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Registration number: 05322468

Properties 'R' Wells Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2024

 

Properties 'R' Wells Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Properties 'R' Wells Limited

Company Information

Director

Mr Paul Robert Wells

Company secretary

Miss Lisa Lambert

Registered office

317 Psalter Lane
Ecclesall Sheffield
South Yorkshire
S11 8WA

Accountants

The TAX Partnership
2 Cheapside
Derby
Derbyshire
DE1 1BR

 

Properties 'R' Wells Limited

(Registration number: 05322468)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

513,921

446,016

Current assets

 

Debtors

6

-

3

Cash at bank and in hand

 

13,000

37,275

 

13,000

37,278

Creditors: Amounts falling due within one year

7

(1,605)

(693)

Net current assets

 

11,395

36,585

Total assets less current liabilities

 

525,316

482,601

Creditors: Amounts falling due after more than one year

7

(550,444)

(529,231)

Net liabilities

 

(25,128)

(46,630)

Capital and reserves

 

Called up share capital

8

1

1

Revaluation reserve

39,341

6,341

Retained earnings

(64,470)

(52,972)

Shareholders' deficit

 

(25,128)

(46,630)

 

Properties 'R' Wells Limited

(Registration number: 05322468)
Balance Sheet as at 31 March 2024

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 3 October 2024
 

.........................................
Mr Paul Robert Wells
Director

 

Properties 'R' Wells 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:
317 Psalter Lane
Ecclesall Sheffield
South Yorkshire
S11 8WA

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.

Going concern

The financial statements have been prepared on a going concern basis.

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.

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:

 

Properties 'R' Wells Limited

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

Asset class

Depreciation method and rate

Furniture, fittings and equipment

25% on a reducing balance basis

Freehold land and buildings

0%

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 10 years on a straight line basis

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.

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.

Borrowings

 

Properties 'R' Wells Limited

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

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

Properties 'R' Wells Limited

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

18,000

18,000

At 31 March 2024

18,000

18,000

Amortisation

At 1 April 2023

18,000

18,000

At 31 March 2024

18,000

18,000

Carrying amount

At 31 March 2024

-

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

445,973

1,255

447,228

Revaluations

33,000

-

33,000

Additions

34,916

-

34,916

At 31 March 2024

513,889

1,255

515,144

Depreciation

At 1 April 2023

-

1,212

1,212

Charge for the year

-

11

11

At 31 March 2024

-

1,223

1,223

Carrying amount

At 31 March 2024

513,889

32

513,921

At 31 March 2023

445,973

43

446,016

Included within the net book value of land and buildings above is £513,889 (2023 - £445,973) in respect of freehold land and buildings.
 

 

Properties 'R' Wells Limited

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

6

Debtors

Current

2024
£

2023
£

Other debtors

-

3

 

-

3

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

909

-

Accruals and deferred income

696

693

1,605

693

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

120,444

109,231

Other non-current financial liabilities

 

430,000

420,000

 

550,444

529,231

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

1

1

1

1

       
 

Properties 'R' Wells Limited

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

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

120,444

109,231

10

Related party transactions

Loans from related parties

2024

Other related parties
£

At start of period

420,000

Advanced

10,000

At end of period

430,000

2023

Other related parties
£

At start of period

390,000

Advanced

30,000

At end of period

420,000

Terms of loans from related parties

During the year, the company received a loan from Wealth Management & Growth Limited, a company in which Paul Robert Wells is a director. The loan is interest free, unsecured and has no fixed repayment date.