Registered number
00661633
WELLWORTH ENTERPRISES LTD
Filleted Accounts
30 April 2024
WELLWORTH ENTERPRISES LTD
Registered number: 00661633
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1,045,000 990,487
Investments 4 52,367 52,367
1,097,367 1,042,854
Current assets
Debtors 5 4,452 1,644
Cash at bank and in hand 82,584 72,805
87,036 74,449
Creditors: amounts falling due within one year 6 (24,783) (23,068)
Net current assets 62,253 51,381
Total assets less current liabilities 1,159,620 1,094,235
Provisions for liabilities (72,377) (60,977)
Net assets 1,087,243 1,033,258
Capital and reserves
Called up share capital 376 376
Revaluation reserve 7 933,628 878,628
Profit and loss account 153,239 154,254
Shareholders' funds 1,087,243 1,033,258
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs S Crane
Director
Approved by the board on 5 August 2024
WELLWORTH ENTERPRISES LTD
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 May 2023 990,000 3,682 993,682
Surplus on revaluation 55,000 - 55,000
At 30 April 2024 1,045,000 3,682 1,048,682
Depreciation
At 1 May 2023 - 3,195 3,195
Charge for the year - 487 487
At 30 April 2024 - 3,682 3,682
Net book value
At 30 April 2024 1,045,000 - 1,045,000
At 30 April 2023 990,000 487 990,487
Freehold land and buildings: 2024 2023
£ £
Historical cost 259,565 259,565
Cumulative depreciation based on historical cost - -
259,565 259,565
4 Investments
Other
investments
£
Cost
At 1 May 2023 52,367
At 30 April 2024 52,367
5 Debtors 2024 2023
£ £
Trade debtors 1,190 120
Other debtors 3,262 1,524
4,452 1,644
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 2,000 2,760
Taxation and social security costs 6,563 4,138
Other creditors 16,220 16,170
24,783 23,068
7 Revaluation reserve 2024 2023
£ £
At 1 May 2023 878,628 603,628
Gain on revaluation of land and buildings 55,000 275,000
At 30 April 2024 933,628 878,628
8 Controlling party
The company is under the control of the directors
9 Other information
WELLWORTH ENTERPRISES LTD is a private company limited by shares and incorporated in England. Its registered office is:
c/o Penningtons Manches Cooper
125 Wood Street
London
EC2V 7AW
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