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Company registration number: 11431410
Wellock Estates Limited
Unaudited filleted financial statements
29 September 2024
Wellock Estates Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Wellock Estates Limited
Directors and other information
Directors Mr A R J Wellock
Mrs J A Wellock
Company number 11431410
Registered office Croft House
Station Road
Barnoldswick
Lancashire
BB18 5NA
Accountants Windle & Bowker Limited
Croft House
Station Road
Barnoldswick
Lancashire
BB18 5NA
Wellock Estates Limited
Statement of financial position
29 September 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 8,592,962 7,891,947
_______ _______
8,592,962 7,891,947
Current assets
Debtors 6 - 296,465
Cash at bank and in hand 27,599 26,188
_______ _______
27,599 322,653
Creditors: amounts falling due
within one year 7 ( 8,288,814) ( 8,064,707)
_______ _______
Net current liabilities ( 8,261,215) ( 7,742,054)
_______ _______
Total assets less current liabilities 331,747 149,893
_______ _______
Net assets 331,747 149,893
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 330,747 148,893
_______ _______
Shareholders funds 331,747 149,893
_______ _______
For the year ending 29 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- 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 directors acknowledge their responsibilities for complying with the requirements of the Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 12 June 2025 , and are signed on behalf of the board by:
Mr A R J Wellock
Director
Company registration number: 11431410
Wellock Estates Limited
Notes to the financial statements
Year ended 29 September 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is Croft House, Station Road, Barnoldswick, Lancashire, BB18 5NA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 15% reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a 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.Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Tangible assets
Freehold property Fixtures, fittings and equipment Total
£ £ £
Cost
At 30 September 2023 7,341,856 834,772 8,176,628
Additions 783,529 - 783,529
_______ _______ _______
At 29 September 2024 8,125,385 834,772 8,960,157
_______ _______ _______
Depreciation
At 30 September 2023 - 284,681 284,681
Charge for the year - 82,514 82,514
_______ _______ _______
At 29 September 2024 - 367,195 367,195
_______ _______ _______
Carrying amount
At 29 September 2024 8,125,385 467,577 8,592,962
_______ _______ _______
At 29 September 2023 7,341,856 550,091 7,891,947
_______ _______ _______
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Total
£ £
At 29 September 2024
Aggregate cost 8,125,385 8,125,385
Aggregate depreciation (615,784) (615,784)
_______ _______
Carrying amount 7,509,601 7,509,601
_______ _______
At 29 September 2023
Aggregate cost 7,341,857 7,341,857
Aggregate depreciation (453,276) (453,276)
_______ _______
Carrying amount 6,888,581 6,888,581
_______ _______
6. Debtors
2024 2023
£ £
Other debtors - 296,465
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Social security and other taxes 7,826 -
Other creditors 8,280,988 8,064,707
_______ _______
8,288,814 8,064,707
_______ _______
8. Related party transactions
The Directors, Mr A R J Wellock & Mrs J A Wellock , provided an interest free loan to the company. The balance due to them at the year end was £8,279,488 (29 September 2023 - £8,063,207). This balance is included in creditors falling due within one year.
9. Controlling party
The company is under the control of Mr A R J Wellock & Mrs J A Wellock, who are interested in 60% of the company's issued share capital.