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Company No: 01406286 (England and Wales)

WESSEX POWER TECHNOLOGY LTD

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

WESSEX POWER TECHNOLOGY LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

WESSEX POWER TECHNOLOGY LTD

BALANCE SHEET

As at 31 December 2023
WESSEX POWER TECHNOLOGY LTD

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 16,954 21,740
Tangible assets 4 82,141 75,246
99,095 96,986
Current assets
Stocks 5 366,382 284,028
Debtors 6 557,583 302,596
Cash at bank and in hand 5,222,488 3,845,997
6,146,453 4,432,621
Creditors: amounts falling due within one year 7 ( 957,334) ( 500,232)
Net current assets 5,189,119 3,932,389
Total assets less current liabilities 5,288,214 4,029,375
Provision for liabilities ( 16,405) ( 16,487)
Net assets 5,271,809 4,012,888
Capital and reserves
Called-up share capital 100 100
Capital redemption reserve 30 30
Profit and loss account 5,271,679 4,012,758
Total shareholders' funds 5,271,809 4,012,888

For the financial year ending 31 December 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 Power Technology Ltd (registered number: 01406286) were approved and authorised for issue by the Board of Directors on 26 July 2024. They were signed on its behalf by:

J A Rouse
Director
WESSEX POWER TECHNOLOGY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
WESSEX POWER TECHNOLOGY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 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 Power Technology Ltd (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 Wahn Fried, Winterborne Zelston, DT11 9EX, 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.

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.

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 average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

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 10 years straight line
Website costs 5 years straight line
Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. 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:

Leasehold improvements 10 years straight line
Plant and machinery 10 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 10 years straight line
Computer equipment 3 years straight line

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.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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 Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 11 10

3. Intangible assets

Goodwill Website costs Total
£ £ £
Cost
At 01 January 2023 200,000 23,934 223,934
At 31 December 2023 200,000 23,934 223,934
Accumulated amortisation
At 01 January 2023 200,000 2,194 202,194
Charge for the financial year 0 4,786 4,786
At 31 December 2023 200,000 6,980 206,980
Net book value
At 31 December 2023 0 16,954 16,954
At 31 December 2022 0 21,740 21,740

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 January 2023 55,632 100,291 44,525 19,276 29,430 249,154
Additions 0 23,247 0 1,154 8,631 33,032
At 31 December 2023 55,632 123,538 44,525 20,430 38,061 282,186
Accumulated depreciation
At 01 January 2023 31,657 74,694 28,812 16,466 22,279 173,908
Charge for the financial year 5,564 11,215 3,928 641 4,789 26,137
At 31 December 2023 37,221 85,909 32,740 17,107 27,068 200,045
Net book value
At 31 December 2023 18,411 37,629 11,785 3,323 10,993 82,141
At 31 December 2022 23,975 25,597 15,713 2,810 7,151 75,246

5. Stocks

2023 2022
£ £
Stocks 366,382 284,028

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

6. Debtors

2023 2022
£ £
Trade debtors 484,553 287,459
Other debtors 73,030 15,137
557,583 302,596

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 132,371 110,597
Amounts owed to directors 2,044 1,420
Accruals 103,273 59,011
Corporation tax 469,494 209,128
Other taxation and social security 242,812 114,769
Other creditors 7,340 5,307
957,334 500,232

8. Financial commitments

Commitments

Capital commitments are as follows:

2023 2022
£ £
Contracted for but not provided for:
Finance leases entered into 19,379 0
2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 19,379 0

The company has taken a car lease