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REGISTERED NUMBER: 09457105 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Wessex Resins & Adhesives Holdings Ltd

Wessex Resins & Adhesives Holdings Ltd (Registered number: 09457105)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Wessex Resins & Adhesives Holdings Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J M Sheppard FCA
I K Oliver
Mrs T C Oliver



REGISTERED OFFICE: Down Farm
Hindon
Salisbury
Wiltshire
SP3 5TA



REGISTERED NUMBER: 09457105 (England and Wales)



SOLICITORS: Pitmans LLP
46 The Avenue
Southampton
Hampshire
SO17 1AX

Wessex Resins & Adhesives Holdings Ltd (Registered number: 09457105)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 16,635 32,851
Investments 5 1,969,644 1,969,556
Investment property 6 2,885,000 2,885,000
4,871,279 4,887,407

CURRENT ASSETS
Debtors 7 86,848 55,538
Cash at bank 76,130 33,165
162,978 88,703
CREDITORS
Amounts falling due within one year 8 (884,594 ) (681,401 )
NET CURRENT LIABILITIES (721,616 ) (592,698 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,149,663

4,294,709

CREDITORS
Amounts falling due after more than one
year

9

(936,156

)

(1,090,988

)

PROVISIONS FOR LIABILITIES 11 (64,256 ) (67,337 )
NET ASSETS 3,149,251 3,136,384

CAPITAL AND RESERVES
Called up share capital 955,000 955,000
Retained earnings 2,194,251 2,181,384
SHAREHOLDERS' FUNDS 3,149,251 3,136,384

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Wessex Resins & Adhesives Holdings Ltd (Registered number: 09457105)

Balance Sheet - continued
31 December 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2024 and were signed on its behalf by:




I K Oliver - Director



J M Sheppard FCA - Director


Wessex Resins & Adhesives Holdings Ltd (Registered number: 09457105)

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

1. STATUTORY INFORMATION

Wessex Resins & Adhesives Holdings Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements
The financial statements contain information about Wessex Resins & Adhesives Holdings Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on cost
Computer Equipment - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

Wessex Resins & Adhesives Holdings Ltd (Registered number: 09457105)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

4. TANGIBLE FIXED ASSETS
Motor Computer
vehicles Equipment Totals
£    £    £   
COST
At 1 January 2023 78,856 592 79,448
Additions - 5,247 5,247
At 31 December 2023 78,856 5,839 84,695
DEPRECIATION
At 1 January 2023 46,005 592 46,597
Charge for year 19,714 1,749 21,463
At 31 December 2023 65,719 2,341 68,060
NET BOOK VALUE
At 31 December 2023 13,137 3,498 16,635
At 31 December 2022 32,851 - 32,851

5. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST
At 1 January 2023 1,919,556 50,000 1,969,556
Additions 88 - 88
At 31 December 2023 1,919,644 50,000 1,969,644
NET BOOK VALUE
At 31 December 2023 1,919,644 50,000 1,969,644
At 31 December 2022 1,919,556 50,000 1,969,556

The company's investments at the Balance Sheet date in the share capital of companies include the following:

West System International Limited
Registered office: England and Wales
Nature of business: Dormant company
%
Class of shares: holding
Ordinary 100.00

Wessex Resins & Adhesives Limited
Registered office: England and Wales
Nature of business: Resins and glue manufacturer
%
Class of shares: holding
Ordinary 100.00

Wessex Resins and Adhesives Limited
Registered office: Republic of Ireland
Nature of business: Resins and glue distributor
%
Class of shares: holding
Ordinary 100.00

During the prior year the company acquired the shareholding held by West System International Limited in Wessex Resins & Adhesives Limited.

Wessex Resins & Adhesives Holdings Ltd (Registered number: 09457105)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 2,885,000
NET BOOK VALUE
At 31 December 2023 2,885,000
At 31 December 2022 2,885,000

Included in fair value of investment property is freehold land of £ 450,000 (2022 - £ 450,000 ) which is not depreciated.

On 8 April 2018, the property was transferred from a subsidiary company, Wessex Resins & Adhesives Ltd at its depreciated cost of £1,793,568.

An extension was built during the years ended 31 December 2019, 2020 and 2021. This totalled £769,880.

The updated valuation carried out on 12 March 2021 confirmed the valuation at that date as £2,885,000.

The movement in the fair value of the property was recognised through the statement of income and retained earnings.

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2018 456,432
Valuation in 2020 (114,379 )
Valuation in 2021 (52,307 )
Valuation in 2022 31,806
Cost 2,563,448
2,885,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 18,000 14,000
Amounts owed by group undertakings 9,017 6,635
Other debtors 55,739 22,081
VAT - 4,638
Prepayments 4,092 8,184
86,848 55,538

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 184,800 184,800
Hire purchase contracts 6,933 44,261
Amounts owed to group undertakings 560,918 163,780
Tax 1,846 12,261
Social security and other taxes 1,260 126
VAT 60 -
Other Creditors - 210,966
Directors' current accounts 122,767 65,207
Accrued expenses 6,010 -
884,594 681,401

Wessex Resins & Adhesives Holdings Ltd (Registered number: 09457105)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans - 2-5 years 635,283 648,534
Bank loans more 5 yr by instal 270,904 442,454
Hire purchase contracts 29,969 -
936,156 1,090,988

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 270,904 442,454

10. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans 1,090,987 1,275,788
Hire purchase contracts 36,902 44,261
1,127,889 1,320,049

At the year end the bank overdraft was secured by a fixed and floating charge over the company's assets. The debts are also guaranteed by West System International Limited and Wessex Resins & Adhesives Limited, both of which are part of the Wessex Resins & Adhesives Holdings Limited group.

The hire purchase loans are secured by the asset they were used to acquire.

11. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 64,256 67,337

Deferred
tax
£   
Balance at 1 January 2023 67,337
Deferred tax on revaluation
Accelerated Capital Allowance (3,081 )
Balance at 31 December 2023 64,256

12. RELATED PARTY DISCLOSURES

Key Management Personnel
At the year end the company owed key management personnel £122,767 (2022: £65,207).

13. ULTIMATE CONTROLLING PARTY

The directors consider Mr IK Oliver and Mrs TC Oliver to be the ultimate controlling parties by virtue of their combined shareholding and control over the running of the company.