REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
WELLSPRINGS PROPERTIES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
WELLSPRINGS PROPERTIES LIMITED |
WELLSPRINGS PROPERTIES LIMITED (REGISTERED NUMBER: 03943311) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Chartered Certified Accountants' Report | 10 |
WELLSPRINGS PROPERTIES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Harelands Courtyard Offices |
Moor Road |
Melsonby |
Richmond |
North Yorkshire |
DL10 5NY |
BANK: |
9/17 Collingwood Street |
Newcastle |
Tyne and Wear |
NE1 1HE |
WELLSPRINGS PROPERTIES LIMITED (REGISTERED NUMBER: 03943311) |
STATEMENT OF FINANCIAL POSITION |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
WELLSPRINGS PROPERTIES LIMITED (REGISTERED NUMBER: 03943311) |
STATEMENT OF FINANCIAL POSITION - continued |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Fair value reserve | 10 |
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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
WELLSPRINGS PROPERTIES LIMITED (REGISTERED NUMBER: 03943311) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
Wellsprings Properties Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents net invoiced rents, excluding value added tax, relating to the period. |
Tangible fixed assets |
Plant and machinery etc | - |
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. |
No depreciation is charged on freehold investment properties. Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the director compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified. |
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 statement of financial position date. |
WELLSPRINGS PROPERTIES LIMITED (REGISTERED NUMBER: 03943311) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2022 |
Additions |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
WELLSPRINGS PROPERTIES LIMITED (REGISTERED NUMBER: 03943311) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
and 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
Fair value at 31 March 2023 is represented by: |
£ |
Valuation in 2015 | (30,809 | ) |
Valuation in 2017 | 225,000 |
Cost | 3,265,809 |
3,460,000 |
If investment properties had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 3,265,809 | 3,265,809 |
Investment property was valued on an open market basis on 31 March 2023 by the director Mr K Whitfield . |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
WELLSPRINGS PROPERTIES LIMITED (REGISTERED NUMBER: 03943311) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Other creditors |
WELLSPRINGS PROPERTIES LIMITED (REGISTERED NUMBER: 03943311) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts | - | 1,210 |
The Aldermore Loan which totals £1,839,035 (31st March 2022 - £1,905,576) are secured by way of |
1. Mortgage Debenture over all assets of the company. |
2. First legal mortgage over freehold property at 1 Auton Stile, Bearpark, Durham Road, Bowburn, Durham. |
3. First legal mortgage over property at The Old Practice Business Centre, 4 Romaine Square, Bowburn, Durham. |
5. First legal mortgage over freehold property at Thomas House, Whitfield Court, St Johns Road, Meadowfield Industrial Estate, Durham. |
6. First legal mortgage over freehold property at Victoria House, Whitfield Court, St Johns Road, Meadowfield Industrial Estate, Durham. |
7. First legal mortgage over freehold property at Enna House, Whitfield Court, St Johns Road, Meadowfield Industrial Estate, Durham. |
8. First legal mortgage over freehold property at Lumley House, Whitfield Court, St Johns Road, Meadowfield Industrial Estate, Durham. |
9. First legal mortgage over freehold property at Whitfield House, Whitfield Court, St Johns Road, Meadowfield Industrial Estate, Durham. |
10. Assignment over Life Policy on the life of Kevin Whitfield over a 10 year policy for £1,000,000. |
11. Guarantee from Kevin Whitfield in the sum of £100,000 for the obligations of Wellsprings Properties Limited. |
10. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 April 2022 |
and 31 March 2023 |
WELLSPRINGS PROPERTIES LIMITED (REGISTERED NUMBER: 03943311) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 March 2023 and 31 March 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Mr K Whitfield has given personal guarantees for loans taken out by Wellsprings Properties Limited, details of which can be found below:- |
Assignment over Life Policy on the life of Mr K Whitfield over a 10 year policy for £1,000,000 and a personal guarantee in the sum of £100,000. |
12. | ULTIMATE CONTROLLING PARTY |
The controlling party is Mr K Whitfield. |
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
WELLSPRINGS PROPERTIES LIMITED |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wellsprings Properties Limited for the year ended 31 March 2023 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook. |
This report is made solely to the director of Wellsprings Properties Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Wellsprings Properties Limited and state those matters that we have agreed to state to the director of Wellsprings Properties Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report. |
It is your duty to ensure that Wellsprings Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Wellsprings Properties Limited. You consider that Wellsprings Properties Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Wellsprings Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
Harelands Courtyard Offices |
Moor Road |
Melsonby |
Richmond |
North Yorkshire |
DL10 5NY |
CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
WELLSPRINGS PROPERTIES LIMITED |
Date: ............................................. |