Company Registration No. 06489280 (England and Wales)
WEST 1 CASTINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2018
PAGES FOR FILING WITH REGISTRAR
WEST 1 CASTINGS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 8
WEST 1 CASTINGS LIMITED
BALANCE SHEET
AS AT
31 OCTOBER 2018
31 October 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
23,442
16,789
Current assets
Stocks
83,038
84,905
Debtors
4
222,581
281,836
Cash at bank and in hand
46,053
65,198
351,672
431,939
Creditors: amounts falling due within one year
5
(336,977)
(361,283)
Net current assets
14,695
70,656
Total assets less current liabilities
38,137
87,445
Creditors: amounts falling due after more than one year
6
(10,825)
(31,195)
Net assets
27,312
56,250
Capital and reserves
Called up share capital
7
50
50
Profit and loss reserves
27,262
56,200
Total equity
27,312
56,250
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 31 October 2018 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.
WEST 1 CASTINGS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 OCTOBER 2018
31 October 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 18 July 2019 and are signed on its behalf by:
A Berg
P Treen
Director
Director
Company Registration No. 06489280
WEST 1 CASTINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 OCTOBER 2018
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 November 2016
50
-
50
Year ended 31 October 2017:
Profit and total comprehensive income for the year
-
166,750
166,750
Dividends
-
(110,550)
(110,550)
Balance at 31 October 2017
50
56,200
56,250
Year ended 31 October 2018:
Profit and total comprehensive income for the year
-
207,853
207,853
Dividends
-
(236,791)
(236,791)
Balance at 31 October 2018
50
27,262
27,312
WEST 1 CASTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2018
- 4 -
1
Accounting policies
Company information
West 1 Castings Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
24 Hatton Garden, London, EC1N 8BQ.
1.1
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
.
The principal accounting policies adopted are set out below.
1.2
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.
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.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% reducing balance
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
.
1.4
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.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
WEST 1 CASTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2018
1
Accounting policies
(Continued)
- 5 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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
paymen
ts 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. A
m
ounts 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.
1.7
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.
1.8
Taxation
The tax expense represents the
t
ax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
WEST 1 CASTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2018
1
Accounting policies
(Continued)
- 6 -
1.9
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 11 (2017 - 8).
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2017
19,752
Additions
11,936
At 31 October 2018
31,688
Depreciation and impairment
At 1 November 2017
2,963
Depreciation charged in the year
5,283
At 31 October 2018
8,246
Carrying amount
At 31 October 2018
23,442
At 31 October 2017
16,789
WEST 1 CASTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2018
- 7 -
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
98,638
114,167
Corporation tax recoverable
33,422
33,422
Other debtors
90,521
134,247
222,581
281,836
5
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
39,674
19,095
Trade creditors
222,530
226,999
Corporation tax
10,395
44,447
Other taxation and social security
51,726
56,955
Other creditors
12,652
13,787
336,977
361,283
6
Creditors: amounts falling due after more than one year
2018
2017
£
£
Bank loans and overdrafts
10,825
31,195
Bank loans and overdrafts are secured over the assets of the company.
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
25 Ordinary 'A' shares of £1 each
25
25
25 Ordinary 'B' shares of £1 each
25
25
50
50
The ordinary ‘A’ and ‘B’ shares rank pari passu in all respects save that the directors may recommend and pay dividends on one class of share and not the other class, and vice versa.
WEST 1 CASTINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2018
- 8 -
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
28,980
48,389
9
Related party transactions
Dividends tota
l
ling £
236
,
791
were paid during the year to the directors (2017: £110,550).