Wessex Resins & Adhesives Holdings Ltd - Accounts to registrar (filleted)

REGISTERED NUMBER: 09457105 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Wessex Resins & Adhesives Holdings Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

I K Oliver

Mrs T C Oliver

REGISTERED OFFICE:

Down Farm

Hindon

Salisbury

Wiltshire

SP3 5TA

REGISTERED NUMBER:

09457105 (England and Wales)

SOLICITORS:

Pitmans LLP

46 The Avenue

Southampton

Hampshire

SO17 1AX

FIXED ASSETS

Tangible assets

4

32,880

16,635

Investments

5

1,969,644

Investment property

6

2,885,000

4,887,524

4,871,279

CURRENT ASSETS

Debtors

7

119,754

86,848

Cash at bank

49,110

76,130

168,864

162,978

CREDITORS

Amounts falling due within one year

8

(898,244

)

(884,594

)

NET CURRENT LIABILITIES

(729,380

)

(721,616

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

4,158,144

4,149,663

CREDITORS

Amounts falling due after more than one
year

9

(827,288

)

(936,156

)

PROVISIONS FOR LIABILITIES

11

(67,342

)

(64,256

)

NET ASSETS

3,263,514

3,149,251

CAPITAL AND RESERVES

Called up share capital

955,000

Retained earnings

2,308,514

2,194,251

SHAREHOLDERS' FUNDS

3,263,514

3,149,251

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 September 2025 and were signed on its behalf by:

I K Oliver - Director

1.	STATUTORY INFORMATION

Wessex Resins & Adhesives Holdings Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Preparation of consolidated financial statements

The financial statements contain information about Wessex Resins & Adhesives Holdings Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on cost

Computer Equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2023 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

Equipment

Totals

£

COST

At 1 January 2024

-

78,856

5,839

84,695

Additions

22,322

-

18,410

40,732

At 31 December 2024

22,322

78,856

24,249

125,427

DEPRECIATION

At 1 January 2024

-

65,719

2,341

68,060

Charge for year

3,348

13,137

8,002

24,487

At 31 December 2024

3,348

78,856

10,343

92,547

NET BOOK VALUE

At 31 December 2024

18,974

-

13,906

32,880

At 31 December 2023

-

13,137

3,498

16,635

5.	FIXED ASSET INVESTMENTS

Shares in

group

Other

undertakings

investments

Totals

£

COST

At 1 January 2024

and 31 December 2024

1,919,644

50,000

1,969,644

NET BOOK VALUE

At 31 December 2024

1,919,644

50,000

1,969,644

At 31 December 2023

1,919,644

50,000

1,969,644

The company's investments at the Balance Sheet date in the share capital of companies include the following:

West System International Limited

Registered office: England and Wales

Nature of business: Dormant company

%

Class of shares:

holding

Ordinary

100.00

Wessex Resins & Adhesives Limited

Registered office: England and Wales

Nature of business: Resins and glue manufacturer

%

Class of shares:

holding

Ordinary

100.00

Wessex Resins and Adhesives Limited

Registered office: Republic of Ireland

Nature of business: Resins and glue distributor

%

Class of shares:

holding

Ordinary

100.00

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

2,885,000

NET BOOK VALUE

At 31 December 2024

2,885,000

At 31 December 2023

2,885,000

Included in fair value of investment property is freehold land of £ 450,000 (2023 - £ 450,000 ) which is not depreciated.

On 8 April 2018, the property was transferred from a subsidiary company, Wessex Resins & Adhesives Ltd at its depreciated cost of £1,793,568.

An extension was built during the years ended 31 December 2019, 2020 and 2021. This totalled £769,880.

The updated valuation carried out on 12 March 2021 confirmed the valuation at that date as £2,885,000.

The movement in the fair value of the property was recognised through the statement of income and retained earnings.

Fair value at 31 December 2024 is represented by:

£

Valuation in 2018

456,432

Valuation in 2020

(114,379

)

Valuation in 2021

(52,307

)

Valuation in 2022

31,806

Cost

2,563,448

2,885,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Trade debtors

39,000

18,000

Amounts owed by group undertakings

9,017

Other debtors

71,737

55,739

Prepayments

-

4,092

119,754

86,848

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Bank loans and overdrafts

203,410

184,800

Hire purchase contracts

29,969

6,933

Trade creditors

15,751

-

Amounts owed to group undertakings

511,268

560,918

Tax

2,035

1,846

Social security and other taxes

-

1,260

VAT

144

60

Directors' current accounts

129,917

122,767

Accrued expenses

5,750

6,010

898,244

884,594

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

Bank loans - 2-5 years

596,850

635,283

Bank loans more 5 yr by instal

230,438

270,904

Hire purchase contracts

-

29,969

827,288

936,156

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

230,438

270,904

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.24

31.12.23

£

Bank loans

1,030,698

1,090,987

Hire purchase contracts

29,969

36,902

1,060,667

1,127,889

At the year end the bank overdraft was secured by a fixed and floating charge over the company's assets. The debts are also guaranteed by West System International Limited and Wessex Resins & Adhesives Limited, both of which are part of the Wessex Resins & Adhesives Holdings Limited group.

The hire purchase loans are secured by the asset they were used to acquire.

11.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

Deferred tax

67,342

64,256

Deferred

tax

£

Balance at 1 January 2024

64,256

Deferred tax on revaluation

Accelerated Capital Allowance

3,086

Balance at 31 December 2024

67,342

12.	RELATED PARTY DISCLOSURES

Key Management Personnel

At the year end the company owed key management personnel £129,917 (2023: £122,767).

13.	ULTIMATE CONTROLLING PARTY

The directors consider Mr IK Oliver and Mrs TC Oliver to be the ultimate controlling parties by virtue of their combined shareholding and control over the running of the company.