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Company No: 05819551 (England and Wales)

WESSEX DRAIN SERVICES LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

WESSEX DRAIN SERVICES LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

WESSEX DRAIN SERVICES LIMITED

BALANCE SHEET

As at 30 June 2023
WESSEX DRAIN SERVICES LIMITED

BALANCE SHEET (continued)

As at 30 June 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 2,200 3,300
Tangible assets 4 420,193 403,010
422,393 406,310
Current assets
Debtors 5 238,950 264,874
Cash at bank and in hand 749,393 359,188
988,343 624,062
Creditors: amounts falling due within one year 6 ( 293,631) ( 146,382)
Net current assets 694,712 477,680
Total assets less current liabilities 1,117,105 883,990
Provision for liabilities 7 ( 104,318) ( 99,885)
Net assets 1,012,787 784,105
Capital and reserves
Called-up share capital 2 2
Profit and loss account 1,012,785 784,103
Total shareholders' funds 1,012,787 784,105

For the financial year ending 30 June 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Wessex Drain Services Limited (registered number: 05819551) were approved and authorised for issue by the Director on 21 November 2023. They were signed on its behalf by:

C M Perry
Director
WESSEX DRAIN SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
WESSEX DRAIN SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Wessex Drain Services Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Hendford Manor, Hendford, Yeovil, Somerset, BA20 1UN, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, 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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 5 years straight line
Goodwill

Goodwill arises on business combinations and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance
Office equipment 33 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. 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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 6

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 July 2022 20,000 20,000
At 30 June 2023 20,000 20,000
Accumulated amortisation
At 01 July 2022 16,700 16,700
Charge for the financial year 1,100 1,100
At 30 June 2023 17,800 17,800
Net book value
At 30 June 2023 2,200 2,200
At 30 June 2022 3,300 3,300

4. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 July 2022 720,180 56,544 8,467 6,731 791,922
Additions 72,110 56,815 0 747 129,672
At 30 June 2023 792,290 113,359 8,467 7,478 921,594
Accumulated depreciation
At 01 July 2022 341,568 39,493 3,360 4,491 388,912
Charge for the financial year 97,504 13,439 766 780 112,489
At 30 June 2023 439,072 52,932 4,126 5,271 501,401
Net book value
At 30 June 2023 353,218 60,427 4,341 2,207 420,193
At 30 June 2022 378,612 17,051 5,107 2,240 403,010

5. Debtors

2023 2022
£ £
Trade debtors 162,524 185,992
Other debtors 76,426 78,882
238,950 264,874

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 96,372 12,986
Amounts owed to directors 109,643 82,557
Accruals 2,950 2,680
Taxation and social security 80,053 47,855
Other creditors 4,613 304
293,631 146,382

7. Provision for liabilities

2023 2022
£ £
Deferred tax 104,318 99,885