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Unaudited Financial Statements for the Year Ended 31 December 2019 |
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Wessex Resins & Adhesives Holdings Ltd |
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Unaudited Financial Statements for the Year Ended 31 December 2019 |
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for |
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Wessex Resins & Adhesives Holdings Ltd |
Wessex Resins & Adhesives Holdings Ltd (Registered number: 09457105) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Wessex Resins & Adhesives Holdings Ltd |
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Company Information |
for the Year Ended 31 December 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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SOLICITORS: |
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46 The Avenue |
Southampton |
Hampshire |
SO17 1AX |
Wessex Resins & Adhesives Holdings Ltd (Registered number: 09457105) |
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Balance Sheet |
31 December 2019 |
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31.12.19 | 31.12.18 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investments | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 | ( |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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( |
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PROVISIONS FOR LIABILITIES | 11 | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
Wessex Resins & Adhesives Holdings Ltd (Registered number: 09457105) |
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Balance Sheet - continued |
31 December 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
were signed on its behalf by: |
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Wessex Resins & Adhesives Holdings Ltd (Registered number: 09457105) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2019 |
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1. | STATUTORY INFORMATION |
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Wessex Resins & Adhesives Holdings Ltd is a
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Wales. The company's registered number and registered office address can be found on the Company |
Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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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. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Computer Equipment | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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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. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
balance sheet date. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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Wessex Resins & Adhesives Holdings Ltd (Registered number: 09457105) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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4. | TANGIBLE FIXED ASSETS |
Computer |
Equipment |
£ |
COST |
At 1 January 2019 |
and 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
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COST |
At 1 January 2019 |
and 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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The company's investments at the Balance Sheet date in the share capital of companies include the following: |
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Registered office: England and Wales |
Nature of business:
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Class of shares: | holding |
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6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2019 |
and 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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Included in fair value of investment property is freehold land of £ 450,000 (2018 - £ 450,000 ) which is not |
depreciated. |
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On 8 April 2018, the property was transferred from a subsidiary company, Wessex Resins & Adhesives Ltd at its |
depreciated cost of £1,787,568. |
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The updated valuation carried out on 7 November 2018 confirmed the valuation at that date as £2,250,000. |
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The increase in the fair value of the property was recognised through the statement of income and retained |
earnings. |
Wessex Resins & Adhesives Holdings Ltd (Registered number: 09457105) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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6. | INVESTMENT PROPERTY - continued |
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Fair value at 31 December 2019 is represented by: |
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Valuation in 2018 | 456,432 |
Cost | 1,793,568 |
2,250,000 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
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VAT |
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Prepayments and accrued income |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Unsecured Loan Notes | 52,000 | 65,517 |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings |
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Social security and other taxes |
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Other Creditors |
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Directors' current accounts | 105,615 | 75,914 |
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The Company issued Loan Notes to the sum of £955,000 on 27 August 2016. |
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Under the terms of the loan notes redemption will take place over annual installments of up to 10 years. The |
company also has the right to repay at an earlier date at its discretion. |
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The loan notes attract interest annually and payable in March each year at the rate of 2.5% above the Bank of |
England base rate. |
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As at 31 December 2019 the company had repaid the sum of £630,000 (2018: £480,000), leaving £325,000 |
(2018: £475,000) outstanding. |
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In line with the loan notes, £65,000 (2018: £81,898) of the balance outstanding it due more than 5 years from the |
balance sheet date. |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.19 | 31.12.18 |
£ | £ |
Unsecured Loan Notes | 208,000 | 327,585 |
Unsecured Loan Notes more than |
5 years by instalments |
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Bank loans - 2-5 years |
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Bank loans more 5 yr by instal |
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Wessex Resins & Adhesives Holdings Ltd (Registered number: 09457105) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2019 |
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9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
31.12.19 | 31.12.18 |
£ | £ |
Amounts falling due in more than five years: |
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Repayable by instalments |
Unsecured Loan Notes more than |
5 years by instalments | 65,000 | 81,898 |
Bank loans more 5 yr by instal | 784,604 | 763,637 |
849,604 | 845,535 |
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10. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.12.19 | 31.12.18 |
£ | £ |
Bank loans and overdrafts | 1,436,104 | 1,326,155 |
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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. |
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11. | PROVISIONS FOR LIABILITIES |
31.12.19 | 31.12.18 |
£ | £ |
Deferred tax | 86,722 | 86,722 |
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Deferred |
tax |
£ |
Balance at 1 January 2019 |
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Deferred tax on revaluation |
Balance at 31 December 2019 |
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12. | RELATED PARTY DISCLOSURES |
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During the year, total dividends of £280,000 were paid to the directors . |
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Key Management Personnel |
At the year end the company owed key management personnel £105,615 (2018: £75,914). |
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13. | ULTIMATE CONTROLLING PARTY |
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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. |