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Company No: 03623392 (England and Wales)

WESSEX INCENTIVES LIMITED

Unaudited Financial Statements
For the financial year ended 30 November 2024
Pages for filing with the registrar

WESSEX INCENTIVES LIMITED

Unaudited Financial Statements

For the financial year ended 30 November 2024

Contents

WESSEX INCENTIVES LIMITED

BALANCE SHEET

As at 30 November 2024
WESSEX INCENTIVES LIMITED

BALANCE SHEET (continued)

As at 30 November 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 7,718 8,667
7,718 8,667
Current assets
Debtors 4 538,505 487,973
Investments 5 20,448 20,448
Cash at bank and in hand 595,080 178,597
1,154,033 687,018
Creditors: amounts falling due within one year 6 ( 884,627) ( 420,286)
Net current assets 269,406 266,732
Total assets less current liabilities 277,124 275,399
Net assets 277,124 275,399
Capital and reserves
Called-up share capital 7 1,000 1,000
Profit and loss account 276,124 274,399
Total shareholder's funds 277,124 275,399

For the financial 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.

Director's responsibilities:

The financial statements of Wessex Incentives Limited (registered number: 03623392) were approved and authorised for issue by the Director on 29 August 2025. They were signed on its behalf by:

S T A Gibbons
Director
WESSEX INCENTIVES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 2024
WESSEX INCENTIVES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 November 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 Incentives Limited (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 Fair Lea, Church Lane, West Parley, BH22 8TR, United Kingdom. The principal place of business is 88 Strouden Road, Bournemouth, Dorset, BH9 1QN.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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.

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:

Land and buildings not depreciated
Plant and machinery 15 % reducing balance
Fixtures and fittings 15 % reducing balance
Office 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.

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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 4 2

3. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 December 2023 14,273 1,126 56,616 2,919 74,934
At 30 November 2024 14,273 1,126 56,616 2,919 74,934
Accumulated depreciation
At 01 December 2023 9,000 193 55,026 2,048 66,267
Charge for the financial year 0 140 239 570 949
At 30 November 2024 9,000 333 55,265 2,618 67,216
Net book value
At 30 November 2024 5,273 793 1,351 301 7,718
At 30 November 2023 5,273 933 1,590 871 8,667

4. Debtors

2024 2023
£ £
Trade debtors 393,600 450,732
Other debtors 144,905 37,241
538,505 487,973

5. Current asset investments

2024 2023
£ £
Listed investments – at fair value 32,866 32,866
Other investments – at cost less impairment 16,707 16,707
49,573 49,573

6. Creditors: amounts falling due within one year

2024 2023
£ £
Taxation and social security 40,800 46,531
Other creditors 843,827 373,755
884,627 420,286

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
1,000 Ordinary shares of £ 1.00 each 1,000 1,000