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Registration number: 00821301

W Wellington and Son Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

W Wellington and Son Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

W Wellington and Son Limited

(Registration number: 00821301)
Statement of Financial Position as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

485

607

Investment property

5

549,295

549,295

 

549,780

549,902

Current assets

 

Debtors

6

10,974

11,345

Cash at bank and in hand

 

31,016

35,893

 

41,990

47,238

Creditors: Amounts falling due within one year

7

(66,085)

(54,587)

Net current liabilities

 

(24,095)

(7,349)

Total assets less current liabilities

 

525,685

542,553

Creditors: Amounts falling due after more than one year

7

(306,500)

(356,500)

Net assets

 

219,185

186,053

Capital and reserves

 

Called up share capital

3,002

3,002

Revaluation reserve

7,794

7,794

Profit and loss account

208,389

175,257

Shareholders' funds

 

219,185

186,053

For the financial year ending 30 September 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.

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 directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 5 February 2024 and signed on its behalf by:
 

 

W Wellington and Son Limited

(Registration number: 00821301)
Statement of Financial Position as at 30 September 2023 (continued)


Mrs S Beaumont
Company secretary and director

 

W Wellington and Son Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 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:
Plym House
3 Longbridge Road
Marsh Mills
Plymouth
Devon
PL6 8LT

Principal activity

The principal activity of the company is that of an investment property company.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

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

 

W Wellington and Son Limited

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

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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 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 statement of financial position 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

Plant and machinery

20% Reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

 

W Wellington and Son Limited

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

2

Accounting policies (continued)

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 at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

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 statement of comprehensive income 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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

W Wellington and Son Limited

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

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 October 2022

1,628

1,628

At 30 September 2023

1,628

1,628

Depreciation

At 1 October 2022

1,021

1,021

Charge for the year

122

122

At 30 September 2023

1,143

1,143

Carrying amount

At 30 September 2023

485

485

At 30 September 2022

607

607

5

Investment properties

2023
£

At 1 October

549,295

At 30 September

549,295

The carrying value of £549,295 comprises of the historic cost of the property of £541,501 together with a small uplift in value of £7,794 in 2017. The directors consider £549,295 to be the fair value as at 30 September 2023.

6

Debtors

2023
£

2022
£

Trade debtors

9,350

10,407

Prepayments

1,624

938

10,974

11,345

 

W Wellington and Son Limited

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

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

11,472

10,094

Accruals and deferred income

1,730

1,610

Other creditors

52,883

42,883

66,085

54,587

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

306,500

356,500

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

Revaluation reserve:

Within the profit and loss reserves are undistributable reserves of £7,794 relating to revaluations of the investment property.

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

306,500

356,500

 

W Wellington and Son Limited

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

10

Related party transactions

Transactions with directors

2023

At 1 October 2022
£

Repayments by director
£

At 30 September 2023
£

Directors

(386,633)

40,000

(346,633)

       
     

 

2022

At 1 October 2021
£

Repayments by director
£

At 30 September 2022
£

Directors

(416,633)

30,000

(386,633)

       
     

 

During the year, the directors have provided interest free loans to the company. At the reporting date £346,500 was owed to the directors, of which £40,000 is repayable within 12 months.