Company No: 04692517 (England and Wales)

Contents

• Company Information
• Balance Sheet
• Notes to the Financial Statements

DIRECTOR

Steven Mark Collard

SECRETARY

Kin Company Secretarial Limited

REGISTERED OFFICE	1 Fore Street Avenue
	C/O Praxis
	London
	EC2Y 9DT
	United Kingdom

COMPANY NUMBER

04692517 (England and Wales)

CHARTERED ACCOUNTANTS	Praxis
	1 Fore Street Avenue
	London
	EC2Y 9DT
	United Kingdom

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	47,157		55,463
Investment property	4	270,000		270,000
		317,157		325,463
Current assets
Debtors	5	82,169		40,894
Cash at bank and in hand		445,179		325,887
		527,348		366,781
Creditors: amounts falling due within one year	6	( 127,625)		( 108,354)
Net current assets		399,723		258,427
Total assets less current liabilities		716,880		583,890
Provision for liabilities	7	( 9,031)		( 10,538)
Net assets		707,849		573,352
Capital and reserves
Called-up share capital	8	1		1
Profit and loss account		707,848		573,351
Total shareholder's funds		707,849		573,352

For the financial year ending 31 December 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 member has not required the Company to obtain an audit of its financial statements for the financial year in accordance with section 476;
• The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Welltrain Limited (registered number: 04692517) were approved and authorised for issue by the Director on 18 August 2025. They were signed on its behalf by:

Steven Mark Collard Director

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

Welltrain 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 1 Fore Street Avenue, C/O Praxis, London, EC2Y 9DT, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has 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.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 etc.

25 % reducing balance

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.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the director, on an open market value for existing use basis.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

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.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

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 the director	0		0

3. Tangible assets

	Plant and machinery etc.		Total
	£		£
Cost
At 01 January 2024	217,187		217,187
Additions	6,010		6,010
At 31 December 2024	223,197		223,197
Accumulated depreciation
At 01 January 2024	161,724		161,724
Charge for the financial year	14,316		14,316
At 31 December 2024	176,040		176,040
Net book value
At 31 December 2024	47,157		47,157
At 31 December 2023	55,463		55,463

4. Investment property

	Investment property
	£
Valuation
As at 01 January 2024	270,000
As at 31 December 2024	270,000

Valuation

A market valuation of investment property was completed by the director at the statement of financial position date. The comparison approach was used for the property, which involved reviewing recent market evidence from the sales of similar properties during the period.

Assumptions

These assumptions were arrived at taking account of information and advice from external property consultants, in-house property experts, publicly available data and judgement. A significant level of uncertainty exists in relation to these assumptions and any changes in these assumptions could have a material impact on the carrying value of Investment Property in the financial statements. The 2024 valuations were made by the director, on an open market value for existing use basis.

Historic cost

If the investment properties had been accounted for under the cost accounting rules, the properties would have been measured as follows:

	2024		2023
	£		£
Historic cost	217,522		217,522

5. Debtors

	2024		2023
	£		£
Trade debtors	78,628		39,866
Other debtors	3,541		1,028
	82,169		40,894

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	45,218		41,664
Taxation and social security	64,113		44,603
Other creditors	18,294		22,087
	127,625		108,354

There are no amounts included above in respect of which any security has been given by the small entity.

Included within other creditors at the year end are amounts owed to the Director of £12,306 (2023: £14,062). The balance is interest free and repayable on demand.

7. Provision for liabilities

	2024		2023
	£		£
Deferred tax	9,031		10,538

8. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
2 Ordinary shares of £ 0.01 each	0.02		0.02

9. Financial commitments

The Company had no material capital commitments at the year ended 31 December 2024.

10. Events after the Balance Sheet date

There have been no events after the balance sheet date affecting the Company since the financial year.