Wellgall Properties Limited NI006361 false 2023-09-01 2024-08-31 2024-08-31 The principal activity of the company is property lettings Digita Accounts Production Advanced 6.30.9574.0 true true NI006361 2023-09-01 2024-08-31 NI006361 2024-08-31 NI006361 bus:OrdinaryShareClass1 bus:CumulativeShares 2024-08-31 NI006361 core:CurrentFinancialInstruments 2024-08-31 NI006361 core:CurrentFinancialInstruments core:WithinOneYear 2024-08-31 NI006361 core:FurnitureFittingsToolsEquipment 2024-08-31 NI006361 bus:SmallEntities 2023-09-01 2024-08-31 NI006361 bus:AuditExemptWithAccountantsReport 2023-09-01 2024-08-31 NI006361 bus:FilletedAccounts 2023-09-01 2024-08-31 NI006361 bus:SmallCompaniesRegimeForAccounts 2023-09-01 2024-08-31 NI006361 bus:RegisteredOffice 2023-09-01 2024-08-31 NI006361 bus:Director1 2023-09-01 2024-08-31 NI006361 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-09-01 2024-08-31 NI006361 bus:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 NI006361 core:FurnitureFittingsToolsEquipment 2023-09-01 2024-08-31 NI006361 countries:NorthernIreland 2023-09-01 2024-08-31 NI006361 2023-08-31 NI006361 core:FurnitureFittingsToolsEquipment 2023-08-31 NI006361 2022-09-01 2023-08-31 NI006361 2023-08-31 NI006361 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-08-31 NI006361 core:CurrentFinancialInstruments 2023-08-31 NI006361 core:CurrentFinancialInstruments core:WithinOneYear 2023-08-31 NI006361 core:FurnitureFittingsToolsEquipment 2023-08-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI006361

Wellgall Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2024

 

Wellgall Properties Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

Wellgall Properties Limited

(Registration number: NI006361)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

-

52

Investment property

5

248,555

248,555

 

248,555

248,607

Current assets

 

Debtors

6

-

1,116

Cash at bank and in hand

 

319,562

334,497

 

319,562

335,613

Creditors: Amounts falling due within one year

7

(41,330)

(16,776)

Net current assets

 

278,232

318,837

Total assets less current liabilities

 

526,787

567,444

Provisions for liabilities

-

(13)

Net assets

 

526,787

567,431

Capital and reserves

 

Called up share capital

8

2,000

2,000

Other reserves

221,970

221,970

Retained earnings

302,817

343,461

Shareholders' funds

 

526,787

567,431

 

Wellgall Properties Limited

(Registration number: NI006361)
Balance Sheet as at 31 August 2024

For the financial year ending 31 August 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 January 2025 and signed on its behalf by:
 

.........................................
Mr Bryan W J Suitters
Director

 

Wellgall Properties Limited

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

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
14 Old Park Hall
Ballymena
Co Antrim
BT42 1FU

These financial statements were authorised for issue by the Board on 27 January 2025.

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 that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis. The directors have assessed a period of 12 months from the date of approving the financial statements with regard to the appropriateness of the going concern assumption in preparing the financial statements. The directors note the trading and cashflow position at sign off of the financial statements and believe that the company will continue as a going concern and be able to realise its assets and discharge its liabilities in the normal course of business.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

 

Wellgall Properties Limited

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

20% reducing balance

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.

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.

3

Staff numbers

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

 

Wellgall Properties Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2023

386

386

Disposals

(386)

(386)

At 31 August 2024

-

-

Depreciation

At 1 September 2023

334

334

Eliminated on disposal

(334)

(334)

At 31 August 2024

-

-

Carrying amount

At 31 August 2024

-

-

At 31 August 2023

52

52

5

Investment properties

2024
£

At 1 September

248,555

At 31 August

248,555

The directors carried out a valuation at 31 August 2023 and consider the market value would not have changed significantly from the value in the accounts.

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

6

Debtors

Current

2024
£

2023
£

Other debtors

-

1,116

 

-

1,116

 

Wellgall Properties Limited

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

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Accruals and deferred income

3,833

3,783

Other creditors

37,497

12,993

41,330

16,776

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

2,000

2,000

2,000

2,000