Wells Reclamation Limited 05335658 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of the provision of reclamation services Digita Accounts Production Advanced 6.30.9574.0 true true 05335658 2023-04-01 2024-03-31 05335658 2024-03-31 05335658 bus:OrdinaryShareClass1 2024-03-31 05335658 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 05335658 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2024-03-31 05335658 core:Goodwill 2024-03-31 05335658 core:FurnitureFittingsToolsEquipment 2024-03-31 05335658 core:LandBuildings 2024-03-31 05335658 core:MotorVehicles 2024-03-31 05335658 core:PreviouslyStatedAmount 2024-03-31 05335658 bus:SmallEntities 2023-04-01 2024-03-31 05335658 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05335658 bus:FilletedAccounts 2023-04-01 2024-03-31 05335658 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05335658 bus:RegisteredOffice 2023-04-01 2024-03-31 05335658 bus:CompanySecretaryDirector1 2023-04-01 2024-03-31 05335658 bus:Director1 2023-04-01 2024-03-31 05335658 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 05335658 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05335658 core:Goodwill 2023-04-01 2024-03-31 05335658 core:FurnitureFittings 2023-04-01 2024-03-31 05335658 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 05335658 core:LandBuildings 2023-04-01 2024-03-31 05335658 core:MotorVehicles 2023-04-01 2024-03-31 05335658 core:PlantMachinery 2023-04-01 2024-03-31 05335658 countries:EnglandWales 2023-04-01 2024-03-31 05335658 2023-03-31 05335658 core:Goodwill 2023-03-31 05335658 core:FurnitureFittingsToolsEquipment 2023-03-31 05335658 core:LandBuildings 2023-03-31 05335658 core:MotorVehicles 2023-03-31 05335658 2022-04-01 2023-03-31 05335658 2023-03-31 05335658 bus:OrdinaryShareClass1 2023-03-31 05335658 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 05335658 core:CurrentFinancialInstruments core:WithinOneYear core:PreviouslyStatedAmount 2023-03-31 05335658 core:FurnitureFittingsToolsEquipment 2023-03-31 05335658 core:LandBuildings 2023-03-31 05335658 core:MotorVehicles 2023-03-31 05335658 core:PreviouslyStatedAmount 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05335658

Wells Reclamation Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Wells Reclamation Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Wells Reclamation Limited

Company Information

Directors

Mr H Davies

Mrs M Davies

Company secretary

Mrs M Davies

Registered office

Edinburgh House
1-5 Bellevue Road
Clevedon
North Somerset
BS21 7NP

Accountants

Newsham Hanson Accountants Limited
Accountants & Business Advisors
Edinburgh House
1-5 Bellevue Road
Clevedon
North Somerset
BS21 7NP

 

Wells Reclamation Limited

(Registration number: 05335658)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

417,712

390,593

Investment property

5

240,000

240,000

 

657,712

630,593

Current assets

 

Stocks

6

103,229

164,221

Cash at bank and in hand

 

711,606

492,397

 

814,835

656,618

Creditors: Amounts falling due within one year

7

(117,404)

(77,231)

Net current assets

 

697,431

579,387

Net assets

 

1,355,143

1,209,980

Capital and reserves

 

Called up share capital

8

76

76

Capital redemption reserve

24

24

Retained earnings

1,355,043

1,209,880

Shareholders' funds

 

1,355,143

1,209,980

For the financial year ending 31 March 2024 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 Profit and Loss Account.

Approved and authorised by the Board on 25 July 2024 and signed on its behalf by:
 

 

Wells Reclamation Limited

(Registration number: 05335658)
Balance Sheet as at 31 March 2024

.........................................
Mr H Davies
Director

.........................................
Mrs M Davies
Company secretary and director

 

Wells Reclamation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

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.

Going concern

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

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 sales/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 balance sheet 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

15% reducing balance basis

Fixtures and fittings

15% reducing balance basis

 

Wells Reclamation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Motor vehicles

25% reducing balance basis

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.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 8 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Wells Reclamation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2023 - 11).

 

Wells Reclamation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

120,000

120,000

At 31 March 2024

120,000

120,000

Amortisation

At 1 April 2023

120,000

120,000

At 31 March 2024

120,000

120,000

Carrying amount

At 31 March 2024

-

-

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

372,203

94,602

16,605

483,410

Additions

-

36,500

-

36,500

Disposals

-

(5,300)

-

(5,300)

At 31 March 2024

372,203

125,802

16,605

514,610

Depreciation

At 1 April 2023

-

77,244

15,573

92,817

Charge for the year

-

7,895

258

8,153

Eliminated on disposal

-

(4,072)

-

(4,072)

At 31 March 2024

-

81,067

15,831

96,898

Carrying amount

At 31 March 2024

372,203

44,735

774

417,712

At 31 March 2023

372,203

17,358

1,032

390,593

Included within the net book value of land and buildings above is £372,203 (2023 - £372,203) in respect of freehold land and buildings.
 

 

Wells Reclamation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Investment properties

2024
£

At 1 April

240,000

At 31 March

240,000

The company purchased the investment property on Febuary 21st 2019 for £240,000 plus costs.

There has been no valuation of investment property by an independent valuer.

6

Stocks

2024
£

2023
£

Other inventories

103,229

164,221

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

trade creditors

 

4

(1,720)

Amounts owed to related parties

1,832

19,103

Taxation and social security

 

49,465

26,679

Other creditors

 

66,103

33,169

 

117,404

77,231

 

Wells Reclamation Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

76

76

76

76