Company registration number SC342274 (Scotland)
Wellsolv Ltd
Unaudited financial statements
for the year ended 31 March 2023
Pages for filing with registrar
Wellsolv Ltd
Chartered Accountants' report to the director on the preparation of the
unaudited statutory financial statements of Wellsolv Ltd
1

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wellsolv Ltd for the year ended 31 March 2023 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the ICAS we are subject to its ethical and other professional requirements which are detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020.

This report is made solely to the Board of Directors of Wellsolv Ltd, as a body, in accordance with the terms of our engagement letter dated 21 January 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Wellsolv Ltd and state those matters that we have agreed to state to the Board of Directors of Wellsolv Ltd, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://www.icas.com/professional-resources/practice/support-and-guidance/framework-for-the-preparation-of-accounts-revised-june-2020. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wellsolv Ltd and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Wellsolv Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Wellsolv Ltd. You consider that Wellsolv Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Wellsolv Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

James Milne
Chartered Accountants
Rosewood
Raemoir Road
Banchory
AB31 4ET
5 March 2024
Wellsolv Ltd
Statement of financial position
as at 31 March 2023
31 March 2023
2
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,410
2,275
Current assets
Debtors
26,282
15,120
Cash at bank and in hand
68,633
60,318
94,915
75,438
Creditors: amounts falling due within one year
(12,751)
(8,364)
Net current assets
82,164
67,074
Net assets
83,574
69,349
Capital and reserves
Called up share capital
110
110
Share premium account
490
490
Profit and loss reserves
82,974
68,749
Total equity
83,574
69,349

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The director of the company has elected not to include a copy of the income statement within the financial statements.true

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

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

Wellsolv Ltd
Statement of financial position (continued)
as at 31 March 2023
31 March 2023
3
The financial statements were approved and signed by the director and authorised for issue on 5 March 2024
Paul P. Angell
Director
Company Registration No. SC342274
Wellsolv Ltd
Notes to the financial statements
for the year ended 31 March 2023
4
1
Accounting policies
Company information

Wellsolv Ltd is a private company limited by shares incorporated in Scotland. The registered office is Johnstone House, 52-54 Rose Street, Aberdeen, AB10 1HA.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
15% reducing balance
Fixtures and fittings
3 years straight line
Computers
3 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Wellsolv Ltd
Notes to the financial statements (continued)
for the year ended 31 March 2023
1
Accounting policies (continued)
5
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.5
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.6
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
1
3
Wellsolv Ltd
Notes to the financial statements (continued)
for the year ended 31 March 2023
6
3
Tangible fixed assets
Total
£
Cost
At 1 April 2022 and 31 March 2023
9,070
Depreciation and impairment
At 1 April 2022
6,795
Depreciation charged in the year
865
At 31 March 2023
7,660
Carrying amount
At 31 March 2023
1,410
At 31 March 2022
2,275
4
Directors' transactions
Description
Opening balance  (credit)
Amounts advanced
Amounts repaid
Closing balance  (credit)
£
£
£
£
Paul P. Angell - Director's account
467
19,000
(19,261)
206
467
19,000
(19,261)
206
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