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Registration number: 03426658

G J Wellman Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

G J Wellman Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

G J Wellman Limited

(Registration number: 03426658)
Statement of Financial Position as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,784

4,734

Current assets

 

Stocks

5

340,641

296,880

Debtors

6

11,940

7,835

Cash at bank and in hand

 

7,449

12,772

 

360,030

317,487

Creditors: Amounts falling due within one year

7

(201,689)

(148,197)

Net current assets

 

158,341

169,290

Total assets less current liabilities

 

162,125

174,024

Creditors: Amounts falling due after more than one year

7

(11,804)

(14,289)

Net assets

 

150,321

159,735

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

150,319

159,733

Shareholders' funds

 

150,321

159,735

 

G J Wellman Limited

(Registration number: 03426658)
Statement of Financial Position as at 30 September 2024 (continued)

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 9 June 2025
 


Mr Gary James Wellman
Director

 

G J Wellman Limited

Notes to the Unaudited Financial Statements for the Year Ended
30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Hunters Cross Farm
Higher Rocombe
Yawl Hill Lane
Lyme Regis
Dorset
DT7 3RW

Principal activity

The principal activity of the company is that of building and property development.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

 

G J Wellman Limited

Notes to the Unaudited Financial Statements for the Year Ended
30 September 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fittings, Fixtures and equipment

20% reducing balance

Motor vehicles

25% reducing balance

Impairment

 

G J Wellman Limited

Notes to the Unaudited Financial Statements for the Year Ended
30 September 2024 (continued)

2

Accounting policies (continued)

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

G J Wellman Limited

Notes to the Unaudited Financial Statements for the Year Ended
30 September 2024 (continued)

4

Tangible assets

Fixtures and fittings
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

65,131

12,220

77,351

Additions

-

12,500

12,500

Disposals

-

(12,500)

(12,500)

At 30 September 2024

65,131

12,220

77,351

Depreciation

At 1 October 2023

60,455

12,162

72,617

Charge for the year

935

15

950

At 30 September 2024

61,390

12,177

73,567

Carrying amount

At 30 September 2024

3,741

43

3,784

At 30 September 2023

4,676

58

4,734

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

340,641

296,880

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

7,680

-

Amounts owed by related parties

10

-

402

Other debtors

 

2,855

6,163

Prepayments

 

1,405

1,270

 

11,940

7,835

 

G J Wellman Limited

Notes to the Unaudited Financial Statements for the Year Ended
30 September 2024 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

2,485

2,485

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

150,638

-

Accruals and deferred income

 

2,739

2,548

Other creditors

 

45,827

143,164

 

201,689

148,197


Loans and borrowings relate to a government backed Covid-19 Bounce Back Loan.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

11,804

14,289


Loans and borrowings relate to a government backed Covid-19 Bounce Back Loan.

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

G J Wellman Limited

Notes to the Unaudited Financial Statements for the Year Ended
30 September 2024 (continued)

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

11,804

14,289

Current loans and borrowings

2024
£

2023
£

Bank borrowings

2,485

2,485

10

Related party transactions

Transactions with the director

2024

At 1 October 2023
£

Advances to director
£

Repayments by director
£

At 30 September 2024
£

Mr Gary James Wellman

(143,164)

110,000

(12,664)

(45,828)

         
       

 

2023

At 1 October 2022
£

Repayments by director
£

At 30 September 2023
£

Mr Gary James Wellman

(129,901)

(13,263)

(143,164)