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REGISTERED NUMBER: 06226181 (England and Wales)











Unaudited Financial Statements

for the Year Ended 29 February 2024

for

Warsett Ltd

Warsett Ltd (Registered number: 06226181)






Contents of the Financial Statements
for the Year Ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Warsett Ltd

Company Information
for the Year Ended 29 February 2024







DIRECTORS: I Winspear
S Hetherington





REGISTERED OFFICE: Room 103
The Innovation Centre
Kirkleatham Business Park
Redcar
Cleveland
TS10 5SH





REGISTERED NUMBER: 06226181 (England and Wales)





ACCOUNTANTS: Wasley Chapman LLP
Chartered Accountants
7 Eggleston Court
Riverside Park
Middlesbrough
TS2 1RU

Warsett Ltd (Registered number: 06226181)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 520,086 405,380

CURRENT ASSETS
Stocks 280,239 205,239
Debtors 5 317,021 640,910
Cash at bank and in hand 505,921 233,035
1,103,181 1,079,184
CREDITORS
Amounts falling due within one year 6 900,293 868,134
NET CURRENT ASSETS 202,888 211,050
TOTAL ASSETS LESS CURRENT
LIABILITIES

722,974

616,430

CREDITORS
Amounts falling due after more than one
year

7

218,866

205,874
NET ASSETS 504,108 410,556

CAPITAL AND RESERVES
Called up share capital 70,200 70,200
Retained earnings 433,908 340,356
504,108 410,556

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Warsett Ltd (Registered number: 06226181)

Balance Sheet - continued
29 February 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 April 2024 and were signed on its behalf by:




I Winspear - Director



S Hetherington - Director


Warsett Ltd (Registered number: 06226181)

Notes to the Financial Statements
for the Year Ended 29 February 2024

1. STATUTORY INFORMATION

Warsett Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Warsett Ltd (Registered number: 06226181)

Notes to the Financial Statements - continued
for the Year Ended 29 February 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 50 (2023 - 42 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 March 2023 109,233 511,932 621,165
Additions - 203,667 203,667
Disposals - (24,414 ) (24,414 )
At 29 February 2024 109,233 691,185 800,418
DEPRECIATION
At 1 March 2023 - 215,785 215,785
Charge for year - 82,319 82,319
Eliminated on disposal - (17,772 ) (17,772 )
At 29 February 2024 - 280,332 280,332
NET BOOK VALUE
At 29 February 2024 109,233 410,853 520,086
At 28 February 2023 109,233 296,147 405,380

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 184,021 640,910
Other debtors 133,000 -
317,021 640,910

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 40,000 40,000
Hire purchase contracts 76,434 72,323
Trade creditors 334,102 293,034
Taxation and social security 385,604 397,608
Other creditors 64,153 65,169
900,293 868,134

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 43,750 83,750
Hire purchase contracts 175,116 122,124
218,866 205,874