7 false false false false false false false false true false true false true false false false false No description of principal activity 2022-11-01 Sage Accounts Production Advanced 2024 - FRS102_2024 12,010 9,208 2,402 11,610 400 2,802 123 123 123 xbrli:pure xbrli:shares iso4217:GBP 11733935 2022-11-01 2023-10-31 11733935 2023-10-31 11733935 2022-10-31 11733935 2021-11-01 2022-10-31 11733935 2022-10-31 11733935 2021-10-31 11733935 core:MotorVehicles 2022-11-01 2023-10-31 11733935 bus:Director1 2022-11-01 2023-10-31 11733935 core:MotorVehicles 2022-10-31 11733935 core:MotorVehicles 2023-10-31 11733935 core:WithinOneYear 2023-10-31 11733935 core:WithinOneYear 2022-10-31 11733935 core:ShareCapital 2023-10-31 11733935 core:ShareCapital 2022-10-31 11733935 core:RetainedEarningsAccumulatedLosses 2023-10-31 11733935 core:RetainedEarningsAccumulatedLosses 2022-10-31 11733935 core:CostValuation core:Non-currentFinancialInstruments 2023-10-31 11733935 core:Non-currentFinancialInstruments 2023-10-31 11733935 core:Non-currentFinancialInstruments 2022-10-31 11733935 core:MotorVehicles 2022-10-31 11733935 bus:SmallEntities 2022-11-01 2023-10-31 11733935 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 11733935 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 11733935 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 11733935 bus:FullAccounts 2022-11-01 2023-10-31 11733935 bus:Director1 1 2022-11-01 2023-10-31 11733935 core:AllAssociates 2022-11-01 2023-10-31
COMPANY REGISTRATION NUMBER: 11733935
Wellgate Care Limited
Filleted Unaudited Financial Statements
31 October 2023
Wellgate Care Limited
Financial Statements
Year ended 31 October 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Wellgate Care Limited
Statement of Financial Position
31 October 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
400
2,802
Investments
6
123
123
----
-------
523
2,925
Current assets
Debtors
7
2,929,155
2,890,776
Cash at bank and in hand
29,048
1,187,203
------------
------------
2,958,203
4,077,979
Creditors: amounts falling due within one year
8
4,481,299
4,661,781
------------
------------
Net current liabilities
1,523,096
583,802
------------
---------
Total assets less current liabilities
( 1,522,573)
( 580,877)
------------
---------
Net liabilities
( 1,522,573)
( 580,877)
------------
---------
Capital and reserves
Called up share capital
267
267
Profit and loss account
( 1,522,840)
( 581,144)
------------
---------
Shareholders deficit
( 1,522,573)
( 580,877)
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 October 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Wellgate Care Limited
Statement of Financial Position (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 31 October 2024 , and are signed on behalf of the board by:
Mr S C Hill
Director
Company registration number: 11733935
Wellgate Care Limited
Notes to the Financial Statements
Year ended 31 October 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bedford House Fulham Green, 69-79 Fulham High Street, London, SW6 3JW, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors will continue to support the company and believe that the company will generate a profit in future periods therefore the accounts have been prepared on a going concern basis.
Consolidation
The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 399 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable 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. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 12 ).
5. Tangible assets
Motor vehicles
£
Cost
At 1 November 2022 and 31 October 2023
12,010
--------
Depreciation
At 1 November 2022
9,208
Charge for the year
2,402
--------
At 31 October 2023
11,610
--------
Carrying amount
At 31 October 2023
400
--------
At 31 October 2022
2,802
--------
6. Investments
Shares in group undertakings
£
Cost
At 1 November 2022 and 31 October 2023
123
----
Impairment
At 1 November 2022 and 31 October 2023
----
Carrying amount
At 31 October 2023
123
----
At 31 October 2022
123
----
7. Debtors
2023
2022
£
£
Trade debtors
48,000
84,000
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,651,213
1,473,956
Other debtors
1,229,942
1,332,820
------------
------------
2,929,155
2,890,776
------------
------------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
68,012
57,229
Amounts owed to group undertakings and undertakings in which the company has a participating interest
4,304,152
4,560,171
Other creditors
109,135
44,381
------------
------------
4,481,299
4,661,781
------------
------------
9. Directors' advances, credits and guarantees
At the year end a director owed the company £Nil (2022: £93,507).
10. Related party transactions
At the year end the company was owed £860,535 (2022: £860,535) by companies associated by common control.
11. Controlling party
The company's ultimate parent company is WG Management Limited . The registered address of the ultimate parent company is Bedford House Fulham Green, 69-79 Fulham High Street, London, United Kingdom, SW6 3JW .