Registration number:
Westway Pipeline Supplies Limited
for the Year Ended 31 January 2023
Westway Pipeline Supplies Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Westway Pipeline Supplies Limited
Company Information for the Year Ended 31 January 2023
Director |
S Crewe |
Registered office |
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Accountants |
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Westway Pipeline Supplies Limited
(Registration number: 02757587)
Balance Sheet as at 31 January 2023
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Fixed Assets |
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Tangible Assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and Reserves |
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Called up share capital |
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Retained Earnings |
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Shareholders' funds |
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For the financial year ending 31 January 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The Director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the Directors have not delivered to the registrar a copy of the Profit and Loss Account.
Westway Pipeline Supplies Limited
(Registration number: 02757587)
Balance Sheet as at 31 January 2023
Approved and authorised by the
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S Crewe
Director
Westway Pipeline Supplies Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the Company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The Company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the Company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible Assets
Tangible Assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Westway Pipeline Supplies Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Motor vehicles |
25% per annum on written down value |
Plant and equipment |
25% per annum on written down value |
Fixtures and fittings |
25% per annum on written down value |
Office equipment |
25% per annum on written down value |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Dividends
Dividend distribution to the Company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the Company (including the Director) during the year, was
Westway Pipeline Supplies Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023
Tangible Assets |
Furniture, fittings and equipment |
Motor vehicles |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 February 2022 |
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Additions |
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Disposals |
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At 31 January 2023 |
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Depreciation |
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At 1 February 2022 |
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Charge for the year |
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Eliminated on disposal |
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At 31 January 2023 |
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Carrying amount |
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At 31 January 2023 |
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At 31 January 2022 |
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Stocks |
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2022 |
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Other inventories |
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Debtors |
Current |
2023 |
2022 |
Trade Debtors |
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Other debtors |
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Westway Pipeline Supplies Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023
Creditors |
Creditors: amounts falling due within one year
2023 |
2022 |
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Due within one year |
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Trade Creditors |
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Taxation and social security |
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Accruals and deferred income |
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Share capital |
Allotted, called up and fully paid shares
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2022 |
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No. |
£ |
No. |
£ |
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2 |
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2 |