Welden & Co Limited - Period Ending 2023-06-30

Welden & Co Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 8

Welden & Co Limited

(Registration number: 11812247)
Balance Sheet as at 30 June 2023

	Note	2023 £	(As restated) 2022 £
Fixed assets
Tangible assets	4	13,136	16,880
Investment property	5	599,948	581,393
		613,084	598,273
Current assets
Cash at bank and in hand		11,487	34,363
Creditors: Amounts falling due within one year	6	(18,314)	(21,946)
Net current (liabilities)/assets		(6,827)	12,417
Total assets less current liabilities		606,257	610,690
Creditors: Amounts falling due after more than one year	6	(610,809)	(671,968)
Provisions for liabilities		4,743	-
Net assets/(liabilities)		191	(61,278)
Capital and reserves
Called up share capital		100	100
Revaluation reserve		18,555	-
Retained earnings		(18,464)	(61,378)
Shareholders' funds/(deficit)		191	(61,278)

For the financial 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.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Welden & Co Limited

(Registration number: 11812247)
Balance Sheet as at 30 June 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 March 2024
 

Mrs S Minson Director

Welden & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
9 Russell Street
Flat 1
Bath
BA1 2QF

These financial statements were authorised for issue by the director on 28 March 2024.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.

Going concern

The company's statement of financial position as at 30 June 2023 shows a net asset position of £191 (2022 - net liabilities of £61,278). The net current liabilities of £6,827 (2022 - net current assets of £12,417) give rise to uncertainty in relation to the company's future activity, however the directors will continue to support the company with paying its debts as and when due, should it be required, therefore the directors believe it is appropriate to prepare the financial statements on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Welden & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the Balance Sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture, fittings & equipment	10-25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually through an internal valuation by the director. The director uses observable market prices obtained, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Welden & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year was 1 (2022 - 1).

Welden & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4	Tangible assets

	Furniture, fittings and equipment £	Total £
Cost or valuation
At 1 July 2022	27,109	27,109
Additions	122	122
At 30 June 2023	27,231	27,231
Depreciation
At 1 July 2022	10,229	10,229
Charge for the year	3,866	3,866
At 30 June 2023	14,095	14,095
Carrying amount
At 30 June 2023	13,136	13,136
At 30 June 2022	16,880	16,880

Included within the net book value of land and buildings above is £Nil (2022 - £Nil) in respect of freehold land and buildings.

Due to the transition to FRS 102, £581,393 previously regarded as freehold land and buildings has been restated as investment properties in the prior period.

Welden & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

5	Investment properties

	2023 £
At 1 July	581,393
Fair value adjustments	18,555
At 30 June	599,948

A revaluation of investment property has been conducted in the year by the director.

There has been no valuation of investment property by an independent valuer.

6

Creditors

Due within one year	Note	2023 £	2022 £
Amounts due to related parties	8	16,034	19,155
Other creditors		-	1,041
Accruals		2,280	1,750
		18,314	21,946
Due after one year
Other non-current financial liabilities		610,809	671,968

7

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

	Revaluation reserve £	Retained earnings £
Surplus/deficit on revaluation of investment property	18,555	(18,555)

Welden & Co Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

8	Related party transactions

The company has taken advantage of the exemption available in FRS 102 whereby it has not disclosed transactions or balances with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

Loans from related parties

2023	Key management £	Total £
At start of period	7,108	7,108
Advanced	77	77
Repaid	(600)	(600)
At end of period	6,585	6,585

2022	Key management £	Total £
At start of period	7,008	7,008
Advanced	100	100
At end of period	7,108	7,108

Terms of loans from related parties

Loans from key management are provided interest free and are repayable on demand.
 

9	Parent and ultimate parent undertaking

The company's immediate parent is Mintecprocess Consulting & Management Ltd, incorporated in Canada.

 

10	Transition to FRS 102

The company has transitioned from being prepared under FRS 105 in the prior year to FRS 102.

The property previously held at cost under freehold land and buildings has been reclassified to investment properties and held at fair value. The fair value of the property in the prior period was equal to the cost, and therefore there has been no effect on the profit or loss account, or retained earnings on transition.