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Registration number: 10129605

G J Wellman Property Holdings Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

G J Wellman Property Holdings Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

G J Wellman Property Holdings Limited

(Registration number: 10129605)
Statement of Financial Position as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,885,662

2,962,534

Investments

6

2

2

 

2,885,664

2,962,536

Current assets

 

Debtors

7

153,060

2,617

Cash at bank and in hand

 

94,101

67,076

 

247,161

69,693

Creditors: Amounts falling due within one year

8

(42,699)

(31,505)

Net current assets

 

204,462

38,188

Total assets less current liabilities

 

3,090,126

3,000,724

Creditors: Amounts falling due after more than one year

8

(150,000)

(150,000)

Provisions for liabilities

(62,248)

(57,356)

Net assets

 

2,877,878

2,793,368

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

2,877,876

2,793,366

Shareholders' funds

 

2,877,878

2,793,368

 

G J Wellman Property Holdings Limited

(Registration number: 10129605)
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 Property Holdings 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 a property holding company.

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 Property Holdings 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 current and deferred 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

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:

 

G J Wellman Property Holdings Limited

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

2

Accounting policies (continued)

Asset class

Depreciation method and rate

Freehold property

No depreciation charge

Fittings, fixtures and equipment

25% reducing balance

Impairment

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.

Investment property

The investment properties are stated at fair value. The valuation has been undertaken by the directors based on market conditions.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

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

 

G J Wellman Property Holdings Limited

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

2

Accounting policies (continued)

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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 0 (2023 - 0).

 

G J Wellman Property Holdings Limited

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

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 October 2023

2,962,400

1,008

2,963,408

Revaluations

27,517

-

27,517

Disposals

(104,355)

-

(104,355)

At 30 September 2024

2,885,562

1,008

2,886,570

Depreciation

At 1 October 2023

-

874

874

Charge for the year

-

34

34

At 30 September 2024

-

908

908

Carrying amount

At 30 September 2024

2,885,562

100

2,885,662

At 30 September 2023

2,962,400

134

2,962,534

Included within the net book value of land and buildings above is £2,885,562 (2023 - £2,962,400) in respect of freehold land and buildings.
 

5

Investment properties

2024
£

The investment properties are stated at fair value. The valuation has been undertaken by the directors based on market conditions. The historical cost of these investment properties is £2,599,954 (last year: £2,704,309).

There has been no valuation of investment property by an independent valuer.

6

Investments

2024
£

2023
£

Investments in subsidiaries

2

2

 

G J Wellman Property Holdings Limited

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

6

Investments (continued)

Subsidiaries

£

Cost or valuation

At 1 October 2023

2

Provision

Carrying amount

At 30 September 2024

2

At 30 September 2023

2

 

G J Wellman Property Holdings Limited

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

6

Investments (continued)

Fixed asset group loan

Cost or valuation

7

Debtors

Note

2024
£

2023
£

Trade debtors

 

730

700

Amounts owed by related parties

11

150,638

-

Prepayments

 

1,692

1,917

 

153,060

2,617

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

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

11

-

402

Taxation and social security

 

25,785

20,324

Accruals and deferred income

 

2,200

1,505

Other creditors

 

14,714

9,274

 

42,699

31,505

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

150,000

150,000


The bank loan stated above is secured by a legal charge over investment property held by the company.

 

G J Wellman Property Holdings Limited

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

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.
This reserve contains accumulated non distributable reserves of £223,360.

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

150,000

150,000

11

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

(6,288)

31,273

(37,000)

(12,015)

         
       

 

2023

At 1 October 2022
£

Advances to director
£

At 30 September 2023
£

Mr Gary James Wellman

(13,171)

6,883

(6,288)