<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-K

                Annual Report Pursuant to Section 13 or 15(d) of
                       the Securities Exchange Act of 1934
(Mark One)
[X]    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
       EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

         For the fiscal year ended: December 31, 1997
                                       OR

[ ]    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
       EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

         For the transition period from __________ to __________

                        Commission file number: 0-24718
                                                -------

                   WestPoint Stevens Receivables Master Trust
      (Issuer in respect of the WestPoint Stevens Receivables Master Trust
   Floating Rate Trade Receivables Participation Certificates, Series 1994-1)
   --------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

  New York (governing law of
pooling and servicing agreement)                        58-2080658
--------------------------------            ------------------------------------
(State or other jurisdiction of             (I.R.S. Employer Identification No.)
 incorporation or organization)


507 West 10th Street, West Point, Georgia                  31833
-----------------------------------------   ------------------------------------
(Address of principal executive offices)                 (zip code)

Registrant's telephone number, including area code: (706) 645-4248

Securities registered pursuant to Section 12(b) of the Act: None.

Securities registered pursuant to Section 12(g) of the Act:
WestPoint Stevens Receivables Master Trust Floating Rate Trade Receivables
Participation Certificates, Series 1994-1
--------------------------------------------------------------------------------
                                (Title of Class)

Indicate by check mark whether the Registrant: (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes  X . No    .
                                              ---     ---

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of the Form 10-K or any amendment to this
Form 10-K. [ X ]
            ---

Aggregate market value of the voting stock held by non-affiliates of the
Registrant as of December 31, 1997: Not applicable.

Number of shares of common stock outstanding as of December 31, 1997: Not
applicable.
<PAGE>   2
                                     PART I

ITEM 1. BUSINESS.

       The trust relating to the Series 1994-1 Certificates (the "Trust") was
established pursuant to an Amended and Restated Pooling and Servicing Agreement,
dated as of May 27, 1994 (as supplemented, the "Pooling and Servicing
Agreement"), among the Registrant, WestPoint Stevens Inc., as servicer (in such
capacity, the "Servicer") and Chase Manhattan Bank, as trustee (in such
capacity, the "Trustee") of the Trust, a copy of which was attached as Exhibit
3.1 to Registrant's Annual Report on Form 10-K for the fiscal year ended
December 31, 1994.

       The Trust has issued the WestPoint Stevens Receivables Master Trust
Floating Rate Trade Receivables Participation Certificates, Series 1994-1 (the
"Certificates"). The Certificates evidence a fractional undivided interest in
the Trust. The Trust consists primarily of a segregated pool of trade
receivables (the "Receivables"). Holders of the Certificates (the
"Certificateholders") receive Monthly Settlement Statements regarding
distributions.

       Other information with respect to the business of the Trust is omitted
pursuant to the exemption request to the Office of Chief Counsel of the Division
of Corporation Finance, Securities and Exchange Commission (the "Office of the
Chief Counsel") dated March 31, 1995 (the "Exemption Letter") with respect to
the Certificates and the Response of the Office of the Chief Counsel to the
Exemption Letter dated May 8, 1995 (the "No Action Letter").

ITEM 2. PROPERTIES.

       The Servicer's monthly certificates as to compliance (each, a "Monthly
Certificate of Servicer") for each month of the fiscal year covered by this Form
10-K have been filed by the Servicer as an exhibit to this Form 10-K under Items
8 and 14. The Monthly Certificate of Servicer is a certification by an officer
of the Servicer that such officer is not aware of the occurrence and continuance
of any liquidation event, unmatured liquidation event or payout event under the
Pooling and Servicing Agreement. The annual statement as to compliance which the
Servicer is required to deliver to the Trustee (the "Annual Servicing Report of
Independent Accountants") will be filed by the Servicer as an exhibit to this
Form 10-K under Items 8 and 14. The Annual Servicing Report of Independent
Accountants is a report by independent public accountants, in accordance with
Section 3.07 of the Pooling and Servicing Agreement, stating that such
accountants have performed certain agreed upon procedures, in accordance with
standards established by the American Institute of Certified Public Accountants,
relative to the Servicer's servicing of the Receivables and that, in performing
such agreed upon procedures, no material exceptions were noted.

       Other information omitted pursuant to Exemption Letter and No Action
Letter.




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<PAGE>   3
ITEM 3. LEGAL PROCEEDINGS.

       The Registrant knows of no material pending legal proceedings involving
the Receivables allocated to the Certificates or involving the Servicer, the
Trustee or WPS Receivables Corporation with respect to such Receivables, other
than ordinary or routine litigation incidental to the Servicer's, the Trustee's
or WPS Receivables Corporation's duties under the Pooling and Servicing
Agreement.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

       No matters were submitted to a vote of Certificateholders during the
fiscal year covered by this report.


                                     PART II

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.

       The Certificates represent the beneficial ownership of the Trust
consisting of the Receivables which are owned by Certificateholders as trust
beneficiaries. Strictly speaking, the Registrant has no "common equity," but for
purposes of this Item only, the Certificates are treated as "common equity."

              (a)    Market Information. To the best knowledge of the
                     Registrant, there is no established public trading market
                     for the Certificates.

              (b)    Holders. The Certificates are registered in the name of
                     only one holder, Cede & Co., the nominee of The Depository
                     Trust Company as of December 31, 1997.

              (c)    Dividends. Response omitted pursuant to Exemption Letter
                     and No Action Letter.

ITEM 6. SELECTED FINANCIAL DATA.

       Response omitted pursuant to Exemption Letter and No Action Letter.

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
        OF OPERATIONS.

       Response omitted pursuant to Exemption Letter and No Action Letter.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

       Annual Servicing Report of Independent Public Accountants on the
Servicer's servicing activities is filed as exhibit 99.1 hereto.



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<PAGE>   4
       Certain information that is contained in the Current Reports on Form 8-K
for the preceding fiscal year is presented on an annualized basis as appropriate
and is filed as exhibit 99.2 hereto.

       Monthly Certificates of Servicer as to compliance for each month of the
fiscal year covered by this Form 10-K are filed as exhibit 99.3 hereto.

       Monthly Settlement Statement to Certificateholders filed as exhibit to
Registrant's Current Report on Form 8-K as to distributions made on February 18,
1997 (hereby incorporated herein by reference and filed with the Securities and
Exchange Commission on March 3, 1997).

       Monthly Settlement Statement to Certificateholders filed as exhibit to
Registrant's Current Report on Form 8-K as to distributions made on March 18,
1997 (hereby incorporated herein by reference and filed with the Securities and
Exchange Commission on April 7, 1997).

       Monthly Settlement Statement to Certificateholders filed as exhibit to
Registrant's Current Report on Form 8-K as to distributions made on April 18,
1997 (hereby incorporated herein by reference and filed with the Securities and
Exchange Commission on April 21, 1997).

       Monthly Settlement Statement to Certificateholders filed as exhibit to
Registrant's Current Report on Form 8-K as to distributions made on May 19, 1997
(hereby incorporated herein by reference and filed with the Securities and
Exchange Commission on May 23, 1997).

       Monthly Settlement Statement to Certificateholders filed as exhibit to
Registrant's Current Report on Form 8-K as to distributions made on June 18,
1997 (hereby incorporated herein by reference and filed with the Securities and
Exchange Commission on June 20, 1997).

       Monthly Settlement Statement to Certificateholders filed as exhibit to
Registrant's Current Report on Form 8-K as to distributions made on July 18,
1997 (hereby incorporated herein by reference and filed with the Securities and
Exchange Commission on July 24, 1997).

       Monthly Settlement Statement to Certificateholders filed as exhibit to
Registrant's Current Report on Form 8-K as to distributions made on August 18,
1997 (hereby incorporated herein by reference and filed with the Securities and
Exchange Commission on August 27, 1997).

       Monthly Settlement Statement to Certificateholders filed as exhibit to
Registrant's Current Report on Form 8-K as to distributions made on September
18, 1997 (hereby incorporated herein by reference and filed with the Securities
and Exchange Commission on September 23, 1997).

       Monthly Settlement Statement to Certificateholders filed as exhibit to
Registrant's Current Report on Form 8-K as to distributions made on October 20,
1997 (hereby incorporated herein by reference and filed with the Securities and
Exchange Commission on October 29, 1997).

       Monthly Settlement Statement to Certificateholders filed as exhibit to
Registrant's Current Report on Form 8-K as to distributions made on November 18,
1997 (hereby incorporated herein by reference and filed with the Securities and
Exchange Commission on November 25, 1997).

       Monthly Settlement Statement to Certificateholders filed as exhibit to
Registrant's Current Report



                                        4
<PAGE>   5
on Form 8-K as to distributions made on December 18, 1997 (hereby incorporated
herein by reference and filed with the Securities and Exchange Commission on
December 18, 1997).

       Monthly Settlement Statement to Certificateholders filed as exhibit to
Registrant's Current Report on Form 8-K as to distributions made on January 20,
1998 (hereby incorporated herein by reference and filed with the Securities and
Exchange Commission on January 29, 1998).

       Other information omitted pursuant to Exemption Letter and No Action
Letter.


ITEM 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
         FINANCIAL DISCLOSURE.

       None.


                                    PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT.

       Response omitted pursuant to Exemption Letter and No Action Letter.

ITEM 11. EXECUTIVE COMPENSATION.

       Response omitted pursuant to Exemption Letter and No Action Letter.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.

       (a)    The Certificates are registered in the name of only one holder,
              Cede & Co., Inc., the nominee of The Depository Trust Company as
              of December 31, 1997.

              Other information omitted pursuant to Exemption Letter and No
              Action Letter.

       (b)    Response omitted pursuant to Exemption Letter and No Action
              Letter.

       (c)    Response omitted pursuant to Exemption Letter and No Action
              Letter.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS.

       (a)    (1) Response omitted pursuant to Exemption Letter and No Action
              Letter.

       (a)    (2) Response omitted pursuant to Exemption Letter and No Action
              Letter.

       (a)    (3) Registrant knows of no transaction or series of transactions
              during the fiscal year ended December 31, 1997, or any currently
              proposed transaction or series of transactions, in an amount
              exceeding $60,000 involving the Registrant in which a
              Certificateholder who owns of record or beneficially more than
              five percent of the Certificates had or will have a direct or
              indirect material interest.




                                        5
<PAGE>   6

       (b)    Response omitted pursuant to Exemption Letter and No Action
              Letter.

       (c)    Response omitted pursuant to Exemption Letter and No Action
              Letter.

       (d)    Response omitted pursuant to Exemption Letter and No Action
              Letter.


                                     PART IV

ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K.

       (a)    The following is a list of documents filed as part of this report:


EXHIBITS

Exhibit
Number

 4.1   Amended and Restated Pooling and Servicing Agreement of the Registrant
       dated as of May 27, 1994 (hereby incorporated herein by reference to
       Registrants Annual Report on Form 10-K for the fiscal year ended December
       31, 1994 (Commission File No. 33-76956) filed with The Securities and
       Exchange Commission).

99.1   Annual Servicing Report of Independent Accountants on the Servicer's
       servicing activities is filed as exhibit 99.1 hereto.

99.2   Certain information that is contained in the Current Reports on Form 8-K
       for the preceding fiscal year is presented on an annualized basis as
       appropriate and is filed as exhibit 99.2 hereto.

99.3   Monthly Certificates of Servicer as to compliance for each month of the
       fiscal year covered by this Form 10-K are filed as exhibit 99.3 hereto.

99.4   Monthly Settlement Statement to Certificateholders filed as exhibit to
       Registrant's Current Report on Form 8-K as to distributions made on
       February 18, 1997 (hereby incorporated herein by reference and filed with
       the Securities and Exchange Commission on March 3, 1997).

99.5   Monthly Settlement Statement to Certificateholders filed as exhibit to
       Registrant's Current Report on Form 8-K as to distributions made on March
       18, 1997 (hereby incorporated herein by reference and filed with the
       Securities and Exchange Commission on April 7, 1997).

99.6   Monthly Settlement Statement to Certificateholders filed as exhibit to
       Registrant's Current Report on Form 8-K as to distributions made on April
       18, 1997 (hereby incorporated herein by reference and filed with the
       Securities and Exchange Commission on April 21, 1997).



                                       6
<PAGE>   7
99.7   Monthly Settlement Statement to Certificateholders filed as exhibit to
       Registrant's Current Report on Form 8-K as to distributions made on May
       19, 1997 (hereby incorporated herein by reference and filed with the
       Securities and Exchange Commission on May 23, 1997).

99.8   Monthly Settlement Statement to Certificateholders filed as exhibit to
       Registrant's Current Report on Form 8-K as to distributions made on June
       18, 1997 (hereby incorporated herein by reference and filed with the
       Securities and Exchange Commission on June 20, 1997).

99.9   Monthly Settlement Statement to Certificateholders filed as exhibit to
       Registrant's Current Report on Form 8-K as to distributions made on July
       18, 1997 (hereby incorporated herein by reference and filed with the
       Securities and Exchange Commission on July 24, 1997).

99.10  Monthly Settlement Statement to Certificateholders filed as exhibit to
       Registrant's Current Report on Form 8-K as to distributions made on
       August 18, 1997 (hereby incorporated herein by reference and filed with
       the Securities and Exchange Commission on August 27, 1997).

99.11  Monthly Settlement Statement to Certificateholders filed as exhibit to
       Registrant's Current Report on Form 8-K as to distributions made on
       September 18, 1997 (hereby incorporated herein by reference and filed
       with the Securities and Exchange Commission on September 23, 1997).

99.12  Monthly Settlement Statement to Certificateholders filed as exhibit to
       Registrant's Current Report on Form 8-K as to distributions made on
       October 20, 1997 (hereby incorporated herein by reference and filed with
       the Securities and Exchange Commission on October 29, 1997).

99.13  Monthly Settlement Statement to Certificateholders filed as exhibit to
       Registrant's Current Report on Form 8-K as to distributions made on
       November 18, 1997 (hereby incorporated herein by reference and filed with
       the Securities and Exchange Commission on November 25, 1997).

99.14  Monthly Settlement Statement to Certificateholders filed as exhibit to
       Registrant's Current Report on Form 8-K as to distributions made on
       December 18, 1997 (hereby incorporated herein by reference and filed with
       the Securities and Exchange Commission on December 18, 1997).

99.15  Monthly Settlement Statement to Certificateholders filed as exhibit to
       Registrant's Current Report on Form 8-K as to distributions made on
       January 20, 1998 (hereby incorporated herein by reference and filed with
       the Securities and Exchange Commission on January 29, 1998).




       (b)    The following reports on Form 8-K were filed during the last
              quarter of the period covered by this report and are hereby
              incorporated by reference:



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<PAGE>   8
<TABLE>
<CAPTION>
                     DATE FILED           EVENT REPORTED
                     ----------           --------------
                     <S>                  <C>
                     October 29, 1997     October 20, 1997 distribution to certificateholders
                     November 25, 1997    November 18, 1997 distribution to certificateholders
                     December 18, 1997    December 18, 1997 distribution to certificateholders
</TABLE>

       (c)    Response omitted pursuant to Exemption Letter and No Action
              Letter.

       (d)    Response omitted pursuant to Exemption Letter and No Action
              Letter.

                    SUPPLEMENTAL INFORMATION TO BE FURNISHED
                  WITH REPORTS FILED PURSUANT TO SECTION 15(D)
                    BY REGISTRANTS WHICH HAVE NOT REGISTERED
                  SECURITIES PURSUANT TO SECTION 12 OF THE ACT

       No annual report, proxy statement, form of proxy or other soliciting
material has been sent to Certificateholders, and the Registrant does not
contemplate sending any such materials subsequent to the filing of this report.


                                    SIGNATURE

       Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this report to be signed on
its behalf by the undersigned, thereunto duly authorized.

                                          WESTPOINT STEVENS RECEIVABLES
                                           MASTER TRUST

                                          By: WESTPOINT STEVENS INC.,
                                                as Servicer



                                          By: /s/ J. Nelson Griffith
                                             -----------------------------------
                                              Name: J. Nelson Griffith
                                              Title: Controller


Date: March 26, 1998



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<PAGE>   9
                                  EXHIBIT INDEX

<TABLE>
<CAPTION>
                                                                                     Sequential
Exhibit                                 Document                                     Page Number
-------                                 --------                                     -----------
<S>    <C>                                                                           <C>


4.1    Amended and Restated Pooling and Servicing Agreement of the Registrant              *
       dated as of May 27, 1994 (hereby incorporated herein by reference to
       Registrants Annual Report on Form 10-K for the fiscal year ended December
       31, 1994 (Commission File No. 33-76956) filed with The Securities and
       Exchange Commission).

99.1   Annual Servicing Report of Independent Accountants on the Servicer's                *
       servicing activities is filed as exhibit 99.1 hereto.

99.2   Certain information that is contained in the Current Reports on Form 8-K            *
       for the preceding fiscal year is presented on an annualized basis as
       appropriate and is filed as exhibit 99.2 hereto.

99.3   Monthly Certificates of Servicer as to compliance for each month of the             *
       fiscal year covered by this Form 10-K are filed as exhibit 99.3 hereto.

99.4   Monthly Settlement Statement to Certificateholders filed as exhibit to              *
       Registrant's Current Report on Form 8-K as to distributions made on
       February 18, 1997 (hereby incorporated herein by reference and filed with
       the Securities and Exchange Commission on March 3, 1997).

99.5   Monthly Settlement Statement to Certificateholders filed as exhibit to              *
       Registrant's Current Report on Form 8-K as to distributions made on March
       18, 1997 (hereby incorporated herein by reference and filed with the
       Securities and Exchange Commission on April 7, 1997).

99.6   Monthly Settlement Statement to Certificateholders filed as exhibit to              *
       Registrant's Current Report on Form 8-K as to distributions made on April
       18, 1997 (hereby incorporated herein by reference and filed with the
       Securities and Exchange Commission on April 21, 1997).

99.7   Monthly Settlement Statement to Certificateholders filed as exhibit to              *
       Registrant's Current Report on Form 8-K as to distributions made on May
       19, 1997 (hereby incorporated herein by reference and filed with the
       Securities and Exchange Commission on May 23, 1997).

99.8   Monthly Settlement Statement to Certificateholders filed as exhibit to              *
       Registrant's Current Report on Form 8-K as to distributions made on June
       18, 1997 (hereby incorporated herein by reference and filed with the
       Securities and Exchange Commission on June 20, 1997).
</TABLE>



                                        9

<PAGE>   10
<TABLE>
<CAPTION>
                                                                                     Sequential
Exhibit                                 Document                                     Page Number
-------                                 --------                                     -----------
<S>    <C>                                                                           <C>


99.9   Monthly Settlement Statement to Certificateholders filed as exhibit to              *
       Registrant's Current Report on Form 8-K as to distributions made on July
       18, 1997 (hereby incorporated herein by reference and filed with the
       Securities and Exchange Commission on July 24, 1997).

99.10  Monthly Settlement Statement to Certificateholders filed as exhibit to              *
       Registrant's Current Report on Form 8-K as to distributions made on
       August 18, 1997 (hereby incorporated herein by reference and filed with
       the Securities and Exchange Commission on August 27, 1997).

99.11  Monthly Settlement Statement to Certificateholders filed as exhibit to              *
       Registrant's Current Report on Form 8-K as to distributions made on
       September 18, 1997 (hereby incorporated herein by reference and filed
       with the Securities and Exchange Commission on September 23, 1997).

99.12  Monthly Settlement Statement to Certificateholders filed as exhibit to              *
       Registrant's Current Report on Form 8-K as to distributions made on
       October 20, 1997 (hereby incorporated herein by reference and filed with
       the Securities and Exchange Commission on October 29, 1997).

99.13  Monthly Settlement Statement to Certificateholders filed as exhibit to              *
       Registrant's Current Report on Form 8-K as to distributions made on
       November 18, 1997 (hereby incorporated herein by reference and filed with
       the Securities and Exchange Commission on November 25, 1997).

99.14  Monthly Settlement Statement to Certificateholders filed as exhibit to              *
       Registrant's Current Report on Form 8-K as to distributions made on
       December 18, 1997 (hereby incorporated herein by reference and filed with
       the Securities and Exchange Commission on December 18, 1997).

99.15  Monthly Settlement Statement to Certificateholders filed as exhibit to              *
       Registrant's Current Report on Form 8-K as to distributions made on
       January 20, 1998 (hereby incorporated herein by reference and filed with
       the Securities and Exchange Commission on January 29, 1998).
</TABLE>



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