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Company Registration No. 03137517 (England and Wales)







WELMBRIDGE LIMITED

UNAUDITED
FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2023




































Riordan O'Sullivan & Co
Chartered Certified Accountants
40 Chamberlayne Road
London
NW10 3JE


 
WELMBRIDGE LIMITED
REGISTERED NUMBER:03137517

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible Assets
 4 
3,191
3,191

Investment property
 5 
3,020,416
3,020,416

  
3,023,607
3,023,607

Current assets
  

Stocks
  
270,688
270,688

Debtors
 6 
445
399

Cash at bank and in hand
  
29,579
7,227

  
300,712
278,314

Creditors: amounts falling due within one year
 7 
(225,851)
(268,582)

Net current assets
  
 
 
74,861
 
 
9,732

Total assets less current liabilities
  
3,098,468
3,033,339

Creditors: amounts falling due after more than one year
  
(1,800,000)
(1,800,000)

Provisions for liabilities
  

Deferred tax
  
(10,207)
(10,207)

  
 
 
(10,207)
 
 
(10,207)

Net assets
  
1,288,261
1,223,132


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
1,288,259
1,223,130

  
1,288,261
1,223,132


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 profit and loss account in accordance with provisions applicable to
Page 1


 
WELMBRIDGE LIMITED
REGISTERED NUMBER:03137517
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 on 23 August 2024.




___________________________
S J Hill
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2


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

1.


General information

Welmbridge Limited is a private company limited by shares incorporated in England and Wales. The registered office is 40 Chamberlayne Road, London, England, NW10 3JE.

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

Going concern

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

 
2.3

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3


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

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

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.



Depreciation is provided on the following basis:

Freehold property
-
Nil

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.

 
2.8

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 4


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

2.Accounting policies (continued)

 
2.9

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.

 
2.10

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

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees




The average monthly number of employees, including directors, during the year was 4 (2022 - 4).


4.


Tangible fixed assets





Freehold property

£



Cost or valuation


At 1 January 2023
3,191



At 31 December 2023

3,191






Net book value



At 31 December 2023
3,191



At 31 December 2022
3,191

Page 5


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

5.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
3,020,416



At 31 December 2023
3,020,416









£



Valuation in 2014
159,085

Valuation in 2016
25,924

Valuation in 2018
209,208

Valuation in 2019
75,000

Valuation in 2020
(157,746)

Cost
2,708,945

3,020,416

The directors obtained a formal written valuation of the company's investment properties from The Frost Partnership as at 16 April 2021. The directors believe that this valuation, and the cost of two properties subsequently purchased in 2021, reflect the fair value of those properties at both 31 December 2022 and 31 December 2023.


6.


Debtors

2023
2022
£
£


Prepayments
445
399

445
399


Page 6


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

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Corporation tax
17,567
29,265

Other taxation and social security
-
73

Other creditors
188,221
220,972

Accruals
20,063
18,272

225,851
268,582



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
1,800,000
1,800,000

1,800,000
1,800,000



9.


Post balance sheet events

There were no events since the year end which materially affected the company.


10.


Controlling party

Stephen Hill, together with his wife owns 100% of the issued share capital of the company and is therefore the ultimate controller of the company.


11.


Reserves

2023
2022
£
£



Retained earnings
1,223,130
1,098,368

Profit for the year
65,129
124,762

1,288,259
1,223,130

The company's investment properties have periodically have revalued. Revaluation gains have been credited to the profit and loss account in line with the reporting requirement under FRS102 1A. at December 2023 the company's Retained Earnings included non distributable reserve of £301,263 (2022 : £301,263) resulting from the revaluations.

 
Page 7