Westfield Technology Group Limited Filleted accounts for Companies House (small and micro)

WESTFIELD TECHNOLOGY GROUP LIMITED - Company Information

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STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS

All of the members of Westfield Technology Group Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 December 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 04052158

WESTFIELD TECHNOLOGY GROUP LIMITED

FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 December 2017

WESTFIELD TECHNOLOGY GROUP LIMITED

REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF WESTFIELD TECHNOLOGY GROUP LIMITED

YEAR ENDED 31 DECEMBER 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Westfield Technology Group Limited for the year ended 31 December 2017, which comprise the abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.

LANGARD LIFFORD HALL LIMITED Accountants and Registered Auditors

Lifford Hall Lifford Lane Kings Norton Birmingham B30 3JN

2 May 2018

WESTFIELD TECHNOLOGY GROUP LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION

31 December 2017

	2017		2016
Note	£	£	£	£

Fixed assets

Investments	5		1,135,160		1,135,159

Current assets

Debtors	6	1,608,718	1,598,930
Cash at bank and in hand		20	552
		--------------	--------------
		1,608,738	1,599,482

Creditors: amounts falling due within one year	238,024		236,054
	--------------		--------------
Net current assets		1,370,714		1,363,428
		--------------		--------------
Total assets less current liabilities		2,505,874		2,498,587

Creditors: amounts falling due after more than one year	2,329,146	2,319,359
	--------------	--------------
Net assets	176,728	179,228
	--------------	--------------

Capital and reserves

Called up share capital	4,570	4,570
Share premium account	491,703	491,703
Profit and loss account	( 319,545)	( 317,045)
	------------	------------
Shareholders funds	176,728	179,228
	------------	------------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.

For the year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

WESTFIELD TECHNOLOGY GROUP LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)

31 December 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 2 May 2018 , and are signed on behalf of the board by:

J M Turner

Director

Company registration number: 04052158

WESTFIELD TECHNOLOGY GROUP LIMITED

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

YEAR ENDED 31 DECEMBER 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lifford Hall, Lifford Lane, Kings Norton, Birmingham, B30 3JN.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The company has taken advantage of the option not to prepare consolidated abridged financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Research & Development	-	25% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Research and development

Research and development expenditure is capitalised and written off over a 10 year period. Each project is reviewed annually to ensure its viability and its recoverability of expenditure.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in joint ventures

Investments in joint ventures accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

4. Intangible assets

	£
Cost
At 1 January 2017 and 31 December 2017	12,275
	------------
Amortisation
At 1 January 2017 and 31 December 2017	12,275
	------------
Carrying amount
At 31 December 2017	–
	------------
At 31 December 2016	–
	------------

5. Investments

	£
Cost
At 1 January 2017	1,135,159
Additions	1
	--------------
At 31 December 2017	1,135,160
	--------------
Impairment
At 1 January 2017 and 31 December 2017	–
	--------------
Carrying amount
At 31 December 2017	1,135,160
	--------------
At 31 December 2016	1,135,159
	--------------

6. Debtors

Debtors include amounts of £1,608,718 (2016: £1,598,930) falling due after more than one year.

7. Related party transactions

The company is controlled by F Turner by way of his majority shareholding in the parent company, Potenza Enterprises Limited. Amounts owed to Potenza Enterprises Limited by way of a loan at the balance sheet date totalled £2,544,146 (2016: £2,534,359). Amounts owed by subsidiary undertaking, Westfield Sports Cars Limited by way of a loan at the balance sheet date totalled £1,605,293 (2016: £1,595,505). Included in other debtors are amounts owed by Westfield Sports Cars Limited of £2,074 (2016: £2,074).