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Unaudited Financial Statements for the Year Ended 31 December 2020 |
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West System International Ltd |
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Unaudited Financial Statements for the Year Ended 31 December 2020 |
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West System International Ltd |
West System International Ltd (Registered number: 08287090) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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West System International Ltd |
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Company Information |
for the Year Ended 31 December 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SOLICITORS: |
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46 The Avenue |
Southampton |
Hampshire |
SO17 1AX |
West System International Ltd (Registered number: 08287090) |
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Balance Sheet |
31 December 2020 |
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31.12.20 | 31.12.19 |
Notes | £ | £ |
FIXED ASSETS |
Investments | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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West System International Ltd (Registered number: 08287090) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2020 |
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1. | STATUTORY INFORMATION |
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West System International Ltd is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Preparation of consolidated financial statements |
The financial statements contain information about West System International Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | FIXED ASSET INVESTMENTS |
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As at 31 December 2019 the Company had an investment amounting to 100% in the share capital of Wessex Resins & Adhesives Limited. This company's registered office is located at Cupernham House, Cupernham Lane, Romsey, Hampshire SO51 7LF. |
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Wessex Resins & Adhesives Limited manufactures specialist resins. |
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On 18 December 2020 the company disposed of its investment in Wessex Resins & Adhesives Limited at its book value to the ultimate parent company, Wessex Resins & Adhesives Holdings Limited.This was paid by a dividend in specie amounting to the sum of £1. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Amounts owed by group undertakings |
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West System International Ltd (Registered number: 08287090) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2020 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.20 | 31.12.19 |
£ | £ |
Amounts owed to group undertakings |
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7. | CONTROLLING PARTY |
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The controlling party is Wessex Resins & Adhesives Holding Limited which owns 100% of the issued share capital of the company. |
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8. | ULTIMATE CONTROLLING PARTY |
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The directors consider Mr IK Oliver and Mrs TC Oliver to be the ultimate controlling parties by virtue of their combined shareholding and control over the Ultimate parent company, Wessex Resins & Adhesives Holdings Limited. |
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9. | CROSS GUARANTEES |
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At the balance sheet date, the company has guaranteed loans totalling £1,645,388 (2019: £1,436,104) for its parent company Wessex Resins & Adhesives Holdings Limited. |