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REGISTERED NUMBER: 05522515 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

FOR

WELLS SERVICES (NORFOLK) LIMITED

WELLS SERVICES (NORFOLK) LIMITED (REGISTERED NUMBER: 05522515)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WELLS SERVICES (NORFOLK) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2023







DIRECTORS: Mr S M Wells
Mr J S Wells





REGISTERED OFFICE: Lodge Farm
Sheringham Road
West Beckham
Holt
Norfolk
NR25 6PF





REGISTERED NUMBER: 05522515 (England and Wales)





ACCOUNTANTS: LEES
Chartered Certified Accountants
Ingram House
Meridian Way
Norwich
Norfolk
NR7 0TA

WELLS SERVICES (NORFOLK) LIMITED (REGISTERED NUMBER: 05522515)

BALANCE SHEET
31 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 4,595 1,625
Tangible assets 5 172,644 127,811
177,239 129,436

CURRENT ASSETS
Stocks 5,500 5,500
Debtors 6 170,913 145,298
Cash at bank and in hand 223 106
176,636 150,904
CREDITORS
Amounts falling due within one year 7 177,431 156,753
NET CURRENT LIABILITIES (795 ) (5,849 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

176,444

123,587

CREDITORS
Amounts falling due after more than one
year

8

(89,705

)

(69,781

)

PROVISIONS FOR LIABILITIES (16,955 ) (18,270 )
NET ASSETS 69,784 35,536

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 69,684 35,436
SHAREHOLDERS' FUNDS 69,784 35,536

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 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 SERVICES (NORFOLK) LIMITED (REGISTERED NUMBER: 05522515)

BALANCE SHEET - continued
31 JULY 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2024 and were signed on its behalf by:





Mr S M Wells - Director


WELLS SERVICES (NORFOLK) LIMITED (REGISTERED NUMBER: 05522515)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023

1. STATUTORY INFORMATION

Wells Services (Norfolk) 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.

The company has net current liabilities of £795 as at 31 July 2023. The company is reliant upon the support of the directors to provide adequate funding to continue trading for the next twelve months. This support has been provided and in the circumstances the directors consider it appropriate to prepare the financial statements on a going concern basis.

Turnover
Turnover represents the fair value of services provided during the year. Turnover is recognised as contract activity progresses and the right to consideration is earned. Fair value reflects the amount expected to be recoverable from clients. Turnover excludes value added tax.

Unbilled turnover on individual contracts is included as accrued income within other debtors.

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.
Intangible assets - 10% on cost

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

WELLS SERVICES (NORFOLK) LIMITED (REGISTERED NUMBER: 05522515)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES

The average number of employees during the year was 8 (2022 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 August 2022 5,000
Additions 4,033
Disposals (2,500 )
At 31 July 2023 6,533
AMORTISATION
At 1 August 2022 3,375
Charge for year 250
Eliminated on disposal (1,687 )
At 31 July 2023 1,938
NET BOOK VALUE
At 31 July 2023 4,595
At 31 July 2022 1,625

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2022 507,593
Additions 88,915
Disposals (55,138 )
At 31 July 2023 541,370
DEPRECIATION
At 1 August 2022 379,782
Charge for year 44,082
Eliminated on disposal (55,138 )
At 31 July 2023 368,726
NET BOOK VALUE
At 31 July 2023 172,644
At 31 July 2022 127,811

WELLS SERVICES (NORFOLK) LIMITED (REGISTERED NUMBER: 05522515)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

5. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 August 2022 133,027
Additions 88,165
Disposals (55,138 )
At 31 July 2023 166,054
DEPRECIATION
At 1 August 2022 74,622
Charge for year 23,807
Eliminated on disposal (55,138 )
At 31 July 2023 43,291
NET BOOK VALUE
At 31 July 2023 122,763
At 31 July 2022 58,405

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 103,149 95,344
Other debtors 67,764 49,954
170,913 145,298

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 27,786 13,214
Hire purchase contracts 14,275 21,096
Trade creditors 14,040 48,099
Taxation and social security 103,246 64,315
Other creditors 18,084 10,029
177,431 156,753

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 25,758 35,650
Hire purchase contracts 63,947 34,131
89,705 69,781

WELLS SERVICES (NORFOLK) LIMITED (REGISTERED NUMBER: 05522515)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 17,916 3,588
Hire purchase contracts 78,222 55,227
96,138 58,815

Amounts due under hire purchase contracts are secured on the assets concerned.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Class: Nominal value: 2023 2022
£    £   
Ordinary A £1 20 20
Ordinary B £1 35 35
Ordinary C £1 10 10
Ordinary D £1 35 35
100 100

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2023 and 31 July 2022:

2023 2022
£    £   
Mr J S Wells
Balance outstanding at start of year 788 1,941
Amounts advanced 45,904 35,421
Amounts repaid (37,739 ) (36,574 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 8,953 788