Registered number
03437688
Welgate Developments Ltd
Unaudited Filleted Accounts
31 March 2023
Smithfield Accountants LLP
Suite 1, Unit 2,
Stansted Courtyard
Takeley
Essex CM22 6PU
_________________________
Welgate Developments Ltd
Registered number: 03437688
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Investment property 3 3,546,498 2,904,443
Current assets
Debtors 4 10,374 17,715
Cash at bank and in hand 31,437 60,721
41,811 78,436
Creditors: amounts falling due within one year 5 (2,249,219) (1,031,555)
#NAME? (2,207,408) (953,119)
Total assets less current liabilities 1,339,090 1,951,324
Creditors: amounts falling due after more than one year 6 (988,750) (1,637,250)
Provisions for liabilities (61,676) (54,926)
#NAME? £ 288,664 £ 259,148
Capital and reserves
Called up share capital 2 2
Revaluation reserve 8 236,934 216,684
Profit and loss account 51,728 42,462
Shareholder's funds £ 288,664 £ 259,148
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime.
T G McMillan
Director
Approved by the board on 16.11.2023
Welgate Developments Ltd
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Related party transactions
The company is exempt from disclosing transactions with fellow group companies under Section 33-1A of FRS102 as it is a wholly owned group.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Investment property
Investment
property
£
Valuation
At 1 April 2022 2,904,443
Additions 615,055
Revaluation 27,000
At 31 March 2023 £ 3,546,498
Historical cost
At 1 April 2022 £ 2,684,738
At 31 March 2023 £ 3,299,793
Investment properties valued at £91,443 were valued at Open Market value by the director as of the balance sheet date. Investment properties valued at £1,020,000 were valued by Paragon Bank on 19h May 2023. Investment properties valued at £1,820,000 were valued by Alexander Lawson Chartered Surveyors on 22nd February 2019. The director is of the opinion that the values at the balance sheet date are not materially different to these valuations.

Compliance with FRS 102 is a departure from the Companies Act 2016 necessary to give a true and fair view.
4 Debtors 2023 2022
£ £
Trade debtors - 1,005
Prepayments and accrued income 10,374 16,710
£ 10,374 £ 17,715
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 648,500 5,000
Trade creditors 13,599 11,194
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,577,358 1,008,027
Taxation and social security costs 3,089 662
Accruals and deferred income 6,673 6,672
£ 2,249,219 £ 1,031,555
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans £ 988,750 £ 1,637,250
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans £ 1,637,250 £ 1,642,250
The bank loans are secured on investment properties valued at £2,840,000 ( 2022 - £2,813,000).
8 Revaluation reserve 2023 2022
£ £
At 1 April 2022 216,684 235,403
#NAME? 27,000 -
Deferred taxation arising on the revaluation of land and buildings (6,750) (18,719)
At 31 March 2023 £ 236,934 £ 216,684
9 Controlling party
The company's ultimate holding company is The Trademark Group Ltd, a company incorporated in England & Wales, whose principal place of business is Studio One, 197 Long Lane, London SE1 4PD. The Trademark Group Ltd is controlled by Mr T G McMillan. Accounts for The Trademark Group Ltd can be obtained from Companies House, Crown Way, Cardiff CF14 3UZ.
10 Other information
Welgate Developments Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Studio One
197 Long Lane
London
SE1 4PD
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