REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 APRIL 2022 |
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WELFORD COURT LIMITED |
REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 APRIL 2022 |
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FOR |
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WELFORD COURT LIMITED |
WELFORD COURT LIMITED (REGISTERED NUMBER: 03609611) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 30 April 2022 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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WELFORD COURT LIMITED |
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COMPANY INFORMATION |
for the Year Ended 30 April 2022 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Unit 8 Oak Spinney Park |
Ratby Lane |
Leicester Forest East |
Leicester |
LE3 3AW |
WELFORD COURT LIMITED (REGISTERED NUMBER: 03609611) |
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BALANCE SHEET |
30 April 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS/(LIABILITIES) |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 8 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Capital redemption reserve |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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WELFORD COURT LIMITED (REGISTERED NUMBER: 03609611) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 30 April 2022 |
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1. | STATUTORY INFORMATION |
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Welford Court Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover 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: |
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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: |
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- 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. |
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Goodwill |
Intangible assets including goodwill are stated at cost less accumulated amortisation and accumulated impairment losses. Amortisation is calculated, using the straight line method, to allocate the depreciable amount of the assets to their residual values over their estimated useful life of 10 years. |
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Tangible fixed assets |
Tangible fixed assets 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. |
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below. |
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Depreciation is provided on the following basis: |
Freehold property | not provided |
Fixtures and fittings | 20% on cost |
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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. |
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Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss. |
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It is the company's policy to continually maintain its property and hence, the directors are of the opinion that, based on the estimated life and residual value of the property, depreciation is immaterial, This is a departure from the general requirement of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of the many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified. |
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Government grants |
Grants are accounted for under the accruals model as permitted by FRS 102. |
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WELFORD COURT LIMITED (REGISTERED NUMBER: 03609611) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2022 |
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2. | ACCOUNTING POLICIES - continued |
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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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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. |
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Debtors |
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment. |
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Creditors |
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1 May 2021 |
and 30 April 2022 |
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AMORTISATION |
At 1 May 2021 |
and 30 April 2022 |
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NET BOOK VALUE |
At 30 April 2022 |
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At 30 April 2021 |
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WELFORD COURT LIMITED (REGISTERED NUMBER: 03609611) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 30 April 2022 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and |
property | fittings | Totals |
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COST |
At 1 May 2021 |
and 30 April 2022 |
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DEPRECIATION |
At 1 May 2021 |
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Charge for year |
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At 30 April 2022 |
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NET BOOK VALUE |
At 30 April 2022 |
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At 30 April 2021 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans |
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9. | RELATED PARTY DISCLOSURES |
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Included in other creditors is £305,928 (2021 - £374,989) due to Conifer Lodge Holdings Limited, a company of which C D Kemp and A R Kemp are directors. Interest amounting to £36,224 (2021 - £32,544) has been charged on the loan. |
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Conifer Lodge Holdings Limited has a bank loan secured by a debenture and fixed charge over the freehold property of this company. |
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Included in other debtors is £260,724 (2021 - £250,964) owing from Conifer Lodge Limited, a company of which C D Kemp and A R Kemp are both directors. |