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Registration number: 00391339

H.A Welch (Yelland) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

H.A Welch (Yelland) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

H.A Welch (Yelland) Limited

Company Information

Directors

Ms K Davies

Mr M Welch

Mr N M Welch

Mr R J Welch

Registered office

Flitton Barton
South Molton
Devon
EX36 3EP

Accountants

Ward and Co Chartered Accountants
West Penhill Farm
Fremington
Barnstaple
Devon
EX31 2NG

 

H.A Welch (Yelland) Limited

(Registration number: 00391339)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

32,610

32,735

Investments

5

10

10

 

32,620

32,745

Current assets

 

Debtors

6

2,847

2,719

Cash at bank and in hand

 

341,483

884,194

 

344,330

886,913

Creditors: Amounts falling due within one year

7

(2,307)

(4,648)

Net current assets

 

342,023

882,265

Net assets

 

374,643

915,010

Capital and reserves

 

Called up share capital

8

8,334

8,334

Capital redemption reserve

1,666

1,666

Revaluation reserve

91,934

91,934

Retained earnings

272,709

813,076

Shareholders' funds

 

374,643

915,010

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 5 June 2024 and signed on its behalf by:
 

 

H.A Welch (Yelland) Limited

(Registration number: 00391339)
Balance Sheet as at 31 March 2024

.........................................
Mr M Welch
Director

 

H.A Welch (Yelland) Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Flitton Barton
South Molton
Devon
EX36 3EP

These financial statements were authorised for issue by the Board on 5 June 2024.

2

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.

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.

 

H.A Welch (Yelland) Limited

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

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

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

H.A Welch (Yelland) Limited

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

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2023 - 1).

 

H.A Welch (Yelland) Limited

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

4

Tangible assets

Land and buildings
£

Plant, Machinery and Equipment
 £

Total
£

Cost or valuation

At 1 April 2023

31,903

68,843

100,746

At 31 March 2024

31,903

68,843

100,746

Depreciation

At 1 April 2023

-

68,011

68,011

Charge for the year

-

125

125

At 31 March 2024

-

68,136

68,136

Carrying amount

At 31 March 2024

31,903

707

32,610

At 31 March 2023

31,903

832

32,735

Included within the net book value of land and buildings above is £31,903 (2023 - £31,903) in respect of freehold land and buildings.
 

5

Investments

2024
£

2023
£

Investments in associates

10

10

Associates

£

Cost

At 1 April 2023

10

Provision

Carrying amount

At 31 March 2024

10

At 31 March 2023

10

 

H.A Welch (Yelland) Limited

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

6

Debtors

Current

2024
£

2023
£

Trade debtors

600

600

Other debtors

2,247

2,119

 

2,847

2,719

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

100

-

Taxation and social security

372

2,898

Accruals and deferred income

1,835

1,750

2,307

4,648

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

8,334

8,334

8,334

8,334