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Registration number: 08017459

Wessex Fixings Limited

trading as WF Supplies

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Wessex Fixings Limited

trading as WF Supplies

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4 to 5

Notes to the Unaudited Financial Statements

6 to 12

 

Wessex Fixings Limited

trading as WF Supplies

Company Information

Directors

Mrs Sandra Long

Mrs Kirsten Long

Mr Duane Patrick Barry

Mr Nicholas Yorke Long

Mr Dawson Gray

Mr Derry Giles Long

Company secretary

Mr Nicholas Yorke Long

Registered office

Units 59-60
South Way
Walworth Business Park
Andover
Hampshire
SP10 5AF

Accountants

Hinton Abbott Accountants
2 Kingsdown Orchard
Hyde Road
Swindon
Wiltshire
SN2 7RR

 

Wessex Fixings Limited

trading as WF Supplies

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Incorporation

The company was incorporated and commenced trading on 3 April 2012.

Directors of the company

The directors who held office during the year were as follows:

Mrs Sandra Long

Mrs Kirsten Long

Mr Duane Patrick Barry

Mr Nicholas Yorke Long - Company secretary and director

Mr Dawson Gray

Mr Derry Giles Long

Principal activity

The principal activity of the company is supply of construction materials and tools.

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 27 September 2024 and signed on its behalf by:
 

.........................................
Mr Nicholas Yorke Long
Company secretary and director

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Wessex Fixings Limited

trading as WF Supplies
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Wessex Fixings Limited for the year ended 31 March 2024 as set out on pages 4 to 12 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Wessex Fixings Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Wessex Fixings Limited and state those matters that we have agreed to state to the Board of Directors of Wessex Fixings Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wessex Fixings Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Wessex Fixings Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Wessex Fixings Limited. You consider that Wessex Fixings Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Wessex Fixings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................
Chris Pittock - Senior Partner
Hinton Abbott Accountants
2 Kingsdown Orchard
Hyde Road
Swindon
Wiltshire
SN2 7RR

27 September 2024

 

Wessex Fixings Limited

trading as WF Supplies

(Registration number: 08017459)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

1,416,118

1,027,178

Current assets

 

Stocks

6

1,488,845

1,363,782

Debtors

2,373,848

1,991,974

Cash at bank and in hand

 

267,087

156,078

 

4,129,780

3,511,834

Creditors: Amounts falling due within one year

(2,902,297)

(2,163,503)

Net current assets

 

1,227,483

1,348,331

Total assets less current liabilities

 

2,643,601

2,375,509

Creditors: Amounts falling due after more than one year

(350,188)

(60,933)

Provisions for liabilities

(244,695)

(140,979)

Net assets

 

2,048,718

2,173,597

Capital and reserves

 

Called up share capital

100,000

100,000

Retained earnings

1,948,718

2,073,597

Shareholders' funds

 

2,048,718

2,173,597

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

The Directors' of the Company have elected not to include a copy of Income statement within the financial statements.

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.

 

Wessex Fixings Limited

trading as WF Supplies

(Registration number: 08017459)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 27 September 2024 and signed on its behalf by:
 

.........................................
Mr Nicholas Yorke Long
Company secretary and director

 

Wessex Fixings Limited

trading as WF Supplies

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
Units 59-60
South Way
Walworth Business Park
Andover
Hampshire
SP10 5AF

These financial statements were authorised for issue by the Board on 27 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.

 

Wessex Fixings Limited

trading as WF Supplies

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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

Premises Improvement

Straight line over 4 years

Plant and machinery

Straight line over 10 years

Fixtures, fittings & equipment

Straight line over 2 or 3 years

Motor Vehicles

Straight line over 5 years

 

Wessex Fixings Limited

trading as WF Supplies

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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 Fixings Limited

trading as WF Supplies

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Wessex Fixings Limited

trading as WF Supplies

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 52 (2023 - 40).

 

Wessex Fixings Limited

trading as WF Supplies

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

189,500

189,500

At 31 March 2024

189,500

189,500

Amortisation

At 1 April 2023

189,500

189,500

At 31 March 2024

189,500

189,500

Carrying amount

At 31 March 2024

-

-

 

Wessex Fixings Limited

trading as WF Supplies

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

686,971

389,947

853,451

1,930,369

Additions

27,889

72,631

657,112

757,632

Disposals

(154,523)

(39,357)

(155,844)

(349,724)

At 31 March 2024

560,337

423,221

1,354,719

2,338,277

Depreciation

At 1 April 2023

324,149

215,479

363,563

903,191

Charge for the year

95,808

50,804

215,544

362,156

Eliminated on disposal

(152,864)

(34,897)

(155,427)

(343,188)

At 31 March 2024

267,093

231,386

423,680

922,159

Carrying amount

At 31 March 2024

293,244

191,835

931,039

1,416,118

At 31 March 2023

362,822

174,468

489,888

1,027,178

Included within the net book value of land and buildings above is £160,434 (2023 - £182,189) in respect of freehold land and buildings and £132,811 (2023 - £180,632) in respect of long leasehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

1,488,845

1,363,782