Welfine Estates Limited 03790477 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is that of property investment Digita Accounts Production Advanced 6.30.9574.0 true true 03790477 2022-04-01 2023-03-31 03790477 2023-03-31 03790477 bus:OrdinaryShareClass1 2023-03-31 03790477 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 03790477 bus:SmallEntities 2022-04-01 2023-03-31 03790477 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 03790477 bus:AbridgedAccounts 2022-04-01 2023-03-31 03790477 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 03790477 bus:RegisteredOffice 2022-04-01 2023-03-31 03790477 bus:CompanySecretary1 2022-04-01 2023-03-31 03790477 bus:Director2 2022-04-01 2023-03-31 03790477 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 03790477 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 03790477 core:LandBuildings 2022-04-01 2023-03-31 03790477 countries:EnglandWales 2022-04-01 2023-03-31 03790477 2022-03-31 03790477 2021-04-01 2022-03-31 03790477 2022-03-31 03790477 bus:OrdinaryShareClass1 2022-03-31 03790477 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 03790477

Welfine Estates Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 March 2023

 

Welfine Estates Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 7

 

Welfine Estates Limited

Company Information

Director

Mr. A. H. Pilcher

Company secretary

Mrs. F. Pilcher

Registered office

Moray Coach House
41 Monckton Road
Gosport
Hampshire
PO12 2BG

Accountants

Palmer, Riley & Co.
Chartered Accountants
1st Floor, Unit E2
Fareham Heights
Standard Way
Fareham
Hampshire
PO16 8XT

 

Welfine Estates Limited

(Registration number: 03790477)
Abridged Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

2,714,999

2,714,999

Current assets

 

Cash at bank and in hand

 

1,256,094

1,138,029

Creditors: Amounts falling due within one year

(60,344)

(83,729)

Net current assets

 

1,195,750

1,054,300

Total assets less current liabilities

 

3,910,749

3,769,299

Provisions for liabilities

(150,621)

(150,621)

Accruals and deferred income

 

(34,400)

(30,850)

Net assets

 

3,725,728

3,587,828

Capital and reserves

 

Called up share capital

6

420,000

420,000

Other reserves

1,269,320

1,269,320

Retained earnings

2,036,408

1,898,508

Shareholders' funds

 

3,725,728

3,587,828

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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 3 November 2023
 

.........................................
Mr. A. H. Pilcher
Director

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.


 

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.



 

 

Welfine Estates Limited

(Registration number: 03790477)
Abridged Balance Sheet as at 31 March 2023

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.

 

Welfine Estates Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 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:
Moray Coach House
41 Monckton Road
Gosport
Hampshire
PO12 2BG

The principal place of business is:
Moray Coach House
41 Monckton Road
Gosport
Hampshire
PO12 2BG

These financial statements were authorised for issue by the director on 3 November 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 abridged 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 abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Tax

The tax expense for the period comprises current and deferred 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.

 

Welfine Estates Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Depreciation

Asset class

Depreciation method and rate

Investment property

depreciation not provided

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 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

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.

 

Welfine Estates Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

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

4

Tangible assets

Cost or valuation

Depreciation

Carrying amount

At 31 March 2023

Investment properties

2023
£

At 1 April

2,714,999

There has been no valuation of investment property by an independent valuer.

5

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

420,000

420,000

420,000

420,000

         
 

Welfine Estates Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 March 2023

7

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £0.029 (2022 - £0.049) per ordinary share

 

12,180

 

20,580