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REGISTERED NUMBER: 06530147 (England and Wales)



















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Wellesley Investment Management Limited

Wellesley Investment Management Limited (Registered number: 06530147)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Wellesley Investment Management Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mrs L J Hannigan
A J Hannigan





SECRETARY: Mrs L J Hannigan





REGISTERED OFFICE: 44 The Pantiles
Tunbridge Wells
Kent
TN2 5TN





REGISTERED NUMBER: 06530147 (England and Wales)





ACCOUNTANTS: APT
44 The Pantiles
Tunbridge Wells
Kent
TN2 5TN

Wellesley Investment Management Limited (Registered number: 06530147)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 2,471,639 2,800,714
Tangible assets 5 132,803 162,668
2,604,442 2,963,382

CURRENT ASSETS
Debtors 6 3,482,889 3,724,371
Cash at bank and in hand 395,506 292,391
3,878,395 4,016,762
CREDITORS
Amounts falling due within one year 7 2,637,368 2,716,164
NET CURRENT ASSETS 1,241,027 1,300,598
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,845,469

4,263,980

CREDITORS
Amounts falling due after more than one
year

8

(2,798,188

)

(3,063,719

)

PROVISIONS FOR LIABILITIES (22,259 ) (28,099 )
NET ASSETS 1,025,022 1,172,162

CAPITAL AND RESERVES
Called up share capital 9 1,250 1,250
Capital redemption reserve 66 66
Retained earnings 1,023,706 1,170,846
SHAREHOLDERS' FUNDS 1,025,022 1,172,162

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

Wellesley Investment Management Limited (Registered number: 06530147)

Balance Sheet - continued
31 December 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 October 2024 and were signed on its behalf by:





A J Hannigan - Director


Wellesley Investment Management Limited (Registered number: 06530147)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. STATUTORY INFORMATION

Wellesley Investment Management 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.

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.

The functional and presentational currency of the company is pounds sterling. Monetary amounts in these financial statements are rounded to the nearest £1, except where otherwise indicated.

Going concern
After reviewing the company's forecasts and projections, the members have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable.

Other income
Interest income, including income arising from finance leases and other financial instruments, is recognised using the effective interest method. Government grants are recognised on an accruals basis in accordance with the substance of the relevant agreement.

Goodwill
Goodwill is initially measured at cost. After initial recognition, goodwill is amortised evenly over its estimated useful life.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost and at varying rates on cost

The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Wellesley Investment Management Limited (Registered number: 06530147)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Investments
Investments are shown at fair value or where fair value cannot be readily ascertained at cost less impairment. Any aggregate or surplus arising from changes in fair value is recognised through profit and loss.

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.

Financial instruments
Basic financial assets, including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost, using the effective interest rate method.

Basic financial liabilities including trade and other payables are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Wellesley Investment Management Limited (Registered number: 06530147)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company contributes to pension schemes of personnel and the pension charge represents the amounts payable by the company to the funds in respect of the year.

Provision for liabilities
Provisions are recognised when the group has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation.

Dividends
Dividends are recognised as liabilities once they are no longer at the discretion of the company.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 41 (2022 - 41 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023 6,222,849
Additions 3,628
Impairments (18,446 )
At 31 December 2023 6,208,031
AMORTISATION
At 1 January 2023 3,422,135
Charge for year 314,257
At 31 December 2023 3,736,392
NET BOOK VALUE
At 31 December 2023 2,471,639
At 31 December 2022 2,800,714

Wellesley Investment Management Limited (Registered number: 06530147)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2023 557,842
Additions 7,773
Disposals (5,700 )
At 31 December 2023 559,915
DEPRECIATION
At 1 January 2023 395,174
Charge for year 37,638
Eliminated on disposal (5,700 )
At 31 December 2023 427,112
NET BOOK VALUE
At 31 December 2023 132,803
At 31 December 2022 162,668

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 709,106 593,763
Amounts owed by group undertakings 2,229,623 2,588,297
Other debtors 544,160 542,311
3,482,889 3,724,371

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 102,069 95,922
Taxation and social security 795,131 416,290
Other creditors 1,740,168 2,203,952
2,637,368 2,716,164

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Other creditors 2,798,188 3,063,719

Wellesley Investment Management Limited (Registered number: 06530147)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
2023 2022
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 2,526,988 1,146,752

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
184 Ordinary £1 184 184
1,066 Ordinary A £1 1,066 1,066
1,250 1,250

10. RELATED PARTY DISCLOSURES

As at the balance sheet date £2,229,623 (2022: £2,588,297) was owing from group companies and is included within debtors falling due within one year. The debts are interest free and repayable on demand.

During the period under review £6,900 (2022: £6,173) was provided for as a bad debt against a company connected with key management personnel.

As at the balance sheet date the company was owed £390,790 (2022: £390,790) by key management personnel and is included within other debtors falling due within ne year. The loan is repayable on demand with interest charged at 2% for the first three months of the year, thereafter at the rate of 2.25%.