Western Technologies (Europe) Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 03936604

WESTERN TECHNOLOGIES (EUROPE) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2017

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

BANKERS:

HSBC Bank Plc

1 Great Cornbow

Halesowen

West Midlands

B63 3AD

CURRENT ASSETS

Debtors

5

150,094

176,502

Cash at bank

144,258

126,855

294,352

303,357

CREDITORS

Amounts falling due within one year

6

95,037

109,439

NET CURRENT ASSETS

199,315

193,918

TOTAL ASSETS LESS CURRENT LIABILITIES

199,315

193,918

CAPITAL AND RESERVES

Called up share capital

7

2

2

Retained earnings

199,313

193,916

SHAREHOLDERS' FUNDS

199,315

193,918

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 12th June 2018 and were signed on its behalf by:

R W Patterson - Director

1.	STATUTORY INFORMATION

Western Technologies (Europe) Limited 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 financial statements are presented in sterling which is the functional currency of the company and 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 (2016 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st January 2017

and 31st December 2017

1,546

DEPRECIATION

At 1st January 2017

and 31st December 2017

1,546

NET BOOK VALUE

At 31st December 2017

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

96,677

129,365

Amounts owed by group undertakings

-

14,532

Amounts recoverable on contract

48,747

32,605

VAT

4,670

-

150,094

176,502

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Payments on account

84,144

8,570

Trade creditors

705

5,778

Amounts owed to group undertakings

787

-

Tax

1,387

3,722

VAT

-

13,080

Accrued expenses

8,014

78,289

95,037

109,439

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

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.