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Registration number: 11454541

Wellington Developments (Hereford) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

Wellington Developments (Hereford) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Wellington Developments (Hereford) Limited

Company Information

Director

Mr P L Tobin

Company secretary

Mrs C L Tobin

Registered office

St Ethelbert House
Ryelands Street
Hereford
Herefordshire
HR4 0LA

Accountants

Young & Co
St Ethelbert House
Ryelands Street
Hereford
Herefordshire
HR4 0LA

 

Wellington Developments (Hereford) Limited

(Registration number: 11454541)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

573,507

577,185

Cash at bank and in hand

 

741

57,567

 

574,248

634,752

Creditors: Amounts falling due within one year

5

(535,385)

(576,303)

Total assets less current liabilities

 

38,863

58,449

Creditors: Amounts falling due after more than one year

5

(33,794)

(39,352)

Net assets

 

5,069

19,097

Capital and reserves

 

Called up share capital

6

1

1

Retained earnings

5,068

19,096

Shareholders' funds

 

5,069

19,097

For the financial year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Wellington Developments (Hereford) Limited

(Registration number: 11454541)
Balance Sheet as at 30 April 2023
(continued)

Approved and authorised by the director on 20 October 2023
 

.........................................
Mr P L Tobin
Director

 

Wellington Developments (Hereford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
St Ethelbert House
Ryelands Street
Hereford
Herefordshire
HR4 0LA
England

These financial statements were authorised for issue by the director on 20 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

 

Wellington Developments (Hereford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
(continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Wellington Developments (Hereford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
(continued)

2

Accounting policies (continued)

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

4

Debtors

Note

2023
£

2022
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

8

555,507

564,762

Prepayments

 

-

2,812

Other debtors

 

18,000

9,611

 

573,507

577,185

 

Wellington Developments (Hereford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
(continued)

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

5,556

307,801

Amounts owed to group undertakings and undertakings in which the company has a participating interest

8

528,675

226,674

Taxation and social security

 

-

40,532

Accruals and deferred income

 

1,050

900

Other creditors

 

104

396

 

535,385

576,303

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

33,794

39,352

Creditors include bank loans repayable by instalments of £11,572 (2022 - £17,130) due after more than five years.

6

Share capital

Allotted, called up and fully paid shares

 

Wellington Developments (Hereford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
(continued)

6

Share capital (continued)

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

         
 

Wellington Developments (Hereford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
(continued)

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

33,794

39,352

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,556

307,801

 

Wellington Developments (Hereford) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023
(continued)

8

Related party transactions

Loans to related parties

2023

Parent
£

Total
£

At start of period

564,763

564,763

Advanced

52,991

52,991

Repaid

(62,247)

(62,247)

At end of period

555,507

555,507

2022

Parent
£

Total
£

At start of period

(442,547)

(442,547)

Advanced

1,536,000

1,536,000

Repaid

(528,690)

(528,690)

At end of period

564,763

564,763

Terms of loans to related parties

The loans are unsecured. Part of the loan is interest free and repayable on demand, and part is interest bearing and has fixed repayment terms.
 

9

Parent and ultimate parent undertaking

The company's immediate parent is Riverside Construction (Hereford) Limited, incorporated in England.