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Registration number: 07347803

Wesex Company Limited

Unaudited Filleted Financial Statements

for the Period from 1 September 2022 to 31 December 2023

Pages for Filing with Registrar

 

Wesex Company Limited

(Registration number: 07347803)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,959

186,224

Investments

6

127,243

127,273

 

129,202

313,497

Current assets

 

Debtors

7

26,285

63,318

Cash at bank and in hand

 

112,490

106,923

 

138,775

170,241

Creditors: Amounts falling due within one year

8

(394,421)

(609,674)

Net current liabilities

 

(255,646)

(439,433)

Total assets less current liabilities

 

(126,444)

(125,936)

Creditors: Amounts falling due after more than one year

8

(119,481)

(119,481)

Net liabilities

 

(245,925)

(245,417)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(246,025)

(245,517)

Shareholders' deficit

 

(245,925)

(245,417)

 

Wesex Company Limited

(Registration number: 07347803)
Balance Sheet as at 31 December 2023

For the financial period ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the Company to obtain an audit of its accounts for the period 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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 January 2025 and signed on its behalf by:
 

.........................................
S Rowe
Director

 

Wesex Company Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 December 2023

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:
114 St Martin's Lane
Covent Garden
London
WC2N 4BE
England

Principal activity

The principal activity of the Company is that of business support services.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 company made a loss in the period and has net current liabilities. The company is dependent on the support from the shareholders to continue as a going concern.

The financial statements have been prepared on a going concern basis that assumes further funding will be obtained.

 

Wesex Company Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 December 2023

Turnover 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.

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 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.

Tangible assets

Tangible assets are stated in the statement of financial position 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

Freehold land and buildings

Nil

Plant and machinery

35% reducing balance

Motor vehicles

25% reducing balance

 

Wesex Company Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 December 2023

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Financial instruments

The Company only enters into basic financial instrument 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 non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


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.

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.

 

Wesex Company Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 December 2023

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.

3

Significant judgements and estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. In the Director's opinion there are no significant judgements or key sources of estimation uncertainty.

4

Staff numbers

The average number of persons employed by the Company (including directors) during the period, was 1 (2022 - 1).

 

Wesex Company Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 December 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 September 2022

153,384

57,627

123,011

334,022

Additions

48,496

-

-

48,496

Disposals

(201,880)

-

(123,011)

(324,891)

At 31 December 2023

-

57,627

-

57,627

Depreciation

At 1 September 2022

-

54,612

93,186

147,798

Charge for the period

-

1,056

-

1,056

Eliminated on disposal

-

-

(93,186)

(93,186)

At 31 December 2023

-

55,668

-

55,668

Carrying amount

At 31 December 2023

-

1,959

-

1,959

At 31 August 2022

153,384

3,015

29,825

186,224

Included within the net book value of land and buildings above is £nil (2022 - £153,384) in respect of freehold land and buildings.
 

6

Investments

2023
£

2022
£

Investments in subsidiaries

14,516

14,516

Fixed asset group loan

112,727

112,757

127,243

127,273

 

Wesex Company Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 December 2023

Subsidiaries

£

Cost or valuation

At 1 September 2022

14,516

Provision

Carrying amount

At 31 December 2023

14,516

At 31 August 2022

14,516

Fixed asset group loan

£

Cost or valuation

At 1 September 2022

112,727

At 31 December 2023

112,727

7

Debtors

2023
£

2022
£

Trade debtors

15,074

15,074

Other debtors

11,211

48,244

26,285

63,318

 

Wesex Company Limited

Notes to the Unaudited Financial Statements for the Period from 1 September 2022 to 31 December 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

40,355

-

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

268,410

492,372

Accruals and deferred income

 

67,336

76,050

Other creditors

 

18,320

41,252

 

394,421

609,674

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Other non-current financial liabilities

119,481

119,481

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

10

Dividends

There were no dividends paid or proposed in either the current year or the previous year.