Registered number
11774810
Wellworth Property Investments Limited
Filleted Accounts
31 December 2023
Wellworth Property Investments Limited
Registered number: 11774810
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Investments 3 259,443 327,507
Current assets
Debtors 4 40,362 43,295
Cash at bank and in hand 9,840 6,100
50,202 49,395
Creditors: amounts falling due within one year 5 (167,296) (186,412)
Net current liabilities (117,094) (137,017)
Total assets less current liabilities 142,349 190,490
Creditors: amounts falling due after more than one year 6 (198,905) (218,240)
Net liabilities (56,556) (27,750)
Capital and reserves
Called up share capital 100 100
Profit and loss account (56,656) (27,850)
Shareholders' funds (56,556) (27,750)
The director is 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 director acknowledges his 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.
Mr B Sharadchandra
Director
Approved by the board on 12 September 2024
Wellworth Property Investments Limited
Notes to the Accounts
for the year ended 31 December 2023
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.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Investments
Other
investments
£
Cost
At 1 January 2023 327,507
Disposals (68,064)
At 31 December 2023 259,443
At 31 December 2023 the valuation of the investment properties was reviewed by Mr B Sharadchandra the director of the company. Following the review he is satisfied that the current valuation represents the fair value of the investment properties.
4 Debtors 2023 2022
£ £
Trade debtors 574 1,027
Other debtors 39,788 42,268
40,362 43,295
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 8,001
Director's loan account 159,799 149,245
Other creditors 7,497 29,166
167,296 186,412
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 198,905 218,240
7 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 198,905 198,905
Secured bank loans 198,905 198,905
The bank loans are secured on the investment properties owned by the company.
8 Controlling party
In the opinion of the director the company has no controlling party by virtue of the shareholdings in the company.
9 Other information
Wellworth Property Investments Limited is a private company limited by shares and incorporated in England. Its registered office is:
Bury Lodge
Bury Road
Stowmarket
Suffolk
IP14 1JA
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