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Registration number: 06146186

Westexe Forklifts Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2025

 

Westexe Forklifts Limited
(Registration number: 06146186)

Contents

Company Information

1

Strategic Report

2

Directors' Report

3 to 4

Statement of Directors' Responsibilities

5

Independent Auditor's Report

6 to 9

Profit and Loss Account

10

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13 to 29

 

Westexe Forklifts Limited
(Registration number: 06146186)

Company Information

Directors

Mrs Nicola Dix

Mr Alexander Dix

Mr Neil Curtis

Registered office

Unit 52
Greendale Business Park
Woodbury Salterton
Exeter
Devon
EX5 1EW

Auditors

Thompson Jenner LLP
Chartered Accountants
1 Colleton Crescent
Exeter
Devon
EX2 4DG

 

Westexe Forklifts Limited
(Registration number: 06146186)

Strategic Report for the Year Ended 31 March 2025

The directors present their strategic report for the year ended 31 March 2025.

Principal activity

The principal activity of the company is sale, hire and maintenance of forklift trucks and other heavy vehicles.

Fair review of the business

We consider that our key financial performance indicators are those that communicate the financial performance and strength of the company as a whole, these being turnover and profit margins.

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

Financial KPIs

Unit

2025

2024

Turnover

£

12,869,419

10,735,859

Turnover growth

%

20

(12)

Profit before tax

£

1,044,867

421,160

Net assets

£

2,979,992

2,345,022

Principal risks and uncertainties

The board of directors undertake a regular review of the company and the board of directors have identified that the principal risks faced by Westexe Forklifts Limited relate to competition and the effects of the current economic climate.

Approved and authorised by the Board on 24 July 2025 and signed on its behalf by:
 

.........................................
Mrs Nicola Dix
Director

 

Westexe Forklifts Limited
(Registration number: 06146186)

Directors' Report for the Year Ended 31 March 2025

The directors present their report and the financial statements for the year ended 31 March 2025.

Directors of the company

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

Mrs Nicola Dix

Mr Alexander Dix

Mr Neil Curtis

Financial instruments

Objectives and policies

The company's principal financial instruments comprise the bank balance, trade creditors, trade debtors and hire purchase agreements. The main purpose of these instruments is to raise funds for the company's operations.

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

The company's approach to managing risks applicable to the financial instruments is shown below.

In respect of the bank balance, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of bank borrowings at various rates of interest.

The hire purchase agreements are provided by financial institutions at fixed and variable rates of interest. The company ensures that there are sufficient funds to meet these requirements.

Trade debtors are managed in respect of credit and cash flow by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.

Trade creditors liquidity risk is managed by ensuring that sufficient funds are available to meet amounts due.

Future developments

The directors do not envisage the business of the company changing in the foreseeable future, but continually look for opportunities for further expansion.

Disclosure of information to the auditors

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

 

Westexe Forklifts Limited
(Registration number: 06146186)

Directors' Report for the Year Ended 31 March 2025

Approved and authorised by the Board on 24 July 2025 and signed on its behalf by:
 

.........................................
Mrs Nicola Dix
Director

 

Westexe Forklifts Limited
(Registration number: 06146186)

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 company and of the profit or loss of the company 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 United Kingdom 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 company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006 and in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Westexe Forklifts Limited
(Registration number: 06146186)

Independent Auditor's Report to the Members of Westexe Forklifts Limited

Opinion

We have audited the financial statements of Westexe Forklifts Limited (the 'company') for the year ended 31 March 2025, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, 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 company's affairs as at 31 March 2025 and of its 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 company 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 company'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.

 

Westexe Forklifts Limited
(Registration number: 06146186)

Independent Auditor's Report to the Members of Westexe Forklifts Limited

We have nothing to report in this regard.

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, or returns adequate for our audit have not been received from branches not visited by us; or

the 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 5], 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

 

Westexe Forklifts Limited
(Registration number: 06146186)

Independent Auditor's Report to the Members of Westexe Forklifts Limited

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental, fire safety and health and safety legislation;

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, reviewing licenses, certificates and relevant correspondence including the inspection of legal correspondence; and

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

performed analytical procedures to identify any unusual or unexpected relationships;

tested journal entries to identify unusual transactions;

assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

agreeing financial statement disclosures to underlying supporting documentation;

reading the minutes of meetings of those charged with governance;

enquiring of management as to actual and potential litigation and claims; and

reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors.

 

Westexe Forklifts Limited
(Registration number: 06146186)

Independent Auditor's Report to the Members of Westexe Forklifts Limited

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s 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.

......................................
David Tucker (Senior Statutory Auditor)
For and on behalf of Thompson Jenner LLP, Statutory Auditor

1 Colleton Crescent
Exeter
Devon
EX2 4DG

25 July 2025

 

Westexe Forklifts Limited
(Registration number: 06146186)

Profit and Loss Account for the Year Ended 31 March 2025

Note

2025
£

2024
£

Turnover

3

12,869,419

10,735,859

Cost of sales

 

(9,919,685)

(8,202,050)

Gross profit

 

2,949,734

2,533,809

Administrative expenses

 

(2,007,384)

(2,141,665)

Other operating income

4

133,076

105,383

Operating profit

6

1,075,426

497,527

Other interest receivable and similar income

8

33,512

4,677

Interest payable and similar expenses

9

(64,071)

(81,044)

Profit before tax

 

1,044,867

421,160

Taxation

13

(235,897)

(114,723)

Profit for the financial year

 

808,970

306,437

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

Statement of Comprehensive Income for Year Ended 31 March 2025

2025
£

2024
£

Profit for the year

808,970

306,437

Total comprehensive income for the year

808,970

306,437

 

Westexe Forklifts Limited
(Registration number: 06146186)

Balance Sheet as at 31 March 2025

Note

2025
£

2024
£

Fixed assets

 

Tangible assets

14

1,495,341

1,424,808

Investment property

15

-

880,000

 

1,495,341

2,304,808

Current assets

 

Stocks

16

699,621

811,428

Debtors

17

2,207,657

2,638,179

Cash at bank and in hand

 

2,024,819

599,200

 

4,932,097

4,048,807

Creditors: Amounts falling due within one year

18

(2,669,016)

(2,769,745)

Net current assets

 

2,263,081

1,279,062

Total assets less current liabilities

 

3,758,422

3,583,870

Creditors: Amounts falling due after more than one year

18

(335,682)

(840,839)

Provisions for liabilities

19

(442,748)

(398,009)

Net assets

 

2,979,992

2,345,022

Capital and reserves

 

Called up share capital

90

90

Other reserves

22

-

109,236

Retained earnings

22

2,979,902

2,235,696

Shareholders' funds

 

2,979,992

2,345,022

Approved and authorised by the Board on 24 July 2025 and signed on its behalf by:
 

.........................................
Mrs Nicola Dix
Director

 

Westexe Forklifts Limited
(Registration number: 06146186)

Statement of Changes in Equity for the Year Ended 31 March 2025

Share capital
£

Non-distributable reserve
£

Retained earnings
£

Total
£

At 1 April 2024

90

109,236

2,235,696

2,345,022

Profit for the year

-

-

808,970

808,970

Dividends

-

-

(174,000)

(174,000)

Transfers

-

(109,236)

109,236

-

At 31 March 2025

90

-

2,979,902

2,979,992

Share capital
£

Non-distributable reserve
£

Retained earnings
£

Total
£

At 1 April 2023

90

109,236

2,103,259

2,212,585

Profit for the year

-

-

306,437

306,437

Dividends

-

-

(174,000)

(174,000)

At 31 March 2024

90

109,236

2,235,696

2,345,022

 

Westexe Forklifts Limited
(Registration number: 06146186)

Notes to the Financial Statements for the Year Ended 31 March 2025

1

General information

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

The address of its registered office is:
Unit 52
Greendale Business Park
Woodbury Salterton
Exeter
Devon
EX5 1EW
England

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.

Summary of disclosure exemptions

The company has taken advantage of the following disclosure exemptions in FRS102 section 1.12:
- the requirement to present a statement of cash flows and related notes.
- financial instrument disclosures, including categories of financial instruments, items of income, expenses, gains or losses relating to financial instruments and exposure to and management of financial risks.
- disclosure of key management personnel compensation.

Name of parent of group

These financial statements are consolidated in the financial statements of Westexe Forklifts Holdings Limited.

The financial statements of Westexe Forklifts Holdings Limited may be obtained from Companies House.

Going concern

The financial statements have been prepared on a going concern basis.

 

Westexe Forklifts Limited
(Registration number: 06146186)

Notes to the Financial Statements for the Year Ended 31 March 2025

Critical accounting judgements and estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below.

i. Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives of the assets. The useful economic lives are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets.

ii. Stock provisioning
It is necessary to consider the recoverability of the cost of stock and the associated provisioning required. When calculating the inventory provision, management considers the nature and condition of the stocks, as well as applying assumptions around anticipated saleability of finished goods and future usage of raw materials.

iii. Investment property
The group carries its investment property at fair value, with changes in fair value being recognised in profit or loss. The investement property was sold during the year. The carrying amount is £Nil (2024 -£880,000).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods, provision of services or for the rental of property in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. 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.

i. Sale of forklifts and parts
Revenue from the sale of goods is recognised when the company has transferred the significant risks and rewards of ownership to the buyer. This criteria is considered to be met when the goods are delivered to the buyer. If there is uncertainty about the possibility of return, the seller recognises revenue when the shipment has been formally accepted by the buyer or the goods have been delivered and the time period for rejection has elapsed.

ii. Rendering of repairs, maintenance and servicing
Revenue from the rendering of repairs, maintenance and servicing is recognised when the services have been rendered or over the term when the services are being carried out.

iii. Forklift hire and rental income
The company recognises forklift hire and rental income over the period for which the equipment is in use or land & buildings are occupied by the customer and on a time apportioned basis.

 

Westexe Forklifts Limited
(Registration number: 06146186)

Notes to the Financial Statements for the Year Ended 31 March 2025

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria is satisfied is recognised as a liability.

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.

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 company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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 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 down to their residual value, as per the method and rates below. Residual values are reviewed to ensure they remain appropriate for market conditions and, where necessary, adjustments to residual values are made through depreciation.

Asset class

Depreciation method and rate

Land

Nil depreciation

Freehold Buildings

Over 50 years straight line, improvements are depreciated over 5 to 10 years straight line

Plant and machinery

Over 3 to 5 years straight line

Fixtures, fittings & equipment

Over 1 to 7 years straight line

Motor vehicles

Over 3 years straight line

 

Westexe Forklifts Limited
(Registration number: 06146186)

Notes to the Financial Statements for the Year Ended 31 March 2025

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by internal valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

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 company 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 company 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.

 

Westexe Forklifts Limited
(Registration number: 06146186)

Notes to the Financial Statements for the Year Ended 31 March 2025

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 company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments received under operating leases are charged to profit or loss on a straight-line basis over the period of the lease. Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Westexe Forklifts Limited
(Registration number: 06146186)

Notes to the Financial Statements for the Year Ended 31 March 2025

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.

 

Westexe Forklifts Limited
(Registration number: 06146186)

Notes to the Financial Statements for the Year Ended 31 March 2025

3

Turnover

The analysis of the company's Turnover for the year from continuing operations is as follows:

2025
£

2024
£

Sale of goods

7,466,897

5,444,282

Rendering of services

5,402,522

5,291,577

12,869,419

10,735,859

4

Other operating income

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

2025
£

2024
£

Government grants

104,200

2,496

Miscellaneous other operating income

28,876

102,887

133,076

105,383

5

Other gains and losses

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

2025
£

2024
£

Gain on disposal of Tangible assets

5,746

64,310

Gain from sales of investment properties

10,935

-

16,681

64,310

6

Operating profit

Arrived at after charging/(crediting)

2025
£

2024
£

Depreciation expense

503,047

556,189

Operating lease expense - plant and machinery

171,251

187,604

Profit on disposal of property, plant and equipment

(5,746)

(64,310)

7

Government grants

In December 2015 the company received a grant; the funds were used in order to purchase a property. The grant income was therefore released inline with the useful life of the property being 50 years. During the year, the property was sold, hence the remaining grant has been released to the profit and loss account in full.

The amount of grant income recognised in the financial statements was £104,200 (2024 - £2,496).

 

Westexe Forklifts Limited
(Registration number: 06146186)

Notes to the Financial Statements for the Year Ended 31 March 2025

8

Other interest receivable and similar income

2025
£

2024
£

Interest income on bank deposits

33,512

4,558

Other finance income

-

119

33,512

4,677

9

Interest payable and similar expenses

2025
£

2024
£

Interest on bank overdrafts and borrowings

3,117

37,453

Interest on obligations under finance leases and hire purchase contracts

60,945

43,591

Interest expense on other finance liabilities

9

-

64,071

81,044

10

Staff costs

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

2025
£

2024
£

Wages and salaries

2,524,985

2,501,742

Social security costs

247,660

229,145

Other short-term employee benefits

15,530

11,032

Pension costs, defined contribution scheme

98,542

118,396

2,886,717

2,860,315

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

2025
No.

2024
No.

Production

53

49

Administration and support

9

11

Sales

7

5

69

65

 

Westexe Forklifts Limited
(Registration number: 06146186)

Notes to the Financial Statements for the Year Ended 31 March 2025

11

Directors' remuneration

The directors' remuneration for the year was as follows:

2025
£

2024
£

Remuneration

47,074

46,016

Contributions paid to money purchase schemes

143

60,100

47,217

106,116

During the year the number of directors who were receiving benefits and share incentives was as follows:

2025
No.

2024
No.

Accruing benefits under money purchase pension scheme

1

2

12

Auditors' remuneration

2025
£

2024
£

Audit of the financial statements

8,000

6,000


 

13

Taxation

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

2025
£

2024
£

Current taxation

UK corporation tax

282,782

75,537

UK corporation tax adjustment to prior periods

-

(1,656)

282,782

73,881

Deferred taxation

Arising from origination and reversal of timing differences

(46,885)

38,662

Arising from previously unrecognised tax loss, tax credit or temporary difference of prior periods

-

2,180

Total deferred taxation

(46,885)

40,842

Tax expense in the income statement

235,897

114,723

 

Westexe Forklifts Limited
(Registration number: 06146186)

Notes to the Financial Statements for the Year Ended 31 March 2025

The tax on profit before tax for the year is the same as the standard rate of corporation tax in the UK (2024 - the same as the standard rate of corporation tax in the UK) of 25% (2024 - 25%).

The differences are reconciled below:

2025
£

2024
£

Profit before tax

1,044,867

421,160

Corporation tax at standard rate

261,217

105,290

Tax (decrease)/increase from effect of capital allowances and depreciation

(3,880)

595

Tax (decrease)/increase from other short-term timing differences

(1,491)

1,175

Effect of revenues exempt from taxation

(26,050)

(624)

Effect of expense not deductible in determining taxable profit (tax loss)

6,101

7,762

Decrease in UK and foreign current tax from unrecognised temporary difference from a prior period

-

(1,655)

Deferred tax expense from unrecognised temporary difference from a prior period

-

2,180

Total tax charge

235,897

114,723

Deferred tax

Deferred tax assets and liabilities

2025

Asset
£

Liability
£

Accelerated capital allowances

-

351,124

-

351,124

2024

Asset
£

Liability
£

Accelerated capital allowances

-

332,372

Property revaluation

-

65,637

-

398,009

The directors have considered the deferred tax liabilities and conclude that it is not possible to state the estimated amounts which will reverse within the next 12 months. This is due to the level of reversal being dependant on events which are not yet known.

 

Westexe Forklifts Limited
(Registration number: 06146186)

Notes to the Financial Statements for the Year Ended 31 March 2025

14

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2024

80,067

267,968

1,525,546

1,307,768

3,181,349

Additions

-

60,726

368,698

283,261

712,685

Disposals

(5,689)

(125,706)

(146,846)

(313,877)

(592,118)

At 31 March 2025

74,378

202,988

1,747,398

1,277,152

3,301,916

Depreciation

At 1 April 2024

60,629

202,004

588,300

905,608

1,756,541

Charge for the year

5,275

28,054

294,953

174,765

503,047

Eliminated on disposal

(5,689)

(125,706)

(118,172)

(203,446)

(453,013)

At 31 March 2025

60,215

104,352

765,081

876,927

1,806,575

Carrying amount

At 31 March 2025

14,163

98,636

982,317

400,225

1,495,341

At 31 March 2024

19,438

65,964

937,246

402,160

1,424,808

Included within the net book value of land and buildings above is £14,163 (2024 - £19,438) in respect of long leasehold land and buildings.
 

Included within other property, plant, and equipment are assets acquired for the purposes of letting under operating leases with a net book value of £400,225 (2024 - £402,160).

Assets held under finance leases and hire purchase contracts

The net carrying amount of tangible assets includes the following amounts in respect of assets held under finance leases and hire purchase contracts:

2025
£

2024
£

Motor vehicles

841,893

662,827

   

15

Investment properties

2025
£

At 1 April

880,000

Additions

6,467

Disposals

(886,467)

At 31 March

-

 

Westexe Forklifts Limited
(Registration number: 06146186)

Notes to the Financial Statements for the Year Ended 31 March 2025

16

Stocks

2025
£

2024
£

Raw materials and consumables

61,661

89,749

Work in progress

30,689

64,188

Finished goods and goods for resale

607,271

657,491

699,621

811,428

17

Debtors

Note

2025
£

2024
£

Trade debtors

 

1,161,306

1,522,130

Amounts owed by related parties

26

846,175

827,575

Other debtors

 

22,356

25,913

Prepayments and accrued income

 

177,820

262,561

Total current trade and other debtors

 

2,207,657

2,638,179

18

Creditors

Note

2025
£

2024
£

Due within one year

 

Loans and borrowings

23

298,601

461,494

Trade creditors

 

994,369

799,018

Social security and other taxes

 

199,076

233,935

Outstanding defined contribution pension costs

 

16,443

14,588

Other creditors

 

8,348

86,908

Accruals

 

450,819

527,869

Corporation tax liability

13

282,782

75,537

Deferred income

 

418,578

570,396

 

2,669,016

2,769,745

Due after one year

 

Loans and borrowings

23

335,682

739,135

Deferred income

 

-

101,704

 

335,682

840,839

 

Westexe Forklifts Limited
(Registration number: 06146186)

Notes to the Financial Statements for the Year Ended 31 March 2025

19

Provisions for liabilities

Deferred tax
£

Other provisions
£

Total
£

At 1 April 2024

398,009

-

398,009

Increase (decrease) in existing provisions

(46,885)

91,624

44,739

At 31 March 2025

351,124

91,624

442,748

The other provisions balance relates to expected future maintenance costs that have been recognised at the point of sale of a truck in cases where the deal included a commitment for the company to replace certain parts that will need to be replaced during the customer's ownership. The timing of these replacements is unknown.

20

Pension and other schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £98,542 (2024 - £118,396).

Contributions totalling £16,443 (2024 - £14,588) were payable to the scheme at the end of the year and are included in creditors.

21

Share capital

Allotted, called up and fully paid shares

2025

2024

No.

£

No.

£

Ordinary shares of £1 each

90

90

90

90

       

22

Reserves

Non distributable reserve

This reserve is used to record increases in the fair value of investment properties and decreases to the extent that such decrease relates to a previous increase on the same asset, net of deferred tax. The investment property was sold during the year, hence the fair value gain was realised and the reserve released to the profit and loss reserve.

 

Westexe Forklifts Limited
(Registration number: 06146186)

Notes to the Financial Statements for the Year Ended 31 March 2025

23

Loans and borrowings

Current loans and borrowings

2025
£

2024
£

Bank borrowings

-

79,813

Hire purchase contracts

298,601

381,681

298,601

461,494

Non-current loans and borrowings

2025
£

2024
£

Bank borrowings

-

375,818

Hire purchase contracts

335,682

363,317

335,682

739,135

Bank borrowings

The Lloyds Coronavirus Business Interruption Loan is denominated in Sterling with a nominal interest rate of 3.72% over base rate. The loan was settled in full in the year. The carrying amount at year end is £Nil (2024 - £129,167).

The Lloyds fixed rate bank loan is denominated in Sterling with a nominal interest rate of 5.25%. The loan was settled in full in the year. The carrying amount at year end is £Nil (2024 - £157,220).

The Lloyds variable rate loan is denominated in Sterling with a nominal interest rate of 3.2% over base rate. The loan was settled in full in the year. The carrying amount at year end is £Nil (2024 - £156,744).

The Lloyds EFG loan is denominated in Sterling with a nominal interest rate of 2.65% over base rate. The loan was settled in full in the year. The carrying amount at year end is £Nil (2024 - £12,500).

24

Obligations under leases and hire purchase contracts

Finance leases

The obligations due under finance leases and hire purchase contracts are secured on the individual assets to which they relate.

The total of future minimum lease payments is as follows:

 

Westexe Forklifts Limited
(Registration number: 06146186)

Notes to the Financial Statements for the Year Ended 31 March 2025

2025
£

2024
£

Not later than one year

298,601

381,681

Later than one year and not later than five years

283,921

363,317

Later than five years

51,761

-

634,283

744,998

Operating leases

The total of future minimum lease payments is as follows:

2025
£

2024
£

Not later than one year

127,054

127,632

Later than one year and not later than five years

108,486

223,356

235,540

350,988

The amount of non-cancellable operating lease payments recognised as an expense during the year was £66,426 (2024 - £63,816).

25

Dividends

2025

2024

£

£

Interim dividend of £1,933.32 (2024 - £1,933.32) per ordinary share

174,000

174,000

 

 

26

Related party transactions

Transactions with directors

2025

Advances to directors
£

Repayments by director
£

At 31 March 2025
£

Interest free loan, repayable on demand

11,843

(12,801)

-

       
     

 

2024

Advances to directors
£

Repayments
by
director
£

At 31 March 2024
£

Interest free loan, repayable on demand

36,358

(35,400)

958

       
     

 

Westexe Forklifts Limited
(Registration number: 06146186)

Notes to the Financial Statements for the Year Ended 31 March 2025

 

Summary of transactions with other related parties

Safeop Limited
During the year, the company extended a loan to Safeop Limited, a company with directors and shareholders in common. At the year end £66,600 (2024: £48,000) was due to Westexe Forklifts Limited from Safeop Limited. The loan is interest free and repayable on demand.

The company also made purchases from Safeop Limited during the year, totalling £15,000 (2024: £nil).

 
Westexe Pallet Storage Limited
During the year, the company traded with Westexe Pallet Storage Limited, a company under common control.

 

Income and receivables from related parties

2025

Other related parties
£

Sale of goods

216,333

Amounts receivable from related party

144,891

2024

Other related parties
£

Sale of goods

152,374

Amounts receivable from related party

37,831

Expenditure with and payables to related parties

2025

Other related parties
£

Purchase of goods

5,662

Amounts payable to related party

480

2024

Other related parties
£

Purchase of goods

6,646

Rendering of services

7,200

13,846

Amounts payable to related party

902

 

Westexe Forklifts Limited
(Registration number: 06146186)

Notes to the Financial Statements for the Year Ended 31 March 2025

Loans to related parties

2025

Other related parties
£

Total
£

At start of period

67,350

67,350

Repaid

(67,350)

(67,350)

At end of period

-

-

2024

Other related parties
£

Total
£

Advanced

67,350

67,350

At end of period

67,350

67,350

27

Parent and ultimate parent undertaking

The company's immediate parent is Westexe Forklifts Holdings Limited, incorporated in England and Wales.