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Registered number: 03989268 WELLSPRING EMEA LIMITED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 DECEMBER 2024
WELLSPRING EMEA LIMITED Registered number: 03989268 BALANCE SHEET As at 31 December 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 4 |  | 29,779 |  | 21,409
|  |  | 29,779 |  | 21,409
Current assets |  |  |  |  |
Debtors | 5 | 1,984,619 |  | 1,091,438 |
Cash at bank and in hand | 6 | 99,790 |  | 409,196 |
|  | 2,084,409 |  | 1,500,634 |
Creditors: amounts falling due within one year | 7 | (1,233,049) |  | (732,404) |
Net current assets |  |  | 851,360 |  | 768,230
Total assets less current liabilities |  |  | 881,139 |  | 789,639
Provisions for liabilities |  |  |  |  |
Deferred tax | 8 | (7,327) |  | (2,227) |
|  |  | (7,327) |  | (2,227)
Net assets |  |  | 873,812 |  | 787,412
Page 1
WELLSPRING EMEA LIMITED Registered number: 03989268 BALANCE SHEET (CONTINUED) As at 31 December 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Capital and reserves |  |  |  |  |
Called up share capital |  |  | 411 |  | 411
Capital redemption reserve |  |  | 278 |  | 278
Profit and loss account |  |  | 873,123 |  | 786,723
|  |  | 873,812 |  | 787,412
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 12 March 2026.
S. Lindeman
Director
The notes on pages 3 to 10 form part of these financial statements. Page 2
WELLSPRING EMEA LIMITED NOTES TO THE FINANCIAL STATEMENTS For the Period Ended 31 December 2024
1. | General information
The company is a private company limited by shares which is incorporated under the Companies Act 2006 and registered in England (no.03989268). The address of the registered office is 31-35 Kirby Street, London EC1N 8TE. The company is the parent company of a small group of companies that is not required to prepare consolidated financial statements; these financial statements present information about the company as an individual undertaking. The principal activity of the company is that of intellectual property consultancy. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the requirements and the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The following principal accounting policies have been applied:
| 2.2 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Page 3
WELLSPRING EMEA LIMITED NOTES TO THE FINANCIAL STATEMENTS For the Period Ended 31 December 2024 2.Accounting policies (continued)
| 2.3 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: Rendering of services Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: ∙the amount of revenue can be measured reliably; ∙it is probable that the Company will receive the consideration due under the contract; ∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and ∙the costs incurred and the costs to complete the contract can be measured reliably.
| 2.4 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.5 | Pensions
Defined contribution pension plan The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 4
WELLSPRING EMEA LIMITED NOTES TO THE FINANCIAL STATEMENTS For the Period Ended 31 December 2024 2.Accounting policies (continued)
| 2.6 | Current and deferred taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.7 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Fixtures & fittings | - | 25% | straight line
|  |  |  | Office equipment | - | 25% | straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.8 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Page 5
WELLSPRING EMEA LIMITED NOTES TO THE FINANCIAL STATEMENTS For the Period Ended 31 December 2024 2.Accounting policies (continued)
| 2.9 | Debtors
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.10 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.11 | Creditors
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.12 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
3. | Employees
| The average monthly number of employees, including directors, during the period was 21 (2023 - 20).
Page 6
WELLSPRING EMEA LIMITED NOTES TO THE FINANCIAL STATEMENTS For the Period Ended 31 December 2024
4. | Tangible fixed assets
|  | Fixtures & fittings | Office equipment | Total
|  | £ | £ | £
| Cost or valuation |  |  |
| At 1 January 2024 | 5,219 | 69,582 | 74,801
| Additions | 295 | 19,625 | 19,920
| Disposals | (333) | (6,753) | (7,086)
| At 31 December 2024 | 5,181 | 82,454 | 87,635
| Depreciation |  |  |
| At 1 January 2024 | 3,931 | 49,462 | 53,393
| Charge for the period on owned assets | 536 | 9,909 | 10,445
| Disposals | (133) | (5,849) | (5,982)
| At 31 December 2024 | 4,334 | 53,522 | 57,856
| Net book value |  |  |
| At 31 December 2024 | 847 | 28,932 | 29,779
| At 31 December 2023 | 1,289 | 20,120 | 21,409
Page 7
WELLSPRING EMEA LIMITED NOTES TO THE FINANCIAL STATEMENTS For the Period Ended 31 December 2024
5. | Debtors
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Due after more than one year |  |
| Other debtors | 30,480 | -
|  | 30,480 | -
| Due within one year |  |
| Trade debtors | 702,336 | 619,950
| Amounts owed by group undertakings | 1,203,979 | 380,609
| Other debtors | 7,796 | 277
| Prepayments and accrued income | 40,028 | 90,602
|  | 1,984,619 | 1,091,438
| .
6. | Cash and cash equivalents
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Cash at bank and in hand | 99,790 | 409,196
|  | 99,790 | 409,196
7. | Creditors: Amounts falling due within one year
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Trade creditors | 17,338 | 16,902
| Amounts owed to group undertakings | 565,032 | -
| Corporation tax | 57,061 | 105,962
| Other taxation and social security | 66,148 | 114,030
| Other creditors | 305,196 | 268,209
| Accruals and deferred income | 222,274 | 227,301
|  | 1,233,049 | 732,404
Page 8
WELLSPRING EMEA LIMITED NOTES TO THE FINANCIAL STATEMENTS For the Period Ended 31 December 2024
8. | Deferred taxation
|  | 2024
|  | £
| At beginning of year | (2,227)
| Charged to profit or loss | (5,100)
| At end of year | (7,327)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Accelerated capital allowances | (7,327) | (2,227)
|  | (7,327) | (2,227)
9. | Pension commitments
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £129,749 (2023 - £70,109). Contributions totalling £262 (2023 - £Nill) were payable to the fund at the balance sheet date and are included in creditors.
10. | Commitments under operating leases
| At 31 December 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Not later than 1 year | - | 111,189
|  | - | 111,189
11. | Controlling party
The company is a wholly owned subsidiary of Wellspring Worldwide Inc, which is also the ultimate controlling party. Wellspring Worldwide Inc is incorporated in the United States and its registered address is 954 W Washington Boulevard, Suite 750, Chicago, Illinois 60607, United States. Page 9
WELLSPRING EMEA LIMITED NOTES TO THE FINANCIAL STATEMENTS For the Period Ended 31 December 2024
12. | Auditor's information
The auditor's report on the financial statements for the period ended 31 December 2024 was unqualified. The audit report was signed on 12 March 2026 by Andrew McCall (Senior statutory auditor) on behalf of Langtons Professional Services Limited.
Page 10