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REGISTERED NUMBER: 03480138 (England and Wales)















WELCOME DEVELOPMENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024






WELCOME DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03480138)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WELCOME DEVELOPMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTOR: M S Cunningham





SECRETARY: Mrs M E T Cunningham





REGISTERED OFFICE: Tattersall House
East Parade
Harrogate
North Yorkshire
HG1 5LT





REGISTERED NUMBER: 03480138 (England and Wales)





ACCOUNTANTS: DSC
Chartered Accountants
Tattersall House
East Parade
Harrogate
North Yorkshire
HG1 5LT

WELCOME DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03480138)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 2,950,000 2,950,000

CURRENT ASSETS
Debtors 5 11,820 11,585
Prepayments and accrued income 6,183 7,454
Cash at bank 236,406 553,161
254,409 572,200
CREDITORS
Amounts falling due within one year 6 1,039,155 1,476,544
NET CURRENT LIABILITIES (784,746 ) (904,344 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,165,254

2,045,656

CREDITORS
Amounts falling due after more than one
year

7

(14,512

)

(32,774

)

PROVISIONS FOR LIABILITIES (55,064 ) (55,064 )

ACCRUALS AND DEFERRED INCOME (18,717 ) (9,704 )
NET ASSETS 2,076,961 1,948,114

CAPITAL AND RESERVES
Called up share capital 150 150
Non distributable reserve 9 466,651 466,651
Retained earnings 1,610,160 1,481,313
SHAREHOLDERS' FUNDS 2,076,961 1,948,114

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

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

WELCOME DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03480138)

BALANCE SHEET - continued
31 MAY 2024


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:





M S Cunningham - Director


WELCOME DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03480138)

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

1. STATUTORY INFORMATION

Welcome Developments 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.

The financial statements have been prepared using the going concern basis, despite net current liabilities at the balance sheet date. The company is reliant upon the continued financial support of the controlling party. The director considers the company retains sufficient working capital to continue trading for the foreseeable future.

Turnover
Turnover represents the income from investment property, excluding VAT.

Investment properties
Investment properties are valued at their open market value at the balance sheet date. Any surplus or deficit arising from changes in fair value is recognised in profit or loss.

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.

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).

WELCOME DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03480138)

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

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 June 2023
and 31 May 2024 2,950,000
NET BOOK VALUE
At 31 May 2024 2,950,000
At 31 May 2023 2,950,000

These assets are held for use in operating leases.

Fair value at 31 May 2024 is represented by:
£   
Valuation in 2003 122,292
Valuation in 2005 440,481
Valuation in 2007 200,000
Valuation in 2008 (200,000 )
Valuation in 2009 (26,500 )
Valuation in 2012 (50,000 )
Valuation in 2015 106,142
Valuation in 2016 200,000
Valuation in 2022 (270,699 )
Cost 2,428,284
2,950,000

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

2024 2023
£    £   
Cost 2,428,284 2,428,284

Investment property was valued on an open market basis on 31 May 2024 by the director .

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Debtors and prepayments 2,605 1,637
Other debtors 9,215 9,948
11,820 11,585

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 599,580 606,636
Trade creditors 1,410 300
Taxation and social security 51,170 44,798
Other creditors 386,995 824,810
1,039,155 1,476,544

WELCOME DEVELOPMENTS LIMITED (REGISTERED NUMBER: 03480138)

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

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 14,512 32,774

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 614,092 639,410

A bank loan of £8,546 (2023: £24,555) is secured by way of legal mortgage on the company's investment property.

A bank loan of £580,018 (2023: £580,018) is secured by way of a floating charge on the company's assets.

9. RESERVES
Non
distributable
reserve
£   
At 1 June 2023
and 31 May 2024 466,651