Registered number: 10626706
Weller Properties Holdings Limited
Unaudited
Directors' report and financial statements
For the 52 week period ended 29 September 2024
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Weller Properties Holdings Limited
Company Information
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Weller Properties Holdings Limited
Contents
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Statement of comprehensive income
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Statement of changes in equity
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Notes to the financial statements
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Weller Properties Holdings Limited
Directors' report
For the 52 week period ended 29 September 2024
The directors present their report and the financial statements for the 52 week period ended 29 September 2024.
Directors' responsibilities statement
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The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors who served during the 52 week period were:
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on 3 March 2025 and signed on its behalf.
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Weller Properties Holdings Limited
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Weller Properties Holdings Limited for the 52 week period ended 29 September 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Weller Properties Holdings Limited for the 52 week period ended 29 September 2024 which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the Board of directors of Weller Properties Holdings Limited, as a body, in accordance with the terms of our engagement letter dated 17 February 2025. Our work has been undertaken solely to prepare for your approval the financial statements of Weller Properties Holdings Limited and state those matters that we have agreed to state to the Board of directors of Weller Properties Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Weller Properties Holdings Limited and its Board of directors, as a body, for our work or for this report.
It is your duty to ensure that Weller Properties Holdings 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 Weller Properties Holdings Limited. You consider that Weller Properties Holdings Limited is exempt from the statutory audit requirement for the 52 week period.
We have not been instructed to carry out an audit or review of the financial statements of Weller Properties Holdings 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.
Kreston Reeves LLP
Chartered Accountants
Canterbury
7 March 2025
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Weller Properties Holdings Limited
Statement of comprehensive income
For the 52 week period ended 29 September 2024
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Loss for the financial 52 week period
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There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.
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There was no other comprehensive income for 2024 (2023:£NIL).
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The notes on pages 6 to 9 form part of these financial statements.
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Weller Properties Holdings Limited
Registered number: 10626706
Balance sheet
As at 29 September 2024
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the 52 week period in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 March 2025.
The notes on pages 6 to 9 form part of these financial statements.
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Weller Properties Holdings Limited
Statement of changes in equity
For the 52 week period ended 29 September 2024
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Comprehensive income for the 52 week period
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Loss for the 52 week period
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Total comprehensive income for the 52 week period
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Comprehensive income for the 52 week period
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Loss for the 52 week period
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Total comprehensive income for the 52 week period
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The notes on pages 6 to 9 form part of these financial statements.
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Page 5
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Weller Properties Holdings Limited
Notes to the financial statements
For the 52 week period ended 29 September 2024
Weller Properties Holdings Limited is a limited liability company incorporated in England and Wales with the registration number 10626706.
The company's registered office is Brent Hill, Faversham, Kent, ME13 7EB.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The functional and presentational currency of the financial statements is Pounds Sterling.
The company's financial statements are presented to the nearest Pound.
The following principal accounting policies have been applied:
After reviewing the company's current position and cashflow projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing the annual report and financial statements.
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Exemption from preparing consolidated financial statements
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The company, and the group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and group are considered eligible for the exemption to prepare consolidated accounts.
Investments in subsidiaries are measured at fair value.
The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's Balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
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Weller Properties Holdings Limited
Notes to the financial statements
For the 52 week period ended 29 September 2024
2.Accounting policies (continued)
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Financial instruments (continued)
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Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Weller Properties Holdings Limited
Notes to the financial statements
For the 52 week period ended 29 September 2024
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The average monthly number of employees, including directors, during the 52 week period was 2 (2023 - 2).
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Investments in subsidiary companies
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The following was a subsidiary undertaking of the company:
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Weller Properties (Faversham) Limited
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The registered office of the above company is Brent Hill, Faversham, Kent, ME13 7EB.
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The aggregate of the share capital and reserves as at 29 September 2024 and the profit or loss for the 52 week period ended on that date for the subsidiary undertaking were as follows:
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Aggregate of share capital and reserves
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Weller Properties (Faversham) Limited
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Page 8
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Weller Properties Holdings Limited
Notes to the financial statements
For the 52 week period ended 29 September 2024
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Allotted, called up and fully paid
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100 (2023 - 100) Ordinary shares of £1.00 each
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Share premium account
This reserve records the amount above the nominal value received for shares issued by the company. Share premium may only be utilised to write-off any expenses incurred or commissions paid on the issue of those shares, or to pay up new shares to be allotted to members as fully paid bonus shares.
Profit and loss account
This reserve comprises all current and prior period retained profits and losses after deducting any distributions made to the company’s shareholders.
Weller Properties Holdings Limited is controlled by J S Cleaver and B Cleaver, directors of the company, by virtue of their combined interest in 100% of the Ordinary share capital of that company.
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