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31/12/2021
2021-12-31
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2021-01-01
Sage Accounts Production 21.0 - FRS102_2021
xbrli:pure
xbrli:shares
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02989515
2021-01-01
2021-12-31
02989515
2021-12-31
02989515
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02989515
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2021-12-31
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2021-12-31
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2021-12-31
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2021-12-31
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2021-12-31
Company registration number:
02989515
(England and Wales)
WSS Procurement Limited
Unaudited filleted financial statements
for the year ended
31 December 2021
WSS Procurement Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
WSS Procurement Limited
Directors and other information
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Directors |
Mr S. J. Gregory |
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Secretary |
S. B. Gregory |
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Company number |
02989515 |
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Registered office |
Unit 19, Langham Barns |
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Langham Lane |
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Langham, Colchester |
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Essex |
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CO4 5ZS |
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Business address |
Unit 19 , Langham Barns |
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Langham Lane |
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Langham, Colchester |
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Essex |
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CO4 5ZS |
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Accountants |
Griffin Chapman |
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4 & 5 The Cedars |
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Apex 12, Old Ipswich Road |
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Colchester |
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Essex |
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CO7 7QR |
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Bankers |
National Westminster Bank PLC |
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25 High Street |
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Colchester |
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CO1 1DG |
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WSS Procurement Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of WSS Procurement Limited
Year ended 31 December 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of WSS Procurement Limited for the year ended 31 December 2021 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of WSS Procurement Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of WSS Procurement Limited and state those matters that we have agreed to state to the board of directors of WSS Procurement Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than WSS Procurement Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that WSS Procurement Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of WSS Procurement Limited. You consider that WSS Procurement Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of WSS Procurement Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Griffin Chapman
Chartered Accountants
4 & 5 The Cedars
Apex 12, Old Ipswich Road
Colchester
Essex
CO7 7QR
7 September 2022
WSS Procurement Limited
Statement of financial position
31 December 2021
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2021 |
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2020 |
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Note |
£ |
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£ |
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£ |
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£ |
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Current assets |
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Debtors |
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5 |
16,549 |
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3,118 |
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Cash at bank and in hand |
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10,918 |
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1,276 |
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_______ |
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_______ |
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27,467 |
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4,394 |
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Creditors: amounts falling due |
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within one year |
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6 |
(
25,459) |
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(
3,830) |
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_______ |
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_______ |
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Net current assets |
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2,008 |
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564 |
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_______ |
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Total assets less current liabilities |
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2,008 |
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564 |
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_______ |
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Net assets |
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2,008 |
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564 |
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
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76 |
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76 |
Profit and loss account |
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1,932 |
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488 |
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_______ |
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Shareholders funds |
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2,008 |
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564 |
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_______ |
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_______ |
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For the year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
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The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These 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 Section 1A of 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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
07 September 2022
, and are signed on behalf of the board by:
Mr S. J. Gregory
Director
Company registration number:
02989515
WSS Procurement Limited
Notes to the financial statements
Year ended 31 December 2021
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 19, Langham Barns, Langham Lane, Langham, Colchester, Essex, CO4 5ZS.
The principal activity of the business continued to be that of international sourcing,
procurement and shipping services
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2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The 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 financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2020: Nil).
5.
Debtors
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2021 |
2020 |
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£ |
£ |
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Trade debtors |
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16,549 |
3,118 |
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_______ |
_______ |
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6.
Creditors: amounts falling due within one year
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2021 |
2020 |
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£ |
£ |
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Trade creditors |
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22,125 |
1,813 |
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Corporation tax |
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339 |
17 |
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Other creditors |
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2,995 |
2,000 |
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_______ |
_______ |
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25,459 |
3,830 |
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_______ |
_______ |
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At the year end, the company owed £641 to (2020: was owed £1,705 by) a fellow subsidiary company. This is made up of a combination of balances within trade debtors and trade creditors.
7.
Controlling party
The company is a wholly owned subsidiary of
WSS Holdings Limited
, a company incorporated in England and Wales.No one individual controls the company.