Company Registration No. 06337183 (England and Wales)
WESTRONICS HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
PAGES FOR FILING WITH REGISTRAR
WESTRONICS HOLDINGS LIMITED
CONTENTS
Page
Directors' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
WESTRONICS HOLDINGS LIMITED
REPORT TO THE DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ACCOUNTS OF WESTRONICS HOLDINGS LIMITED
- 1 -
We have reviewed the financial statements of Westronics Holdings Limited for the year ended 30 April 2021 set out on pages 3 to 5. The financial reporting framework that has been applied in their preparation is applicable law and with the provisions applicable to companies subject to the small companies' regime.
This report is made solely to the company's director, as a body, in accordance with the terms of our engagement letter. Our review has been undertaken so that we may state to the company's director those matters we have agreed with them in our engagement letter and for no other puropse. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's director as a body for our work, for this report, or for the conclusions we have formed.
Director's responsibility for the financial statements
As explained more fully in the Director's Responsibilities Statement set out on page 2, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view.
Accountants' responsibility
Our responsibility is to express a conclusion based on our review of the financial statements. We conducted our review in accordance with International Standard on Review Engagements (I SRE ) 2400 (Revised), Assurance review engagements on historical financial statements. ISRE 2400 also requires us to comply with section 290 of the ACCA Members' Handbook.
Scope of the assurance review
A review of financial statements in accordance with the ISRE 2400 (Revised) is a limited assurance engagement. We have performed additional procedures to those required under a compilation engagement. These primarily consist of making enquiries of management and others within the entity, as appropriate, applying analytical procedures and evaluating the evidence obtained. The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (UK and Ireland). Accordingly, we do not express an audit opinion on these financial statements.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the financial statements have not been prepared:
• so as to give a true and fair view of the state of the company's affairs as at 30 April 2021, and of its profit for the year ended;
• in accordance with United Kingdom Generally Accepted Accounting Practice applicable to Smaller Entities; and
• in accordance with the requirements of the Companies Act 2006.
PBA Accountants and Business Advisers Ltd
16 July 2021
Certified Chartered Accountants
Ramsbury House
Charnham Lane
Hungerford
Berkshire
RG17 0EY
WESTRONICS HOLDINGS LIMITED
BALANCE SHEET
AS AT
30 APRIL 2021
30 April 2021
- 2 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investments
4
3,599,550
3,599,550
Current assets
-
-
Creditors: amounts falling due within one year
5
(3,113,946)
(3,112,583)
Net current liabilities
(3,113,946)
(3,112,583)
Net assets
485,604
486,967
Capital and reserves
Called up share capital
50,000
250,000
Profit and loss reserves
435,604
236,967
Total equity
485,604
486,967
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 April 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 16 July 2021 and are signed on its behalf by:
Mr G B Miller
Director
Company Registration No. 06337183
WESTRONICS HOLDINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2021
30 April 2021
- 3 -
1
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.
2
Accounting policies
Company information
Westronics Holdings Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
11-12 Marcus Close, Tilehurst, Reading, Berks, RG30 4EA.
2.1
Accounting convention
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 a
mounts
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.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
2.2
Going concern
The Directors have considered the impact of COVID-19 and have concluded that while there continues to be inherent uncertainty in many sectors, the Company’s performance and ability to continue to trade have not been and are not likely to be materially affected.
2.3
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.
2.4
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand
and
deposits held at call with banks
.
WESTRONICS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2021
2
Accounting policies
(Continued)
- 4 -
2.5
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 bank balances, are measured at transaction price.
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, bank loans
and
loans from
fellow group companies, are recognised at transaction price.
Financial liabilities classified as payable within one year are not amortised.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was - 0 (2020 - 0
).
4
Fixed asset investments
2021
2020
£
£
Shares in group undertakings and participating interests
3,599,550
3,599,550
Fixed asset investments not carried at market value
Fixed asset investments are valued in line with the industry standard, with reference to 2.5 x rented installation income, and any permanent diminution in value adjusted for.
5
Creditors: amounts falling due within one year
2021
2020
£
£
Amounts owed to group undertakings
3,112,642
3,111,379
Other creditors
1,304
1,204
3,113,946
3,112,583
WESTRONICS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2021
- 5 -
6
Related party transactions
Intercompany loan
During the year the loan was serviced by Westronics Limited (subsidiary). No interest was due on this loan. The balance owing to Westronics Limited is repayable on demand and at the end of the year was £3,112,642 (2020: £3,111,379) as shown in creditors due within one year.
7
Parent company
The company is controlled by Mr G. B. Miller, a director and majority shareholder of the company.