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REGISTERED NUMBER: 04132770 (England and Wales)















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

WESSEX INVESTMENT MANAGEMENT LIMITED

WESSEX INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 04132770)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


WESSEX INVESTMENT MANAGEMENT LIMITED

COMPANY INFORMATION
For The Year Ended 31 December 2023







DIRECTORS: K J Bailey
R M L Taylor FCCA



SECRETARY: R M L Taylor FCCA



REGISTERED OFFICE: 1 Carnegie Road
Newbury
Berkshire
RG14 5DJ



REGISTERED NUMBER: 04132770 (England and Wales)



AUDITORS: Clifford Fry & Co
St Mary's House
Netherhampton
Salisbury
Wiltshire
SP2 8PU



BANKERS: Royal Bank of Scotland
Drummond House
1 Redheughs Avenue
Edinburgh
EH12 9JN

WESSEX INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 04132770)

STRATEGIC REPORT
For The Year Ended 31 December 2023

The directors present their strategic report for the year ended 31 December 2023.

PRINCIPAL PLACE OF BUSINESS
Wessex Investment Management Limited is a company incorporated in England and domiciled in Shaftesbury, and has its registered office at 1 Carnegie Road, Newbury, Berkshire, RG14 5DJ. The principal activity of the company is that of Independent Financial Advisors.

REVIEW OF BUSINESS
2023 continued where 2022 left off with the ongoing effects of the war in Ukraine and cost of living crisis continuing to impact investors' confidence although this began to lift towards the end of 2023.

The true impact of Consumer Duty is only now beginning to be understood by the financial services industry. The cost of implementation and ongoing compliance with it will increase both financially and in the man hours spent to monitor compliance.

Regulatory and associated fees continue to increase at rates greater than inflation and despite ongoing industry-wide concerns over professional indemnity insurance, the firm renewed its cover.

KEY PERFORMANCE INDICATORS
The directors consider the two main key performance indicators are the level of fee income and liquidity, which are reviewed on a monthly basis to ensure:
a) the performance compared to the fee forecast
b) the compliance of the company with the regulatory capital adequacy requirements and the business future cash requirements.

PRINCIPAL RISKS AND UNCERTAINTIES
As highlighted above and in last year's report, Consumer Duty will have a far greater impact than was possibly intended. It will take time for existing third party systems to catch up with the increased monitoring and reporting required. This will continue to be undertaken manually until we are in a position to rely fully on our back-office systems.

FCA will be adding to its regulatory work with more thematic reviews such as the retirement income advice review.

FUTURE DEVELOPMENTS
The board was able to recruit an advisor to support clients in the Thames Valley at the end of the year. His impact will not be felt fully until the third quarter of 2024. It is hoped this will lead to greater recognition of the firm in and around the Newbury office.

We will continue to monitor developments in AI and see where we may be able to incorporate it in our business processes to improve client servicing whilst reducing overall costs.

FINANCIAL INSTRUMENTS
The company continues with the level of exposure to price, credit liquidity and cash flow risks arising from its trading activities which are only conducted in GBP. The company does not enter into any hedging transactions.

ON BEHALF OF THE BOARD:





R M L Taylor FCCA - Secretary


16 July 2024

WESSEX INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 04132770)

REPORT OF THE DIRECTORS
For The Year Ended 31 December 2023

The directors present their report with the financial statements of the company for the year ended 31 December 2023.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

K J Bailey
R M L Taylor FCCA

Other changes in directors holding office are as follows:

M Herring FCCA - resigned 18 October 2023

DISCLOSURE IN THE STRATEGIC REPORT
The company has chosen in accordance with Companies Act 2006, s414C(11) to set out in the Company's strategic report information required by the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch 7 to be contained in the directors' report. It has done so in respect of future developments and financial instruments.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:



R M L Taylor FCCA - Secretary


16 July 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WESSEX INVESTMENT MANAGEMENT LIMITED

Opinion
We have audited the financial statements of Wessex Investment Management Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WESSEX INVESTMENT MANAGEMENT LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WESSEX INVESTMENT MANAGEMENT LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the Company, including obtaining details on how they identify and comply with laws and regulations and whether they were aware of any non-compliance, how they detect and respond to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud, and finally the controls they have in order to mitigate risks of fraud or non-compliance with laws and regulations.

We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, intentional misrepresentations.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: revenue and profit recognition.

We focussed on laws and regulations which could give rise to a material misstatement in the financial
statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud and enquiries with management.

We did not identify any key audit matters relating to irregularities, including fraud.

As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
WESSEX INVESTMENT MANAGEMENT LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Simon Allenby (Senior Statutory Auditor)
for and on behalf of Clifford Fry & Co
St Mary's House
Netherhampton
Salisbury
Wiltshire
SP2 8PU

29 July 2024

WESSEX INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 04132770)

INCOME STATEMENT
For The Year Ended 31 December 2023

2023 2022
Notes £    £   

TURNOVER 3 677,537 697,127

Cost of sales 20,608 22,904
GROSS PROFIT 656,929 674,223

Administrative expenses 667,390 714,967
(10,461 ) (40,744 )

Other operating income 5,250 5,093
OPERATING LOSS (5,211 ) (35,651 )


Interest payable and similar expenses 5 734 356
LOSS BEFORE TAXATION 6 (5,945 ) (36,007 )

Tax on loss 7 - (7,300 )
LOSS FOR THE FINANCIAL YEAR (5,945 ) (28,707 )

WESSEX INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 04132770)

OTHER COMPREHENSIVE INCOME
For The Year Ended 31 December 2023

2023 2022
Notes £    £   

LOSS FOR THE YEAR (5,945 ) (28,707 )


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(5,945

)

(28,707

)

WESSEX INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 04132770)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 8 - -
Tangible assets 9 6,903 8,525
6,903 8,525

CURRENT ASSETS
Debtors 10 85,974 105,312
Cash at bank 79,695 90,708
165,669 196,020
CREDITORS
Amounts falling due within one year 11 62,895 78,997
NET CURRENT ASSETS 102,774 117,023
TOTAL ASSETS LESS CURRENT
LIABILITIES

109,677

125,548

CREDITORS
Amounts falling due after more than one
year

12

8,280

18,206
NET ASSETS 101,397 107,342

CAPITAL AND RESERVES
Called up share capital 15 70,000 70,000
Retained earnings 16 31,397 37,342
SHAREHOLDERS' FUNDS 22 101,397 107,342

The financial statements were approved by the Board of Directors and authorised for issue on 16 July 2024 and were signed on its behalf by:





K J Bailey - Director


WESSEX INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 04132770)

STATEMENT OF CHANGES IN EQUITY
For The Year Ended 31 December 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 70,000 66,049 136,049

Changes in equity
Total comprehensive income - (28,707 ) (28,707 )
Balance at 31 December 2022 70,000 37,342 107,342

Changes in equity
Total comprehensive income - (5,945 ) (5,945 )
Balance at 31 December 2023 70,000 31,397 101,397

WESSEX INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 04132770)

CASH FLOW STATEMENT
For The Year Ended 31 December 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 534 (42,815 )
Interest paid (734 ) (356 )
Tax paid (7,350 ) 7,080
Net cash from operating activities (7,550 ) (36,091 )

Cash flows from investing activities
Purchase of tangible fixed assets (2,162 ) (3,718 )
Net cash from investing activities (2,162 ) (3,718 )

Cash flows from financing activities
Loan repayments in year (10,026 ) (13,855 )
Decrease in group balances in year 8,725 -
Net cash from financing activities (1,301 ) (13,855 )

Decrease in cash and cash equivalents (11,013 ) (53,664 )
Cash and cash equivalents at
beginning of year

2

90,708

144,372

Cash and cash equivalents at end of
year

2

79,695

90,708

WESSEX INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 04132770)

NOTES TO THE CASH FLOW STATEMENT
For The Year Ended 31 December 2023

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Loss before taxation (5,945 ) (36,007 )
Depreciation charges 3,783 5,025
Finance costs 734 356
(1,428 ) (30,626 )
Decrease in trade and other debtors 10,903 1,165
Decrease in trade and other creditors (8,941 ) (13,354 )
Cash generated from operations 534 (42,815 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 79,695 90,708
Year ended 31 December 2022
31.12.22 1.1.22
£    £   
Cash and cash equivalents 90,708 144,372


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.1.23 Cash flow At 31.12.23
£    £    £   
Net cash
Cash at bank 90,708 (11,013 ) 79,695
90,708 (11,013 ) 79,695
Debt
Debts falling due within 1 year (10,048 ) 100 (9,948 )
Debts falling due after 1 year (18,206 ) 9,926 (8,280 )
(28,254 ) 10,026 (18,228 )
Total 62,454 (987 ) 61,467

WESSEX INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 04132770)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 December 2023

1. STATUTORY INFORMATION

Wessex Investment Management Limited is a private company, limited by shares, registered in England and Wales.

The company trades from the registered office and:
The Wincombe Centre
Wincombe Business Park
Shaftesbury
SP7 9QJ

The presentation currency of the financial statements is the Pound Sterling (£).

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going Concern
The directors have considered the continuing effect of the conflict in Ukraine on capital markets together with the uncertainty with regard to interest rates following a general election. Based upon the annual budget the view is that there is no reason not to prepare accounts on the going concern basis.

Turnover
Turnover, all of which is generated in the UK, represents commissions received from the sale of assurance, pension policies and investments and fees receivable from clients. Commission received on non indemnity terms is included in turnover.

Renewal commissions and fee income due from clients arising as a result of contractual arrangements is recognised when invoiced and subsequent receipts in the period up to 30 days after the year end are included as sales. Sundry introductory commissions are recognised on receipt.

Goodwill
Goodwill represents the excess of the fair value and directly attributable costs of the acquisition of a
business over the fair values of the identifiable net assets, liabilities and contingent liabilities acquired.

Goodwill is amortised over its expected useful life. Goodwill is assessed for impairment on an annual basis.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

WESSEX INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 04132770)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives:
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

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.

WESSEX INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 04132770)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit and loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amounts can be reliably estimated.

Bounce back loan
The Bounce Back Loan is a basic financial instrument and is reported in the financial statements at amortised cost. Any finance charges are calculated at the effective rate of interest and charged to the profit and loss on an accruals basis.

3. TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Commission and fee income 677,537 697,127
677,537 697,127

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 310,558 362,888
Social security costs 33,562 39,958
Other pension costs 37,365 46,111
381,485 448,957

The average number of employees during the year was as follows:
2023 2022

Advisors and support staff 3 3
Administration 5 8
8 11

2023 2022
£    £   
Directors' remuneration 139,544 140,587
Directors' pension contributions to money purchase schemes 26,389 27,124

WESSEX INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 04132770)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023

4. EMPLOYEES AND DIRECTORS - continued

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 3 3

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank loan interest 622 343
Interest on late tax payment 112 13
734 356

6. LOSS BEFORE TAXATION

The loss is stated after charging:

2023 2022
£    £   
Hire of plant and machinery - 210
Depreciation - owned assets 3,784 5,024
Audit fees 6,680 5,968

7. TAXATION

Analysis of the tax credit
The tax credit on the loss for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax - (7,300 )
Tax on loss - (7,300 )

UK corporation tax was charged at 19%) in 2022.

WESSEX INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 04132770)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023

7. TAXATION - continued

Reconciliation of total tax credit included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Loss before tax (5,945 ) (36,007 )
Loss multiplied by the standard rate of corporation tax in the UK of
19% (2022 - 19%)

(1,130

)

(6,841

)

Effects of:
Expenses not deductible for tax purposes (1,506 ) (172 )
Capital allowances in excess of depreciation - (66 )
Depreciation in excess of capital allowances 215 -
Adjustments to tax charge in respect of previous periods - (221 )

Carry forward of tax losses 2,421 -
Total tax credit - (7,300 )

8. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 14,565
AMORTISATION
At 1 January 2023
and 31 December 2023 14,565
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

WESSEX INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 04132770)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023

9. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 25,048 46,944 71,992
Additions 400 1,762 2,162
At 31 December 2023 25,448 48,706 74,154
DEPRECIATION
At 1 January 2023 21,071 42,396 63,467
Charge for year 1,005 2,779 3,784
At 31 December 2023 22,076 45,175 67,251
NET BOOK VALUE
At 31 December 2023 3,372 3,531 6,903
At 31 December 2022 3,977 4,548 8,525

10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,267 1,384
Amounts owed by group undertakings 11,897 18,801
Amounts owed by associates - 1,531
Other debtors 2,188 12,233
Prepayments and accrued income 70,622 71,363
85,974 105,312

11. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 13) 9,948 10,048
Amounts owed to associates 290 -
Tax - 7,350
Social security and other taxes 12,550 9,283
Other creditors 29,299 30,321
Accrued expenses 10,808 21,995
62,895 78,997

12. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 13) 8,280 18,206

WESSEX INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 04132770)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023

13. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 9,948 10,048

Amounts falling due between one and two years:
Bank loans - 1-2 years 8,280 10,048

Amounts falling due between two and five years:
Bank loans - 2-5 years - 8,158

14. FINANCIAL INSTRUMENTS

2023 2022
Financial assets£ £

Financial assets measured at fair value through profit or loss79,69590,708
Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
70,000 Ordinary £1 70,000 70,000

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. All ordinary shares rank equally with regard to the company's residual assets.

Called up share capital represents the nominal value of shares that have been issued.

16. RESERVES
Retained
earnings
£   

At 1 January 2023 37,342
Deficit for the year (5,945 )
At 31 December 2023 31,397

17. PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The amount charged to the profit and loss account during the year was £37,365 (2022 - £46,111). The balance outstanding at the year end was £5,706 (2022 - £15,960).

WESSEX INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 04132770)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023

18. ULTIMATE PARENT COMPANY

Wessex Investment Holdings Limited, a company incorporated in England, is the ultimate holding company. The registered office of Wessex Investment Holdings Limited is 1 Carnegie Road, Newbury, Berkshire, RG14 5DJ.

19. OTHER FINANCIAL COMMITMENTS

The total of future minimum lease payments under non-cancellable operating leases due not later than one year is £16,261 (2022 - £794), due 1 - 5 years is £9,266 (2022 - £nil).

20. RELATED PARTY DISCLOSURES

Within the profit and loss account is the following amount recharged by a business previously owned by two shareholders, R M L Taylor and M Herring, now wholly owned by RML Taylor, who holds less than 20 percent of the issued share capital, and who is a director, in respect of establishment and recharged office expenses.

Banks & Co Limited £3,074 (2022 - £2,196) of which £504 (2022 - £1,507) is a creditor/debtor, at the year end.


During the year the company made the following payment to a business previously owned by two shareholders, R M L Taylor and M Herring, now wholly owned by RML Taylor who owns less than 20 percent of the issued share capital, and who is a director, in respect of payroll bureau services.

TFS Payroll Solutions Limited £1,614 (2022 - £1,932) of which £nil (2022 - £270) is in creditors at the year end.


During the year the company received £nil (2022 - £nil) from Barrett & Thomson Financial Services Limited, a company in which the holding company, Wessex Investment Holdings Limited holds 50% of the issued share capital. At the year end £290 (2022 - £1,531) was due to/from Barrett & Thomson Financial Services Limited.

Key management personnel compensation during the year was £142,908 (2022 - £142,118).

The company is not disclosing transactions with its holding company Wessex Investment Holdings Limited, as it is taking advantage of the exemption available under FRS102 to not have to disclose the transactions if consolidated accounts are publically available.

21. ULTIMATE CONTROLLING PARTY

The directors consider the controlling parties to be K Bailey and R M L Taylor, who together own 54% of the shares and are directors of Wessex Investment Holdings Limited, who are able to act in concert to control the financial affairs of the company.

The accounts are consolidated with Wessex Investment Holdings Limited. Copies of the financial statements of Wessex Investment Holdings Limited can be obtained from:

1 Carnegie Road
Newbury
Berkshire
RG14 5DJ

WESSEX INVESTMENT MANAGEMENT LIMITED (REGISTERED NUMBER: 04132770)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 December 2023

22. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
2023 2022
£    £   
Loss for the financial year (5,945 ) (28,707 )
Net reduction of shareholders' funds (5,945 ) (28,707 )
Opening shareholders' funds 107,342 136,049
Closing shareholders' funds 101,397 107,342