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REGISTERED NUMBER: 03943311 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

WELLSPRINGS PROPERTIES LIMITED

WELLSPRINGS PROPERTIES LIMITED (REGISTERED NUMBER: 03943311)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4

Chartered Certified Accountants' Report 10

WELLSPRINGS PROPERTIES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTOR: Mr K Whitfield



SECRETARY: Mrs A Whitfield



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



REGISTERED NUMBER: 03943311 (England and Wales)



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



BANK: Allied Irish Bank
9/17 Collingwood Street
Newcastle
Tyne and Wear
NE1 1HE

WELLSPRINGS PROPERTIES LIMITED (REGISTERED NUMBER: 03943311)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 68,027 70,770
Investment property 5 3,460,000 3,460,000
3,528,027 3,530,770

CURRENT ASSETS
Debtors 6 236,141 247,942
Cash at bank and in hand 48,906 77,619
285,047 325,561
CREDITORS
Amounts falling due within one year 7 209,742 269,552
NET CURRENT ASSETS 75,305 56,009
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,603,332

3,586,779

CREDITORS
Amounts falling due after more than
one year

8

1,877,731

1,813,502
NET ASSETS 1,725,601 1,773,277

WELLSPRINGS PROPERTIES LIMITED (REGISTERED NUMBER: 03943311)

STATEMENT OF FINANCIAL POSITION - continued
31 MARCH 2024

2024 2023
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 120 120
Share premium 199,988 199,988
Fair value reserve 10 460,028 460,028
Retained earnings 1,065,465 1,113,141
SHAREHOLDERS' FUNDS 1,725,601 1,773,277

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 1 October 2024 and were signed by:





Mr K Whitfield - Director


WELLSPRINGS PROPERTIES LIMITED (REGISTERED NUMBER: 03943311)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Wellsprings Properties 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
Turnover represents net invoiced rents, excluding value added tax, relating to the period.

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 reducing balance

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 statement of financial position date.


WELLSPRINGS PROPERTIES LIMITED (REGISTERED NUMBER: 03943311)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 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 statement of financial position 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 4 (2023 - 4 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2023
and 31 March 2024 95,172
DEPRECIATION
At 1 April 2023 24,402
Charge for year 2,743
At 31 March 2024 27,145
NET BOOK VALUE
At 31 March 2024 68,027
At 31 March 2023 70,770

WELLSPRINGS PROPERTIES LIMITED (REGISTERED NUMBER: 03943311)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 3,460,000
NET BOOK VALUE
At 31 March 2024 3,460,000
At 31 March 2023 3,460,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2015 (30,809 )
Valuation in 2017 225,000
Cost 3,265,809
3,460,000

If investment properties had not been revalued they would have been included at the following historical cost:

2024 2023
£    £   
Cost 3,265,809 3,265,809

Investment property was valued on an open market basis on 31 March 2024 by the director Mr K Whitfield .

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 31,150 46,612
Other debtors 204,991 201,330
236,141 247,942

WELLSPRINGS PROPERTIES LIMITED (REGISTERED NUMBER: 03943311)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 22,027 66,541
Trade creditors 66,255 87,139
Taxation and social security 20,637 29,844
Other creditors 100,823 86,028
209,742 269,552

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 1,842,045 1,772,493
Other creditors 35,686 41,009
1,877,731 1,813,502

WELLSPRINGS PROPERTIES LIMITED (REGISTERED NUMBER: 03943311)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 1,864,072 1,839,034

The Cambridge & Counties Bank Loan which totals £1,864,072 (31st March 2023 - £1,839,035) are secured by way of
1. Mortgage Debenture over all assets of the company.
2. First legal mortgage over freehold property at 1 Auton Stile, Bearpark, Durham Road, Bowburn, Durham.
3. First legal mortgage over property at The Old Practice Business Centre, 4 Romaine Square, Bowburn, Durham.
5. First legal mortgage over freehold property at Thomas House, Whitfield Court, St Johns Road, Meadowfield Industrial Estate, Durham.
6. First legal mortgage over freehold property at Victoria House, Whitfield Court, St Johns Road, Meadowfield Industrial Estate, Durham.
7. First legal mortgage over freehold property at Enna House, Whitfield Court, St Johns Road, Meadowfield Industrial Estate, Durham.
8. First legal mortgage over freehold property at Lumley House, Whitfield Court, St Johns Road, Meadowfield Industrial Estate, Durham.
9. First legal mortgage over freehold property at Whitfield House, Whitfield Court, St Johns Road, Meadowfield Industrial Estate, Durham.
10. Assignment over Life Policy on the life of Kevin Whitfield over a 10 year policy for £1,000,000.
11. Guarantee from Kevin Whitfield in the sum of £100,000 for the obligations of Wellsprings Properties Limited.

10. RESERVES
Fair
value
reserve
£   
At 1 April 2023
and 31 March 2024 460,028

WELLSPRINGS PROPERTIES LIMITED (REGISTERED NUMBER: 03943311)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


11. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

2024 2023
£    £   
Mr K Whitfield
Balance outstanding at start of year 3,106 13,580
Amounts advanced 41,175 37,976
Amounts repaid (37,500 ) (48,450 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 6,781 3,106

Miss A V Whitfield
Balance outstanding at start of year - 299
Amounts advanced - 34,701
Amounts repaid - (35,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

Mr K Whitfield has given personal guarantees for loans taken out by Wellsprings Properties Limited, details of which can be found below:-

Assignment over Life Policy on the life of Mr K Whitfield over a 10 year policy for £1,000,000 and a personal guarantee in the sum of £100,000.

12. ULTIMATE CONTROLLING PARTY

The controlling party is Mr K Whitfield.

CHARTERED CERTIFIED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
WELLSPRINGS PROPERTIES 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 Statement of Financial Position. 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 Properties Limited for the year ended 31 March 2024 which comprise the Income Statement, Statement of Financial Position 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 Properties Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Wellsprings Properties Limited and state those matters that we have agreed to state to the director of Wellsprings Properties Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at
https://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/tf-163-jan-24.pdf.

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 Properties 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 loss of Wellsprings Properties Limited. You consider that Wellsprings Properties 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 Properties 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 PROPERTIES LIMITED




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