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Registered number: 02992480
Wessex Chemical Factors Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Frost & Company
Chartered Accountants
Unit C, Regent House
9 Crown Square
Dorchester
Dorset
DT1 3DY
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02992480
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 592,050 564,781
592,050 564,781
CURRENT ASSETS
Stocks 5 40,129 46,409
Debtors 6 166,844 250,411
Cash at bank and in hand 127,559 98,081
334,532 394,901
Creditors: Amounts Falling Due Within One Year 7 (287,711 ) (347,438 )
NET CURRENT ASSETS (LIABILITIES) 46,821 47,463
TOTAL ASSETS LESS CURRENT LIABILITIES 638,871 612,244
Creditors: Amounts Falling Due After More Than One Year 8 (184,240 ) (200,454 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (12,969 ) (6,232 )
NET ASSETS 441,662 405,558
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 441,562 405,458
SHAREHOLDERS' FUNDS 441,662 405,558
Page 1
Page 2
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs H E Borowski-Renouf
Director
21/10/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Wessex Chemical Factors Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02992480 . The registered office is Unit 17 Crane Way, Three Legged Cross, Wimborne, BH21 6FA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 0%
Plant & Machinery 15% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 15% reducing balance
Computer Equipment 25% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
Page 3
Page 4
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 10 (2023: 10)
10 10
4. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings
£ £ £ £
Cost
As at 1 May 2023 536,595 30,661 24,633 24,742
Additions - - 39,495 1,400
As at 30 April 2024 536,595 30,661 64,128 26,142
Depreciation
As at 1 May 2023 - 23,223 22,430 9,813
Provided during the period - 1,116 10,424 2,449
As at 30 April 2024 - 24,339 32,854 12,262
Net Book Value
As at 30 April 2024 536,595 6,322 31,274 13,880
As at 1 May 2023 536,595 7,438 2,203 14,929
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Page 5
Computer Equipment Total
£ £
Cost
As at 1 May 2023 13,986 630,617
Additions 1,689 42,584
As at 30 April 2024 15,675 673,201
Depreciation
As at 1 May 2023 10,370 65,836
Provided during the period 1,326 15,315
As at 30 April 2024 11,696 81,151
Net Book Value
As at 30 April 2024 3,979 592,050
As at 1 May 2023 3,616 564,781
5. Stocks
2024 2023
£ £
Stock 40,129 46,409
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 145,042 231,910
Other debtors 21,802 18,501
166,844 250,411
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 52,174 53,676
Bank loans and overdrafts 16,214 15,515
Other creditors 180,002 233,740
Taxation and social security 39,321 44,507
287,711 347,438
Page 5
Page 6
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 184,240 200,454
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 6