Company registration number 13802992 (England and Wales)
WESSEX ESTATES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
WESSEX ESTATES LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
WESSEX ESTATES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
849,780
812,500
Current assets
Debtors
4
100
999
Cash at bank and in hand
6,428
4,103
6,528
5,102
Creditors: amounts falling due within one year
5
(274,591)
(227,700)
Net current liabilities
(268,063)
(222,598)
Total assets less current liabilities
581,717
589,902
Creditors: amounts falling due after more than one year
6
(581,505)
(577,320)
Net assets
212
12,582
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
112
12,482
Total equity
212
12,582

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved and signed by the director and authorised for issue on 22 August 2024
Mr Zabir Ali
Director
Company registration number 13802992 (England and Wales)
WESSEX ESTATES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 15 December 2021
-
0
-
0
-
Year ended 31 December 2022:
Profit and total comprehensive income
-
12,482
12,482
Issue of share capital
7
100
-
100
Balance at 31 December 2022
100
12,482
12,582
Year ended 31 December 2023:
Loss and total comprehensive income
-
(12,370)
(12,370)
Balance at 31 December 2023
100
112
212
WESSEX ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Wessex Estates Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 West Borough, Wimborne, East Dorset, BH21 1NF.

1.1
Reporting period

These financial statements cover the period from incorporation to the end of the companies accounting reference date 31 December 2022. A period of 54 weeks.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost. The principal accounting policies adopted are set out below.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for rentals 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.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

WESSEX ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.7
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
1
3
Investment property
2023
£
Fair value
At 1 January 2023
812,500
Additions
37,280
At 31 December 2023
849,780

The value of the investment property is included at cost value based on the purchase price paid upon completion on 28 July 2022.

WESSEX ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
100
999
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
14,844
24,480
Corporation tax
-
0
2,928
Other creditors
259,747
200,292
274,591
227,700
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
581,505
577,320
Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable by instalments
513,270
479,400
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
8
Related party transactions

The company has an existing loan with Wimborne Limited, a company in which Mr Zabir Ali is a director. At the year end a balance of £253,731 (2022: £199,291) was outstanding being included in creditors: amounts falling due within one year.

 

During the year the company made a loan to CGW Limited, a company in which Mr Zabir Ali is a director. At the year end a balance of £3,000 was outstanding being included in creditors: amounts falling due within one year.

WESSEX ESTATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
9
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Mr Zabir Ali -
-
-
100
100
-
100
100
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