REGISTERED NUMBER: 01732338 (England and Wales)

Wells Estates Limited

Unaudited Financial Statements for the Year Ended 28 February 2025

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

K W Masters

D G Masters

SECRETARY:

K W Masters

REGISTERED OFFICE:

One New Street

Wells

Somerset

BA5 2LA

REGISTERED NUMBER:

01732338 (England and Wales)

ACCOUNTANTS:

Webb & Co Ltd

Accountants and Business Advisers

One New Street

Wells

Somerset

BA5 2LA

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

7,946

10,703

Investment property

6

3,510,553

3,510,553

3,518,499

3,521,256

CURRENT ASSETS

Debtors

7

192,902

177,400

Cash at bank

810,177

770,198

1,003,079

947,598

CREDITORS

Amounts falling due within one year

8

149,340

114,231

NET CURRENT ASSETS

853,739

833,367

TOTAL ASSETS LESS CURRENT LIABILITIES

4,372,238

4,354,623

PROVISIONS FOR LIABILITIES

174,325

175,014

NET ASSETS

4,197,913

4,179,609

CAPITAL AND RESERVES

Called up share capital

9

6,000

6,000

Fair value reserve

1,366,321

1,366,321

Retained earnings

2,825,592

2,807,288

SHAREHOLDERS' FUNDS

4,197,913

4,179,609

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 May 2025 and were signed on its behalf by:

D G Masters - Director

1.	STATUTORY INFORMATION

Wells Estates 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Turnover

Turnover represents rental income from properties and is recognised on a straight-line basis over the term of he lease. Rental income is measured at the fair value of the consideration received or receivable, excluding VAT. Incentives granted to tenants, such as rent-free periods, are recognised evenly over the term of the lease. Any service charges and other income related to leased assets are recognised when the related services are performed.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website costs are being amortised evenly over their estimated useful life of ten years.

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

-

10% on cost

Fixtures and fittings

-

20% on cost

Motor vehicles

-

25% on cost

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.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2024 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Website

costs

£

COST

At 1 March 2024

and 28 February 2025

3,745

AMORTISATION

At 1 March 2024

and 28 February 2025

3,745

NET BOOK VALUE

At 28 February 2025

-

At 29 February 2024

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

COST

At 1 March 2024

64,152

10,000

15,896

90,048

Additions

2,890

-

-

2,890

Disposals

(12,696

)

-

3,978

(8,718

)

At 28 February 2025

54,346

10,000

19,874

84,220

DEPRECIATION

At 1 March 2024

62,074

4,000

13,271

79,345

Charge for year

1,022

2,000

-

3,022

Eliminated on disposal

(12,696

)

-

6,603

(6,093

)

At 28 February 2025

50,400

6,000

19,874

76,274

NET BOOK VALUE

At 28 February 2025

3,946

4,000

-

7,946

At 29 February 2024

2,078

6,000

2,625

10,703

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 March 2024

and 28 February 2025

3,510,553

NET BOOK VALUE

At 28 February 2025

3,510,553

At 29 February 2024

3,510,553

If investment properties had not been revalued they would have been included at the following historical cost £1,971,894 (2024 £1,971,894).

Investment properties were valued on an open market basis on 28 February 2025 by the directors.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

3,449

2,559

Other debtors

189,453

174,841

192,902

177,400

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

2,141

3,694

Taxation and social security

24,371

17,275

Other creditors

122,828

93,262

149,340

114,231

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2025

2024

value:

£

£

5,960

Ordinary

£1

5,960

5,960

20

Ordinary A

£1

20

20

20

Ordinary B

£1

20

20

6,000

6,000