REGISTERED NUMBER: |
REPORT OF THE DIRECTOR AND |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
WELLSPRING FINANCE COMPANY LIMITED |
REGISTERED NUMBER: |
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: |
Registered office: |
Registered number: |
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 |
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: |
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 |
Cost of sales | ( |
) | ( |
) |
Gross profit |
Administrative expenses | ( |
) | ( |
) |
Operating loss and |
Loss before taxation | ( |
) | ( |
) |
Tax on loss | ( |
) | ( |
) |
Loss for the financial year | ( |
) | ( |
) |
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 |
Cash at bank |
Creditors |
Amounts falling due within one year | 5 | ( |
) | ( |
) |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities | ( |
) | ( |
) |
Capital and reserves |
Called up share capital | 6 |
Retained earnings | ( |
) | ( |
) |
Shareholders' funds | ( |
) | ( |
) |
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 were approved by the director and authorised for issue on |
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 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2021 | ( |
) | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 December 2022 | ( |
) | ( |
) |
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 |
2. | Accounting policies |
Basis of preparing the financial statements |
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. | Debtors: amounts falling due within one year |
31.12.22 | 31.12.21 |
£'000 | £'000 |
Amounts owed by group undertakings |
Other debtors |
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 |
Other creditors |
6. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.22 | 31.12.21 |
value: | £ | £ |
A Ordinary shares | 0.01 | 1 | 1 |
B Ordinary shares | 0.01 | 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. |