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Registered number: 01778666

















WELLS CATHEDRAL ENTERPRISES LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 31 DECEMBER 2023









Fletcher & Partners
Chartered Accountants
Salisbury

 
WELLS CATHEDRAL ENTERPRISES LIMITED
REGISTERED NUMBER: 01778666

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
6,424
10,503

Investments
 6 
170
170

  
6,594
10,673

Current assets
  

Stocks
 7 
49,513
49,476

Debtors: amounts falling due within one year
 8 
4,570
8,653

Cash at bank and in hand
 9 
114,346
132,347

  
168,429
190,476

Creditors: amounts falling due within one year
 10 
(112,321)
(134,700)

Net current assets
  
 
 
56,108
 
 
55,776

Total assets less current liabilities
  
62,702
66,449

  

Net assets
  
62,702
66,449


Capital and reserves
  

Called up share capital 
  
48,002
48,002

Profit and loss account
  
14,700
18,447

  
62,702
66,449


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr D A Morgan-Hewitt
Director

Date: 18 April 2024

The notes on pages 4 to 9 form part of these financial statements.

Page 1

 
WELLS CATHEDRAL ENTERPRISES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
48,002
18,447
66,449


Comprehensive income for the year

Profit for the year

-
28,454
28,454


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
28,454
28,454


Contributions by and distributions to owners

Gift aid donation
-
(32,201)
(32,201)


Total transactions with owners
-
(32,201)
(32,201)


At 31 December 2023
48,002
14,700
62,702


The notes on pages 4 to 9 form part of these financial statements.

Page 2

 
WELLS CATHEDRAL ENTERPRISES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
48,002
21,476
69,478


Comprehensive income for the year

Profit for the year

-
44,974
44,974


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
44,974
44,974


Contributions by and distributions to owners

Dividends: Equity capital
-
(48,003)
(48,003)


Total transactions with owners
-
(48,003)
(48,003)


At 31 December 2022
48,002
18,447
66,449


The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
WELLS CATHEDRAL ENTERPRISES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Wells Cathedral Enterprises Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is Wells Cathedral Offices Chain Gate, Cathedral Green, Wells, Somerset, BA5 2UE. The financial statements are presented in Sterling, which is the functional currency of the company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
WELLS CATHEDRAL ENTERPRISES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

 
2.4

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

All expenditure on tangible fixed assets above £500 is capitalised.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
10%
- 25% straight line
Office equipment
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
WELLS CATHEDRAL ENTERPRISES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

  
2.7

Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stock.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

  
2.11

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
4,030
3,700

Fees payable to the Company's auditors in respect of:

Other non-audit services
630
-

Page 6

 
WELLS CATHEDRAL ENTERPRISES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Employees

2023
2022
£
£

Wages and salaries
307,370
236,984

Social security costs
13,264
11,393

Cost of defined contribution scheme
11,387
10,164

332,021
258,541


The average monthly number of employees, including directors, during the year was 29 (2022 - 19).


5.


Tangible fixed assets





Plant and machinery
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
51,288
5,557
56,845



At 31 December 2023

51,288
5,557
56,845



Depreciation


At 1 January 2023
43,727
2,615
46,342


Charge for the year on owned assets
3,491
588
4,079



At 31 December 2023

47,218
3,203
50,421



Net book value



At 31 December 2023
4,070
2,354
6,424



At 31 December 2022
7,561
2,942
10,503


6.


Fixed asset investments





Unlisted investments

£



Cost or valuation


At 1 January 2023
170



At 31 December 2023
170




Page 7

 
WELLS CATHEDRAL ENTERPRISES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Stocks

2023
2022
£
£

Finished goods and goods for resale
49,513
49,476



8.


Debtors

2023
2022
£
£


Trade debtors
2,311
6,795

Prepayments and accrued income
2,259
1,858

4,570
8,653



9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
114,346
132,347



10.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
10,251
15,665

Amounts owed to group undertakings
42,663
60,203

Other taxation and social security
32,322
28,359

Other creditors
15,855
16,405

Accruals and deferred income
11,230
14,068

112,321
134,700



11.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company  in an independently administered fund. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £11,387 (2022 - £10,164) . Contributions totalling £1,618 (2022 - £1,228) were payable to the fund at the reporting date and are included in creditors.

Page 8

 
WELLS CATHEDRAL ENTERPRISES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Related party transactions

FRS102 does not require disclosure of transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member.


13.


Ultimate parent company and controlling party

The company's ultimate parent undertaking at the balance sheet date wasThe Cathedral Church of St Andrew in Wells , which holds a controlling interest. The Cathedral Church of St Andrew in Wells' principal place of operation is Chain Gate, Cathedral Green, Wells, Somerset, BA5 2UE. Copies of the financial statements can be obtained from this address.


14.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 1 August 2024 by  (Senior Statutory Auditor) on behalf of Fletcher & Partners.


Page 9