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Company registration number: 02926108
Wessex Fine Chemicals Limited
Unaudited filleted financial statements
30 November 2024
Wessex Fine Chemicals Limited
Contents
Statement of financial position
Notes to the financial statements
Wessex Fine Chemicals Limited
Statement of financial position
30 November 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 3 2,280 2,909
Investments 4 202,614 -
_______ _______
204,894 2,909
Current assets
Stocks 209,037 261,063
Debtors 5 861,972 1,123,100
Cash at bank and in hand 205,416 90,639
_______ _______
1,276,425 1,474,802
Creditors: amounts falling due
within one year 6 ( 541,502) ( 584,053)
_______ _______
Net current assets 734,923 890,749
_______ _______
Total assets less current liabilities 939,817 893,658
Creditors: amounts falling due
after more than one year 7 ( 5,287) ( 15,670)
Provisions for liabilities ( 429) ( 388)
_______ _______
Net assets 934,101 877,600
_______ _______
Capital and reserves
Called up share capital 8 4 4
Profit and loss account 934,097 877,596
_______ _______
Shareholders funds 934,101 877,600
_______ _______
For the year ending 30 November 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 08 April 2025 , and are signed on behalf of the board by:
Mr Nicholas Carter Mrs Karen Shiers
Director Director
Company registration number: 02926108
Wessex Fine Chemicals Limited
Notes to the financial statements
Year ended 30 November 2024
1. General information
Wessex Fine Chemicals Limited (Company number 02926108 ) is a private company limited by shares, registered in United Kingdom. The address of the registered office is 5 West Court, Enterprise Road, Maidstone, Kent, ME15 6JD.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. Wessex Fine Chemicals Limited purchases its pharmaceutical stock within the United Kingdom in addition to dealing internationally.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities, such as trade and other debtors and creditors, and loans from banks and other third parties.
2. Employee numbers
The average number of persons employed by the company, including directors, during the year amounted to 5 (2023: 5).
3. Tangible assets
Plant and machinery Fixtures, fittings and equipment Total
£ £ £
Cost
At 1 December 2023 1,344 11,222 12,566
Additions - 274 274
Disposals - ( 247) ( 247)
_______ _______ _______
At 30 November 2024 1,344 11,249 12,593
_______ _______ _______
Depreciation
At 1 December 2023 1,016 8,641 9,657
Charge for the year 82 636 718
Disposals - ( 62) ( 62)
_______ _______ _______
At 30 November 2024 1,098 9,215 10,313
_______ _______ _______
Carrying amount
At 30 November 2024 246 2,034 2,280
_______ _______ _______
At 30 November 2023 328 2,581 2,909
_______ _______ _______
4. Investments
Shares in group undertakings and participating interests Total
£ £
Cost
At 1 December 2023 - -
Additions 202,614 202,614
_______ _______
At 30 November 2024 202,614 202,614
_______ _______
Impairment
At 1 December 2023 and 30 November 2024 - -
_______ _______
Carrying amount
At 30 November 2024 202,614 202,614
_______ _______
At 30 November 2023 - -
_______ _______
5. Debtors
2024 2023
£ £
Trade debtors 153,071 423,759
Amounts owed by group undertakings and undertakings in which the company has a participating interest 690,080 690,080
Other debtors 18,821 9,261
_______ _______
861,972 1,123,100
_______ _______
6. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 10,383 10,128
Trade creditors 247,675 444,837
Amounts owed to group undertakings and undertakings in which the company has a participating interest 164,602 -
Social security and other taxes 36,942 81,989
Other creditors 81,900 47,099
_______ _______
541,502 584,053
_______ _______
7. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 5,287 15,670
_______ _______
8. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary A shares shares of £ 1.00 each 4 4 4 4
_______ _______ _______ _______
9. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 3,237 4,046
Later than 1 year and not later than 5 years - 2,697
_______ _______
3,237 6,743
_______ _______
10. Controlling party
The company is a wholly owned subsidiary of the company, Wessex A P I Limited. This company is controlled by the director , Mr Nicholas Carter .