IRIS Accounts Production v24.2.0.383 02021712 director 1.1.23 31.12.23 31.12.23 8/8/24 false true false false true false Auditors Opinion Fair value model Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh020217122022-12-31020217122023-12-31020217122023-01-012023-12-31020217122021-12-31020217122022-01-012022-12-31020217122022-12-3102021712ns15:EnglandWales2023-01-012023-12-3102021712ns14:PoundSterling2023-01-012023-12-3102021712ns10:Director12023-01-012023-12-3102021712ns10:PrivateLimitedCompanyLtd2023-01-012023-12-3102021712ns10:SmallEntities2023-01-012023-12-3102021712ns10:Audited2023-01-012023-12-3102021712ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-3102021712ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-3102021712ns10:AbridgedAccounts2023-01-012023-12-3102021712ns10:OrdinaryShareClass12023-01-012023-12-3102021712ns10:RegisteredOffice2023-01-012023-12-3102021712ns5:CurrentFinancialInstruments2023-12-3102021712ns5:CurrentFinancialInstruments2022-12-3102021712ns5:ShareCapital2023-12-3102021712ns5:ShareCapital2022-12-3102021712ns5:RevaluationReserve2023-12-3102021712ns5:RevaluationReserve2022-12-3102021712ns5:CapitalRedemptionReserve2023-12-3102021712ns5:CapitalRedemptionReserve2022-12-3102021712ns5:RetainedEarningsAccumulatedLosses2023-12-3102021712ns5:RetainedEarningsAccumulatedLosses2022-12-3102021712ns5:PlantMachinery2023-01-012023-12-3102021712ns10:OrdinaryShareClass12023-12-3102021712ns5:RevaluationReserve2022-12-31
REGISTERED NUMBER: 02021712 (England and Wales)











Financial Statements

for the Year Ended 31 December 2023

for

Wellfield Business Park Limited

Wellfield Business Park Limited (Registered number: 02021712)






Contents of the Financial Statements
for the year ended 31 December 2023




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 3


Wellfield Business Park Limited

Company Information
for the year ended 31 December 2023







DIRECTOR: P A Harwood





REGISTERED OFFICE: Unit 6 Wellfield Business Park
Wellfield Road
Ashton
Preston Lancashire
PR1 8SZ





REGISTERED NUMBER: 02021712 (England and Wales)





AUDITORS: Mayes Business Partnership Ltd
22-28 Willow Street
Accrington
Lancashire
BB5 1LP

Wellfield Business Park Limited (Registered number: 02021712)

Abridged Balance Sheet
31 December 2023

31/12/23 31/12/22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 - -
Investment property 5 800,000 800,000
800,000 800,000

CURRENT ASSETS
Debtors 55,662 50,703
Cash at bank and in hand 253,881 208,188
309,543 258,891
CREDITORS
Amounts falling due within one year 57,702 68,028
NET CURRENT ASSETS 251,841 190,863
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,051,841

990,863

CAPITAL AND RESERVES
Called up share capital 6 33 33
Revaluation reserve 7 230,232 230,232
Capital redemption reserve 67 67
Retained earnings 821,509 760,531
SHAREHOLDERS' FUNDS 1,051,841 990,863

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2023 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 August 2024 and were signed by:





P A Harwood - Director


Wellfield Business Park Limited (Registered number: 02021712)

Notes to the Financial Statements
for the year ended 31 December 2023

1. STATUTORY INFORMATION

Wellfield Business Park 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover is recognised at the fair value of consideration received or receivable for property rental provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing agreement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

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.
Plant and machinery - 20% on cost

Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently, it is measured at fair value on the reporting end date. Changes in fair value are recognised in profit or loss.

Financial instruments
Basic financial assets, including trade and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

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


Wellfield Business Park Limited (Registered number: 02021712)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

2. ACCOUNTING POLICIES - continued
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.

Going concern
Whilst the directors believe the company will be able to continue to operate and meet its obligations over the next 12 months, the impact of COVID-19 naturally brings some uncertainty. The company is still in receipt of rent for its investment property. Should the tenants fall into difficulty and be unable to pay the rents as they fall due, the company will rely on support from its parent company to meet its obligations. The group has sufficient cash resources available to draw on should that be required.

At the time of approving the financial statements, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 January 2023
and 31 December 2023 5,972
DEPRECIATION
At 1 January 2023
and 31 December 2023 5,972
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023
and 31 December 2023 800,000
NET BOOK VALUE
At 31 December 2023 800,000
At 31 December 2022 800,000

Wellfield Business Park Limited (Registered number: 02021712)

Notes to the Financial Statements - continued
for the year ended 31 December 2023

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31/12/23 31/12/22
value: £    £   
33 Ordinary £1 33 33

7. RESERVES
Revaluation
reserve
£   
At 1 January 2023
and 31 December 2023 230,232

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Craig Peter Fishwick FCCA (Senior Statutory Auditor)
for and on behalf of Mayes Business Partnership Ltd