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Registration number: 01805270

Wellington Park Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Wellington Park Properties Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Wellington Park Properties Limited

Company Information

Directors

Mr William John Hale

Mrs Kathryn Mary Hale

Registered office

Middleton House
Purton Berkeley
Gloucestershire
GL13 9HY

Accountants

Stone & Co Chartered Accountants
2 Charnwood House
Marsh Road
Ashton
Bristol
BS3 2NA

 

Wellington Park Properties Limited

(Registration number: 01805270)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

         

Fixed assets

   

Tangible assets

4

 

16,577

12,594

Investment property

5

 

3,800,000

3,800,000

   

3,816,577

3,812,594

Current assets

   

Debtors

6

87,349

 

5,723

Cash at bank and in hand

 

425,728

 

483,632

 

513,077

 

489,355

Creditors: Amounts falling due within one year

7

(248,371)

 

(273,628)

Net current assets

   

264,706

215,727

Total assets less current liabilities

   

4,081,283

4,028,321

Provisions for liabilities

 

(538,742)

(550,556)

Net assets

   

3,542,541

3,477,765

Capital and reserves

   

Called up share capital

38,000

 

38,000

Capital redemption reserve

14,000

 

14,000

Profit and loss account

3,490,541

 

3,425,765

Total equity

   

3,542,541

3,477,765

 

Wellington Park Properties Limited

(Registration number: 01805270)
Balance Sheet as at 30 June 2024

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 9 October 2024 and signed on its behalf by:
 

.........................................

Mr William John Hale
Director

 

Wellington Park Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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:
Middleton House
Purton Berkeley
Gloucestershire
GL13 9HY

These financial statements were authorised for issue by the Board on 9 October 2024.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

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.

Tax

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

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

 

Wellington Park Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Motor vehicles

25% reducing balance

Office equipment

25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

 

Wellington Park Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

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

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

 

Wellington Park Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

17,899

6,531

23,227

47,657

Additions

8,509

999

-

9,508

At 30 June 2024

26,408

7,530

23,227

57,165

Depreciation

At 1 July 2023

16,221

5,620

13,222

35,063

Charge for the year

2,547

477

2,501

5,525

At 30 June 2024

18,768

6,097

15,723

40,588

Carrying amount

At 30 June 2024

7,640

1,433

7,504

16,577

At 30 June 2023

1,678

911

10,005

12,594

5

Investment properties

2024
£

At 1 July

3,800,000

Additions

51,240

Fair value adjustments

(51,240)

At 30 June

3,800,000

The last valuation of the company's premises was undertaken on 22 September 2022 by Ash Chartered Surveyors. The valuation was prepared on an open market basis in accordance with
the RICS Appraisal and Valuation Manual published by the Royal Institution of Chartered Surveyors.

6

Debtors

2024
£

2023
£

Trade debtors

81,067

412

Prepayments

6,282

5,311

87,349

5,723

 

Wellington Park Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

-

45,365

Trade creditors

 

45

926

Taxation and social security

 

72,351

70,311

Accruals and deferred income

 

117,946

113,501

Other creditors

 

58,029

43,525

 

248,371

273,628

8

Related party transactions

The company was under the control of Mr W J Hale throughout the current and previous year.

Mr W J Hale is the managing director and majority shareholder and personally owns 88% of the company's class 'A' share capital.

During the year Mr W J Hale maintained a loan account with the company. As at the year end the company owed Mr W J Hale £30,245 (2023: £23,016). There are no fixed repayment terms associated with this loan.

No further transactions with related parties were undertaken such as are required to be disclosed under the FRS 102.