REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2022 |
for |
Wessex Resins & Adhesives Holdings Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 December 2022 |
for |
Wessex Resins & Adhesives Holdings Ltd |
Wessex Resins & Adhesives Holdings Ltd (Registered number: 09457105) |
Contents of the Financial Statements |
for the Year Ended 31 December 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Wessex Resins & Adhesives Holdings Ltd |
Company Information |
for the Year Ended 31 December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SOLICITORS: |
46 The Avenue |
Southampton |
Hampshire |
SO17 1AX |
Wessex Resins & Adhesives Holdings Ltd (Registered number: 09457105) |
Balance Sheet |
31 December 2022 |
31.12.22 | 31.12.21 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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) |
Balance Sheet - continued |
31 December 2022 |
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 |
Wessex Resins & Adhesives Holdings Ltd (Registered number: 09457105) |
Notes to the Financial Statements |
for the Year Ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Wessex Resins & Adhesives Holdings Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
Motor vehicles | - |
Computer Equipment | - |
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 |
Wessex Resins & Adhesives Holdings Ltd (Registered number: 09457105) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
4. | TANGIBLE FIXED ASSETS |
Motor | Computer |
vehicles | Equipment | Totals |
£ | £ | £ |
COST |
At 1 January 2022 |
and 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST |
At 1 January 2022 |
and 31 December 2022 | 1,969,556 |
NET BOOK VALUE |
At 31 December 2022 | 1,969,556 |
At 31 December 2021 | 1,969,556 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: England and Wales |
Nature of business: |
% |
Class of shares: | holding |
Registered office: England and Wales |
Nature of business: |
% |
Class of shares: | holding |
During the prior year the company acquired the shareholding held by West System International Limited in Wessex Resins & Adhesives Limited. |
Wessex Resins & Adhesives Holdings Ltd (Registered number: 09457105) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2022 |
Disposals | ( |
) |
Revaluations | 31,806 |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
Included in fair value of investment property is freehold land of £ 450,000 (2021 - £ 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 £796,880. |
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 2022 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 |
31.12.22 | 31.12.21 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
VAT |
Prepayments |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Other Creditors |
Directors' current accounts | 65,207 | 65,456 |
Wessex Resins & Adhesives Holdings Ltd (Registered number: 09457105) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2022 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.22 | 31.12.21 |
£ | £ |
Bank loans - 2-5 years |
Bank loans more 5 yr by instal |
Hire purchase contracts |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 442,454 | 572,754 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.12.22 | 31.12.21 |
£ | £ |
Bank loans |
Hire purchase contracts | 44,261 | 55,329 |
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 |
31.12.22 | 31.12.21 |
£ | £ |
Deferred tax | 67,337 | 76,820 |
Deferred |
tax |
£ |
Balance at 1 January 2022 |
Deferred tax on revaluation | (5,737 | ) |
Accelerated Capital Allowance | (3,746 | ) |
Balance at 31 December 2022 |
12. | RELATED PARTY DISCLOSURES |
Key Management Personnel |
At the year end the company owed key management personnel £65,207 (2021: £65,456). |
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. |