Westbrook International Limited - Period Ending 2022-01-31
Westbrook International Limited - Period Ending 2022-01-31
Registration number:
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Westbrook International Limited
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Brebners
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Westbrook International Limited
Contents
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Company Information |
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Directors' Report |
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Statement of Directors' Responsibilities |
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Independent Auditor's Report |
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Statement of Income and Retained Earnings |
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Statement of Financial Position |
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Notes to the Financial Statements |
Westbrook International Limited
Company Information
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Directors |
A McGinn R F Davies G Thompson T McGinn C M Brumpton |
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Registered office |
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Solicitors |
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Auditor |
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Westbrook International Limited
Directors' Report for the Year Ended 31 January 2022
The directors present their report and the financial statements for the year ended 31 January 2022.
Directors of the company
The directors who held office during the year were as follows:
Business review
The Company is engaged in providing professional IT services focused on cloud technologies principally related to the Salesforce platform. Westbrook delivers consulting, implementation and support services solutions for a wide variety of clients in the enterprise and mid-market sectors.
Westbrook is a leading and well-respected partner of Salesforce, the acknowledged global leader in cloud-based sales and service technologies. Salesforce Ventures is also an active investor in the Company.
Results:
The company delivered a Revenue of £2.3m resulting in post-tax losses of £586k.
This reduced turnover from the previous year was directly attributable to COVID-19 lockdown impacts during the period.
Commentary:
During the year, the Company has continued to deliver high-quality implementations of Salesforce solutions and services to both new and long-term existing clients with a balanced portfolio of industries and sectors focused on Business & Financial Services, Media & Communications, Manufacturing & Industrial and Public & Third Sector.
We maintained the historic trend of winning significant additional revenue from our existing accounts as well as winning a number of notable new clients during the year.
Salesforce Field Maintenance continues to be an application focus and Westbrook is acknowledged as the leading UK partner in this technically challenging market.
Westbrook has continued to participate in the UK Government Apprenticeship Scheme and focuses heavily on colleague professional development to attract and retain the best talent available. The focus on Salesforce technical training and certifications has resulted in Westbrook ranking in the top quarter of partner consultant certification across Europe and our colleague retention has been excellent.
Investment
The Company continues to benefit from the unwavering commitment and support of its external investors.
Westbrook International Limited
Directors' Report for the Year Ended 31 January 2022
COVID-19
The COVID-19 situation continued to have an impact throughout the calendar year 2021. It has also affected the early months of 2022. It was notable that recovery from the lockdowns and various COVID-19 impacts were slower through the calendar year 2021 compared to 2020.
At the time of writing, there are positive signs that opportunities and contracts are returning to a more regular cadence.
Disclosure of information to the auditors
Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.
Small companies provision statement
This report has 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.
Approved by the Board on
.........................................
A McGinn
Director
Westbrook International Limited
Statement of Directors' Responsibilities
The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
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select suitable accounting policies and apply them consistently; |
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make judgements and accounting estimates that are reasonable and prudent; |
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Westbrook International Limited
Independent Auditor's Report to the Members of Westbrook International Limited
Opinion
We have audited the financial statements of Westbrook International Limited (the 'company') for the year ended 31 January 2022, which comprise the Statement of Income and Retained Earnings, Statement of Financial Position, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
• | give a true and fair view of the state of the company's affairs as at 31 January 2022 and of its loss for the year then ended; |
• | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
• | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Material uncertainty relating to going concern
We draw attention to note 2 in the financial statements which indicates that during the year ended 31 January 2022 the company incurred a loss after tax of £585,829 and had at that date net current liabilities of £660,098 and net liabilities of £1,131,357. The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern. As stated in note 2, these events or conditions along with the other matters set out in note 2, indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in this respect.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Westbrook International Limited
Independent Auditor's Report to the Members of Westbrook International Limited
Opinion on other matter prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
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the Directors' Report has been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception
In the light of our knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
• | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
• | the financial statements are not in agreement with the accounting records and returns; or |
• | certain disclosures of directors' remuneration specified by law are not made; or |
• | we have not received all the information and explanations we require for our audit; or |
• | the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report. |
Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page 4, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor Responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Westbrook International Limited
Independent Auditor's Report to the Members of Westbrook International Limited
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the company and the industry in which it operates, we determined that the principal risks of non-compliance with laws and regulations related to the reporting framework (FRS 102 and the Companies Act 2006), UK corporate taxation laws, trademark infringement, health and safety legislation and data protection legislation. These risks were communicated to our audit team and we remained alert to any indications of non-compliance throughout our audit.
We understood how the company is complying with relevant legislation by making enquiries of management and conducting a review of board minutes. We also considered the results of our audit procedures and to what extent these corroborate this understanding and assessed the susceptibility of the company’s financial statements to material misstatement. This included consideration of how fraud might occur and evaluation of management’s incentives and opportunities for fraudulent manipulation of the financial statements.
We designed our audit procedures to identify any non-compliance with laws and regulations. Such procedures included, but were not limited to, inspection of any regulatory or legal correspondence; challenging assumptions and judgements made by management; identifying and testing journal entries with a focus on large or unusual transactions as determined based on our understanding of the business; identifying and assessing the effectiveness of controls in place to prevent and detect fraud, and reviewing estimates, judgements for management bias and agreeing the financial statements to supporting documentation.
Owing to the inherent limitations of an audit, there remains a risk that a material misstatement may not have been detected, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance with laws and regulations and cannot be expected to detect all instances of non-compliance.
The primary responsibility for the detection and prevention of fraud rests with those responsible for governance and management. The further removed non-compliance with laws and regulations is from the events reflected in the financial statements, the less likely the auditor will become aware of it.
The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment, collusion, omission, misrepresentation and forgery.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Westbrook International Limited
Independent Auditor's Report to the Members of Westbrook International Limited
Use of our report
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
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For and on behalf of
130 Shaftesbury Avenue
London
W1D 5AR
Westbrook International Limited
Statement of Income and Retained Earnings
for the Year Ended 31 January 2022
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Note |
2022 |
2021 |
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Turnover |
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Cost of sales |
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( |
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Gross profit |
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Administrative expenses |
( |
( |
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Other operating income |
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- |
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Operating loss |
( |
( |
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Loss before tax |
( |
( |
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Taxation |
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(Loss)/profit for the financial year |
( |
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Retained earnings brought forward |
(8,762,482) |
(8,798,803) |
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Retained earnings carried forward |
(9,348,311) |
(8,762,482) |
Westbrook International Limited
Statement of Financial Position as at 31 January 2022
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Note |
2022 |
2021 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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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 liabilities |
( |
( |
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Total assets less current liabilities |
( |
( |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Own share reserve |
( |
( |
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Other reserves |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Approved and authorised by the
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A McGinn
Director
Company registration number: 03905588
Westbrook International Limited
Notes to the Financial Statements for the Year Ended 31 January 2022
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
The principal activity of the company is that of the provision of professional IT services focused around cloud technologies.
The principal place of business is:
Suite 421
Linen Hall
162-168 Regent Street
London
W1B 5TF
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Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.
Westbrook International Limited
Notes to the Financial Statements for the Year Ended 31 January 2022
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Accounting policies (continued) |
Going concern
The financial statements have been prepared on the going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In assessing the reasonableness of this assumption the directors have taken into account current trading performance and the cash flow forecasts of the company for a period of not less than 12 months from the date of approval of these financial statements.
The company made a loss after taxation for the year ended 31 January 2022 of £585,829, and at that date had net current liabilities of £660,098 and net liabilities of £1,131,357.
The statement of financial position includes loans of £857,000, the repayment terms of which have been extended to greater than one year. The loan providers concerned have additionally agreed that the repayment terms of interest accruing on those loans amounting to £88,884, be similarly extended until such time as the company has sufficient working capital.
A further amount of £205,156 is due to the company Employee Benefit Trust which is not payable until cash outflows are manageable.
Working capital management remains paramount and during the year ended 31 January 2022 an amount of £647,000 was advanced to the company by way of further loan notes. The company continues to engage with key creditors and has renegotiated and continues to follow payment plans with HMRC in respect of overdue payroll tax liabilities amounting to £292,086 at 31 January 2022, which are due to be cleared in June 2023.
The company continues to benefit from the unwavering commitment and support of its external investors, with further loan notes of £560,000 advanced subsequent to 31 January 2022.
Management has been closely monitoring and responding to the ongoing COVID-19 pandemic; the health and safety of employees, customers and business partners remains a priority. The full impact of COVID-19 combined with other global macro economic factors cannot be known at present, and Management consider that the company is not immune from the potential impacts upon both the economy as a whole and investor confidence within markets. The current financial year has seen significant operational delays impacting upon the timings of certain contracts as a direct result of the pandemic, and this has impacted adversely upon the company turnover and profitability. This together with the company's statement of financial position indicates the existence of a material uncertainty that may cast significant doubt upon the company's ability to continue as a going concern.
The company has taken advantage of available government backed support packages throughout the current and prior year including obtaining a bounce back loan and Coronavirus Job Retention Scheme grants. These have assisted with ongoing working capital management.
Having considered the impact of the above on the company's ability to manage its short-term working capital together with the continuing support of investors, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Whilst a material uncertainty exists, it is for these reasons the Directors consider it appropriate to continue to adopt the going concern basis in preparing the annual report and financial statements.
Westbrook International Limited
Notes to the Financial Statements for the Year Ended 31 January 2022
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Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company's activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when the amount of revenue can be reliably measured by reference to stage of completion, 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. When the outcome cannot be reliably estimated, revenue is recognised to the extent that expenses recognised are recoverable.
Government grants
Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment.
Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a charge 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 income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amounts of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount is equal to the greatest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the statement of financial position 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.
Westbrook International Limited
Notes to the Financial Statements for the Year Ended 31 January 2022
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Accounting policies (continued) |
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:
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Asset class |
Depreciation method and rate |
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Furniture, fittings and equipment |
straight line over 4 years |
Intangible assets
Intangible assets are stated in the statement of financial position at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
The cost of intangible assets includes directly attributable incremental costs incurred in their internal generation.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life, commencing when the assets are available for use as follows:
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Asset class |
Amortisation method and rate |
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Development Expenditure |
2-3 years straight line |
Research and development
Research expenditure is written off in the period in which it is incurred.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Westbrook International Limited
Notes to the Financial Statements for the Year Ended 31 January 2022
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Accounting policies (continued) |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.
Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Westbrook International Limited
Notes to the Financial Statements for the Year Ended 31 January 2022
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Accounting policies (continued) |
Share based payments
The company has historically issued equity-settled payments to certain employees (including directors). Equity-settled share based payments are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share based payments is expensed as vesting criteria are met over the vesting period, together with a corresponding increase in equity, based on the company's estimate of the shares that will eventually vest.
Fair value is measured using the Black Scholes Pricing Model. The expected life used in the model has been adjusted, based on management's best estimate, for the effects of non-transferability, exercise restrictions and behavioural considerations.
Where the terms of an equity-settled transaction are modified, as a minimum an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the value of the transaction as a result of the modification, as measured at the date of modification.
Where an equity-settled transaction is cancelled, it is treated as if it has vested on the date of the cancellation, and any expense not yet recognised for the transaction is recognised immediately. However, if a new transaction is substituted for the cancelled transaction, and designated as a replacement transaction on the date it is granted, the cancelled and new transactions are treated as if they were a modification of the original transaction, as described in the previous paragraph.
Employee benefit trust
Westbrook International Limited is the trustee of the Westbrook International Limited Employee Benefit Trust. Whilst legally not the property of the company, investments in own shares and other assets are recognised in the financial statements, in accordance with FRS 102. Finance costs and administration expenses are charged as they occur and dividends are stated net of dividends arising on own shares.
A separate reserve is maintained in recognition of the trust status of the scheme.
Financial instruments
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instrument are debited to equity.
Westbrook International Limited
Notes to the Financial Statements for the Year Ended 31 January 2022
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Loss before tax |
Arrived at after charging/(crediting)
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2022 |
2021 |
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Depreciation expense |
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Foreign exchange gains/losses |
2,361 |
8,973 |
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18,148 |
15,923 |
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Staff numbers |
The average number of persons employed by the company during the year, was
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Interest payable and similar expenses |
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2022 |
2021 |
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Interest on bank overdrafts and borrowings |
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Interest expense on other finance liabilities |
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Auditor's remuneration |
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2022 |
2021 |
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Audit of the financial statements |
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Intangible assets |
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Development Expenditure |
Total |
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Cost or valuation |
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At 1 February 2021 |
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Additions internally developed |
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At 31 January 2022 |
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Carrying amount |
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At 31 January 2022 |
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At 31 January 2021 |
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Westbrook International Limited
Notes to the Financial Statements for the Year Ended 31 January 2022
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Tangible assets |
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Furniture, fittings and equipment |
Total |
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Cost |
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At 1 February 2021 |
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Additions |
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At 31 January 2022 |
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Depreciation |
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At 1 February 2021 |
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Charge for the year |
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At 31 January 2022 |
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Carrying amount |
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At 31 January 2022 |
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At 31 January 2021 |
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Debtors |
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2022 |
2021 |
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Trade debtors |
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Other debtors |
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Details of non-current debtors
Included within other debtors is an amount of £5,920 (2021: £16,761) due in greater than one year. An amount of £26,634 (2021: £20,714) is secured in favour of the landlord in respect of future obligations.
Westbrook International Limited
Notes to the Financial Statements for the Year Ended 31 January 2022
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Creditors |
Creditors: amounts falling due within one year
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Note |
2022 |
2021 |
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Other borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Creditors: amounts falling due after more than one year
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Note |
2022 |
2021 |
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Loans and borrowings |
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Loan notes |
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896,873 |
265,645 |
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Loans and borrowings |
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2022 |
2021 |
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Current loans and borrowings |
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Bank borrowings |
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Hire purchase and finance lease liabilities |
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Other borrowings |
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2022 |
2021 |
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Non-current loans and borrowings |
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Bank borrowings |
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|
|
Hire purchase and finance lease liabilities |
|
|
|
Loan notes |
|
|
|
|
|
|
Westbrook International Limited
Notes to the Financial Statements for the Year Ended 31 January 2022
|
11 |
Loans and borrowings (continued) |
|
Other borrowings are secured by a fixed charge over certain book debts and a fixed and floating charge over the assets and undertakings of the company. Obligations under hire purchase and finance lease agreements are secured over the assets concerned. |
|
Financial commitments, guarantees and contingencies |
Amounts not provided for in the statement of financial position
The total amount of financial commitments not included in the statement of financial position is £
|
Pension and other schemes |
The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £25,386 (2021: £19,916)
|
Share capital |
Allotted, called up and fully paid shares
|
2022 |
2021 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
52,926 |
|
52,926 |
|
|
|
71,240 |
|
71,240 |
|
|
|
900 |
|
900 |
|
|
|
2,125 |
|
2,125 |
|
|
|
161,238 |
|
161,238 |
|
|
|
16,966 |
|
16,966 |
|
|
|
|
|
|