Company Registration No. 11480616 (England and Wales)
Wellden Turnbull Limited
Unaudited accounts
for the year ended 30 June 2023
Wellden Turnbull Limited
Unaudited accounts
Contents
Wellden Turnbull Limited
Company Information
for the year ended 30 June 2023
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 2023
Intangible assets
2,312,542
2,181,964
Tangible assets
372,172
415,652
Debtors
2,093,748
1,884,866
Cash at bank and in hand
196,072
303,184
Creditors: amounts falling due within one year
(1,308,053)
(1,448,311)
Net current assets
981,767
739,739
Total assets less current liabilities
3,666,485
3,337,359
Creditors: amounts falling due after more than one year
(1,303,229)
(1,182,782)
Provisions for liabilities
Deferred tax
(87,324)
(97,309)
Net assets
2,275,932
2,057,268
Called up share capital
250
250
Profit and loss account
2,275,682
2,057,018
Shareholders' funds
2,275,932
2,057,268
For the year ending 30 June 2023 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 27 February 2024 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 2023
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 3-15 years.
Wellden Turnbull Limited
Notes to the Accounts
for the year ended 30 June 2023
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.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
4
Intangible fixed assets
Goodwill
Charge for the year
333,385
Wellden Turnbull Limited
Notes to the Accounts
for the year ended 30 June 2023
5
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 July 2022
487,434
49,652
537,086
Additions
3,813
17,359
21,172
Disposals
-
(3,331)
(3,331)
At 30 June 2023
491,247
63,680
554,927
At 1 July 2022
88,722
32,712
121,434
Charge for the year
49,535
13,397
62,932
On disposals
-
(1,611)
(1,611)
At 30 June 2023
138,257
44,498
182,755
At 30 June 2023
352,990
19,182
372,172
At 30 June 2022
398,712
16,940
415,652
6
Investments
Subsidiary undertakings
Valuation at 1 July 2022
4
Valuation at 30 June 2023
4
The Company owns the share capital of two dormant companies, Wellco Secretaries Ltd and Wellco Trustees Limited.
Amounts falling due within one year
Trade debtors
1,163,236
1,163,404
Accrued income and prepayments
894,974
714,487
Other debtors
35,538
6,975
8
Creditors: amounts falling due within one year
2023
2022
Trade creditors
86,520
118,047
Taxes and social security
670,789
657,784
Other creditors
356,862
495,121
Loans from directors
4,853
3,605
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.
Wellden Turnbull Limited
Notes to the Accounts
for the year ended 30 June 2023
9
Creditors: amounts falling due after more than one year
2023
2022
Other creditors
1,303,229
1,182,782
10
Deferred taxation
2023
2022
Accelerated capital allowances
87,324
97,309
Provision at start of year
97,309
83,231
(Credited)/charged to the profit and loss account
(9,985)
14,078
Provision at end of year
87,324
97,309
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
12
Operating lease commitments
2023
2022
At 30 June 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
145,002
130,818
Later than one year and not later than five years
504,899
492,528
Later than five years
288,742
387,917
13
Average number of employees
During the year the average number of employees was 56 (2022: 49).