,983)
Provision for liabilities 6 ( 27,114) ( 191)
Net liabilities ( 40,201) ( 4,174)
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 40,301 ) ( 4,274 )
Total shareholders' deficit ( 40,201) ( 4,174)

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Western Business Systems Limited (registered number: 01864612) were approved and authorised for issue by the Board of Directors on 07 July 2025. They were signed on its behalf by:

S M Pickering
Director
WESTERN BUSINESS SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
WESTERN BUSINESS SYSTEMS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:


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.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Employee benefits

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.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 33 % reducing balance
Fixtures and fittings 25 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 8 10

3. Tangible assets

Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 01 January 2024 21,350 52,319 11,725 85,394
Additions 0 0 347 347
At 31 December 2024 21,350 52,319 12,072 85,741
Accumulated depreciation
At 01 January 2024 20,806 52,135 11,450 84,391
Charge for the financial year 182 46 294 522
At 31 December 2024 20,988 52,181 11,744 84,913
Net book value
At 31 December 2024 362 138 328 828
At 31 December 2023 544 184 275 1,003

4. Debtors

2024 2023
£ £
Trade debtors 45,846 43,584
Prepayments 794 2,694
46,640 46,278

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 13,833 36,953
Amounts owed to Group undertakings 5,665 0
Amounts owed to related parties 14,066 13,946
Accruals 88,019 108,007
Taxation and social security 16,284 30,279
Other creditors 696 0
138,563 189,185

6. Provision for liabilities

2024 2023
£ £
Deferred tax 26 191
Other provisions 27,088 0
27,114 191

Other provisions relate to costs expected to be incurred as a result of winding down the company's trade within 12 months.

7. Events after the Balance Sheet date

At the date of approval of these financial statements, the directors are continuing to assess the future of the company. While no formal commitment has been made, they continue to evaluate options for the potential wind-down of operations.

8. Ultimate controlling party

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.