Westbase Technology Solutions Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06597528 (England and Wales)

Westbase Technology Solutions Limited

Financial Statements

for the Year Ended 31 December 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

S Kakad

J Bean

REGISTERED OFFICE:

Westbase House

Lodge Way

Severn Bridge Industrial Estate

Caldicot

Monmouthshire

NP26 5PS

REGISTERED NUMBER:

06597528 (England and Wales)

AUDITORS:

Griffiths Green Arnold

Chartered Accountants & Statutory Auditors

11 New Street

Pontnewydd

Cwmbran

NP44 1EE

FIXED ASSETS

Tangible assets

4

26,561

2,797

CURRENT ASSETS

Debtors

5

542,798

301,228

Cash at bank

57,924

89,481

600,722

390,709

CREDITORS

Amounts falling due within one year

6

366,991

338,453

NET CURRENT ASSETS

233,731

52,256

TOTAL ASSETS LESS CURRENT LIABILITIES

260,292

55,053

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

260,291

55,052

260,292

55,053

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 September 2021 and were signed on its behalf by:

J Bean - Director

1.	STATUTORY INFORMATION

Westbase Technology Solutions Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover, relating to telecommunications services, is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

the period of the lease

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

£

COST

At 1 January 2020

714,827

Additions

24,696

At 31 December 2020

739,523

DEPRECIATION

At 1 January 2020

712,030

Charge for year

932

At 31 December 2020

712,962

NET BOOK VALUE

At 31 December 2020

26,561

At 31 December 2019

2,797

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Amounts owed by group undertakings

542,798

301,228

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade creditors

1,802

2

Amounts owed to group undertakings

338,451

288,936

Taxation and social security

24,337

46,755

Other creditors

2,401

2,760

366,991

338,453

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

G Francis FCCA ACA (Senior Statutory Auditor)

for and on behalf of Griffiths Green Arnold

8.	CAPITAL COMMITMENTS

31.12.20

31.12.19

£

£

Contracted but not provided for in the

financial statements

798,657

-

Post year end and prior to the date of signing the audit report, Westbase Technology Solutions Limited acquired assets for the above amount from its fellow subsidiary, Westbase Technology Limited.

9.	OTHER FINANCIAL COMMITMENTS

The company is part of an unlimited intercompany guarantee, which relates to Westbase Group Limited, Westbase Technology Limited and Westbase Technology Solutions Limited. This is in relation to two facilities provided by AIB bank; A customs and excise bond of £3,000 and an offer of forward foreign exchange trades and currency options/foreign exchange derivatives.

In addition there is a mortgage debenture in place at the year end over the assets of the company. This charge was satisfied in April 2021.

10.	ULTIMATE CONTROLLING PARTY

The company's parent undertaking at the balance sheet date was Westbase Group Limited, a company incorporated in England and Wales. Copies of the group accounts can be obtained from the registered office of Westbase Technology Solutions Limited.