WESSEX CHEMICAL FACTORS LIMITED Filleted accounts for Companies House (small and micro)

WESSEX CHEMICAL FACTORS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02992480

WESSEX CHEMICAL FACTORS LIMITED

Filleted Unaudited Financial Statements

30 April 2020

WESSEX CHEMICAL FACTORS LIMITED

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of WESSEX CHEMICAL FACTORS LIMITED

Year ended 30 April 2020

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 30 April 2020, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

FROST & COMPANY Chartered Accountants

Unit C, Regent House 9 Crown Square Poundbury Dorset DT1 3DY

14 January 2021

WESSEX CHEMICAL FACTORS LIMITED

Statement of Financial Position

30 April 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		561,728	27,215

Current assets

Stocks		43,343	35,013
Debtors	6	311,465	267,648
Cash at bank and in hand		92,560	37,639
		---------	---------
		447,368	340,300

Creditors: amounts falling due within one year	7	444,505		83,518
		---------		---------
Net current assets			2,863	256,782
			---------	---------
Total assets less current liabilities			564,591	283,997

Creditors: amounts falling due after more than one year	8		247,644	4,152

Provisions

Taxation including deferred tax	6,480	329
	---------	---------
Net assets	310,467	279,516
	---------	---------

WESSEX CHEMICAL FACTORS LIMITED

Statement of Financial Position (continued)

30 April 2020

	2020		2019
Note	£	£	£

Capital and reserves

Called up share capital	100	100
Profit and loss account	310,367	279,416
	---------	---------
Shareholders funds	310,467	279,516
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 30 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 15 January 2021 , and are signed on behalf of the board by:

Miss H E Borowski
Director

Company registration number: 02992480

WESSEX CHEMICAL FACTORS LIMITED

Notes to the Financial Statements

Year ended 30 April 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 17 Crane Way, Woolsbridge Industrial Park, Three Legged Cross, Wimborne, Dorset, BH21 6FA.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & machinery	-	15% reducing balance
Fixtures & fittings	-	15% reducing balance
Motor vehicles	-	25% reducing balance
Office equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Particulars of employees

The average number of persons employed by the company during the year amounted to 10 (2019: 9 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Office equipment	Total
	£	£	£	£	£	£
Cost
At 1 May 2019	–	30,661	250	24,633	10,553	66,097
Additions	533,395	–	6,663	–	1,088	541,146
	---------	--------	-------	--------	--------	---------
At 30 Apr 2020	533,395	30,661	6,913	24,633	11,641	607,243
	---------	--------	-------	--------	--------	---------
Depreciation
At 1 May 2019	–	16,414	69	17,670	4,729	38,882
Charge for the year	–	2,137	1,027	1,741	1,728	6,633
	---------	--------	-------	--------	--------	---------
At 30 Apr 2020	–	18,551	1,096	19,411	6,457	45,515
	---------	--------	-------	--------	--------	---------
Carrying amount
At 30 Apr 2020	533,395	12,110	5,817	5,222	5,184	561,728
	---------	--------	-------	--------	--------	---------
At 30 Apr 2019	–	14,247	181	6,963	5,824	27,215
	---------	--------	-------	--------	--------	---------

6. Debtors

	2020	2019
	£	£
Trade debtors	185,013	201,989
Other debtors	126,452	65,659
	---------	---------
	311,465	267,648
	---------	---------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	11,343	–
Trade creditors	169,427	42,444
Corporation tax	696	–
Social security and other taxes	34,566	24,298
Other creditors - director's current accounts	213,128	5,728
Other creditors	15,345	11,048
	---------	--------
	444,505	83,518
	---------	--------

8. Creditors: amounts falling due after more than one year

	2020	2019
	£	£
Bank loans and overdrafts	247,644	4,152
	---------	-------

9. Related party transactions

Included in trade creditors is an amount of £28,750 (2018:£61,411) owed by Wessex Manufacturing Limited. Mr M Borowski is a director and shareholder of this company. Included in trade debtors is an amount of £19,180 and included in other debtors is an amount of £55,558 both owed from Wessex Manufacturing Limited.