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REGISTERED NUMBER: 10234464 (England and Wales)















REPORT OF THE DIRECTOR AND

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

WELLSPRING FINANCE COMPANY LIMITED

WELLSPRING FINANCE COMPANY LIMITED (REGISTERED NUMBER: 10234464)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022




Page

Company Information 1

Report of the Director 2

Income Statement 3

Balance Sheet 4

Statement of Changes in Equity 5

Notes to the Financial Statements 6


WELLSPRING FINANCE COMPANY LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2022







Director: A R J Thakrar





Registered office: C/o Foresight Group Llp The Shard
32 London Bridge Street
London
SE1 9SG





Registered number: 10234464 (England and Wales)






WELLSPRING FINANCE COMPANY LIMITED (REGISTERED NUMBER: 10234464)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 DECEMBER 2022

The director presents his report with the financial statements of the company for the year ended 31 December 2022.

Principal activity
The principal activity of the company in the year under review was that of providing outsourced management services.

Events since the end of the year
On 20 June 2023, the company and its subsidiary Wellspring Management Services Limited, were acquired by Foresight Group Holdings (UK) Limited for £4.8 million.

On 20 June 2023, in advance of the acquisition, the 100 B Ordinary shares and 1 C Ordinary share were redesignated as A Ordinary shares so that there were a total of 200 A Ordinary shares. The 200 A Ordinary shares were then redesigned as Ordinary shares.

Directors
A R J Thakrar was appointed as a director after 31 December 2022 but prior to the date of this report.

R J Dixon , J W Dryburgh and Ms B Tailor ceased to be directors after 31 December 2022 but prior to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

On behalf of the board:





A R J Thakrar - Director


28 September 2023

WELLSPRING FINANCE COMPANY LIMITED (REGISTERED NUMBER: 10234464)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2022

31.12.22 31.12.21
£'000 £'000

Turnover 339 323

Cost of sales (310 ) (244 )
Gross profit 29 79

Administrative expenses (181 ) (165 )
Operating loss and
Loss before taxation (152 ) (86 )

Tax on loss (15 ) (11 )
Loss for the financial year (167 ) (97 )

WELLSPRING FINANCE COMPANY LIMITED (REGISTERED NUMBER: 10234464)

BALANCE SHEET
31 DECEMBER 2022

31.12.22 31.12.21
Notes £'000 £'000
Current assets
Debtors 4 89 76
Cash at bank 10 16
99 92
Creditors
Amounts falling due within one year 5 (538 ) (364 )
Net current liabilities (439 ) (272 )
Total assets less current liabilities (439 ) (272 )

Capital and reserves
Called up share capital 6 - -
Retained earnings (439 ) (272 )
Shareholders' funds (439 ) (272 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 28 September 2023 and were signed by:





A R J Thakrar - Director


WELLSPRING FINANCE COMPANY LIMITED (REGISTERED NUMBER: 10234464)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022

Called up
share Retained Total
capital earnings equity
£'000 £'000 £'000

Balance at 1 January 2021 - (175 ) (175 )

Changes in equity
Total comprehensive income - (97 ) (97 )
Balance at 31 December 2021 - (272 ) (272 )

Changes in equity
Total comprehensive income - (167 ) (167 )
Balance at 31 December 2022 - (439 ) (439 )

WELLSPRING FINANCE COMPANY LIMITED (REGISTERED NUMBER: 10234464)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1. Statutory information

Wellspring Finance Company 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
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 4 (2021 - 4 ) .

4. Debtors: amounts falling due within one year
31.12.22 31.12.21
£'000 £'000
Amounts owed by group undertakings - 32
Other debtors 89 44
89 76

WELLSPRING FINANCE COMPANY LIMITED (REGISTERED NUMBER: 10234464)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2022

5. Creditors: amounts falling due within one year
31.12.22 31.12.21
£'000 £'000
Amounts owed to group undertakings 538 363
Other creditors - 1
538 364

6. Called up share capital




Allotted, issued and fully paid:
Number: Class: Nominal 31.12.22 31.12.21
value: £    £   
99 A Ordinary shares 0.01 1 1
100 B Ordinary shares 0.01 1 1
1 C Ordinary shares 0.01 - -
2 2

7. Post balance sheet events

On 20 June 2023, the company and its subsidiary Wellspring Management Services Limited, were acquired by Foresight Group Holdings (UK) Limited for £4.8 million.

On 20 June 2023, in advance of the acquisition, the 100 B Ordinary shares and 1 C Ordinary share were redesignated as A Ordinary shares so that there were a total of 200 A Ordinary shares. The 200 A Ordinary shares were then redesigned as Ordinary shares.

8. Ultimate controlling party

During the year, the company was jointly owned by Morgan Sindall Investments Limited, Apollo (Hub Investment) Limited and GABI GS Limited.

From the 20 June 2023, the company's immediate parent undertaking is Foresight Group Holdings (UK) Limited and the ultimate controlling party is Foresight Group Holdings Limited, a company registered in Guernsey.