REGISTERED NUMBER: 03943311 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026

FOR

WELLSPRINGS PROPERTIES LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

10

DIRECTOR:

Mr K Whitfield

SECRETARY:

Mrs A Whitfield

REGISTERED OFFICE:

Whitfield House

Whitfield Court, St Johns Road

Meadowfield Industrial Estate

Durham

Co. Durham

DH7 8XL

REGISTERED NUMBER:

03943311 (England and Wales)

ACCOUNTANTS:

Momentum Taxation and Accountancy Ltd

14-15 Harelands Courtyard Offices

Moor Road

Melsonby

Richmond

North Yorkshire

DL10 5NY

BANK:

Allied Irish Bank

9/17 Collingwood Street

Newcastle

Tyne and Wear

NE1 1HE

FIXED ASSETS

Tangible assets

4

65,930

69,056

Investment property

5

3,460,000

3,460,000

3,525,930

3,529,056

CURRENT ASSETS

Debtors

6

235,073

238,750

Cash at bank and in hand

38,947

61,679

274,020

300,429

CREDITORS

Amounts falling due within one year

7

237,002

221,610

NET CURRENT ASSETS

37,018

78,819

TOTAL ASSETS LESS CURRENT LIABILITIES

3,562,948

3,607,875

CREDITORS

Amounts falling due after more than one year

8

1,828,071

1,856,491

NET ASSETS

1,734,877

1,751,384

CAPITAL AND RESERVES

Called up share capital

120

120

Share premium

199,988

199,988

Fair value reserve

10

460,028

460,028

Retained earnings

1,074,741

1,091,248

SHAREHOLDERS' FUNDS

1,734,877

1,751,384

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2026.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2026 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 October 2026 and were signed by:

Mr K Whitfield - Director

1.	STATUTORY INFORMATION

Wellsprings Properties Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover represents net invoiced rents, excluding value added tax, relating to the period.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

No depreciation is charged on freehold investment properties. Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008), it is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the director compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2025 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2025

and 31 March 2026

93,082

DEPRECIATION

At 1 April 2025

24,026

Charge for year

3,126

At 31 March 2026

27,152

NET BOOK VALUE

At 31 March 2026

65,930

At 31 March 2025

69,056

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2025

and 31 March 2026

3,460,000

NET BOOK VALUE

At 31 March 2026

3,460,000

At 31 March 2025

3,460,000

Fair value at 31 March 2026 is represented by:

£

Valuation in 2015

(30,809

)

Valuation in 2017

225,000

Cost

3,265,809

3,460,000

If investment properties had not been revalued they would have been included at the following historical cost:

2026

2025

£

£

Cost

3,265,809

3,265,809

Investment property was valued on an open market basis on 31 March 2026 by the director Mr K Whitfield .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade debtors

16,345

32,525

Other debtors

218,728

206,225

235,073

238,750

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Bank loans and overdrafts

20,880

20,784

Hire purchase contracts

1,971

1,715

Trade creditors

73,603

73,514

Taxation and social security

4,594

14,537

Other creditors

135,954

111,060

237,002

221,610

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2026

2025

£

£

Bank loans

1,801,529

1,822,504

Hire purchase contracts

1,671

3,642

Other creditors

24,871

30,345

1,828,071

1,856,491

9.	SECURED DEBTS

The following secured debts are included within creditors:

2026

2025

£

£

Bank loans

1,822,409

1,843,288

Hire purchase contracts

3,642

5,357

1,826,051

1,848,645

The Cambridge & Counties Bank Loan which totals £1,822,409 (31st March 2025 - £1,843,288) are secured by way of

1. Mortgage Debenture over all assets of the company.

2. First legal mortgage over freehold property at 1 Auton Stile, Bearpark, Durham Road, Bowburn, Durham.

3. First legal mortgage over property at The Old Practice Business Centre, 4 Romaine Square, Bowburn, Durham.

5. First legal mortgage over freehold property at Thomas House, Whitfield Court, St Johns Road, Meadowfield Industrial Estate, Durham.

6. First legal mortgage over freehold property at Victoria House, Whitfield Court, St Johns Road, Meadowfield Industrial Estate, Durham.

7. First legal mortgage over freehold property at Enna House, Whitfield Court, St Johns Road, Meadowfield Industrial Estate, Durham.

8. First legal mortgage over freehold property at Lumley House, Whitfield Court, St Johns Road, Meadowfield Industrial Estate, Durham.

9. First legal mortgage over freehold property at Whitfield House, Whitfield Court, St Johns Road, Meadowfield Industrial Estate, Durham.

10. Guarantee from Kevin Whitfield in the sum of £100,000 for the obligations of Wellsprings Properties Limited.

10.

RESERVES

Fair

value

reserve

£

At 1 April 2025

and 31 March 2026

460,028

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 March 2026 and 31 March 2025:

2026

2025

£

£

Mr K Whitfield

Balance outstanding at start of year

(3,661

)

6,781

Amounts advanced

31,171

32,058

Amounts repaid

(18,500

)

(42,500

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

9,010

(3,661

)

12.	ULTIMATE CONTROLLING PARTY

The controlling party is Mr K Whitfield.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Wellsprings Properties Limited for the year ended 31 March 2026 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at accaglobal.com/rulebook.

This report is made solely to the director of Wellsprings Properties Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Wellsprings Properties Limited and state those matters that we have agreed to state to the director of Wellsprings Properties Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at

https://www.accaglobal.com/gb/en/technical-activities/technical-resources-

search/2009/october/factsheet-163-audit-exempt-companies.html.

To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Wellsprings Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Wellsprings Properties Limited. You consider that Wellsprings Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Wellsprings Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Momentum Taxation and Accountancy Ltd

14-15 Harelands Courtyard Offices

Moor Road

Melsonby

Richmond

North Yorkshire

DL10 5NY

Date: .............................................