Company Registration No. 5296150 (England and Wales)
WELCOME PROPERTIES (UK) LIMITED
Unaudited accounts
for the year ended 31 May 2023
WELCOME PROPERTIES (UK) LIMITED
Unaudited accounts
Contents
WELCOME PROPERTIES (UK) LIMITED
Company Information
for the year ended 31 May 2023
Director
Mohammad Waqas Afzal QURESHI
Secretary
Mohammad Waqas Afzal QURESHI
Company Number
5296150 (England and Wales)
Registered Office
256 CROSS FLATS GROVE
LEEDS
WEST YORKSHIRE
LS11 7BS
Accountants
HLA Accountants
21 Hyde Park Road
Leeds
West Yorkshire
LS6 1PY
WELCOME PROPERTIES (UK) LIMITED
Statement of financial position
as at 31 May 2023
Tangible assets
1,622,313
1,622,756
Cash at bank and in hand
329
114
Creditors: amounts falling due within one year
(440,540)
(435,945)
Net current liabilities
(440,211)
(435,831)
Total assets less current liabilities
1,182,102
1,186,925
Creditors: amounts falling due after more than one year
(995,180)
(1,010,534)
Net assets
186,922
176,391
Called up share capital
100
100
Revaluation reserve
201,399
201,399
Profit and loss account
(14,577)
(25,108)
Shareholders' funds
186,922
176,391
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 19 February 2023 and were signed on its behalf by
Mohammad Waqas Afzal QURESHI
Director
Company Registration No. 5296150
WELCOME PROPERTIES (UK) LIMITED
Notes to the Accounts
for the year ended 31 May 2023
WELCOME PROPERTIES (UK) LIMITED is a private company, limited by shares, registered in England and Wales, registration number 5296150. The registered office is 256 CROSS FLATS GROVE, LEEDS, WEST YORKSHIRE, LS11 7BS.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Investments in shares are included at fair value.
WELCOME PROPERTIES (UK) LIMITED
Notes to the Accounts
for the year ended 31 May 2023
4
Tangible fixed assets
Land & buildings
Motor vehicles
Total
Cost or valuation
At cost
At cost
At 1 June 2022
1,620,540
12,500
1,633,040
At 31 May 2023
1,620,540
12,500
1,633,040
At 1 June 2022
-
10,284
10,284
Charge for the year
-
443
443
At 31 May 2023
-
10,727
10,727
At 31 May 2023
1,620,540
1,773
1,622,313
At 31 May 2022
1,620,540
2,216
1,622,756
5
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
-
65,311
Taxes and social security
2,574
2,362
Other creditors
437,112
367,311
6
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
995,180
1,010,534
7
Average number of employees
During the year the average number of employees was 0 (2022: 0).