Wealstun Properties Ltd 03310217 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is the letting of industrial and retail units Digita Accounts Production Advanced 6.30.9574.0 true 03310217 2022-03-01 2023-02-28 03310217 2023-02-28 03310217 bus:OrdinaryShareClass1 2023-02-28 03310217 core:RetainedEarningsAccumulatedLosses 2023-02-28 03310217 core:ShareCapital 2023-02-28 03310217 core:CurrentFinancialInstruments 2023-02-28 03310217 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 03310217 core:FurnitureFittingsToolsEquipment 2023-02-28 03310217 core:LandBuildings 2023-02-28 03310217 core:MotorVehicles 2023-02-28 03310217 bus:SmallEntities 2022-03-01 2023-02-28 03310217 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 03310217 bus:FullAccounts 2022-03-01 2023-02-28 03310217 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 03310217 bus:RegisteredOffice 2022-03-01 2023-02-28 03310217 bus:CompanySecretaryDirector2 2022-03-01 2023-02-28 03310217 bus:OrdinaryShareClass1 2022-03-01 2023-02-28 03310217 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 03310217 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 03310217 core:LandBuildings 2022-03-01 2023-02-28 03310217 core:MotorVehicles 2022-03-01 2023-02-28 03310217 countries:EnglandWales 2022-03-01 2023-02-28 03310217 2022-02-28 03310217 core:FurnitureFittingsToolsEquipment 2022-02-28 03310217 core:LandBuildings 2022-02-28 03310217 core:MotorVehicles 2022-02-28 03310217 2021-03-01 2022-02-28 03310217 2022-02-28 03310217 bus:OrdinaryShareClass1 2022-02-28 03310217 core:RetainedEarningsAccumulatedLosses 2022-02-28 03310217 core:ShareCapital 2022-02-28 03310217 core:CurrentFinancialInstruments 2022-02-28 03310217 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 03310217 core:FurnitureFittingsToolsEquipment 2022-02-28 03310217 core:LandBuildings 2022-02-28 03310217 core:MotorVehicles 2022-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registered number: 03310217

Wealstun Properties Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Wealstun Properties Ltd

Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

14,681,133

14,832,468

Current assets

 

Debtors

5

162,539

261,864

Cash at bank and in hand

 

1,554,599

1,491,780

 

1,717,138

1,753,644

Creditors: Amounts falling due within one year

6

(4,201,328)

(5,015,598)

Net current liabilities

 

(2,484,190)

(3,261,954)

Net assets

 

12,196,943

11,570,514

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

12,196,843

11,570,414

Shareholders' funds

 

12,196,943

11,570,514

For the financial year ending 28 February 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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.

Approved and authorised by the Board on 26 October 2023 and signed on its behalf by:
 

Ms C Hobson - Company secretary and director
Wealstun Properties Ltd (Registered number: 03310217)

 

Wealstun Properties Ltd

Notes to the Financial Statements for the Year Ended 28 February 2023

1

General information

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

The address of its registered office is:
c/o Brays, Riverview Court
Castle Gate
Wetherby
West Yorkshire
LS22 6LE

The principal place of business is:
The Old Vicarage
Main Street
Walton
Wetherby
West Yorkshire
LS23 7DJ

These financial statements were authorised for issue by the Board on 26 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of 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.

 

Wealstun Properties Ltd

Notes to the Financial Statements for the Year Ended 28 February 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance

Fixtures, fittings and equipment

25% reducing balance

Investment property

Certain of the company's properties are held for long term investments.

No depreciation is provided in respect of investment properties and they are stated in the balance sheet at cost.

The treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider the systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

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.

 

Wealstun Properties Ltd

Notes to the Financial Statements for the Year Ended 28 February 2023

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of usiness.

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company during the year, was 3 (2022 - 3).

 

Wealstun Properties Ltd

Notes to the Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

14,830,498

42,784

26,534

14,899,816

Additions

370,383

-

-

370,383

Disposals

(521,226)

-

-

(521,226)

At 28 February 2023

14,679,655

42,784

26,534

14,748,973

Depreciation

At 1 March 2022

-

41,935

25,413

67,348

Charge for the year

-

212

280

492

At 28 February 2023

-

42,147

25,693

67,840

Carrying amount

At 28 February 2023

14,679,655

637

841

14,681,133

At 28 February 2022

14,830,498

849

1,121

14,832,468

Included within the net book value of land and buildings above is £14,679,655 (2022 - £14,830,498) in respect of freehold land and buildings.
 

5

Debtors

Current

2023
£

2022
£

Trade debtors

126,541

231,909

Prepayments

28,220

24,955

Other debtors

7,778

5,000

 

162,539

261,864

 

Wealstun Properties Ltd

Notes to the Financial Statements for the Year Ended 28 February 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

73,527

90,347

Taxation and social security

 

76,350

51,772

Other creditors

 

4,042,694

4,862,582

Accrued expenses

 

8,757

10,897

 

4,201,328

5,015,598

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100