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COMPANY REGISTRATION NUMBER: 11831840

Hartfield Projects Ltd (Previously: Wellgate Projects Ltd)

Filleted Unaudited Financial Statements

31 October 2024

Hartfield Projects Ltd (Previously: Wellgate Projects Ltd)

Financial Statements

Year ended 31 October 2024

Contents | Page

Statement of financial position | 1

Notes to the financial statements | 3

Hartfield Projects Ltd (Previously: Wellgate Projects Ltd)

Statement of Financial Position

31 October 2024

| 2024 | 2023
Note | £ | £

Fixed assets

Intangible assets | 5 | 36,000 | 45,000
Tangible assets | 6 | 87,184 | –
| --------- | --------
| 123,184 | 45,000

Current assets

Debtors | 7 | 789,936 | 762,075
Cash at bank and in hand | 1 | 1
| --------- | ---------
| 789,937 | 762,076

Creditors: amounts falling due within one year | 8 | 2,398,897 | 1,860,770
| ------------ | ------------
Net current liabilities | 1,608,960 | 1,098,694
| ------------ | ------------
Total assets less current liabilities | ( 1,485,776) | ( 1,053,694)
| ------------ | ------------
Net liabilities | ( 1,485,776) | ( 1,053,694)
| ------------ | ------------

Capital and reserves

Called up share capital | 1 | 1
Profit and loss account | ( 1,485,777) | ( 1,053,695)
| ------------ | ------------
Shareholders deficit | ( 1,485,776) | ( 1,053,694)
| ------------ | ------------

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.
For the year ending 31 October 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 .

Hartfield Projects Ltd (Previously: Wellgate Projects Ltd)

Statement of Financial Position (continued)

31 October 2024
These financial statements were approved by the board of directors and authorised for issue on 31 October 2025 , and are signed on behalf of the board by:

Mr S C Hill
Director

Company registration number: 11831840

Hartfield Projects Ltd (Previously: Wellgate Projects Ltd)

Notes to the Financial Statements

Year ended 31 October 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Bedford House Fulham Green, 69-79 Fulham High Street, London, SW6 3JW, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Going concern
The directors will continue to support the company and believe that the company will generate a profit in future periods therefore the accounts have been prepared on a going concern basis.
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.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

| Goodwill | - | 10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:

| Plant and machinery | - | 20% straight line

Impairment of fixed assets
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2023: 5 ).
5. Intangible assets

| Goodwill
| £
Cost |
At 1 November 2023 and 31 October 2024 | 90,000
| --------
Amortisation |
At 1 November 2023 | 45,000
Charge for the year | 9,000
| --------
At 31 October 2024 | 54,000
| --------
Carrying amount |
At 31 October 2024 | 36,000
| --------
At 31 October 2023 | 45,000
| --------

6. Tangible assets

| Freehold property | Plant and machinery | Total
| £ | £ | £
Cost |  |  |
At 1 November 2023 | – | 150,000 | 150,000
Additions | 87,184 | – | 87,184
| -------- | --------- | ---------
At 31 October 2024 | 87,184 | 150,000 | 237,184
| -------- | --------- | ---------
Depreciation |  |  |
At 1 November 2023 and 31 October 2024 | – | 150,000 | 150,000
| -------- | --------- | ---------
Carrying amount |  |  |
At 31 October 2024 | 87,184 | – | 87,184
| -------- | --------- | ---------
At 31 October 2023 | – | – | –
| -------- | --------- | ---------

7. Debtors

| 2024 | 2023
| £ | £
Trade debtors | 43,859 | 33,825
Other debtors | 746,077 | 728,250
| --------- | ---------
| 789,936 | 762,075
| --------- | ---------

8. Creditors: amounts falling due within one year

| 2024 | 2023
| £ | £
Bank loans and overdrafts | 15,302 | 22,793
Trade creditors | 124,288 | 113,905
Amounts owed to group undertakings and undertakings in which the company has a participating interest | 1,023,713 | 602,515
Other creditors | 1,235,594 | 1,121,557
| ------------ | ------------
| 2,398,897 | 1,860,770
| ------------ | ------------

9. Related party transactions
At the year end the company was owed £469,412 (2023: £453,500) by a company associated by common control.
10. Controlling party
The company's ultimate parent company is Wellgate Group limited. The registered address of the ultimate parent company is Bedford House Fulham Green, 69-79 Fulham High Street, London, United Kingdom, SW6 3JW.