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Registration number: 08861331

Prepared for the registrar

Well Hill Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Well Hill Holdings Limited

(Registration number: 08861331)
Balance Sheet as at 31 March 2024

Note

2024
 £

2023
 £

Fixed assets

 

Investment property

4

1,033,602

1,033,602

Investments

5

10,000

10,000

 

1,043,602

1,043,602

Creditors: Amounts falling due within one year

6

(298,898)

(393,898)

Net assets

 

744,704

649,704

Capital and reserves

 

Called up share capital

10,000

10,000

Profit and loss account

734,704

639,704

Shareholders' funds

 

744,704

649,704

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.

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.

Approved and authorised by the Board on 18 November 2024 and signed on its behalf by:
 


Mr J L Weston
Director

 

Well Hill Holdings 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:
Hartley Farms
Hartley Lane
Leckhampton Hill
Cheltenham
Gloucestershire
GL53 9QN

 

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 for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Exemption from preparing group accounts
The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Going concern

After reviewing the company's forecasts and projections, the directors 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.

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

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.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

 

Well Hill Holdings Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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. Trade creditors 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 all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

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.

 

Well Hill Holdings Limited

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

 

3

Staff numbers

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

 

4

Investment properties

£

At 1 April 2023

1,033,602

At 31 March 2024

1,033,602

There has been no valuation of investment property by an independent valuer.

 

5

Investments

2024
£

2023
£

Shares in group undertakings and participating interests

10,000

10,000

Shares in group undertakings and participating interests are the company's investment in 100% of the issued share capital of Cleanacres Machinery Limited, a company whose principal activity is the sale of crop spraying and similar machinery.

Subsidiaries

£

Cost

At 1 April 2023

10,000

Provision

Carrying amount

At 31 March 2024

10,000

At 31 March 2023

10,000

 

6

Creditors

2022
 £

2021
 £

Due within one year

Amounts due to group undertakings

298,898

393,898

 

Well Hill Holdings Limited

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

 

7

Related party transactions

Transactions with directors
During the period an ordinary dividend of £80,000 (2023: £87,000) was paid to the directors.

Summary of transactions with all subsidiaries

Cleanacres Machinery Limited
(wholly owned subsidiary)


 During the period the company received £211,300 (2023: £87,000) of ordinary dividends from Cleanacres Machinery Limited. At the balance sheet date the amount due to Cleanacres Machinery Limited was £262,598 (2023: £393,898). The outstanding amount is interest free and repayable on demand.
 

 

8

Control

The company is controlled by the directors who own 100% of the called up share capital.