REGISTERED NUMBER: |
Financial Statements for the Year Ended 31st December 2024 |
for |
Wellell UK Limited |
REGISTERED NUMBER: |
Financial Statements for the Year Ended 31st December 2024 |
for |
Wellell UK Limited |
Wellell UK Limited (Registered number: 03144857) |
Contents of the Financial Statements |
for the Year Ended 31st December 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Wellell UK Limited |
Company Information |
for the Year Ended 31st December 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
(Statutory Auditor) |
Thorneloe House |
25 Barbourne Road |
Worcester |
WR1 1RU |
Wellell UK Limited (Registered number: 03144857) |
Balance Sheet |
31st December 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Share premium |
Retained earnings | ( |
) | ( |
) |
The financial statements were approved by the Board of Directors and authorised for issue on |
Wellell UK Limited (Registered number: 03144857) |
Notes to the Financial Statements |
for the Year Ended 31st December 2024 |
1. | STATUTORY INFORMATION |
Wellell UK Limited is a |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
PREPARATION OF CONSOLIDATED FINANCIAL STATEMENTS |
The financial statements contain information about Wellell UK Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
GOING CONCERN |
The directors have prepared detailed financial projections which indicate that the company can continue to operate as a going concern for a period of at least 12 months. Management have considered financial sensitivities as well as the wider macro economic factors in forming these projections. The company has received a letter of support from its parent entity, Wellell Inc, which confirm that financial assistance will be provided, if required for a period of at least 12 months from the date of signing. The directors are satisfied that the company is in a position to meet its liabilities as they fall due over the next 12 months from the date of signing of these financial statements and on this basis, the financial statements have been prepared on a going concern basis. |
CHANGES IN ACCOUNTING POLICIES |
The company has changed the accounting policy for measuring financial instruments from applying the provisions of Section 11' Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments to applying the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted in the UK) and IAS 39 (as amended following the publication of IFRS 9). |
In regard to the impairment provisions for trade receivables recognised based on the simplified approach within IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses, the company has also changed its accounting estimates applied at the current year end compared to the accounting estimates applied at the comparative year end following the of the recalculation of the comparative position in line with the change in accounting policy for measuring financial instruments. |
The comparatives have not been restated as a result of the change in accounting policy, on the basis that when applying similar accounting estimates as was used in preparing the previous year's financial statements prepared under the previous accounting policy, the change in accounting policy has not substantially changed the valuation of financial instruments at the end of the previous year. |
The change in accounting estimate, when applying the current accounting policy for the measurement of financial instruments to both the current and previous year end positions but with different estimates applied under that accounting policy in each year, has for the current financial year resulted in decreased net assets and increased net losses by an estimated £20,000. |
TURNOVER |
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
GOODWILL |
Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. |
Goodwill is considered to have a finite useful life and, prior to the full impairment of goodwill in 2023, was amortised on a systematic basis over its previous useful economic expected life of 10 years. |
Wellell UK Limited (Registered number: 03144857) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2024 |
2. | ACCOUNTING POLICIES - continued |
INTANGIBLE ASSETS |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Trademarks were, prior to their full impairment in 2023, being amortised on a systematic basis over its previous expected useful economic life of 10 years. |
TANGIBLE FIXED ASSETS |
Improvements to property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
INVESTMENTS IN SUBSIDIARIES |
Investments in subsidiary undertakings are recognised at cost. |
STOCKS |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss. |
FINANCIAL INSTRUMENTS |
The company's financial assets measured at amortised cost comprise trade and other receivables and cash and cash equivalents in the consolidated statement of financial position. |
Trade and other receivables are initially recognised at fair value, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment. Impairment provisions for trade receivables are recognised based on the simplified approach within IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses. During this process the probability of the non-payment of the trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from default to determine the lifetime expected credit loss for the trade receivables. For trade receivables, which are reported net, such provisions are recorded in a separate provision account with the loss being recognised in profit or loss. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. |
Trade payables and other short-term monetary liabilities, which are initially recognised at fair value and subsequently carried at amortised cost using the effective interest method. |
TAXATION |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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. |
Wellell UK Limited (Registered number: 03144857) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2024 |
2. | ACCOUNTING POLICIES - continued |
FOREIGN CURRENCIES |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
HIRE PURCHASE AND LEASING COMMITMENTS |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
PENSION COSTS |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
Goodwill | assets | Totals |
£ | £ | £ |
COST |
At 1st January 2024 |
and 31st December 2024 |
AMORTISATION |
At 1st January 2024 |
and 31st December 2024 |
NET BOOK VALUE |
At 31st December 2024 |
At 31st December 2023 |
5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | Plant and | and | Motor |
property | machinery | fittings | vehicles | Totals |
£ | £ | £ | £ | £ |
COST |
At 1st January 2024 |
and 31st December 2024 |
DEPRECIATION |
At 1st January 2024 |
Charge for year |
At 31st December 2024 |
NET BOOK VALUE |
At 31st December 2024 |
At 31st December 2023 |
Wellell UK Limited (Registered number: 03144857) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2024 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1st January 2024 |
and 31st December 2024 |
NET BOOK VALUE |
At 31st December 2024 |
At 31st December 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Prepayments |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Hire purchase contracts (see note 9) |
Customer payments on accounts |
Trade creditors |
Amounts owed to other group companies |
Social security and other taxes |
Other creditors |
Accrued expenses |
9. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2024 | 2023 |
£ | £ |
Net obligations repayable: |
Within one year |
Non-cancellable | operating leases |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
Wellell UK Limited (Registered number: 03144857) |
Notes to the Financial Statements - continued |
for the Year Ended 31st December 2024 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Hire purchase contracts | - | 1,858 |
The company's obligation under finance leases are secured by the lessor's charge over the leased assets. |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
12. | ULTIMATE PARENT COMPANY |
The ultimate parent company, who is also the parent company of the smallest group for which consolidated financial statements are drawn up in which Wellell UK Limited is included, is Wellell Inc. The registered office of Wellell Inc is No.9, Minsheng St., Tucheng Dist., New Taipei City, Taiwan. |