Wessex Technology Opto-Electronic Products Limited 02833845 false 2021-01-01 2021-12-31 2021-12-31 The principal activity of the company is the design, supply and support of document and product authentication systems Digita Accounts Production Advanced 6.30.9574.0 true false false 02833845 2021-01-01 2021-12-31 02833845 2021-12-31 02833845 bus:OrdinaryShareClass1 2021-12-31 02833845 bus:PreferenceShareClass1 2021-12-31 02833845 core:CurrentFinancialInstruments 2021-12-31 02833845 core:CurrentFinancialInstruments core:WithinOneYear 2021-12-31 02833845 core:Goodwill 2021-12-31 02833845 core:FurnitureFittingsToolsEquipment 2021-12-31 02833845 bus:SmallEntities 2021-01-01 2021-12-31 02833845 bus:AuditExemptWithAccountantsReport 2021-01-01 2021-12-31 02833845 bus:FullAccounts 2021-01-01 2021-12-31 02833845 bus:SmallCompaniesRegimeForAccounts 2021-01-01 2021-12-31 02833845 bus:RegisteredOffice 2021-01-01 2021-12-31 02833845 bus:CompanySecretary1 2021-01-01 2021-12-31 02833845 bus:Director1 2021-01-01 2021-12-31 02833845 bus:OrdinaryShareClass1 2021-01-01 2021-12-31 02833845 bus:PreferenceShareClass1 2021-01-01 2021-12-31 02833845 bus:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 02833845 core:Goodwill 2021-01-01 2021-12-31 02833845 core:PatentsTrademarksLicencesConcessionsSimilar 2021-01-01 2021-12-31 02833845 core:FurnitureFittings 2021-01-01 2021-12-31 02833845 core:FurnitureFittingsToolsEquipment 2021-01-01 2021-12-31 02833845 core:PlantMachinery 2021-01-01 2021-12-31 02833845 core:Subsidiary1 2021-01-01 2021-12-31 02833845 core:Subsidiary1 1 2021-01-01 2021-12-31 02833845 core:Subsidiary1 countries:England 2021-01-01 2021-12-31 02833845 countries:England 2021-01-01 2021-12-31 02833845 2020-12-31 02833845 core:Goodwill 2020-12-31 02833845 core:CostValuation 2020-12-31 02833845 core:FurnitureFittingsToolsEquipment 2020-12-31 02833845 2020-01-01 2020-12-31 02833845 2020-12-31 02833845 bus:OrdinaryShareClass1 2020-12-31 02833845 bus:PreferenceShareClass1 2020-12-31 02833845 core:CurrentFinancialInstruments 2020-12-31 02833845 core:CurrentFinancialInstruments core:WithinOneYear 2020-12-31 02833845 core:FurnitureFittingsToolsEquipment 2020-12-31 02833845 core:Subsidiary1 1 2020-01-01 2020-12-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 02833845

Wessex Technology Opto-Electronic Products Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Wessex Technology Opto-Electronic Products Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 10

 

Wessex Technology Opto-Electronic Products Limited

Company Information

Director

Mr A J Bell

Company secretary

Miss A S Davies

Registered office

Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

Accountants

MMO Limited
Chartered Accountants
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN

 

Wessex Technology Opto-Electronic Products Limited

(Registration number: 02833845)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

5

1,156

2,575

Investments

6

200

200

 

1,356

2,775

Current assets

 

Stocks

8

259,850

371,821

Debtors

9

21,459

16,484

Cash at bank and in hand

 

64,639

118,445

 

345,948

506,750

Creditors: Amounts falling due within one year

10

(25,313)

(210,352)

Net current assets

 

320,635

296,398

Net assets

 

321,991

299,173

Capital and reserves

 

Called up share capital

11

400

400

Retained earnings

321,591

298,773

Shareholders' funds

 

321,991

299,173

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.

Director's 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 director acknowledges his 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 director on 5 April 2022
 

.........................................
Mr A J Bell
Director

 

Wessex Technology Opto-Electronic Products 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.

The address of its registered office is:
Wellesley House
204 London Road
Waterlooville
Hampshire
PO7 7AN
England

The principal place of business is:
Office 62
Pure Offices
1 Port Way
Portsmouth
Hampshire
PO6 4TY
England

These financial statements were authorised for issue by the director on 5 April 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.

All figures are presented in British Sterling, which is the functional currency of the company, and are rounded to the nearest £1.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 399(4) of the Companies Act 2006 and has not prepared group accounts. .

 

Wessex Technology Opto-Electronic Products Limited

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

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.

Government grants

Government grants relating to revenue expenditure are recognised in income over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current 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.

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

Plant and machinery

20% reducing balance

Fixtures and fittings

20% reducing balance

 

Wessex Technology Opto-Electronic Products Limited

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

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Patents

Fully written off

Goodwill

Fully written off

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

 

Wessex Technology Opto-Electronic Products Limited

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

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.

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2020 - 6).

 

Wessex Technology Opto-Electronic Products Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2021

10,000

10,000

At 31 December 2021

10,000

10,000

Amortisation

At 1 January 2021

10,000

10,000

At 31 December 2021

10,000

10,000

Carrying amount

At 31 December 2021

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2021

46,730

46,730

Disposals

(12,433)

(12,433)

At 31 December 2021

34,297

34,297

Depreciation

At 1 January 2021

44,155

44,155

Charge for the year

290

290

Eliminated on disposal

(11,304)

(11,304)

At 31 December 2021

33,141

33,141

Carrying amount

At 31 December 2021

1,156

1,156

At 31 December 2020

2,575

2,575

6

Investments

2021
£

2020
£

Investments in subsidiaries

200

200

 

Wessex Technology Opto-Electronic Products Limited

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

Subsidiaries

£

Cost or valuation

At 1 January 2021

200

Provision

Carrying amount

At 31 December 2021

200

At 31 December 2020

200

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2021

2020

Subsidiary undertakings

Wessex Technology Limited

Wellesley House
204 London Road
Waterlooville
Po7 7AN

England

ordinary and preference

100%

100%

Subsidiary undertakings

Wessex Technology Limited

The principal activity of Wessex Technology Limited is Dormant.

 

Wessex Technology Opto-Electronic Products Limited

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

7

Other financial assets (current and non-current)

Non-current financial assets

Cost or valuation

Impairment

Carrying amount

At 31 December 2021

8

Stocks

2021
£

2020
£

Work in progress

259,850

259,849

Other inventories

-

111,972

259,850

371,821

9

Debtors

Current

2021
£

2020
£

Trade debtors

15,383

5,605

Prepayments

5,025

5,085

Other debtors

1,051

5,794

 

21,459

16,484

10

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Trade creditors

1,131

29,614

Taxation and social security

3,980

3,986

Accruals and deferred income

4,800

5,376

Other creditors

15,402

171,376

25,313

210,352

11

Share capital

Allotted, called up and fully paid shares

 

Wessex Technology Opto-Electronic Products Limited

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

 

2021

2020

 

No.

£

No.

£

Ordinary of £1 each

200

200

200

200

Preference of £1 each

200

200

200

200

 

400

400

400

400