Company Registration No. SC593592 (Scotland)
Tradstocks Westwood Ltd
Unaudited accounts
for the period from 6 April 2018 to 30 June 2019
Tradstocks Westwood Ltd
Unaudited accounts
Contents
Tradstocks Westwood Ltd
Company Information
for the period from 6 April 2018 to 30 June 2019
Directors
Mark Freedman
Peter Stewart
Company Number
SC593592 (Scotland)
Registered Office
Five Sisters Business Park
Westwood
West Calder
EH55 8PN
Accountants
FBD Consultancy, Accounts & Tax Ltd
Sgarbach House
10 Binniehill Road
Cumbernauld
North Lanarkshire
G68 9AJ
Tradstocks Westwood Ltd
Statement of financial position
as at 30 June 2019
Cash at bank and in hand
25,189
Creditors: amounts falling due within one year
(371,070)
Net current liabilities
(97,941)
Total assets less current liabilities
216,071
Creditors: amounts falling due after more than one year
(173,550)
Provisions for liabilities
Called up share capital
100
Profit and loss account
1,694
For the period ending 30 June 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 23 December 2019.
Mark Freedman
Director
Company Registration No. SC593592
Tradstocks Westwood Ltd
Notes to the Accounts
for the period from 6 April 2018 to 30 June 2019
Tradstocks Westwood Ltd is a private company, limited by shares, registered in Scotland, registration number SC593592. The registered office is Five Sisters Business Park, Westwood, West Calder, EH55 8PN.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
Over the life of the lease
Plant & machinery
8 years straight line
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Tradstocks Westwood Ltd
Notes to the Accounts
for the period from 6 April 2018 to 30 June 2019
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Tangible fixed assets
Land & buildings
Plant & machinery
Total
Cost or valuation
At cost
At cost
Additions
36,299
321,535
357,834
At 30 June 2019
36,299
321,535
357,834
Charge for the period
3,630
40,192
43,822
At 30 June 2019
3,630
40,192
43,822
At 30 June 2019
32,669
281,343
314,012
Accrued income and prepayments
115,445
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Creditors: amounts falling due within one year
2019
Obligations under finance leases and hire purchase contracts
70,883
Taxes and social security
13,228
Loans from directors
37,500
Tradstocks Westwood Ltd
Notes to the Accounts
for the period from 6 April 2018 to 30 June 2019
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Creditors: amounts falling due after more than one year
2019
Obligations under finance leases and hire purchase contracts
173,550
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Average number of employees
During the period the average number of employees was 8.
