Registered number |
Registered number: | |||||||
Balance Sheet | |||||||
as at |
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Notes | 2024 | 2023 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Investments | 3 | ||||||
Current assets | |||||||
Debtors | 4 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 5 | ( |
( |
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Net current liabilities | ( |
( |
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Net liabilities | ( |
( |
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Capital and reserves | |||||||
Called up share capital | |||||||
Profit and loss account | ( |
( |
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Shareholders' funds | ( |
( |
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S T Glanville | |||||||
Director | |||||||
Approved by the board on |
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Notes to the Accounts | ||||||||
for the year ended |
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1 | Accounting policies | |||||||
Basis of preparation | ||||||||
The accounts are presented in pounds sterling (£). |
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The accounts are prepared on the historical cost basis except that investment properties are stated at their fair value. |
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Going concern | ||||||||
As noted in the directors’ report, these financial statements have not been prepared on a going concern basis for the following reasons: |
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• 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. |
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Turnover | ||||||||
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 | ||||||||
Creditors | ||||||||
Taxation | ||||||||
Provisions | ||||||||
2 | Employees | 2024 | 2023 | |||||
Number | Number | |||||||
Average number of persons employed by the company | ||||||||
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 | ||||||||
At 31 March 2024 | ||||||||
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. |
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4 | Debtors | 2024 | 2023 | |||||
£ | £ | |||||||
Amounts owed by group undertakings and undertakings in which the company has a participating interest | - | |||||||
Other debtors | ||||||||
5 | Creditors: amounts falling due within one year | 2024 | 2023 | |||||
£ | £ | |||||||
Bank loans and overdrafts | ||||||||
Trade creditors | - | |||||||
Amounts owed to group undertakings and undertakings in which the company has a participating interest | - | |||||||
Other creditors | ||||||||
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. |
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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 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. |
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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 |