Company registration number 05587420 (England and Wales)
WELLBEING RESIDENTIAL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
WELLBEING RESIDENTIAL LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
WELLBEING RESIDENTIAL LTD
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,986,112
2,000,920
Current assets
Stocks
1,000
1,000
Debtors
5
670,558
714,376
Cash at bank and in hand
483,503
199,155
1,155,061
914,531
Creditors: amounts falling due within one year
6
(799,733)
(646,892)
Net current assets
355,328
267,639
Total assets less current liabilities
2,341,440
2,268,559
Creditors: amounts falling due after more than one year
7
(741,151)
(856,816)
Net assets
1,600,289
1,411,743
Capital and reserves
Called up share capital
8
1,000
1,000
Revaluation reserve
142,185
142,185
Profit and loss reserves
1,457,104
1,268,558
Total equity
1,600,289
1,411,743
WELLBEING RESIDENTIAL LTD
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2024
30 September 2024
- 2 -
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 19 May 2025
Mr B H S Dhaliwal
Director
Company registration number 05587420 (England and Wales)
WELLBEING RESIDENTIAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information
Wellbeing Residential Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 88 Hill Village Road, Four Oaks, Sutton Coldfield, West Midlands, England, B75 5BE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents net sales received for services, excluding value added tax.
1.3
Intangible fixed assets - goodwill
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.
1.4
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold land and buildings
Not depreciated
Plant and equipment
33% on cost
Motor vehicles
25% on reducing balance
No depreciation is provided in respect of freehold buildings. The buildings are maintained to a high standard so that their useful economic lives and residual values are expected to be such that any depreciation would, in the opinion of the directors, be immaterial.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
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.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
WELLBEING RESIDENTIAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.9
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
WELLBEING RESIDENTIAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
69
62
3
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2023 and 30 September 2024
440,000
Amortisation and impairment
At 1 October 2023 and 30 September 2024
440,000
Carrying amount
At 30 September 2024
At 30 September 2023
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2023
1,949,022
229,721
64,635
2,243,378
Additions
169
169
At 30 September 2024
1,949,022
229,890
64,635
2,243,547
Depreciation and impairment
At 1 October 2023
199,800
42,658
242,458
Depreciation charged in the year
9,483
5,494
14,977
At 30 September 2024
209,283
48,152
257,435
Carrying amount
At 30 September 2024
1,949,022
20,607
16,483
1,986,112
At 30 September 2023
1,949,022
29,921
21,977
2,000,920
WELLBEING RESIDENTIAL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
616,038
606,921
Other debtors
54,520
107,455
670,558
714,376
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
86,532
71,400
Trade creditors
30,366
600
Amounts owed to group undertakings
537,496
476,096
Taxation and social security
89,008
65,589
Other creditors
56,331
33,207
799,733
646,892
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
741,151
842,816
Other creditors
14,000
741,151
856,816
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,000
1,000
1,000
1,000