REGISTERED NUMBER: 02188448 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31st December 2024

for

WEALDEN P.S.V. LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

Mr J F B Brown

SECRETARY:

Mrs K Brown

REGISTERED OFFICE:

Monometer House

Rectory Grove

Leigh on Sea

Essex

SS9 2HN

REGISTERED NUMBER:

02188448 (England and Wales)

ACCOUNTANTS:

Barrons Limited

Chartered Accountants

Monometer House

Rectory Grove

Leigh on Sea

Essex

SS9 2HN

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wealden P.S.V. Limited for the year ended 31st December 2024 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Wealden P.S.V. Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Wealden P.S.V. Limited and state those matters that we have agreed to state to the director of Wealden P.S.V. Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wealden P.S.V. Limited and its director for our work or for this report.

It is your duty to ensure that Wealden P.S.V. Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Wealden P.S.V. Limited. You consider that Wealden P.S.V. Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Wealden P.S.V. Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Barrons Limited

Chartered Accountants

Monometer House

Rectory Grove

Leigh on Sea

Essex

SS9 2HN

30th September 2025

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

355,785

414,039

355,785

414,039

CURRENT ASSETS

Stocks

129,945

139,960

Debtors

6

932,315

993,612

Cash at bank and in hand

194,674

34,410

1,256,934

1,167,982

CREDITORS

Amounts falling due within one year

7

513,854

442,035

NET CURRENT ASSETS

743,080

725,947

TOTAL ASSETS LESS CURRENT LIABILITIES

1,098,865

1,139,986

CREDITORS

Amounts falling due after more than one year

8

(120,611

)

(164,347

)

PROVISIONS FOR LIABILITIES

(51,058

)

(65,965

)

NET ASSETS

927,196

909,674

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

927,096

909,574

SHAREHOLDERS' FUNDS

927,196

909,674

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

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

The director acknowledges his 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 30th September 2025 and were signed by:

Mr J F B Brown - Director

1.	STATUTORY INFORMATION

Wealden P.S.V. Limited 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.

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.

Turnover

The turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before the revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

-

the Company has transferred the significant risks and rewards of ownership to the buyer;

-

the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

-

the amount of revenue can be measured reliably;

-

it is probable that the Company will receive the consideration due under the transaction; and

-

the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

-

the amount of revenue can be measured reliably;

-

it is probable that the Company will receive the consideration due under the contract;

-

the stage of completion of the contract at the end of the reporting period can be measured reliably; and

-

the costs incurred and the costs to complete the contract can be measured reliably.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

Depreciation is provided on the following basis:

Plant and machinery

- Straight Line over 10 years

Fixtures and fittings

- Straight Line over 5 years

Motor vehicles

- Straight Line over 4 years

Fleet vehicles

- Over the operating life of the asset

No depreciation is charged on the freehold property because any such charge would be immaterial due to the long useful economic life and high residual value of the property.

The Routemasters in Fleet vehicles are not depreciated due to the high residual values. The vehicles are maintained to high level meaning the depreciation would not be appropriate.

The asset's residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If Stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit and loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit and loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amount of cash with insignificant risk of change in value.

Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using effective interest method, less any impairment.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 16 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st January 2024

and 31st December 2024

1,000

AMORTISATION

At 1st January 2024

and 31st December 2024

1,000

NET BOOK VALUE

At 31st December 2024

-

At 31st December 2023

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1st January 2024

148,935

1,425,240

1,574,175

Additions

-

12,545

12,545

Disposals

-

(34,598

)

(34,598

)

At 31st December 2024

148,935

1,403,187

1,552,122

DEPRECIATION

At 1st January 2024

-

1,160,136

1,160,136

Charge for year

-

70,687

70,687

Eliminated on disposal

-

(34,486

)

(34,486

)

At 31st December 2024

-

1,196,337

1,196,337

NET BOOK VALUE

At 31st December 2024

148,935

206,850

355,785

At 31st December 2023

148,935

265,104

414,039

6.

DEBTORS

2024

2023

£

£

Amounts falling due within one year:

Trade debtors

59,447

88,694

Amounts receivable in respect of hire purchase contracts

32,709

29,142

Other debtors

720,667

723,568

812,823

841,404

Amounts falling due after more than one year:

Amounts receivable in respect of hire purchase contracts

119,492

152,208

Aggregate amounts

932,315

993,612

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

10,000

55,295

Hire purchase contracts (see note 9)

33,736

77,395

Trade creditors

236,080

73,313

Taxation and social security

109,081

92,888

Other creditors

124,957

143,144

513,854

442,035

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

4,167

14,167

Hire purchase contracts (see note 9)

116,444

150,180

120,611

164,347

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2024

2023

£

£

Net obligations repayable:

Within one year

33,736

77,395

Between one and five years

116,444

150,180

150,180

227,575

Minimum lease receipts fall due as follows:

Hire purchase receivable

2024

2023

£

£

Net obligations receivable

Within one year

32,709

29,149

Between one and five years

119,492

152,201

152,201

181,350

Non-cancellable

operating leases

2024

2023

£

£

Within one year

-

17,500

10.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

£

Bank loans

14,167

24,167

Hire purchase contracts

150,180

227,575

164,347

251,742

The bank loan is secured by the Bounce Back Loan Scheme provided by the government during the coronavirus outbreak.

Hire purchase debts are secured against the assets to which the debts relate.

The bank overdraft facility is secured by a personal guarantee given by a director.

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to the director subsisted during the year ended 31st December 2024 and the year ended 31st December 2023:

2024

2023

£

£

Balance outstanding at start of year

231,904

80,857

Amounts advanced

357,739

235,246

Amounts repaid

(234,820

)

(84,199

)

Balance outstanding at end of year

354,823

231,904

During the year, the company charged interest on the director's loan account at 2.25% totalling £7,000 (2023: £1,524).