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REGISTERED NUMBER: 03154169 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

WELLHURST LIMITED

WELLHURST LIMITED (REGISTERED NUMBER: 03154169)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WELLHURST LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTOR: C J M Chitty





SECRETARY: Mrs L F Chitty





REGISTERED OFFICE: Windover House
St. Ann Street
Salisbury
SP1 2DR





REGISTERED NUMBER: 03154169 (England and Wales)





ACCOUNTANTS: Fawcetts LLP
Chartered Accountants
Windover House
St. Ann Street
Salisbury
SP1 2DR

WELLHURST LIMITED (REGISTERED NUMBER: 03154169)

BALANCE SHEET
28 FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 2,065,000 2,065,000

CURRENT ASSETS
Debtors 5 3,621 234
Cash at bank 40,940 71,080
44,561 71,314
CREDITORS
Amounts falling due within one year 6 39,930 51,845
NET CURRENT ASSETS 4,631 19,469
TOTAL ASSETS LESS CURRENT LIABILITIES 2,069,631 2,084,469

CREDITORS
Amounts falling due after more than one
year

7

(632,183

)

(627,442

)

PROVISIONS FOR LIABILITIES (207,011 ) (207,011 )
NET ASSETS 1,230,437 1,250,016

CAPITAL AND RESERVES
Called up share capital 9 4 4
Other reserves 10 868,624 868,624
Retained earnings 10 361,809 381,388
SHAREHOLDERS' FUNDS 1,230,437 1,250,016

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

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.

WELLHURST LIMITED (REGISTERED NUMBER: 03154169)

BALANCE SHEET - continued
28 FEBRUARY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 27 November 2023 and were signed by:





C J M Chitty - Director


WELLHURST LIMITED (REGISTERED NUMBER: 03154169)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023


1. STATUTORY INFORMATION

Wellhurst Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements have been prepared on a going concern basis and are presented in Sterling (£) which is the functional currency of the company.

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

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for turnover and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements:

Revaluation of investment property
The company carries its investment property at fair value. Any fair value gains arising are not realised profits and therefore are transferred to a separately designated non-distributable fair value reserve. The method and significant assumptions used to determine the fair value of investment property are further explained in Note 4.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve.

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 balance sheet date.


WELLHURST LIMITED (REGISTERED NUMBER: 03154169)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 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 balance sheet 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.

Debtors
Debtors are measured at their recoverable amount.

Creditors
Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. INVESTMENT PROPERTY
Total
£   
COST OR VALUATION
At 1 March 2022
and 28 February 2023 2,065,000
NET BOOK VALUE
At 28 February 2023 2,065,000
At 28 February 2022 2,065,000

The fair value (open market basis) of investment property was assessed by the director and in his opinion this remains unchanged at 28 February 2023.

Cost or valuation at 28 February 2023 is represented by:
£   
Valuation in 2022 2,065,000

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 3,621 234

WELLHURST LIMITED (REGISTERED NUMBER: 03154169)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 14,037 14,037
Taxation and social security 14,173 28,655
Other creditors 11,720 9,153
39,930 51,845

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 632,183 627,442

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 632,183 627,442

The bank loan is secured by a first charge over the company's freehold property.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
4 Ordinary £1 4 4

10. RESERVES
Retained Other
earnings reserves Totals
£    £    £   

At 1 March 2022 381,388 868,624 1,250,012
Profit for the year 60,421 60,421
Dividends (80,000 ) (80,000 )
At 28 February 2023 361,809 868,624 1,230,433

Fair value reserve
This reserve is used to record gains in the fair value of investment properties and losses to the extent that such a loss relates to a previous gain on the same asset. It is also used to record the corresponding deferred tax (charge)/credit on fair value changes in investment property.

WELLHURST LIMITED (REGISTERED NUMBER: 03154169)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023


11. RELATED PARTY DISCLOSURES

Creditors due within one year include £97 (2022 - £97) which is owed to the director of the company.

Management fees of £26,000 (2022 - £22,400) were paid to the director, C J M Chitty, trading as Cokayne-Frith Chartered Surveyors.