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Company No: 06846057 (England and Wales)

WESSEX COMMERCIAL SOLUTIONS LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

WESSEX COMMERCIAL SOLUTIONS LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

WESSEX COMMERCIAL SOLUTIONS LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
WESSEX COMMERCIAL SOLUTIONS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTORS L Carrington
E K Mcnamara (Resigned 22 December 2023)
G M Potts
SECRETARY L Carrington
REGISTERED OFFICE Yeovil Innovation Centre Barracks Close
Copse Road
Yeovil
BA22 8RN
United Kingdom
COMPANY NUMBER 06846057 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
WESSEX COMMERCIAL SOLUTIONS LIMITED

BALANCE SHEET

As at 31 March 2024
WESSEX COMMERCIAL SOLUTIONS LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Investments 4 20 20
20 20
Current assets
Debtors 5 45,030 35,413
Cash at bank and in hand 10,314 37,937
55,344 73,350
Creditors: amounts falling due within one year 6 ( 23,814) ( 31,894)
Net current assets 31,530 41,456
Total assets less current liabilities 31,550 41,476
Creditors: amounts falling due after more than one year 7 ( 30,491) ( 35,777)
Net assets 1,059 5,699
Capital and reserves
Called-up share capital 8 1,181 1,181
Profit and loss account ( 122 ) 4,518
Total shareholder's funds 1,059 5,699

For the financial year ending 31 March 2024 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 Commercial Solutions Limited (registered number: 06846057) were approved and authorised for issue by the Board of Directors on 13 August 2024. They were signed on its behalf by:

G M Potts
Director
WESSEX COMMERCIAL SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
WESSEX COMMERCIAL SOLUTIONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
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 Commercial Solutions 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 Yeovil Innovation Centre Barracks Close, Copse Road, Yeovil, BA22 8RN, 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 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 supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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.

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 basis over its expected useful life, as follows:

Office equipment 4 years straight line
Other property, plant and 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.

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.

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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Fair value measurement
The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable, the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 6

3. Tangible assets

Office equipment Other property, plant
and equipment
Total
£ £ £
Cost
At 01 April 2023 657 12,820 13,477
At 31 March 2024 657 12,820 13,477
Accumulated depreciation
At 01 April 2023 657 12,820 13,477
At 31 March 2024 657 12,820 13,477
Net book value
At 31 March 2024 0 0 0
At 31 March 2023 0 0 0

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 April 2023 20 20
At 31 March 2024 20 20
Carrying value at 31 March 2024 20 20
Carrying value at 31 March 2023 20 20

5. Debtors

2024 2023
£ £
Trade debtors 13,190 8,310
Short term loans to Group companies 27,103 27,103
Prepayments 4,448 0
Corporation tax 289 0
45,030 35,413

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 5,281 5,151
Trade creditors 1,756 394
Amounts owed to directors 2,000 4,201
Other loans 0 59
Accruals 1,800 1,800
Taxation and social security 10,967 16,870
Other creditors 2,010 3,419
23,814 31,894

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 30,491 35,777

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
819 Ordinary A shares of £ 1.00 each 819 819
181 Ordinary B shares of £ 1.00 each 181 181
181 Ordinary C shares of £ 1.00 each 181 181
1,181 1,181

Each share class has full rights in the company with respect to voting, dividends and distributions.

9. Ultimate controlling party

Parent Company:

WCS Group Limited
Yeovil Innovation Centre
Barracks Close
Copse Road
Yeovil
BA22 8RN