Registered number
05828668
Wellbark Property Limited
Filleted Accounts
31 March 2024
Wellbark Property Limited
Registered number: 05828668
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Investments 3 1 1
Current assets
Debtors 4 3,336 5,515
Cash at bank and in hand 14,119 9,912
17,455 15,427
Creditors: amounts falling due within one year 5 (9,177,384) (8,728,354)
Net current liabilities (9,159,929) (8,712,927)
Net liabilities (9,159,928) (8,712,926)
Capital and reserves
Called up share capital 23,842,500 23,842,500
Profit and loss account (33,002,428) (32,555,426)
Shareholders' funds (9,159,928) (8,712,926)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S T Glanville
Director
Approved by the board on 15 March 2025
Wellbark Property Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
The accounts are presented in pounds sterling (£).
The accounts are prepared on the historical cost basis except that investment properties are stated at their fair value.
Going concern
As noted in the directors’ report, these financial statements have not been prepared on a going concern basis for the following reasons:
• The company relies on a secured bank loan facility from Lloyds Banking Group to fund its operations. The amounts owed by the company, in respect of this facility, at 31 March 2024 amounted to £8,750,461 (2023: £8,269,490). This facility will continue to allow for the sale of the company's last remaining asset.
• The directors are engaged in negotiations to sell the property once the planning can be implemented with the intention that the net sale proceeds will be used to partially repay the loan outstanding with Lloyds Bank. It is intended that shortly after the sale completes the company will cease trading and be liquidated.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.
Investment Property
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are stated at the directors' assessement of fair value.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
The company had no employees during the current or preceeding financial years. No fees are paid in respect of directors' services.
3 Investment Property
Other
investments
£
Cost
At 1 April 2023 1
At 31 March 2024 1
Historical cost
At 1 April 2023 100,000
At 31 March 2024 100,000
2024 2023
£ £
Investment property - non-current - -
Investment property classified as held for sale - current 1 1
1 1
The company has pledged all of its investment property to secure loan facilities granted to the company – see note 5.

4 Debtors 2024 2023
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 2,452 -
Other debtors 884 5,515
3,336 5,515
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 8,750,461 8,269,490
Trade creditors - 1
Amounts owed to group undertakings and undertakings in which the company has a participating interest 31,923 -
Other creditors 395,000 458,863
9,177,384 8,728,354
The company relies on a secured bank loan facility from Lloyds Banking Group to fund its operations. The facility has been extended to allow for the disposal of the remaining property. Sales proceeds will be used to repay the loan.
The bank loan is denominated in pounds sterling (£) and is secured by a legal charge over the company’s investment property, future rental income and a charge over a deposit account.
Interest on the remaining loan is charged at Bank of England base rate plus a fixed margin.
6 Related party transactions
The company undertook the following transactions with entities whose directors (or general partner's directors) include directors of this company:
Transactions in the year Amounts due from / (to)
2024 2023 2024 2023
£ £ £ £
API Limited
Fees in respect of property management services 26,520 26,520 (31,723) -
Candama Investors LP
Payments made on account - - - 2,575,854
At 31 March 2023, provision was made against this receivable of £2,575,854. On 31 October 2023 the Candama Partnership was dissolved. The balance due, but fully provided, was not recovered and as a result was written off in this year.
Coney (York) Limited
Payments made on account - - (200) 1,957,852
Effective 31 March 2023, Wellbark signed a deed of release, irrevocably waiving its right to receive payment from Coney (York) Limited as it was unable to repay the loan, the balance at that date has therefore been fully written off. At 2023 full provision of £1,957,852 was made against this receivable as it was not expected to be recoverable.
Golftee LP 4 Limited
Payments made on account - - 2,452 4,242,210
Effective 31 March 2023, Wellbark signed a deed of release, irrevocably waiving its right to receive payment from Golftee LP 4 Limited as it was unable to repay the loan, the balance at that datehas therefore been fully written off. At 2023 full provision of £4,242,210 was made against this receivable as it was not expected to be recoverable.
All related party balances are unsecured.
7 Controlling party
The company is a wholly owned subsidiary of Golftee LP 4 Limited, a company registered in England and Wales whose registered address is the same as for Wellbark Property Limited, which is disclosed on the company information page and the note below.

The directors regard Golftee LP 4 Limited as the immediate controlling party. In the directors' opinion there is no ultimate controlling party.

The results of the company are not included in any group financial statements.
8 Other information
Wellbark Property Limited is a private company limited by shares and incorporated in England. Its registered office is:
First Floor, Finchale House
Belmont Business Park
Durham
DH1 1TW
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