Westcoast Convenience Limited - Period Ending 2021-03-31
Westcoast Convenience Limited - Period Ending 2021-03-31
Registration number:
Westcoast Convenience Limited
for the Year Ended 31 March 2021
Westcoast Convenience Limited
Contents
Balance Sheet |
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Notes to the Unaudited Financial Statements |
Westcoast Convenience Limited
(Registration number: 09444622)
Balance Sheet as at 31 March 2021
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2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Investment property |
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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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( |
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Net current assets |
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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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( |
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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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Profit and loss account |
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Total equity |
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Westcoast Convenience Limited
(Registration number: 09444622)
Balance Sheet as at 31 March 2021
For the financial year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their 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 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Director
Westcoast Convenience Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 - '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 that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The company has suffered a loss during the year and has a deficit in reserves. In addition, there is a worldwide Covid-19 pandemic which has led to various UK Government shut-downs. With the pandemic yet to abide an uncertainty arises. However, the directors are confident that the business, with the financial support of the directors, has adequate resources to continue in operational existence for the foreseeable future and accordingly the company has prepared its financial statements on a going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of property 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.
Government grants
Government grants are accrued on a systematic basis over the period that the related costs have been recognised. Where the costs have already been incurred then government grants are credited to the profit and loss account in full.
Westcoast Convenience Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Tax
The tax expense for the period comprises 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.
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.
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 |
Equipment |
33% straight line |
Investment property
Stocks
The cost of work in progress comprises direct materials and, where applicable, borrowing costs, direct labour costs and those overheads that have been incurred in bringing the inventories to their present 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.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or 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.
Westcoast Convenience Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
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.
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 Profit and Loss Account over the period of the relevant borrowing.
General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.
All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges unless included within capitalised borrowing costs.
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.
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.
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.
Westcoast Convenience Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Financial instruments
Classification
Recognition and measurement
Impairment
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Tangible assets |
Equipment |
Total |
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Cost or valuation |
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At 1 April 2020 |
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Additions |
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At 31 March 2021 |
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Depreciation |
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At 1 April 2020 |
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Charge for the year |
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At 31 March 2021 |
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Carrying amount |
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At 31 March 2021 |
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At 31 March 2020 |
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Westcoast Convenience Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Investment properties |
2021 |
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At 1 April |
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Fair value adjustments |
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At 31 March |
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There has been no valuation of investment property by an independent valuer.
Stocks |
2021 |
2020 |
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Work in progress |
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The amount of borrowing costs incurred during the year that have been included within work in progress totals £8,403 (2020 - £10,304). There is no capitalisation rate applied as all funds borrowed are specifically in relation to the qualifying assets.
Debtors |
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2021 |
2020 |
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Trade debtors |
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Amounts owed by connected companies |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Bank loans and other borrowings |
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Trade creditors |
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Amounts owed to connected companies |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
682,230 |
119,391 |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £295,680 (2020 - £295,680).
Westcoast Convenience Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Creditors: amounts falling due after more than one year
Note |
2021 |
2020 |
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Loans and borrowings |
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Loans and borrowings |
2021 |
2020 |
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Non-current loans and borrowings |
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Other borrowings |
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2021 |
2020 |
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Current loans and borrowings |
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Bank loans |
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Other borrowings |
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- |
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Related party transactions |
Key management personnel
Key management are considered to be the directors.
Summary of transactions with key management
Summary of transactions with parent
Management charges have been charged by the parent company. In addition, management income has been received from the parent company.
Summary of transactions with other related parties
Interest free loans have been provided to and received from key management.
Management income has been received from other related parties.
Westcoast Convenience Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Income and receivables from related parties
2021 |
Parent |
Receipt of services |
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2020 |
Other related parties |
Amounts receivable from related party |
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Expenditure with and payables to related parties
2021 |
Parent |
Rendering of services |
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Loans to related parties
2021 |
Other related parties |
Total |
At start of period |
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Repaid |
( |
( |
At end of period |
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2020 |
Other related parties |
Total |
At start of period |
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Repaid |
( |
( |
At end of period |
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Loans from related parties
2021 |
Parent |
Key management |
Other related parties |
Total |
At start of period |
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- |
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Advanced |
- |
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- |
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Repaid |
( |
- |
( |
( |
At end of period |
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2020 |
Parent |
Key management |
Other related parties |
Total |
At start of period |
- |
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Advanced |
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( |
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At end of period |
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- |
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Westcoast Convenience Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 March 2021
Parent and ultimate parent undertaking |
The company's immediate parent is