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REGISTERED NUMBER: 06818026 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

WELLSPRINGS MEADOWFIELD LIMITED

WELLSPRINGS MEADOWFIELD LIMITED (REGISTERED NUMBER: 06818026)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Certified Accountants' Report 9

WELLSPRINGS MEADOWFIELD LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTOR: Mr K Whitfield





REGISTERED OFFICE: Whitfield House
Whitfield Court, St Johns Road
Meadowfield Industrial Estate
Durham
Co. Durham
DH7 8XL





REGISTERED NUMBER: 06818026 (England and Wales)





ACCOUNTANTS: Momentum Taxation and Accountancy Ltd
Harelands Courtyard Offices
Moor Road
Melsonby
Richmond
North Yorkshire
DL10 5NY

WELLSPRINGS MEADOWFIELD LIMITED (REGISTERED NUMBER: 06818026)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 229 344
Investment property 5 4,250,000 4,250,000
4,250,229 4,250,344

CURRENT ASSETS
Debtors 6 34,700 29,102
Cash at bank and in hand 87,465 109,150
122,165 138,252
CREDITORS
Amounts falling due within one year 7 230,964 254,955
NET CURRENT LIABILITIES (108,799 ) (116,703 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,141,430

4,133,641

CREDITORS
Amounts falling due after more than
one year

8

(969,199

)

(1,011,825

)

PROVISIONS FOR LIABILITIES (129,222 ) (98,165 )
NET ASSETS 3,043,009 3,023,651

WELLSPRINGS MEADOWFIELD LIMITED (REGISTERED NUMBER: 06818026)

BALANCE SHEET - continued
29 FEBRUARY 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 213,975 213,975
Share premium 516,855 516,855
Fair value reserve 10 1,037,654 1,037,654
Retained earnings 1,274,525 1,255,167
SHAREHOLDERS' FUNDS 3,043,009 3,023,651

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 28 November 2024 and were signed by:





Mr K Whitfield - Director


WELLSPRINGS MEADOWFIELD LIMITED (REGISTERED NUMBER: 06818026)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024


1. STATUTORY INFORMATION

Wellsprings Meadowfield 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 as modified by the revaluation of certain assets.

Turnover
The turnover shown in the profit and loss account represents revenue recognised by the company in respect of rental income due for the period, net of value added tax.

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

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

No depreciation is charged on freehold investment properties. Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the director compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

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.


WELLSPRINGS MEADOWFIELD LIMITED (REGISTERED NUMBER: 06818026)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


2. ACCOUNTING POLICIES - continued
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 NIL (2023 - NIL).

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 March 2023
and 29 February 2024 458
DEPRECIATION
At 1 March 2023 114
Charge for year 115
At 29 February 2024 229
NET BOOK VALUE
At 29 February 2024 229
At 28 February 2023 344

WELLSPRINGS MEADOWFIELD LIMITED (REGISTERED NUMBER: 06818026)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 March 2023
and 29 February 2024 4,250,000
NET BOOK VALUE
At 29 February 2024 4,250,000
At 28 February 2023 4,250,000

Fair value at 29 February 2024 is represented by:
£   
Valuation in 2014 1,255,819
Valuation in 2015 (120,000 )
Cost 3,114,181
4,250,000

If investment property had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 3,114,181 3,114,181

Investment property was valued on an open market basis on 28 February 2024 by Mr K Whitfield, the director .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 22,025 16,446
Other debtors 12,675 12,656
34,700 29,102

WELLSPRINGS MEADOWFIELD LIMITED (REGISTERED NUMBER: 06818026)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 59,006 65,290
Trade creditors 16,472 15,726
Taxation and social security 72,990 92,221
Other creditors 82,496 81,718
230,964 254,955

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 934,215 971,644
Other creditors 34,984 40,181
969,199 1,011,825

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 993,221 1,036,934

Aldermore Bank plc hold the following security:-
A fixed charge and negative pledge over Unit 2 Bowden Place, Meadowfield Industrial Estate, Durham.
A fixed charge and negative pledge over Land on the south east side of St John's Church, St John's Road, Meadowfield Industrial Estate, Durham.
A fixed charge and negative pledge over 93 Middle Street, Blackhall Colliery, Hartlepool.
A fixed charge and negative pledge over Land on the south side of Whitfield Court, Meadowfield Industrial Estate, Durham.
A floating charge covering all the property or undertaking of the company and a negative pledge.

10. RESERVES
Fair
value
reserve
£   
At 1 March 2023
and 29 February 2024 1,037,654

WELLSPRINGS MEADOWFIELD LIMITED (REGISTERED NUMBER: 06818026)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024


11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£    £   
Mr K Whitfield
Balance outstanding at start of year 12,272 10,000
Amounts advanced 18,000 102,272
Amounts repaid (18,000 ) (100,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 12,272 12,272

12. ULTIMATE CONTROLLING PARTY

The controlling party is The Trustees of the Apex Cable Ltd Retirement & Death Benefit Scheme.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
WELLSPRINGS MEADOWFIELD LIMITED


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wellsprings Meadowfield Limited for the year ended 29 February 2024 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Wellsprings Meadowfield Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Wellsprings Meadowfield Limited and state those matters that we have agreed to state to the director of Wellsprings Meadowfield Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Wellsprings Meadowfield Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Wellsprings Meadowfield Limited. You consider that Wellsprings Meadowfield Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Wellsprings Meadowfield Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Momentum Taxation and Accountancy Ltd
Harelands Courtyard Offices
Moor Road
Melsonby
Richmond
North Yorkshire
DL10 5NY



CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
WELLSPRINGS MEADOWFIELD LIMITED


Date: .............................................