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Registered number: 05125508
Wessex Fleet Solutions Limited
Unaudited Financial Statements
For The Year Ended 31 May 2024
Chippendale and Clark
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 05125508
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 39,736 59,961
Tangible Assets 5 1,439,230 767,288
1,478,966 827,249
CURRENT ASSETS
Stocks 6 462,622 283,417
Debtors 7 1,605,115 1,176,428
Cash at bank and in hand 436,513 298,157
2,504,250 1,758,002
Creditors: Amounts Falling Due Within One Year 8 (2,341,600 ) (1,512,287 )
NET CURRENT ASSETS (LIABILITIES) 162,650 245,715
TOTAL ASSETS LESS CURRENT LIABILITIES 1,641,616 1,072,964
Creditors: Amounts Falling Due After More Than One Year 9 (1,013,040 ) (517,221 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (148,722 ) (56,226 )
NET ASSETS 479,854 499,517
CAPITAL AND RESERVES
Called up share capital 11 103 103
Profit and Loss Account 479,751 499,414
SHAREHOLDERS' FUNDS 479,854 499,517
Page 1
Page 2
For the year ending 31 May 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
Mr Timothy Mcnally
Director
26/02/2025
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 Fleet Solutions Limited is a private company, limited by shares, incorporated in England & Wales, registered number 05125508 . The registered office is Milford House, 43-55 Milford Street, Salisbury, Wiltshire, SP1 2BP.
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. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are the website. It is amortised over its estimated economic life of 8 years.
2.4. 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:
Plant & Machinery 8 Year Straight Line
Motor Vehicles Per vehicle
Fixtures & Fittings 4 Year Straight Line
Computer Equipment 3 Year Straight Line
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. 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.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.8. 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 year 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 asset reflects 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: 47 (2023: 43)
47 43
4. Intangible Assets
Other
£
Cost
As at 1 June 2023 161,799
As at 31 May 2024 161,799
Amortisation
As at 1 June 2023 101,838
Provided during the period 20,225
As at 31 May 2024 122,063
Net Book Value
As at 31 May 2024 39,736
As at 1 June 2023 59,961
5. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 June 2023 1,028,443 43,947 60,658 1,133,048
Additions 960,277 - 3,581 963,858
Disposals (221,429 ) - - (221,429 )
As at 31 May 2024 1,767,291 43,947 64,239 1,875,477
...CONTINUED
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Page 5
Depreciation
As at 1 June 2023 316,882 5,907 42,971 365,760
Provided during the period 178,158 9,569 9,823 197,550
Disposals (127,063 ) - - (127,063 )
As at 31 May 2024 367,977 15,476 52,794 436,247
Net Book Value
As at 31 May 2024 1,399,314 28,471 11,445 1,439,230
As at 1 June 2023 711,561 38,040 17,687 767,288
6. Stocks
2024 2023
£ £
Finished goods 462,622 283,417
7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,096,351 934,000
Prepayments and accrued income 508,415 242,428
Net wages 349 -
1,605,115 1,176,428
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 359,064 285,565
Trade creditors 1,493,581 853,391
Bank loans and overdrafts 76,900 89,003
Corporation tax (55,095 ) 66,269
Other taxes and social security 50,988 35,542
VAT 100,274 84,635
Wessex maintained control account 153,207 28,707
Pension 7,171 6,700
Accruals and deferred income 149,740 56,439
Directors' loan accounts 5,770 6,036
2,341,600 1,512,287
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 953,040 397,221
Bank loans 60,000 120,000
1,013,040 517,221
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10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 359,064 285,565
Later than one year and not later than five years 953,040 397,221
1,312,104 682,786
1,312,104 682,786
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 103 103
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