Western Technologies (Europe) Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 03936604

WESTERN TECHNOLOGIES (EUROPE) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

R W Patterson

C S Mason

SECRETARY:

Ms M Cypert

REGISTERED OFFICE:

Unit E

Peartree Industrial Estate

Crackley Way, Peartree Lane

Dudley

West Midlands

DY2 0UW

REGISTERED NUMBER:

03936604

ACCOUNTANTS:

Worton Rock Limited

Churchfield House

36 Vicar Street

Dudley

West Midlands

DY2 8RG

BANKERS:

HSBC Bank Plc

1 Great Cornbow

Halesowen

West Midlands

B63 3AD

CURRENT ASSETS

Debtors

5

88,664

220,072

Cash at bank

494,622

241,067

583,286

461,139

CREDITORS

Amounts falling due within one year

6

395,933

266,460

NET CURRENT ASSETS

187,353

194,679

TOTAL ASSETS LESS CURRENT LIABILITIES

187,353

194,679

CAPITAL AND RESERVES

Called up share capital

7

2

2

Retained earnings

187,351

194,677

SHAREHOLDERS' FUNDS

187,353

194,679

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

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.

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 26 April 2023 and were signed on its behalf by:

R W Patterson - Director

1.	STATUTORY INFORMATION

Western Technologies (Europe) is a private company, limited by shares, registered in England and Wales. The company's registered number and registered address is given in the company information on page 1 of the financial statements.

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

The financial statements have been rounded to the nearest £.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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 have been consistently applied within the same accounts.

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 represents net invoiced sales of goods and services, excluding value added tax.

(i) Sale of goods/parts

Turnover from sales of parts and spares is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transactions will flow to the company and the costs incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

(ii) Rendering of services

Turnover is recognised on completion of the service.

(iii) Long Term Contracts

Turnover also includes revenue in relation to long term contracts calculated by reference to the stage of completion. This is measured by the proportion that contract costs incurred to date bear to the estimated total contract costs. Where a contracts costs will exceed turnover, the expected loss is recognised as an expense immediately.

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 etc

-

33% on cost

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 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.

Cash and cash equivalents

Cash and cash equivalents includes deposits held at call at banks.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Creditors

Short term creditors are measured at transaction price, less any impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2021 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2022

and 31 December 2022

1,546

DEPRECIATION

At 1 January 2022

and 31 December 2022

1,546

NET BOOK VALUE

At 31 December 2022

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

50,747

187,923

Amounts recoverable on contract

37,917

31,655

Tax

-

494

88,664

220,072

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Payments on account

43,455

111,678

Trade creditors

100,548

53,219

Amounts owed to group undertakings

154,665

1,780

VAT

9,320

14,420

Accrued expenses

87,945

85,363

395,933

266,460

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

2

Ordinary

£1

2

2

8.	ULTIMATE CONTROLLING PARTY

The company is controlled by its directors due to their shareholdings in Western Technologies Inc., the ultimate parent company. The parent undertakings registered office is 4457 S Zunis, Tulsa, Oklahoma, 74105, USA.