WESES Limited 5881661 false 2023-10-01 2024-09-30 2024-09-30 The principal activity of the company is the organising and running of an annual Steam and Country Fair Digita Accounts Production Advanced 6.30.9574.0 true true 5881661 2023-10-01 2024-09-30 5881661 2024-09-30 5881661 core:CurrentFinancialInstruments 2024-09-30 5881661 core:CurrentFinancialInstruments core:WithinOneYear 2024-09-30 5881661 core:FurnitureFittingsToolsEquipment 2024-09-30 5881661 bus:SmallEntities 2023-10-01 2024-09-30 5881661 bus:AuditExemptWithAccountantsReport 2023-10-01 2024-09-30 5881661 bus:FilletedAccounts 2023-10-01 2024-09-30 5881661 bus:SmallCompaniesRegimeForAccounts 2023-10-01 2024-09-30 5881661 bus:RegisteredOffice 2023-10-01 2024-09-30 5881661 bus:Director10 2023-10-01 2024-09-30 5881661 bus:Director11 2023-10-01 2024-09-30 5881661 bus:Director8 2023-10-01 2024-09-30 5881661 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 5881661 core:ComputerEquipment 2023-10-01 2024-09-30 5881661 core:FurnitureFittingsToolsEquipment 2023-10-01 2024-09-30 5881661 core:PlantMachinery 2023-10-01 2024-09-30 5881661 core:OtherRelatedParties 2023-10-01 2024-09-30 5881661 countries:EnglandWales 2023-10-01 2024-09-30 5881661 2023-09-30 5881661 core:FurnitureFittingsToolsEquipment 2023-09-30 5881661 2022-10-01 2023-09-30 5881661 2023-09-30 5881661 core:CurrentFinancialInstruments 2023-09-30 5881661 core:CurrentFinancialInstruments core:WithinOneYear 2023-09-30 5881661 core:FurnitureFittingsToolsEquipment 2023-09-30 iso4217:GBP xbrli:pure

Registration number: 5881661

WESES Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

WESES Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 7

 

WESES Limited

Company Information

Directors

Mr K J Gerry

Mr John Treve Nicholls

Mr David Daniel Jones

Registered office

3 Chapel Street
Redruth
Cornwall
TR15 2BY

 

WESES Limited

(Registration number: 5881661)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

2,693

2,098

Current assets

 

Stocks

3,675

3,687

Debtors

6

6,042

3,831

Cash at bank and in hand

 

101,136

77,138

 

110,853

84,656

Creditors: Amounts falling due within one year

7

(85,093)

(75,549)

Net current assets

 

25,760

9,107

Total assets less current liabilities

 

28,453

11,205

Provisions for liabilities

(512)

(399)

Net assets

 

27,941

10,806

Capital and reserves

 

Called up share capital

1

1

Retained earnings

27,940

10,805

Shareholders' funds

 

27,941

10,806

For the financial year ending 30 September 2024 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 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.

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.

These financial statements have been 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 9 January 2025 and signed on its behalf by:
 

 

WESES Limited

(Registration number: 5881661)
Balance Sheet as at 30 September 2024

.........................................
Mr K J Gerry
Director

.........................................
Mr John Treve Nicholls
Director

.........................................
Mr David Daniel Jones
Director

 

WESES Limited

Notes to the Financial Statements for the Year Ended 30 September 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:
3 Chapel Street
Redruth
Cornwall
TR15 2BY

The principal place of business is:
Old Forge
Mawla
REDRUTH
Cornwall
TR16 4BP

These financial statements were authorised for issue by the Board on 9 January 2025.

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.

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.

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.

 

WESES Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

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

Plant and Machinery

25% reducing balance

Computer Equipment

50% reducing balance

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.

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

 

WESES Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Profit/loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

1,044

587

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2023

14,373

14,373

Additions

1,897

1,897

Disposals

(1,509)

(1,509)

At 30 September 2024

14,761

14,761

Depreciation

At 1 October 2023

12,275

12,275

Charge for the year

1,043

1,043

Eliminated on disposal

(1,250)

(1,250)

At 30 September 2024

12,068

12,068

Carrying amount

At 30 September 2024

2,693

2,693

At 30 September 2023

2,098

2,098

 

WESES Limited

Notes to the Financial Statements for the Year Ended 30 September 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

4,883

2,500

Prepayments

1,159

646

Other debtors

-

685

 

6,042

3,831

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

71,627

69,537

Trade creditors

 

8,367

1,348

Taxation and social security

 

3,855

-

Accruals and deferred income

 

1,044

4,664

Other creditors

 

200

-

 

85,093

75,549

Creditors includes an interest free loan repayable on demand from the West of England Steam Engine Society of £71,627 (2023 - £69,537).

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Other borrowings

71,627

69,537

9

Related party transactions

Summary of transactions with other related parties

The West of England Steam Engine Society (100% shareholder)
 The company has received an interest free loan repayable on demand from the society of £71,627 (2023 - £69,537)