Company registration number 00577291 (England and Wales)
W.L.WEST & SONS LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2026
PAGES FOR FILING WITH REGISTRAR
W.L.WEST & SONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 10
W.L.WEST & SONS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2026
31 March 2026
- 1 -
2026
2025
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,648,607
4,068,569
Investments
5
2,486
2,486
3,651,093
4,071,055
Current assets
Stocks
66,145
500,000
Debtors
6
416,084
1,015,632
Cash at bank and in hand
146,768
30,601
628,997
1,546,233
Creditors: amounts falling due within one year
7
(2,940,129)
(1,832,656)
Net current liabilities
(2,311,132)
(286,423)
Total assets less current liabilities
1,339,961
3,784,632
Creditors: amounts falling due after more than one year
8
-
0
(1,030,577)
Provisions for liabilities
-
(260,312)
Net assets
1,339,961
2,493,743
Capital and reserves
Called up share capital
9,783
9,783
Revaluation reserve
1,760,002
1,532,654
Capital redemption reserve
345
345
Profit and loss reserves
(430,169)
950,961
Total equity
1,339,961
2,493,743
W.L.WEST & SONS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2026
31 March 2026
- 2 -

For the financial year ended 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements. true

The financial statements were approved by the board of directors and authorised for issue on 3 July 2026 and are signed on its behalf by:
M J West
J C West
Director
Director
Company registration number 00577291 (England and Wales)
W.L.WEST & SONS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
- 3 -
Share capital
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 April 2024
9,783
1,105,394
345
1,674,806
2,790,328
Year ended 31 March 2025:
Loss
-
-
-
(742,837)
(742,837)
Other comprehensive income:
Revaluation of tangible fixed assets
-
453,972
-
-
453,972
Tax relating to other comprehensive income
-
(7,720)
-
-
0
(7,720)
Total comprehensive income
-
446,252
-
(742,837)
(296,585)
Transfers
-
(18,992)
-
18,992
-
Balance at 31 March 2025
9,783
1,532,654
345
950,961
2,493,743
Year ended 31 March 2026:
Loss
-
-
-
(1,414,094)
(1,414,094)
Other comprehensive income:
Tax relating to other comprehensive income
-
260,312
-
-
0
260,312
Total comprehensive income
-
260,312
-
(1,414,094)
(1,153,782)
Transfers
-
(32,964)
-
32,964
-
Balance at 31 March 2026
9,783
1,760,002
345
(430,169)
1,339,961
W.L.WEST & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
- 4 -
1
Accounting policies
Company information

W.L.West & Sons Limited is a private company limited by shares incorporated in England and Wales. The registered office is Selham, Petworth, West Sussex, GU28 0PJ.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

1.2
Going concern

During the year, the Company incurred a loss before taxation of £1,414,094 and, at 31 March 2026, had net current liabilities of £2,311,132.

The Company entered a moratorium on 16 October 2025, and a Company Voluntary Arrangement (“CVA”) was approved on 17 December 2025. Since then, the Company has substantially completed the restructuring of its operations.

The CVA is expected to be funded principally through the sale of the Company’s freehold land and buildings at Selham, which have been formally marketed and have attracted several offers.

The directors have reviewed cash flow forecasts covering at least twelve months from the date of approval of these financial statements and consider that the Company is on course to continue trading and meet its obligations as they fall due.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

The company recognises revenue from the following major sources:

- Timber merchants

- Fencing contractors

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Timber merchants

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

W.L.WEST & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 5 -
Fencing contractors

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch or installation of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Other income

Rental income in respect of surplus trading property is recognised in the period to which rental receipts relate, with receipts being deferred or accrued as appropriate. Lease incentives are spread equally over the life of the lease to the date of the first break clause.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
Over between 25 and 100 years
Plant and machinery
10% and 25% reducing balance
Office equipment
10% and 20% straight line
Motor vehicles
25% reducing balance

Freehold land is not depreciated.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

W.L.WEST & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 6 -
1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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, including 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. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

W.L.WEST & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
1
Accounting policies
(Continued)
- 7 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those 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.

1.13
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

As lessor

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.14
Government grants

Government grants are recognised at the fair value of the asset receive d 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 are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2026
2025
Number
Number
Total
27
37
W.L.WEST & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 8 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2025 and 31 March 2026
384,985
Amortisation and impairment
At 1 April 2025 and 31 March 2026
384,985
Carrying amount
At 31 March 2026
-
0
At 31 March 2025
-
0
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 April 2025
3,450,000
1,925,101
5,375,101
Additions
-
0
6,600
6,600
Disposals
-
0
(1,339,353)
(1,339,353)
At 31 March 2026
3,450,000
592,348
4,042,348
Depreciation and impairment
At 1 April 2025
-
0
1,306,532
1,306,532
Depreciation charged in the year
-
0
111,959
111,959
Eliminated in respect of disposals
-
0
(1,024,750)
(1,024,750)
At 31 March 2026
-
0
393,741
393,741
Carrying amount
At 31 March 2026
3,450,000
198,607
3,648,607
At 31 March 2025
3,450,000
618,569
4,068,569

Land and buildings with a carrying amount of £3,450,000 were revalued on 10 December 2024 by Lambert Smith Hampton Chartered Surveyors independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on the valuers experience of the local property market assuming a transaction on arm's length terms.

Land and buildings are carried at valuation. If land and buildings were measured using the cost model, the carrying amounts would have been approximately £1,568,132,(2025 - £1,561,528), being cost £1,689,998 (2025 - £1,657,034) and depreciation £121.865 (2025 - £95,506).

W.L.WEST & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 9 -
5
Fixed asset investments
2026
2025
£
£
Other investments other than loans
2,486
2,486
Fixed asset investments not carried at market value

Fixed asset investments consist of unlisted shares and are stated at original cost.

6
Debtors
2026
2025
Amounts falling due within one year:
£
£
Trade debtors
309,336
788,777
Other debtors
106,748
226,855
416,084
1,015,632

Trade debtors includes balances totaling £150,376 (2025 - £636,374) which are subject to an invoice financing arrangement. The associated invoice financing liability is included within bank loans under creditors due within one.

7
Creditors: amounts falling due within one year
2026
2025
£
£
Bank loans
1,239,045
545,389
Obligations under finance leases
38,829
79,108
Payments received on account
150,376
-
0
Trade creditors
23,791
897,741
Taxation and social security
18,142
134,563
Government grants
-
0
7,535
Other creditors
1,426,942
14,775
Accruals and deferred income
43,004
153,545
2,940,129
1,832,656

Hire purchase liabilities are secured on the assets being purchased.

Bank loans are secured by way of fixed and floating charges over the freehold property and other company assets.

The company entered into a CVA in the year, and all liabilities transfer into the CVA are recorded in Other Creditors.

W.L.WEST & SONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
- 10 -
8
Creditors: amounts falling due after more than one year
2026
2025
Notes
£
£
Bank loans and overdrafts
-
0
879,798
Obligations under finance leases
-
0
137,342
Government grants
-
0
13,437
-
0
1,030,577

All liabilities have been converted to due within 1 year due to entering the CVA.

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