Registration number:
Westlake Tapco Europe Limited
for the Year Ended 31 December 2024
Westlake Tapco Europe Limited
Contents
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Company Information |
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Strategic Report |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Profit and Loss Account |
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Statement of Comprehensive Income |
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Balance Sheet |
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Statement of Changes in Equity |
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Statement of Cash Flows |
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Notes to the Financial Statements |
Westlake Tapco Europe Limited
Company Information
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Directors |
M S Bender S T Szwejbka M O Wilson |
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Registered office |
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Bankers |
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Auditors |
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Westlake Tapco Europe Limited
Strategic Report for the Year Ended 31 December 2024
The Directors present their strategic report for the year ended 31 December 2024.
Principal activity
The principal activity of the Company is the sale of products for the building industry.
There have not been any significant changes in the Company's principal activities in the year under review. The Directors are not aware, at the date of this report, of any likely major change in the Company's activities in the next year.
Fair review of the business
Reported turnover for the financial period is £10.0 million. Profit before tax for the financial period is £535k. The results are in line with expectations.
The profit before tax for this financial period of £535k included foreign exchange losses of £150k.The profit before tax for the last financial period of £282k included foreign exchange gains of £95k.
At the year end the net assets were £6.0 million and the net current assets were £6.0 million.
The general economic conditions and economic factors such as the rising cost of energy costs and cost of living have been assessed and strategies put in place.
The directors consider our key performance indicators to be measured by both turnover and operating profit, details of which can be found in the financial statements. Given the nature of the business, the directors are of the opinion that analysis using non-financial KPI's is not necessary to give a clear understanding of the development, performance or position of the business overall.
Principal risks and uncertainties
The company operates in a challenging economic climate in which the price expectations of our customers have to be balanced against inflationary pressures. As such the management of the company's business and the execution of the company's strategies are subject to a number of risks:
a) Ongoing market pressures to reduce prices
b) Changes in the property/construction market
c) The general economic climate within the UK
d) The cost and security of the company's energy needs
These risks are being reduced by:
a) Working closer with our customers to ensure that we understand their needs, offer competitive products and present them with tailored product changes to suit their market.
b) Ensuring that stock levels remain at the right levels to match changes in demand.
c) Supply of high quality products, supported by providing good service levels.
d) Agreeing prices in the future with gas and electricity energy providers.
Currency Risk
As the company largely sells products to UK Customers, currency risk in connection to its customers is minimal. In relation to its suppliers the company makes purchases from a group company abroad. The purchases are paid via transfers to the group company periodically. The transfers are made in US dollars from a GBP sterling bank account so will be subject to foreign currency exchange rate changes. The company is also subject to foreign currency exchange rates gains and losses when revaluing Balance Sheet items such as bank accounts and debtors at the end of each financial period. It is hoped that the exchange rate fluctuations will even out over the various financial periods.
Westlake Tapco Europe Limited
Strategic Report for the Year Ended 31 December 2024
Credit Risk
The company maintains its policy of ensuring that credit checks are performed appropriately upon potential customers before any supplies are made. Periodic checks on existing customers are also undertaken and actions are taken if required to minimise any risk identified as a result.
Approved and authorised by the
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Westlake Tapco Europe Limited
Directors' Report for the Year Ended 31 December 2024
The Directors present their report and the financial statements for the year ended 31 December 2024.
Directors of the Company
The Directors who held office during the year were as follows:
The following directors were appointed after the year end:
Results and Dividends
The results are set out on page 9.
A total interim dividend of £nil was paid out during the year. The Directors do not recommend payment of a final dividend.
Future developments
Management policies will continue to be reviewed in the light of changing trading conditions including changes to the economy, interest rate increases and rises in energy costs.
Matters of Strategic Importance
The information on principal risks and uncertainties and financial risk management objectives are not shown in the Directors' Report as they are shown in the Strategic Report in accordance with s414c (11) of the Companies Act 2006.
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.
Reappointment of auditors
In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Forrester Boyd Robson Limited as auditors of the company is to be proposed at the forthcoming Annual General Meeting.
Approved and authorised by the
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Westlake Tapco Europe Limited
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:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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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. 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.
Westlake Tapco Europe Limited
Independent Auditor's Report to the Members of Westlake Tapco Europe Limited
Opinion
We have audited the financial statements of Westlake Tapco Europe Limited (the 'Company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, 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 December 2024 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.
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:
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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 |
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the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements. |
Westlake Tapco Europe Limited
Independent Auditor's Report to the Members of Westlake Tapco Europe Limited
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:
Westlake Tapco Europe Limited
Independent Auditor's Report to the Members of Westlake Tapco Europe Limited
Using our knowledge of the company and the industry in which it operates, we identified the principal risks of non-compliance with laws and regulations and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK Tax legislation. We assessed the susceptibility of the company's financial statements to material misstatement by considering the controls the company has established to address risks identified and how the directors monitor these controls and by evaluating the opportunity to commit fraud.
Our audit procedures included the following;
- testing management override controls including journal testing and reviewing accounting estimates for reasonableness
- enquiries of management of actual and potential litigation claims
- enquiries of management including fraud and associated risks
- discussions with management, including consideration of known or suspected instances of non-compliance
- challenging assumptions and judgements made within significant accounting estimates and judgements
- reviewing legal and professional fees for any potential litigation claims
- testing focussing on the areas of the financial statements most susceptible to material error including completeness of income and review to ensure correct matching revenue and costs.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our 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.
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For and on behalf of
West Village
114 Wellington Street
Leeds
LS1 1BA
Westlake Tapco Europe Limited
Profit and Loss Account for the Year Ended 31 December 2024
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Note |
2024 |
(As restated) |
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Turnover |
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Cost of sales |
( |
( |
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Gross profit |
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Distribution costs |
( |
( |
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Administrative expenses |
( |
( |
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Operating profit |
534,743 |
281,882 |
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Profit before tax |
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Tax on profit |
( |
( |
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Profit for the financial year |
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The above results were derived from continuing operations.
Westlake Tapco Europe Limited
Statement of Comprehensive Income for the Year Ended 31 December 2024
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2024 |
(As restated) |
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Profit for the year |
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Total comprehensive income for the year |
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Westlake Tapco Europe Limited
(Registration number: 03926923)
Balance Sheet as at 31 December 2024
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Note |
2024 |
(As restated) |
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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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Net assets |
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Capital and reserves |
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Called up share capital |
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Capital contribution reserve |
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Retained earnings |
( |
( |
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Shareholders' funds |
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Approved and authorised by the
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Westlake Tapco Europe Limited
Statement of Changes in Equity for the Year Ended 31 December 2024
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Share capital |
Capital contribution reserve |
Retained earnings |
Total |
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At 1 January 2024 |
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( |
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Profit for the year |
- |
- |
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At 31 December 2024 |
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( |
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(As restated) |
(As restated) |
(As restated) |
(As restated) |
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At 1 January 2023 |
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( |
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Profit for the year |
- |
- |
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At 31 December 2023 |
501,000 |
5,999,219 |
(914,887) |
5,585,332 |
Westlake Tapco Europe Limited
Statement of Cash Flows for the Year Ended 31 December 2024
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Note |
2024 |
(As restated) |
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Cash flows from operating activities |
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Profit for the year |
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Adjustments to cash flows from non-cash items |
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Depreciation and amortisation |
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Foreign exchange difference |
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( |
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Income tax expense |
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Working capital adjustments |
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(Increase)/decrease in stocks |
( |
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Decrease/(increase) in debtors |
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( |
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Increase/(decrease) in creditors |
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( |
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Net cash flow from operating activities |
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( |
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Net increase/(decrease) in cash and cash equivalents |
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( |
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Cash and cash equivalents at 1 January |
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Cash and cash equivalents at 31 December |
2,392,833 |
828,924 |
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Westlake Tapco Europe Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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General information |
The company is a private company limited by share capital incorporated in England and Wales and the company registration number is 03926923.
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 '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.
The financial statements presentational currency this year is pounds sterling.
The comparative 2023 figures were in US dollars so have therefore been restated into pounds sterling using the US dollar to pound sterling closing exchange rate on 31 December 2023 which was 0.785398 for Balance Sheet items and the average exchange rate of 0.804421 for Profit and Loss Account items.
The financial statements have been prepared in pounds sterling and are rounded to the nearest pound.
Summary of disclosure exemptions
The Company has taken advantage of the exemption from disclosing the following information, as permitted by the reduced disclosure regime within FRS 102:
b) Section 33 ''Related Party Disclosures'' - key management personnel compensation in total and related party transactions with other members of the Group disclosures.
Name of parent of group
These financial statements are consolidated in the financial statements of Westlake Corporation.
The financial statements of Westlake Corporation may be obtained from Westlake Corporation, 2801 Post Oak Blvd, Suite 600 Houston, Texas, 77056, USA.
Going concern
After making enquiries, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on the going concern basis.
Westlake Tapco Europe Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns 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.
Foreign currency transactions and balances
Tax
The tax expense for the period comprises the sum of the current tax expense and deferred tax expense. 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 or equity.
Current tax assets and liabilities and deferred tax assets and liabilities are offset if there is a legally enforceable right to set off the amounts and the entity intends to settle on the net basis.
Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting period.
Deferred tax is calculated on tax rates that have been enacted or substantively enacted by the reporting date and will apply to the period when the asset is realised or the liability is settled.
Deferred tax liabilities are recognised in respect of all timing differences that exist at the reporting date. Timing differences are differences between taxable profits and accounting profits as stated in the profit and loss account that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the Financial Statements. Deferred tax assets are recognised only to the extent that it is probable that the will be recovered by the reversal of deferred tax liabilities or future taxable profits.
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.
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss account.
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoerable amount, but not in excess of the amount that would have been determined had no impairment loss has been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in the profit and loss account.
Westlake Tapco Europe Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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 |
7 years straight line |
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Plant and machinery |
5-10 years straight line |
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Motor vehicles |
4-5 years straight line |
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Office equipment |
3 years straight line |
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Fixtures and fittings |
5-10- years straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand.
Financial instruments
Classification
Recognition and measurement
Financial assets and liabilities are offset, with the net amounts presented in the Financial Statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors are recognised initially at the transaction price. They are subsequently measured at cost less provision for impairment. A provision for the impairment 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.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, which include trade and other creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Equity instruments
Equity instruments issued by the Company are recorded at fair value of proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.
Westlake Tapco Europe Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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.
Leases
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.
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
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.
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.
Westlake Tapco Europe Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Judgements and key sources of estimation uncertainty
In the application of the Company's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Critical judgements
The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
a) Depreciation
Depreciation is charged to the profit and loss account based on the useful economic life selected, which involves an estimation of the period and profile over which the company expects to consume future economic benefits embodied in the assets.
b) Stock provision
In valuing stocks, management will assess the stock and determine whether they are obsolete, damaged or in any other way likely to be valued below their original cost.
c) Transfer pricing adjustment
A transfer pricing adjustment is determined by management and included in the accounts each year to ensure that the current-year operating margin falls within the interquartile range of the transfer pricing study (1.30% - 3.60%).
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless these costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
3 Prior year restatement
The 2023 figures included in the Profit and Loss Account, Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows and notes to the Financial Statements have all been restated due to the presentational currency of the accounts being pounds sterling this year. The 2023 figures were previously stated in US dollars in the year ended 31 December 2023 Financial Statements.
See more details in the accounting policies, basis of preparation note.
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Turnover |
The analysis of the Company's Turnover for the year from continuing operations is as follows:
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2024 |
(As restated) |
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Sale of goods |
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Westlake Tapco Europe Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Operating profit |
Arrived at after charging/(crediting)
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2024 |
(As restated) |
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Depreciation expense |
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Foreign exchange losses/(gains) |
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( |
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Operating lease expense - property |
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Operating lease expense - plant and machinery |
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Staff costs |
The aggregate payroll costs (including Directors' remuneration) were as follows:
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2024 |
(As restated) |
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Wages and salaries |
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Social security costs |
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Pension costs, defined contribution scheme |
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The average number of persons employed by the Company (including Directors) during the year, analysed by category was as follows:
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2024 |
2023 |
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Administration and support |
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Distribution |
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Other departments |
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Auditors' remuneration |
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2024 |
(As restated) |
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Audit of the financial statements |
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Westlake Tapco Europe Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
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Taxation |
Tax charged/(credited) in the profit and loss account
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2024 |
(As restated) |
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Current taxation |
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UK corporation tax |
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- |
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Deferred taxation |
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|
Arising from origination and reversal of timing differences |
( |
|
|
Tax expense in the income statement |
|
|
Tax charged/(credited) in the profit and loss account
The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2023 - higher than the standard rate of corporation tax in the UK) of
The differences are reconciled below:
|
2024 |
(As restated) |
|
|
Profit before tax |
|
281,882 |
|
Corporation tax at standard rate |
|
67,354 |
|
Effect of expense not deductible in determining taxable profit (tax loss) |
- |
319 |
|
Increase from tax losses for which no deferred tax asset was recognised |
|
28,286 |
|
Other tax effects for reconciliation between accounting profit and tax expense (income) |
( |
572 |
|
Total tax charge |
|
96,531 |
Westlake Tapco Europe Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
Deferred tax
Deferred tax assets and liabilities
|
2024 |
Asset |
Liability |
|
Accelerated capital allowances |
|
- |
|
Provisions |
|
- |
|
|
- |
|
2023 |
(As restated) |
Liability |
|
Tax losses carry-forwards |
|
- |
|
|
- |
|
Tangible assets |
|
Leasehold improvements |
Furniture, fittings and equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
||||
|
At 1 January 2024 |
|
|
|
|
|
At 31 December 2024 |
|
|
|
|
|
Depreciation |
||||
|
At 1 January 2024 |
|
|
|
|
|
Charge for the year |
- |
|
- |
|
|
At 31 December 2024 |
|
|
|
|
|
Carrying amount |
||||
|
At 31 December 2024 |
- |
|
- |
|
|
At 31 December 2023 |
- |
|
- |
|
|
Stocks |
|
2024 |
(As restated) |
|
|
Finished goods and goods for resale |
|
|
Impairment of stocks
The amount of impairment loss included in profit or loss is £1,253 (2023 - £5,040).
Westlake Tapco Europe Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Debtors |
|
Current |
Note |
2024 |
(As restated) |
|
Trade debtors |
|
|
|
|
Amounts owed by related parties |
|
|
|
|
Other debtors |
- |
|
|
|
Prepayments |
|
|
|
|
Deferred tax |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
2024 |
(As restated) |
|
|
Cash on hand |
|
|
|
Cash at bank |
|
|
|
|
|
|
Analysis of changes in net debt |
|
At 1 January 2024 |
Financing cash flows |
At 31 December 2024 |
|
|
Cash and cash equivalents |
|||
|
Cash |
828,924 |
1,563,909 |
2,392,833 |
|
|
|
|
|
|
|
|||
Westlake Tapco Europe Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Creditors |
|
Note |
2024 |
(As restated) |
|
|
Due within one year |
|||
|
Trade creditors |
|
- |
|
|
Amounts due to related parties |
|
- |
|
|
Social security and other taxes |
|
- |
|
|
Outstanding defined contribution pension costs |
|
- |
|
|
Wages creditor |
|
- |
|
|
Accruals |
|
|
|
|
Corporation tax liability |
120,501 |
- |
|
|
|
|
|
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 £
Contributions totalling £
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
(As restated) |
|
|
|
|
501,000 |
|
501,000 |
|
Reserves |
Share capital
Called up share capital comprises of the value of issued share capital at par.
Capital contribution reserve
Relates to a waiver from a loan amount owed to the parent company.
Retained earnings
Cumulative profit and loss net of distribution to owners.
Westlake Tapco Europe Limited
Notes to the Financial Statements for the Year Ended 31 December 2024
|
Obligations under leases and hire purchase contracts |
Operating leases
The total of future minimum lease payments is as follows:
|
2024 |
(As restated) |
|
|
Not later than one year |
|
|
|
Later than one year and not later than five years |
|
|
|
|
|
The amount of non-cancellable operating lease payments recognised as an expense during the year was £
|
Financial instruments |
|
2024 |
(As restated) 2023 |
|||
|
£ |
£ |
|||
|
Carrying amount of financial assets |
||||
|
Debt instruments measured at amortised cost |
2,391,809 |
2,427,906 |
||
|
Carrying amount of financial liabilities |
||||
|
Debt instruments measured at amortised cost |
1,326,852 |
187,496 |
|
Parent and ultimate parent undertaking |
The Company's immediate parent is
The ultimate parent is
The most senior parent entity producing publicly available financial statements is
The ultimate controlling party is