|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements for the Year Ended 31 December 2016 |
|
for |
|
Welmbridge Limited |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Financial Statements for the Year Ended 31 December 2016 |
|
for |
|
Welmbridge Limited |
Welmbridge Limited (Registered number: 03137517) |
|
Contents of the Financial Statements |
for the Year Ended 31 December 2016 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
Welmbridge Limited |
|
Company Information |
for the Year Ended 31 December 2016 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Chartered Accountants |
Avaland House |
110 London Road |
Hemel Hempstead |
Hertfordshire |
HP3 9SD |
Welmbridge Limited (Registered number: 03137517) |
|
Balance Sheet |
31 December 2016 |
|
2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
|
|
Investment property | 4 |
|
|
|
|
|
CURRENT ASSETS |
Stocks | 5 |
|
|
Debtors | 6 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 7 |
|
|
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
8 |
( |
) |
( |
) |
|
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
|
|
Welmbridge Limited (Registered number: 03137517) |
|
Balance Sheet - continued |
31 December 2016 |
|
2016 | 2015 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
|
|
Retained earnings |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
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. |
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the Board of Directors on
behalf by: |
|
|
|
|
|
|
|
Welmbridge Limited (Registered number: 03137517) |
|
Notes to the Financial Statements |
for the Year Ended 31 December 2016 |
|
|
1. | STATUTORY INFORMATION |
|
Welmbridge Limited is a
|
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 |
|
|
Transition to FRS 102 |
|
These financial statements for the year ended 31 December 2016 are the first financial statements that |
comply with FRS 102 1A ''Small Entities''. The date of transition is 1 January 2015. |
|
The transition to FRS 102 Section 1A small entities has resulted in a small number of changes in accounting |
policies to those used previously. The nature of these changes and their impact on opening equity and profit |
for the comparative period are explained in the reconciliation of equity and the corresponding notes. |
|
Tangible fixed assets |
|
Freehold property | - |
|
|
Investment property |
Investment property is included at fair value. Gains are recognised in the profit and loss. Deferred taxation |
is provided on these gains at the rate expected to apply when the property is sold. |
|
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
|
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 balance sheet date. |
Welmbridge Limited (Registered number: 03137517) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
|
|
3. | TANGIBLE FIXED ASSETS |
Freehold |
property |
£ |
COST |
At 1 January 2016 |
and 31 December 2016 |
|
NET BOOK VALUE |
At 31 December 2016 |
|
At 31 December 2015 |
|
|
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2016 |
|
Additions |
|
Revaluations |
|
At 31 December 2016 |
|
NET BOOK VALUE |
At 31 December 2016 |
|
At 31 December 2015 |
|
|
Cost or valuation at 31 December 2016 is represented by: |
|
£ |
Valuation in 2014 | 584,085 |
Valuation in 2016 | 25,924 |
Cost | 1,554,991 |
2,165,000 |
|
A formal written valuation dated 28 September 2017 was provided by Gibbs Gillespie Surveyors Limited. |
They valued the investment property portfolio at £2,165,000 at 31 December 2016 and £1,790,000 at 31 |
December 2015. |
|
5. | STOCKS |
2016 | 2015 |
£ | £ |
Stocks |
|
|
Welmbridge Limited (Registered number: 03137517) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
|
|
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Other debtors |
|
|
|
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
£ | £ |
Bank loans and overdrafts |
|
|
Corporation tax |
|
|
Other creditors |
|
|
Directors' current accounts |
|
|
Accrued expenses |
|
|
|
|
|
8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
2016 | 2015 |
£ | £ |
Bank loans - 1-2 years |
|
|
Bank loans - 2-5 years |
|
|
Bank loans more 5 yr by instal | - | 430,000 |
Bank loans more 5 yrs non-inst | - | 478,000 |
|
|
|
Amounts falling due in more than five years: |
|
Repayable otherwise than by instalments |
Bank loans more 5 yrs non-inst |
|
|
|
Repayable by instalments |
Bank loans more 5 yr by instal | - | 430,000 |
Welmbridge Limited (Registered number: 03137517) |
|
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
|
|
9. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
2016 | 2015 |
£ | £ |
Bank loans |
|
|
|
The bank loan is secured by a fixed and floating charge over the company and all property and assets |
present and future. |
|
10. | FIRST YEAR ADOPTION |
|
The company has adopted FRS 102 for the first time in the year ended 31 December 2016. The transition to |
FRS 102 Section 1A small entities has resulted in a small number of changes in accounting policies to those |
used previously. The effect of these changes are described below: |
|
Investment property |
Investment properties were previously recognised as tangible fixed assets. On adoption of FRS 102 the |
investment properties have been separately disclosed under Fixed Assets. The investment property portfolio |
have been restated at fair value with the revaluation gain recognised in the income statement. |
|
Provisions for liabilities |
A deferred tax liability has been provided for in respect of the unrealised gain on the restatement of |
investment properties at fair value. |
|