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Registration number: 01534383

Wessex Glass Company Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 December 2021

 

Wessex Glass Company Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Wessex Glass Company Limited

Company Information

Directors

Mr Michael Henry Davis

Mrs Lorraine Brenda Davis

Mr Benjamin Davis

Registered office

2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA

Accountants

Stone & Co Chartered Accountants
2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA

 

Wessex Glass Company Limited

(Registration number: 01534383)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

         

Fixed assets

   

Tangible assets

4

 

35,039

36,929

Current assets

   

Stocks

5

2,000

 

2,000

Debtors

6

52,761

 

51,777

Cash at bank and in hand

 

125,895

 

65,041

 

180,656

 

118,818

Creditors: Amounts falling due within one year

7

(89,138)

 

(70,938)

Net current assets

   

91,518

47,880

Total assets less current liabilities

   

126,557

84,809

Provisions for liabilities

 

(6,658)

(7,017)

Net assets

   

119,899

77,792

Capital and reserves

   

Called up share capital

100

 

100

Profit and loss account

119,799

 

77,692

Total equity

   

119,899

77,792

For the financial 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:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 31 August 2022 and signed on its behalf by:
 

 

Wessex Glass Company Limited

(Registration number: 01534383)
Balance Sheet as at 31 December 2021

.........................................

Mr Michael Henry Davis
Director

.........................................

Mrs Lorraine Brenda Davis
Director

 

Wessex Glass Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA
United Kingdom

These financial statements were authorised for issue by the Board on 31 August 2022.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Wessex Glass Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% Reducing Balance

Office equipment

25% Reducing Balance

Plant & Machinery

25% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Wessex Glass Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2020 - 9).

 

Wessex Glass Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2021

4,854

10,111

88,246

103,211

Additions

-

-

23,500

23,500

Disposals

-

-

(25,000)

(25,000)

At 31 December 2021

4,854

10,111

86,746

101,711

Depreciation

At 1 January 2021

4,854

8,401

53,027

66,282

Charge for the year

-

428

9,293

9,721

Eliminated on disposal

-

-

(9,331)

(9,331)

At 31 December 2021

4,854

8,829

52,989

66,672

Carrying amount

At 31 December 2021

-

1,282

33,757

35,039

At 31 December 2020

-

1,710

35,219

36,929

5

Stocks

2021
£

2020
£

Other inventories

2,000

2,000

6

Debtors

Current

2021
£

2020
£

Trade debtors

50,261

51,777

Prepayments

2,500

-

 

52,761

51,777

7

Creditors

Creditors: amounts falling due within one year

 

Wessex Glass Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

-

3,873

Trade creditors

 

23,188

20,154

Taxation and social security

 

57,458

43,356

Accruals and deferred income

 

8,421

2,600

Other creditors

 

71

955

 

89,138

70,938

8

Related party transactions

At the year end the company owed the directors £70 (2020 - £955). No interest was charged on these balances, and the amounts are repayable on demand.

The company paid rent at a commercial rate to the directors totalling £7,272 in the year (2020 - £7,272).

Dividends of £40,800 were paid to the directors in the year (2020 - £25,000).