Registered number
05659610
Wessex Fluid Power (UK) Ltd
Filleted Accounts
31 December 2023
Wessex Fluid Power (UK) Ltd
Registered number: 05659610
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 142 -
Tangible assets 4 22,836 9,057
22,978 9,057
Current assets
Stocks 46,006 38,448
Debtors 5 112,913 115,909
Cash at bank and in hand 99,382 122,594
258,301 276,951
Creditors: amounts falling due within one year 6 (177,652) (177,121)
Net current assets 80,649 99,830
Total assets less current liabilities 103,627 108,887
Creditors: amounts falling due after more than one year 7 (30,331) (26,194)
Provisions for liabilities (4,022) (1,302)
Net assets 69,274 81,391
Capital and reserves
Called up share capital 2 2
Profit and loss account 69,272 81,389
Shareholders' funds 69,274 81,391
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs S Richards
Director
Approved by the board on 28 November 2024
Wessex Fluid Power (UK) Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Motor vehicles over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 6 6
3 Intangible fixed assets £
Goodwill:
Cost
Additions 142
At 31 December 2023 142
Amortisation
At 31 December 2023 -
Net book value
At 31 December 2023 142
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2023 14,670 21,950 36,620
Additions 2,194 21,144 23,338
At 31 December 2023 16,864 43,094 59,958
Depreciation
At 1 January 2023 8,964 18,599 27,563
Charge for the year 1,980 7,579 9,559
At 31 December 2023 10,944 26,178 37,122
Net book value
At 31 December 2023 5,920 16,916 22,836
At 31 December 2022 5,706 3,351 9,057
5 Debtors 2023 2022
£ £
Trade debtors 104,821 110,379
Other debtors 8,092 5,530
112,913 115,909
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 15,134 10,000
Obligations under finance lease and hire purchase contracts - 3,547
Trade creditors 131,054 101,876
Taxation and social security costs 19,082 29,171
Other creditors 12,382 32,527
177,652 177,121
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 30,331 25,000
Obligations under finance lease and hire purchase contracts - 1,194
30,331 26,194
8 Related party transactions
Included within other creditors is the amount of £4,833 owed to the directors. (2022 - £18,546) This amount is undated, unsecured, interest free and repayable upon demand.
9 Controlling party
The Directors are the ultimate controlling party of the company.
# Other information
Wessex Fluid Power (UK) Ltd is a private company limited by shares and incorporated in England. Its registered office is:
1 The Briars
Waterberry Drive
Waterlooville
Hampshire
PO7 7YH
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