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Company No: 01406286 (England and Wales)

WESSEX POWER TECHNOLOGY LTD

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

WESSEX POWER TECHNOLOGY LTD

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

WESSEX POWER TECHNOLOGY LTD

BALANCE SHEET

As at 31 December 2024
WESSEX POWER TECHNOLOGY LTD

BALANCE SHEET (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 23,749 16,954
Tangible assets 4 199,135 82,141
222,884 99,095
Current assets
Stocks 5 336,504 366,382
Debtors 6 464,753 557,583
Cash at bank and in hand 5,401,880 5,222,488
6,203,137 6,146,453
Creditors: amounts falling due within one year 7 ( 369,718) ( 957,334)
Net current assets 5,833,419 5,189,119
Total assets less current liabilities 6,056,303 5,288,214
Provision for liabilities ( 54,667) ( 16,405)
Net assets 6,001,636 5,271,809
Capital and reserves
Called-up share capital 8 100 100
Capital redemption reserve 30 30
Profit and loss account 6,001,506 5,271,679
Total shareholders' funds 6,001,636 5,271,809

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

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Wessex Power Technology Ltd (registered number: 01406286) were approved and authorised for issue by the Board of Directors on 10 March 2025. They were signed on its behalf by:

J A Rouse
Director
WESSEX POWER TECHNOLOGY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
WESSEX POWER TECHNOLOGY LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Wessex Power Technology Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Wahn Fried, Winterborne Zelston, DT11 9EX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Website costs 5 years straight line
Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Plant and machinery 3 - 10 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 10 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 12 11

3. Intangible assets

Goodwill Website costs Total
£ £ £
Cost
At 01 January 2024 200,000 23,934 223,934
Additions 0 13,832 13,832
At 31 December 2024 200,000 37,766 237,766
Accumulated amortisation
At 01 January 2024 200,000 6,980 206,980
Charge for the financial year 0 7,037 7,037
At 31 December 2024 200,000 14,017 214,017
Net book value
At 31 December 2024 0 23,749 23,749
At 31 December 2023 0 16,954 16,954

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £ £
Cost
At 01 January 2024 55,632 123,538 44,525 20,430 38,061 282,186
Additions 35,979 111,159 0 4,426 2,755 154,319
At 31 December 2024 91,611 234,697 44,525 24,856 40,816 436,505
Accumulated depreciation
At 01 January 2024 37,221 85,909 32,740 17,107 27,068 200,045
Charge for the financial year 6,977 20,591 2,946 1,086 5,725 37,325
At 31 December 2024 44,198 106,500 35,686 18,193 32,793 237,370
Net book value
At 31 December 2024 47,413 128,197 8,839 6,663 8,023 199,135
At 31 December 2023 18,411 37,629 11,785 3,323 10,993 82,141

5. Stocks

2024 2023
£ £
Stocks 336,504 366,382

There are no material differences between the replacement cost of stock and the Balance Sheet amounts.

6. Debtors

2024 2023
£ £
Trade debtors 428,632 484,553
Other debtors 36,121 73,030
464,753 557,583

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 109,413 132,371
Amounts owed to directors 2,668 2,044
Accruals 73,896 103,273
Corporation tax 15,876 469,494
Other taxation and social security 161,284 242,812
Other creditors 6,581 7,340
369,718 957,334

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

9. Financial commitments

Commitments

Capital commitments are as follows:

2024 2023
£ £
Contracted for but not provided for:
Finance leases entered into 53,419 0

The Company has taken three new car leases during the financial year.