Westwire Harnessing Limited - Accounts to registrar (filleted) - small 18.2
Westwire Harnessing Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| WESTWIRE HARNESSING LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED |
| 31ST DECEMBER 2019 |
| WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2019 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 | to | 3 |
| Notes to the Financial Statements | 4 | to | 8 |
| WESTWIRE HARNESSING LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31ST DECEMBER 2019 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 43-45 Devizes Road |
| SWINDON |
| Wiltshire |
| SN1 4BG |
| BANKERS: |
| 5 High Street |
| Old Town |
| SWINDON |
| Wiltshire |
| SN1 3ED |
| WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617) |
| STATEMENT OF FINANCIAL POSITION |
| 31ST DECEMBER 2019 |
| 2019 | 2018 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 11 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617) |
| STATEMENT OF FINANCIAL POSITION - continued |
| 31ST DECEMBER 2019 |
| In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31ST DECEMBER 2019 |
| 1. | STATUTORY INFORMATION |
| Westwire Harnessing Limited is a private company, limited by shares, registered in England and |
| Wales. The company's registered number and registered office address are as below: |
| Registered number: 02142617 |
| Registered office: 43-45 Devizes road, Swindon, Wiltshire SN1 4BG |
| The presentation currency of the financial statements is the Pound Sterling (£) rounded to the nearest |
| pound. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The directors have given full consideration to and are satisfied that the company continues as a going |
| concern, based on both the company's financial position but also its outlook for the foreseeable future. |
| Having made this point, the directors are aware of the impact of COVID-19 in both the UK and |
| externally, and recognise that the pandemic could have an impact on the company in the future. |
| Significant judgements and estimates |
| In preparing these financial statements, the directors have made the following judgements: |
| - Determine the period of useful economic life and any residual value of all tangible fixed assets order |
| to write off the value of each asset over that period. |
| - Determine an appropriate provision for bad and doubtful debts by assessing the recoverability of all |
| balances on a balance by balance basis. |
| - Determine an appropriate provision for obsolete and slow moving stocks by assessing the net |
| realisable value of all stock lines on a line by line basis. |
| - Determine an appropriate provision for dilapidations by assessing the probable future obligations |
| expected to exist at the end of the property lease. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding |
| discounts, rebates, value added tax and other sales taxes. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are |
| measured at cost less any accumulated amortisation and any accumulated impairment losses. |
| Tangible fixed assets |
| Leasehold property | - |
| Plant and machinery | - |
| Fixtures and fittings | - |
| Motor vehicles | - |
| WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2019 |
| 2. | ACCOUNTING POLICIES - continued |
| Stocks |
| Stocks and work in progress are valued at the lower of cost and net realisable value, after making due |
| allowance for obsolete and slow moving items. |
| Cost is calculated using the first-in, first-out method and includes all purchase, transport, and |
| handling costs in bringing stocks to their present location and condition. |
| Financial instruments |
| Short term debtors are measured at transaction price less any impairment. Loans receivable are |
| measured initially at fair value, net of transaction costs and are measured subsequently at amortised |
| cost using the effective interest method, less any impairment. |
| Short term trade creditors are measured at the transaction price. Other financial liabilities, including |
| loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at |
| amortised cost using the effective interest method. |
| 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. |
| Current or deferred taxation assets and liabilities are not discounted. |
| 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 statement of financial position date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
| the statement of financial position date. |
| 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. |
| 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. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the |
| period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the |
| company's pension scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2019 |
| 4. | INTANGIBLE FIXED ASSETS |
| Other |
| intangible |
| assets |
| £ |
| COST |
| At 1st January 2019 |
| Additions |
| At 31st December 2019 |
| AMORTISATION |
| At 1st January 2019 |
| Charge for year |
| At 31st December 2019 |
| NET BOOK VALUE |
| At 31st December 2019 |
| At 31st December 2018 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1st January 2019 |
| Additions |
| Disposals | ( |
) | ( |
) |
| At 31st December 2019 |
| DEPRECIATION |
| At 1st January 2019 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) |
| At 31st December 2019 |
| NET BOOK VALUE |
| At 31st December 2019 |
| At 31st December 2018 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2019 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Hire purchase contracts (see note 9) |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2019 | 2018 |
| £ | £ |
| Hire purchase contracts (see note 9) |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase |
| contracts |
| 2019 | 2018 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable |
| operating leases |
| 2019 | 2018 |
| £ | £ |
| Within one year |
| Between one and five years |
| In more than five years |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2019 | 2018 |
| £ | £ |
| Hire purchase contracts | 17,924 | - |
| The hire purchase liability is secured against the asset concerned. |
| WESTWIRE HARNESSING LIMITED (REGISTERED NUMBER: 02142617) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31ST DECEMBER 2019 |
| 11. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2019 | 2018 |
| value: | £ | £ |
| Ordinary | £1 | 10,000 | 10,000 |