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REGISTERED NUMBER: 01732338 (England and Wales)















Wells Estates Limited

Unaudited Financial Statements for the Year Ended 29 February 2024






Wells Estates Limited (Registered number: 01732338)






Contents of the Financial Statements
for the year ended 29 February 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Wells Estates Limited

Company Information
for the year ended 29 February 2024







DIRECTORS: K W Masters
D G Masters





SECRETARY: K W Masters





REGISTERED OFFICE: One New Street
Wells
Somerset
BA5 2LA





REGISTERED NUMBER: 01732338 (England and Wales)





ACCOUNTANTS: Webb & Co Ltd
Accountants and Business Advisers
One New Street
Wells
Somerset
BA5 2LA

Wells Estates Limited (Registered number: 01732338)

Balance Sheet
29 February 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 3 - -
Tangible assets 4 10,703 10,355
Investment property 5 3,510,553 3,481,150
3,521,256 3,491,505

CURRENT ASSETS
Debtors 6 177,400 171,984
Cash at bank 770,198 787,452
947,598 959,436
CREDITORS
Amounts falling due within one year 7 114,231 95,581
NET CURRENT ASSETS 833,367 863,855
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,354,623

4,355,360

PROVISIONS FOR LIABILITIES 175,014 174,928
NET ASSETS 4,179,609 4,180,432

CAPITAL AND RESERVES
Called up share capital 8 6,000 6,000
Fair value reserve 1,366,321 1,539,158
Retained earnings 2,807,288 2,635,274
SHAREHOLDERS' FUNDS 4,179,609 4,180,432

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Wells Estates Limited (Registered number: 01732338)

Balance Sheet - continued
29 February 2024


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 April 2024 and were signed on its behalf by:





D G Masters - Director


Wells Estates Limited (Registered number: 01732338)

Notes to the Financial Statements
for the year ended 29 February 2024

1. 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.

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

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website costs are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 10% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

Wells Estates Limited (Registered number: 01732338)

Notes to the Financial Statements - continued
for the year ended 29 February 2024

3. INTANGIBLE FIXED ASSETS
Website
costs
£   
COST
At 1 March 2023
and 29 February 2024 3,745
AMORTISATION
At 1 March 2023
and 29 February 2024 3,745
NET BOOK VALUE
At 29 February 2024 -
At 28 February 2023 -

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 March 2023 63,803 10,000 15,081 88,884
Additions 349 - 3,500 3,849
Disposals - - (2,685 ) (2,685 )
At 29 February 2024 64,152 10,000 15,896 90,048
DEPRECIATION
At 1 March 2023 61,448 2,000 15,081 78,529
Charge for year 626 2,000 875 3,501
Eliminated on disposal - - (2,685 ) (2,685 )
At 29 February 2024 62,074 4,000 13,271 79,345
NET BOOK VALUE
At 29 February 2024 2,078 6,000 2,625 10,703
At 28 February 2023 2,355 8,000 - 10,355

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023 3,481,150
Additions 29,403
At 29 February 2024 3,510,553
NET BOOK VALUE
At 29 February 2024 3,510,553
At 28 February 2023 3,481,150

Wells Estates Limited (Registered number: 01732338)

Notes to the Financial Statements - continued
for the year ended 29 February 2024

5. INVESTMENT PROPERTY - continued

If investment properties had not been revalued they would have been included at the following historical cost £1,971,894 (2022 £1,942,491).

Investment properties were valued on an open market basis on 29 February 2024 by the directors.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 2,559 1,954
Other debtors 174,841 170,030
177,400 171,984

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 3,694 661
Taxation and social security 17,275 25,216
Other creditors 93,262 69,704
114,231 95,581

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
5,960 Ordinary £1 5,960 5,960
20 Ordinary A £1 20 20
20 Ordinary B £1 20 20
6,000 6,000