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REGISTERED NUMBER: 01607313 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Wessex Resins & Adhesives Limited

Wessex Resins & Adhesives Limited (Registered number: 01607313)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Wessex Resins & Adhesives Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: I K Oliver
Dr J M Lane
J M Sheppard FCA
S Oliver





REGISTERED OFFICE: Cupernham House
Cupernham Lane
Romsey
Hampshire
SO51 7LF





REGISTERED NUMBER: 01607313 (England and Wales)





ACCOUNTANTS: Sheppard & Co Limited
Chartered Accountants
West Barn, c/o Down Farm
Hindon
Salisbury
Wiltshire
SP3 5TA

Wessex Resins & Adhesives Limited (Registered number: 01607313)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 642,924 651,527

CURRENT ASSETS
Stocks 1,801,638 1,817,127
Debtors 5 1,491,572 1,217,533
Cash at bank and in hand 956,374 855,769
4,249,584 3,890,429
CREDITORS
Amounts falling due within one year 6 (785,559 ) (616,402 )
NET CURRENT ASSETS 3,464,025 3,274,027
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,106,949

3,925,554

PROVISIONS FOR LIABILITIES 8 (109,545 ) (107,605 )
NET ASSETS 3,997,404 3,817,949

CAPITAL AND RESERVES
Called up share capital 5,000 5,000
Retained earnings 3,992,404 3,812,949
SHAREHOLDERS' FUNDS 3,997,404 3,817,949

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.

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



Dr J M Lane - Director


Wessex Resins & Adhesives Limited (Registered number: 01607313)

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

1. STATUTORY INFORMATION

Wessex Resins & Adhesives Limited 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.

The financial statements relate to Wessex Resins & Adhesives Limited as an individual entity.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on cost and 15% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer Equipment - Straight line over 3 years

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial instruments are recognised in line with sections 11 and 12 of FRS102.

The company only enters into basic financial instruments 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 ordinary shares.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the statement of income and retained earnings.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences, including those arising on the purchase and sale of foreign currency on the spot market are taken into account in arriving at the operating result.

Wessex Resins & Adhesives Limited (Registered number: 01607313)

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

2. ACCOUNTING POLICIES - continued

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.

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.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors
Short term creditors are measured at the transaction price.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2022 - 33 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings Equipment Totals
£    £    £    £   
COST
At 1 January 2023 1,498,421 192,292 102,310 1,793,023
Additions 43,155 38,213 23,908 105,276
Disposals (5,593 ) - - (5,593 )
At 31 December 2023 1,535,983 230,505 126,218 1,892,706
DEPRECIATION
At 1 January 2023 938,961 103,095 99,440 1,141,496
Charge for year 87,147 13,678 8,090 108,915
Eliminated on disposal (629 ) - - (629 )
At 31 December 2023 1,025,479 116,773 107,530 1,249,782
NET BOOK VALUE
At 31 December 2023 510,504 113,732 18,688 642,924
At 31 December 2022 559,460 89,197 2,870 651,527

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 529,601 940,321
Amounts owed by group undertakings 824,561 176,154
Other Debtors 10,391 30,975
VAT 37,872 -
Prepayments and accrued income 89,147 70,083
1,491,572 1,217,533

Wessex Resins & Adhesives Limited (Registered number: 01607313)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade Creditors 420,769 378,887
Tax 171,216 68,404
Social security and other taxes 39,514 30,521
VAT - 1,475
Other creditors 78,629 21,904
Accrued expenses 75,431 115,211
785,559 616,402

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£    £   
Within one year 216,000 224,286

8. PROVISIONS FOR LIABILITIES
31.12.23 31.12.22
£    £   
Deferred tax 109,545 107,605

Deferred
tax
£   
Balance at 1 January 2023 107,605
Accelerated Capital Allowances 1,940
Deferred Tax on Losses
Balance at 31 December 2023 109,545

9. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is I K Oliver.

The ultimate parent company is Wessex Resins & Adhesives Holdings Ltd.

10. CROSS GUARANTEES

At the balance sheet date, the company has guaranteed loans totalling £1,090,987 (2022: £1,275,788) for its ultimate parent company Wessex Resins & Adhesives Holdings Limited.