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Company No: 06981358 (England and Wales)

WELLS & GRAU LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2024
Pages for filing with the registrar

WELLS & GRAU LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2024

Contents

WELLS & GRAU LIMITED

BALANCE SHEET

As at 31 October 2024
WELLS & GRAU LIMITED

BALANCE SHEET (continued)

As at 31 October 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 125,432 150,524
Tangible assets 4 45,858 48,480
171,290 199,004
Current assets
Stocks 1,790 1,875
Debtors 5 122,882 56,519
Cash at bank and in hand 10,338 118,709
135,010 177,103
Creditors: amounts falling due within one year 6 ( 67,845) ( 66,711)
Net current assets 67,165 110,392
Total assets less current liabilities 238,455 309,396
Creditors: amounts falling due after more than one year 7 ( 275,362) ( 293,278)
Provision for liabilities ( 10,565) ( 12,121)
Net (liabilities)/assets ( 47,472) 3,997
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 47,572 ) 3,897
Total shareholders' (deficit)/funds ( 47,472) 3,997

For the financial year ending 31 October 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Wells & Grau Limited (registered number: 06981358) were approved and authorised for issue by the Board of Directors on 14 April 2025. They were signed on its behalf by:

Dr C L Wells
Director
WELLS & GRAU LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
WELLS & GRAU LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Wells & Grau Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Towngate House, 2-8 Parkstone Road, Poole, BH15 2PW, United Kingdom. The principal place of business is Diana Court, 237 Lymington Road, Highcliffe, Christchurch, Dorset, BH23 5EB.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Revenue from services is recognised as they are delivered.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 20 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance
Fixtures and fittings 15 % reducing balance
Office equipment 7 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 6

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 November 2023 501,802 501,802
At 31 October 2024 501,802 501,802
Accumulated amortisation
At 01 November 2023 351,278 351,278
Charge for the financial year 25,092 25,092
At 31 October 2024 376,370 376,370
Net book value
At 31 October 2024 125,432 125,432
At 31 October 2023 150,524 150,524

4. Tangible assets

Plant and machinery Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 November 2023 119,796 18,046 16,767 154,609
Additions 1,897 2,325 1,387 5,609
At 31 October 2024 121,693 20,371 18,154 160,218
Accumulated depreciation
At 01 November 2023 79,450 13,667 13,012 106,129
Charge for the financial year 6,192 686 1,353 8,231
At 31 October 2024 85,642 14,353 14,365 114,360
Net book value
At 31 October 2024 36,051 6,018 3,789 45,858
At 31 October 2023 40,346 4,379 3,755 48,480

5. Debtors

2024 2023
£ £
Other debtors 122,882 56,519

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts (secured) 27,086 18,549
Trade creditors 9,188 5,167
Corporation tax 19,578 38,298
Other creditors 11,993 4,697
67,845 66,711

The bank loan is secured against assets of the company.
The loan is repayable over a period of 5 years or more.

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 275,362 293,278

The bank loan is secured against assets of the company.
The loan is repayable over a period of 5 years or more.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2024 2023
£ £
Bank loans (secured / repayable by instalments) 202,430 218,857

The bank loan is secured against assets of the company.
The loan is repayable over a period of 5 years or more.

8. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Key management 114,076 50,061

The overdrawn amounts will be repaid within 9 months.

9. Dividends

The directors acknowledge dividends were paid in contravention of Section 830 of the Companies Act 2006. However, at the time the dividends were paid the directors were not aware that there were insufficient profits available for distribution. The directors acknowledge that further distributions cannot be made until there are sufficient profits available for the purpose.