REGISTERED NUMBER: 02926231 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

WESTMINSTER TEAK LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R O Houlton

N Richardson

SECRETARY:

N Richardson

REGISTERED OFFICE:

Birch House Brambleside

Bellbrook Industrial Estate

Uckfield

East Sussex

TN22 1QQ

REGISTERED NUMBER:

02926231 (England and Wales)

ACCOUNTANTS:

Watson Associates (Professional Services) Ltd

30 - 34 North Street

Hailsham

East Sussex

BN27 1DW

FIXED ASSETS

Intangible assets

4

7,392

10,320

Tangible assets

5

80,499

92,531

87,891

102,851

CURRENT ASSETS

Stocks

1,402,810

709,073

Debtors

6

150,568

129,636

Cash at bank and in hand

49,073

551,102

1,602,451

1,389,811

CREDITORS

Amounts falling due within one year

7

(1,218,936

)

(415,296

)

NET CURRENT ASSETS

383,515

974,515

TOTAL ASSETS LESS CURRENT LIABILITIES

471,406

1,077,366

CREDITORS

Amounts falling due after more than one year

8

(273,882

)

(422,966

)

PROVISIONS FOR LIABILITIES

(20,125

)

(23,133

)

NET ASSETS

177,399

631,267

CAPITAL AND RESERVES

Called up share capital

9

200,000

200,000

Retained earnings

(22,601

)

431,267

SHAREHOLDERS' FUNDS

177,399

631,267

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 December 2025 and were signed on its behalf by:

N Richardson - Director

1.	STATUTORY INFORMATION

Westminster Teak Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis. The directors have made an assessment of the company's ability to continue as a going concern and have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, which is at least twelve months from the date of approval of the financial statements.

In making this assessment, the directors have considered the company's current financial position, cash flow forecasts, future funding requirements, and any potential impacts of economic or operational uncertainties. Based on this review, the directors consider it appropriate to prepare the financial statements on a going concern basis as they do not intend to liquidate the company or cease trading, and no material uncertainties have been identified that would cast significant doubt on the company's ability to continue as a going concern.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Development costs are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

20% on cost and not provided

Plant and machinery

-

20% on cost

Fixtures and fittings

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an 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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 19 (2023 - 19 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 October 2023

and 30 September 2024

14,643

AMORTISATION

At 1 October 2023

4,323

Charge for year

2,928

At 30 September 2024

7,251

NET BOOK VALUE

At 30 September 2024

7,392

At 30 September 2023

10,320

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 October 2023

33,948

55,152

13,218

Additions

15,972

5,350

2,928

At 30 September 2024

49,920

60,502

16,146

DEPRECIATION

At 1 October 2023

25,317

37,312

4,092

Charge for year

4,628

9,104

3,854

At 30 September 2024

29,945

46,416

7,946

NET BOOK VALUE

At 30 September 2024

19,975

14,086

8,200

At 30 September 2023

8,631

17,840

9,126

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 October 2023

65,450

17,314

185,082

Additions

-

141

24,391

At 30 September 2024

65,450

17,455

209,473

DEPRECIATION

At 1 October 2023

11,971

13,859

92,551

Charge for year

16,362

2,475

36,423

At 30 September 2024

28,333

16,334

128,974

NET BOOK VALUE

At 30 September 2024

37,117

1,121

80,499

At 30 September 2023

53,479

3,455

92,531

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Motor

vehicles

£

COST

Reclassification/transfer

39,950

At 30 September 2024

39,950

DEPRECIATION

Charge for year

9,988

Reclassification/transfer

6,658

At 30 September 2024

16,646

NET BOOK VALUE

At 30 September 2024

23,304

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

42,604

79,078

Other debtors

107,964

50,558

150,568

129,636

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Hire purchase contracts

10,033

9,061

Trade creditors

818,168

114,110

Taxation and social security

239,868

117,885

Other creditors

150,867

174,240

1,218,936

415,296

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Hire purchase contracts

15,309

25,342

Other creditors

258,573

397,624

273,882

422,966

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

200,000

Ordinary

1

200,000

200,000

10.	GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the profit and loss account at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are recognised in "other income" within profit or loss in the same period as the related expenditure.