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Registration number: 01534383

Wessex Glass Company Limited

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Wessex Glass Company Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Wessex Glass Company Limited

Company Information

Directors

Mr Michael Henry Davis

Mrs Lorraine Brenda Davis

Mr Benjamin Davis

Registered office

2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA

Accountants

Stone & Co Chartered Accountants
2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA

 

Wessex Glass Company Limited

(Registration number: 01534383)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

         

Fixed assets

   

Tangible assets

4

 

82,357

86,369

Current assets

   

Stocks

5

2,000

 

2,000

Debtors

6

87,882

 

90,353

Cash at bank and in hand

 

81,572

 

137,732

 

171,454

 

230,085

Creditors: Amounts falling due within one year

7

(66,110)

 

(103,906)

Net current assets

   

105,344

126,179

Total assets less current liabilities

   

187,701

212,548

Provisions for liabilities

 

(20,589)

(21,059)

Net assets

   

167,112

191,489

Capital and reserves

   

Called up share capital

100

 

100

Retained earnings

167,012

 

191,389

Shareholders' funds

   

167,112

191,489

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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 September 2024 and signed on its behalf by:
 

 

Wessex Glass Company Limited

(Registration number: 01534383)
Balance Sheet as at 31 December 2023

.........................................

Mrs Lorraine Brenda Davis
Director

 

Wessex Glass Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA
United Kingdom

These financial statements were authorised for issue by the Board on 23 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Wessex Glass Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% Reducing Balance

Office equipment

25% Reducing Balance

Plant & Machinery

25% Reducing Balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Wessex Glass Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 11).

 

Wessex Glass Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

4,854

10,586

133,917

149,357

Additions

-

3,607

15,490

19,097

At 31 December 2023

4,854

14,193

149,407

168,454

Depreciation

At 1 January 2023

4,854

9,228

48,906

62,988

Charge for the year

-

565

22,544

23,109

At 31 December 2023

4,854

9,793

71,450

86,097

Carrying amount

At 31 December 2023

-

4,400

77,957

82,357

At 31 December 2022

-

1,358

85,011

86,369

5

Stocks

2023
£

2022
£

Other inventories

2,000

2,000

6

Debtors

Current

2023
£

2022
£

Trade debtors

82,882

90,353

Other debtors

5,000

-

 

87,882

90,353

7

Creditors

Creditors: amounts falling due within one year

 

Wessex Glass Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2023
£

2022
£

Due within one year

Trade creditors

32,253

39,829

Taxation and social security

30,854

61,407

Accruals and deferred income

2,600

2,600

Other creditors

403

70

66,110

103,906

8

Related party transactions

At the year end the company owed the directors £70 (2022 - £70). No interest was charged on these balances, and the amounts are repayable on demand.

The company paid rent at a commercial rate to the directors totalling £10,506 in the year (2022 - £7,272).