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REGISTERED NUMBER: 04283913 (England and Wales)







UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28TH FEBRUARY 2024

FOR

WELLSYKE LTD.

WELLSYKE LTD. (REGISTERED NUMBER: 04283913)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WELLSYKE LTD.

COMPANY INFORMATION
FOR THE YEAR ENDED 28TH FEBRUARY 2024







DIRECTORS: Mr R Martin
Mr D Martin
Mrs K Martin
Mrs K Martin





REGISTERED OFFICE: Portland House
11-13 Station Road
Kettering
Northamptonshire
NN15 7HH





REGISTERED NUMBER: 04283913 (England and Wales)





ACCOUNTANTS: Bewers Turner & Co LLP
Chartered Accountants
Portland House
11-13 Station Road
Kettering
Northamptonshire
NN15 7HH

WELLSYKE LTD. (REGISTERED NUMBER: 04283913)

BALANCE SHEET
28TH FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 145,382 157,446
Investments 5 564,327 564,327
Investment property 6 25,840,008 24,150,000
26,549,717 24,871,773

CURRENT ASSETS
Debtors 7 332,029 343,879
Cash at bank 85,552 1,451,265
417,581 1,795,144
CREDITORS
Amounts falling due within one year 8 1,065,341 1,361,930
NET CURRENT (LIABILITIES)/ASSETS (647,760 ) 433,214
TOTAL ASSETS LESS CURRENT
LIABILITIES

25,901,957

25,304,987

CREDITORS
Amounts falling due after more than one
year

9

(5,231,534

)

(5,107,538

)

PROVISIONS FOR LIABILITIES (1,655,548 ) (1,623,202 )
NET ASSETS 19,014,875 18,574,247

CAPITAL AND RESERVES
Called up share capital 600,000 600,000
Capital redemption reserve 170,000 85,000
Fair value reserve 7,997,810 8,019,025
Retained earnings 10,247,065 9,870,222
SHAREHOLDERS' FUNDS 19,014,875 18,574,247

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

WELLSYKE LTD. (REGISTERED NUMBER: 04283913)

BALANCE SHEET - continued
28TH FEBRUARY 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 Board of Directors and authorised for issue on 4th October 2024 and were signed on its behalf by:





Mr R Martin - Director


WELLSYKE LTD. (REGISTERED NUMBER: 04283913)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2024


1. STATUTORY INFORMATION

Wellsyke Ltd. 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.

The directors have prepared the accounts on the going concern basis, notwithstanding the company has net current liabilities. Cashflow forecasts, incorporating reasonable levels of market sensitivity, demonstrate the company will continue to operate profitability for the foreseeable future and certainly no less than twelve months from signing these accounts.

Significant judgements and estimates
The directors have estimated the fair value of investment property with regard to local market trends and previous valuations.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue Recognition
Rental income from operating leases is recognised on a straight-line basis over the lease term.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 20% on cost
Plant and machinery etc - 20% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Investment property
Investment property is carried at fair value determined annually by the directors 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 the Income Statement

Financial instruments
The company is party to only basic financial instruments. Financial instruments that represent financing arrangements, such as bank loans, are measured at their amortised cost using the instrument's effective interest rate.


WELLSYKE LTD. (REGISTERED NUMBER: 04283913)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2024


2. ACCOUNTING POLICIES - continued
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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 5 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1st March 2023 59,428 161,754 221,182
Additions 53,648 - 53,648
Disposals - (44,223 ) (44,223 )
At 28th February 2024 113,076 117,531 230,607
DEPRECIATION
At 1st March 2023 - 63,736 63,736
Charge for year 10,730 10,759 21,489
At 28th February 2024 10,730 74,495 85,225
NET BOOK VALUE
At 28th February 2024 102,346 43,036 145,382
At 28th February 2023 59,428 98,018 157,446

5. FIXED ASSET INVESTMENTS

WELLSYKE LTD. (REGISTERED NUMBER: 04283913)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2024

Loans to
other
participatin
interests
£   
At 1st March 2023
and 28th February 2024 564,327

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st March 2023 24,150,000
Additions 1,690,008
At 28th February 2024 25,840,008
NET BOOK VALUE
At 28th February 2024 25,840,008
At 28th February 2023 24,150,000

Fair value at 28th February 2024 is represented by:
£   
Valuation in 2023 9,649,945
Cost 16,190,063
25,840,008

Investment property has been revalued by the directors giving due consideration to market value and rental income.

Investment properties are pledged as security for the company's bank loans.

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 212,453 203,623
Other debtors 119,576 140,256
332,029 343,879

WELLSYKE LTD. (REGISTERED NUMBER: 04283913)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 417,551 959,098
Trade creditors 101,559 48,395
Amounts owed to group undertakings 172,918 -
Taxation and social security 338,128 330,687
Other creditors 35,185 23,750
1,065,341 1,361,930

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 5,231,534 5,107,538

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 5,649,085 6,066,636

The loans are secured on the company's assets.