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Company No: 03623392 (England and Wales)

WESSEX INCENTIVES LIMITED

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

WESSEX INCENTIVES LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2023

Contents

WESSEX INCENTIVES LIMITED

BALANCE SHEET

As at 30 November 2023
WESSEX INCENTIVES LIMITED

BALANCE SHEET (continued)

As at 30 November 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 8,667 10,086
8,667 10,086
Current assets
Debtors 4 487,973 372,825
Investments 5 20,448 49,573
Cash at bank and in hand 178,597 85,829
687,018 508,227
Creditors: amounts falling due within one year 6 ( 420,286) ( 213,384)
Net current assets 266,732 294,843
Total assets less current liabilities 275,399 304,929
Creditors: amounts falling due after more than one year 7 0 ( 114,704)
Net assets 275,399 190,225
Capital and reserves
Called-up share capital 1,000 1,000
Profit and loss account 274,399 189,225
Total shareholder's funds 275,399 190,225

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

Director's responsibilities:

The financial statements of Wessex Incentives Limited (registered number: 03623392) were approved and authorised for issue by the Director on 21 August 2024. They were signed on its behalf by:

S T A Gibbons
Director
WESSEX INCENTIVES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2023
WESSEX INCENTIVES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 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 Incentives 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 Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom. The principal place of business is 88 Strouden Road, Bournemouth, Dorset, BH9 1QN.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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.

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 or reducing balance basis over its expected useful life, as follows:

Land and buildings not depreciated
Plant and machinery 15 % reducing balance
Fixtures and fittings 15 % reducing balance
Office 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.

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.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

3. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 December 2022 14,273 1,126 56,616 37,978 109,993
Disposals 0 0 0 ( 35,059) ( 35,059)
At 30 November 2023 14,273 1,126 56,616 2,919 74,934
Accumulated depreciation
At 01 December 2022 9,000 28 54,745 36,134 99,907
Charge for the financial year 0 165 281 973 1,419
Disposals 0 0 0 ( 35,059) ( 35,059)
At 30 November 2023 9,000 193 55,026 2,048 66,267
Net book value
At 30 November 2023 5,273 933 1,590 871 8,667
At 30 November 2022 5,273 1,098 1,871 1,844 10,086

4. Debtors

2023 2022
£ £
Trade debtors 450,732 250,839
Other debtors 37,241 121,986
487,973 372,825

5. Current asset investments

2023 2022
£ £
Listed investments – at fair value 32,866 32,866
Other investments – at cost less impairment 16,707 16,707
49,573 49,573

6. Creditors: amounts falling due within one year

2023 2022
£ £
Taxation and social security 46,531 124,190
Other creditors 373,755 89,194
420,286 213,384

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

2023 2022
£ £
Other creditors 0 114,704

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

8. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Advanced to director 0 89,861

Interest of £1,011 (2022: £1,401) was charged on the overdrawn director's loan account at the HMRC official rate of 2.25%