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Registration number: 13826763

Wessex Pumps and Pipework Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Wessex Pumps and Pipework Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Wessex Pumps and Pipework Ltd

Company Information

Director

Mr Stephen Price

Registered office

8 Bowman Court
Whitehill Lane
Royal Wootton Bassett
Swindon
SN4 7DB

Accountants

RiverView Portfolio Limited
1 Market Hill
Calne
Wiltshire
SN11 0BT

 

Wessex Pumps and Pipework Ltd

(Registration number: 13826763)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

137,602

68,412

Current assets

 

Stocks

6

35,000

28,000

Debtors

7

163,048

72,946

Cash at bank and in hand

 

29,654

9,422

 

227,702

110,368

Creditors: Amounts falling due within one year

8

(247,518)

(118,220)

Net current liabilities

 

(19,816)

(7,852)

Total assets less current liabilities

 

117,786

60,560

Creditors: Amounts falling due after more than one year

8

(57,596)

(10,913)

Net assets

 

60,190

49,647

Capital and reserves

 

Called up share capital

1

1

Retained earnings

60,189

49,646

Shareholders' funds

 

60,190

49,647

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

Director's 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 director acknowledges his 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.

Approved and authorised by the director on 24 October 2024
 

.........................................
Mr Stephen Price
Director

 

Wessex Pumps and Pipework Ltd

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

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:
8 Bowman Court
Whitehill Lane
Royal Wootton Bassett
Swindon
SN4 7DB

These financial statements were authorised for issue by the director on 24 October 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.

Going concern

The financial statements have been prepared on a going concern basis.

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:

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.

 

Wessex Pumps and Pipework Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

2

Accounting policies (continued)

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Wessex Pumps and Pipework Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

53,468

22,804

 

Wessex Pumps and Pipework Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

61,466

29,750

91,216

Additions

8,545

117,113

125,658

Disposals

-

(3,000)

(3,000)

At 31 January 2024

70,011

143,863

213,874

Depreciation

At 1 February 2023

15,366

7,438

22,804

Charge for the year

17,503

35,965

53,468

At 31 January 2024

32,869

43,403

76,272

Carrying amount

At 31 January 2024

37,142

100,460

137,602

At 31 January 2023

46,100

22,312

68,412

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

35,000

28,000

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

156,122

36,703

Amounts owed by related parties

4,302

-

Prepayments

 

2,624

7,161

Other debtors

 

-

29,082

   

163,048

72,946

8

Creditors

Creditors: amounts falling due within one year

 

Wessex Pumps and Pipework Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024 (continued)

8

Creditors (continued)

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

108,498

17,554

Amounts owed to group undertakings and undertakings in which the company has a participating interest

-

7,973

Taxation and social security

 

38,335

5,412

Accruals and deferred income

 

700

6,781

Other creditors

 

99,985

80,500

 

247,518

118,220

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

57,596

10,913

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

57,596

10,913