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REGISTERED NUMBER: 04232811 (England and Wales)









UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

FOR

WELSTEAD PROPERTIES LIMITED

WELSTEAD PROPERTIES LIMITED (REGISTERED NUMBER: 04232811)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WELSTEAD PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: M S Deol





REGISTERED OFFICE: The Roastery
13-14 Sydney Street
Brighton
East Sussex
BN1 4EN





REGISTERED NUMBER: 04232811 (England and Wales)





ACCOUNTANTS: Hartley Fowler LLP
Chartered Accountants
Pavilion View
19 New Road
Brighton
East Sussex
BN1 1EY

WELSTEAD PROPERTIES LIMITED (REGISTERED NUMBER: 04232811)

BALANCE SHEET
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 16,924 22,481
Investment property 6 1,000,000 465,000
1,016,924 487,481

CURRENT ASSETS
Debtors 7 314,477 368,202
Cash at bank and in hand 8,233 8,576
322,710 376,778
CREDITORS
Amounts falling due within one year 8 375,583 1,040,504
NET CURRENT LIABILITIES (52,873 ) (663,726 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

964,051

(176,245

)

CREDITORS
Amounts falling due after more than one
year

9

(12,231

)

(22,435

)

PROVISIONS FOR LIABILITIES 12 (25,672 ) -
NET ASSETS/(LIABILITIES) 926,148 (198,680 )

CAPITAL AND RESERVES
Called up share capital 13 50,000 50,000
Fair value reserve 320,714 8,300
Retained earnings 555,434 (256,980 )
SHAREHOLDERS' FUNDS 926,148 (198,680 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

WELSTEAD PROPERTIES LIMITED (REGISTERED NUMBER: 04232811)

BALANCE SHEET - continued
31 MARCH 2024


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

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 19 September 2024 and were signed by:





M S Deol - Director


WELSTEAD PROPERTIES LIMITED (REGISTERED NUMBER: 04232811)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Welstead Properties 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 as modified by the revaluation of certain assets.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Rental income and insurance recharges are recognised in the profit and loss account on a straight-line basis over the lease term or the insured period respectively.

Interest receivable is recognised using the effective interest method.

Goodwill
Goodwill, being the amounts paid in connection with the acquisition of unincorporated businesses, is being written off evenly over their estimated life of eight years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - over the lease term
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Investment property
Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit and loss and transferred to the fair value reserve at the balance sheet date.

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.


WELSTEAD PROPERTIES LIMITED (REGISTERED NUMBER: 04232811)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


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.

Debtors and creditors receivable / payable within one year
Debtors and creditors with no stated interest rate and receivables or payables within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Impairment
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 767,270
AMORTISATION
At 1 April 2023
and 31 March 2024 767,270
NET BOOK VALUE
At 31 March 2024 -
At 31 March 2023 -

WELSTEAD PROPERTIES LIMITED (REGISTERED NUMBER: 04232811)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 April 2023
and 31 March 2024 54,473 26,914 339,771 1,777 422,935
DEPRECIATION
At 1 April 2023 50,600 14,814 333,623 1,417 400,454
Charge for year 631 3,029 1,537 360 5,557
At 31 March 2024 51,231 17,843 335,160 1,777 406,011
NET BOOK VALUE
At 31 March 2024 3,242 9,071 4,611 - 16,924
At 31 March 2023 3,873 12,100 6,148 360 22,481

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 465,000
Additions 196,914
Revaluations 338,086
At 31 March 2024 1,000,000
NET BOOK VALUE
At 31 March 2024 1,000,000
At 31 March 2023 465,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2012 93,300
Valuation in 2015 90,000
Valuation in 2016 (40,000 )
Valuation in 2017 (135,000 )
Valuation in 2024 338,086
Cost 653,614
1,000,000

If had not been revalued would have been included at the following historical cost:

2024 2023
£    £   
Cost 653,614 456,700

The directors consider the value of the investment property as at 31 March 2024 to be fair value. The fair value has been determined by reference to properties of a similar size, condition, location and letting to that held by the company.

WELSTEAD PROPERTIES LIMITED (REGISTERED NUMBER: 04232811)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings - 53,724
Amounts owed by connected companies 50,000 50,000
Other debtors 264,477 264,478
314,477 368,202

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,204 9,952
Amounts owed to group undertakings 313,154 181,904
Amounts owed to connected companies - 802,075
Taxation and social security 8,004 -
Other creditors 44,221 46,573
375,583 1,040,504

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 12,231 22,435

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 255,700 255,700
Between one and five years 783,433 866,850
In more than five years 82,160 122,000
1,121,293 1,244,550

The operating lease commitments borne by the company are paid by group and connected companies.

11. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 22,435 32,387

The bank loans and overdrafts are secured by a fixed charge over the company's freehold investment properties and by a debenture providing a fixed and floating charge over the remaining assets.

12. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 25,672 -

WELSTEAD PROPERTIES LIMITED (REGISTERED NUMBER: 04232811)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


12. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Provided during year 25,672
Balance at 31 March 2024 25,672

13. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
50,000 Ordinary shares £1 50,000 50,000