Company Registration No. 11480616 (England and Wales)
Wellden Turnbull Limited
Unaudited accounts
for the year ended 30 June 2020
Wellden Turnbull Limited
Unaudited accounts
Contents
Wellden Turnbull Limited
Company Information
for the year ended 30 June 2020
Directors
Mrs E L Green
Mr R W John
Mr M Nelligan
Mr S Odam
Mr C Plumridge
Company Number
11480616 (England and Wales)
Registered Office
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ
Wellden Turnbull Limited
Statement of financial position
as at
30 June 2020
Intangible assets
3,315,451
2,743,903
Tangible assets
241,807
5,439
Debtors
1,425,773
1,647,693
Cash at bank and in hand
841,363
1,006,603
Creditors: amounts falling due within one year
(1,467,871)
(1,764,213)
Net current assets
799,265
890,083
Total assets less current liabilities
4,356,527
3,639,429
Creditors: amounts falling due after more than one year
(2,937,753)
(2,827,304)
Net assets
1,418,774
812,125
Called up share capital
250
250
Profit and loss account
1,418,524
811,875
Shareholders' funds
1,418,774
812,125
For the year ending 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 30 March 2021 and were signed on its behalf by
Mr M Nelligan
Director
Company Registration No. 11480616
Wellden Turnbull Limited
Notes to the Accounts
for the year ended 30 June 2020
Wellden Turnbull Limited is a private company, limited by shares, registered in England and Wales, registration number 11480616. The registered office is Albany House, Claremont Lane, Esher, Surrey, KT10 9FQ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and Companies Act 2006.
The company is a parent company and is exempt from the requirement to prepare group accounts by virtue of section 399 of the Companies Act 2006. These financial statements therefore present information about the company as an individual undertaking and not about its group.
The following principal accounting policies have been applied:
The accounts are presented in £ sterling and rounded to the nearest £.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the sage of completion of the contract when all 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% straight line
Computer equipment
33% straight line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Goodwill is recognised over its estimated useful life of 10-15 years.
Wellden Turnbull Limited
Notes to the Accounts
for the year ended 30 June 2020
Investments in subsidiaries are held at cost less impairment.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Government grants in relation to expenditure are credited to other operating income when the expenditure is charged to profit and loss.
4
Intangible fixed assets
Goodwill
At 30 June 2020
3,758,552
Charge for the year
264,504
At 30 June 2020
3,315,451
At 30 June 2019
2,743,903
Wellden Turnbull Limited
Notes to the Accounts
for the year ended 30 June 2020
5
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 July 2019
1,920
4,807
6,727
Additions
225,420
16,808
242,228
At 30 June 2020
227,340
21,615
248,955
At 1 July 2019
400
888
1,288
Charge for the year
490
5,370
5,860
At 30 June 2020
890
6,258
7,148
At 30 June 2020
226,450
15,357
241,807
At 30 June 2019
1,520
3,919
5,439
The significant additions in the year relate to the costs relating to the company's new business premises which were not in use as at the balance sheet date, and so have not been depreciated.
6
Investments
Subsidiary undertakings
Valuation at 1 July 2019
4
Valuation at 30 June 2020
4
The company owns the share capital of two dormant companies, Wellco Secretaries Ltd and Wellco Trustees Limited.
Trade debtors
895,712
940,628
Accrued income and prepayments
509,057
466,797
Other debtors
21,004
240,268
Total debtors less than one year
1,425,773
1,647,693
Total debtors
1,425,773
1,647,693
Amounts due after more than one year
-
2,222
Wellden Turnbull Limited
Notes to the Accounts
for the year ended 30 June 2020
8
Creditors: amounts falling due within one year
2020
2019
Trade creditors
45,832
80,055
Taxes and social security
1,060,687
542,611
Other creditors
27,437
986,917
Loans from directors
1,777
693
The company's assets are secured by way of a fixed and floating charge in favour of NatWest relating to an overdraft facility, not utilised at the balance sheet date or at the date of signing.
9
Creditors: amounts falling due after more than one year
2020
2019
Other creditors
2,937,753
2,827,304
10
Share capital
2020
2019
Allotted, called up and fully paid:
50 A Ordinary Shares of £1 each
50
50
50 B Ordinary Shares of £1 each
50
50
50 C Ordinary Shares of £1 each
50
50
50 D Ordinary Shares of £1 each
50
50
50 E Ordinary Shares of £1 each
50
50
11
Operating lease commitments
2020
2019
At 30 June 2020 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within one year
15,612
66,473
Within two to five years
490,000
19,861
More than five years
612,500
-
12
Post balance sheet events
The Company has utilised the HMRC VAT deferral scheme due to coronavirus to defer the March 2020 VAT liability amounting to £197,071. The payment is now due for repayment in instalments to March 2022.
13
Average number of employees
During the year the average number of employees was 50 (2019: 49).