Company Registration No. SC593592 (Scotland)
Tradstocks Westwood Ltd
Unaudited accounts
for the year ended 30 June 2022
Tradstocks Westwood Ltd
Unaudited accounts
Contents
Tradstocks Westwood Ltd
Company Information
for the year ended 30 June 2022
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 2022
Tangible assets
459,538
373,275
Inventories
246,821
251,668
Cash at bank and in hand
-
40,401
Creditors: amounts falling due within one year
(710,734)
(849,145)
Net current assets
86,328
79,814
Total assets less current liabilities
545,866
453,089
Creditors: amounts falling due after more than one year
(126,613)
(100,724)
Provisions for liabilities
Deferred tax
(80,370)
(58,731)
Net assets
338,883
293,634
Called up share capital
100
100
Profit and loss account
338,783
293,534
Shareholders' funds
338,883
293,634
For the year ending 30 June 2022 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.
The financial statements were approved by the Board of Directors and authorised for issue on 25 November 2022 and were signed on its behalf by
Mark Freedman
Director
Company Registration No. SC593592
Tradstocks Westwood Ltd
Notes to the Accounts
for the year ended 30 June 2022
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 remained unchanged from the previous year, and also 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 year ended 30 June 2022
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
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 July 2021
37,150
488,884
1,004
527,038
Additions
-
173,359
-
173,359
At 30 June 2022
37,150
662,243
1,004
700,397
At 1 July 2021
10,975
142,537
251
153,763
Charge for the year
3,715
83,130
251
87,096
At 30 June 2022
14,690
225,667
502
240,859
At 30 June 2022
22,460
436,576
502
459,538
At 30 June 2021
26,175
346,347
753
373,275
Amounts falling due within one year
Trade debtors
511,648
523,027
Accrued income and prepayments
17,955
93,225
Other debtors
20,638
20,638
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Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
87,822
6,311
Obligations under finance leases and hire purchase contracts
80,944
68,052
Trade creditors
232,974
334,320
Taxes and social security
6,264
46,545
Other creditors
141,399
260,195
Loans from directors
28,936
29,782
Tradstocks Westwood Ltd
Notes to the Accounts
for the year ended 30 June 2022
7
Creditors: amounts falling due after more than one year
2022
2021
Obligations under finance leases and hire purchase contracts
92,446
57,035
During the financial year to 30/06/21, Tradstocks Westwood Ltd applied for and received a Government backed BounceBack loan (BBL) / Coronavirus Business Interruption Loan (CBIL) of £50,000.
The terms of this loan were that:
there was no arrangement fee,
that interest rates throughout the term of the loan were capped at 2.5%,
the first year's interest charges were met by the government,
the government guaranteed 100% of the loan to the bank.
Where material, the difference between the market rate of interest and the capped interest rate of 2.5% is disclosed as both grant income and finance costs within the profit and loss account. Where considered immaterial this is ignored within these accounts.
As the interest rate charges are subsidised by the government in the first year in which the loan is received, these are included within the accounts as Interest payable by Tradstocks Westwood Ltd and the balancing entry, grant income, is included within Other Operating Income.
Capital and interest repayments are made on a consistent monthly basis over the remaining term of the loan from year two onwards and are split according to the sum of digits method between capital repayments and interest to reduce the outstanding loan in the balance sheet and to charge the appropriate amount as finance costs in the profit and loss account.
The loan is considered state aid under the EEC De Minimis rules.
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Average number of employees
During the year the average number of employees was 9 (2021: 9).
