Company registration number 02956641 (England and Wales)
WASSELL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
WASSELL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
WASSELL LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
5
10,282
12,135
Tangible assets
4
15,194
25,770
25,476
37,905
Current assets
Stocks
2,268,268
2,402,053
Debtors
6
252,161
251,210
Cash at bank and in hand
817,830
371,820
3,338,259
3,025,083
Creditors: amounts falling due within one year
7
(1,961,540)
(1,608,577)
Net current assets
1,376,719
1,416,506
Total assets less current liabilities
1,402,195
1,454,411
Provisions for liabilities
(3,798)
(5,085)
Net assets
1,398,397
1,449,326
Capital and reserves
Called up share capital
274,078
274,078
Share premium account
733,921
733,921
Profit and loss reserves
390,398
441,327
Total equity
1,398,397
1,449,326

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 3 December 2025 and are signed on its behalf by:
P S Harness
Director
Company registration number 02956641 (England and Wales)
WASSELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
1
Accounting policies
Company information

Wassell Limited is a private company limited by shares incorporated in England and Wales. The registered office is 111 Sadler Road, Lincoln, LN6 3RS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true

1.3
Turnover

Turnover represents amounts receivable for goods net of VAT and trade discounts. This is recognised upon despatch to customers

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Trademarks
10% straight line
Website
33% straight line
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

WASSELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 3 -
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
10 - 33% straight line
Fixtures, fittings & equipment
20 - 50% straight line
Motor vehicles
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in han d and deposits held at call with banks.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors, and loans from fellow group companies, 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 paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

WASSELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.12
Employee benefits

T he cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13
Retirement benefits

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

1.14
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease d asset are consumed.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

WASSELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 5 -
Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Stock valuation

In determining the value of stocks at the year end, management considers the estimated net realisable value for the stocks held and makes provision where stock is held that may not be recovered after the year end. Significant uncertainty may surround such estimates as, whilst the stock is not perishable in nature, the future demand for each individual product is uncertain. Management consider the expected demand for the products on a line-by-line basis and uses historical activity and management experience to indicate future sales levels. Whilst management do not consider that the risk of stock obsolescence is high, the recovery of stock in the future period remains a key source of estimation uncertainty at the year end and may cause adjustments to the following period's results. An impairment provision of £139,754 (2024 - £142,695) was recognised at the year end.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
13
14
4
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2024
82,785
43,853
36,452
163,090
Additions
-
0
1,271
-
0
1,271
At 31 March 2025
82,785
45,124
36,452
164,361
Depreciation and impairment
At 1 April 2024
74,960
37,193
25,167
137,320
Depreciation charged in the year
2,586
3,373
5,888
11,847
At 31 March 2025
77,546
40,566
31,055
149,167
Carrying amount
At 31 March 2025
5,239
4,558
5,397
15,194
At 31 March 2024
7,825
6,660
11,285
25,770
WASSELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
5
Intangible fixed assets
Trademarks
Website
Total
£
£
£
Cost
At 1 April 2024
22,551
7,875
30,426
Additions
-
0
3,625
3,625
At 31 March 2025
22,551
11,500
34,051
Amortisation and impairment
At 1 April 2024
15,447
2,844
18,291
Amortisation charged for the year
1,645
3,833
5,478
At 31 March 2025
17,092
6,677
23,769
Carrying amount
At 31 March 2025
5,459
4,823
10,282
At 31 March 2024
7,104
5,031
12,135
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
153,170
155,381
Other debtors
98,991
95,829
252,161
251,210
7
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
151,160
149,229
Amounts owed to group undertakings
1,446,261
1,057,789
Corporation tax
133,234
147,145
Other taxation and social security
16,635
41,138
Other creditors
214,250
213,276
1,961,540
1,608,577
WASSELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
8
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
3,798
6,442
Short term timing differences
-
(1,357)
3,798
5,085
2025
Movements in the year:
£
Liability at 1 April 2024
5,085
Credit to profit or loss
(1,287)
Liability at 31 March 2025
3,798

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

Opinion

In our opinion the financial statements:

- give a true and fair view of the state of the company's affairs as at 31 March 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Senior Statutory Auditor:
Kevin Blakemore FCCA
Statutory Auditor:
Cooper Parry Group Limited
Date of audit report:
3 December 2025
WASSELL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
10
Financial commitments, guarantees and contingent liabilities

The company had total financial commitments and guarantees of £138,830 (2024 - £258,171) which include operating lease commitments in respect of land and buildings expiring in 2026.

The company has guaranteed the bank borrowings of its immediate parent company Web Supply Services Limited. At the year end the potential amount due under this guarantee was £Nil (20 24 - £Nil).

11
Parent company

The immediate parent company is Web Supply Services Limited, a company registered in England and Wales.

The ultimate parent company is Phipps & Company Limited, a company registered in England and Wales. Consolidated accounts of Phipps & Company Limited are available from Mathon Court, Mathon, Malvern, Worcestershire, WR13 5NZ.

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