Welco Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03542135 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2017

for

Welco Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr P B Watkins

REGISTERED OFFICE:

New Dunn Business Park

Sling

Coleford

Gloucestershire

GL16 8JD

REGISTERED NUMBER:

03542135 (England and Wales)

ACCOUNTANTS:

Andrew R Cook Chartered Accountants

Northfield House

Shurdington Road

Bentham

Cheltenham

Gloucestershire

GL51 4UA

FIXED ASSETS

Tangible assets

4

192,139

75,968

Investments

5

18,443

18,443

210,582

94,411

CURRENT ASSETS

Stocks

6

30,200

38,313

Debtors

7

2,425,266

2,126,088

Cash at bank

773

1,155,528

2,456,239

3,319,929

CREDITORS

Amounts falling due within one year

8

60,558

167,310

NET CURRENT ASSETS

2,395,681

3,152,619

TOTAL ASSETS LESS CURRENT LIABILITIES

2,606,263

3,247,030

CREDITORS

Amounts falling due after more than one year

9

3,912

32,304

NET ASSETS

2,602,351

3,214,726

CAPITAL AND RESERVES

Called up share capital

77,359

77,359

Retained earnings

2,524,992

3,137,367

SHAREHOLDERS' FUNDS

2,602,351

3,214,726

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 25 April 2019 and were signed by:

Mr P B Watkins - Director

1.	STATUTORY INFORMATION

Welco Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information

page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Freehold property

-

in accordance with the property

Plant and machinery

-

15% on reducing balance

Motor vehicles

-

20% on cost

Computer equipment

-

33% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2016 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Freehold

Plant and

Motor

Computer

property

machinery

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 January 2017

243,269

90,988

129,310

971

464,538

Additions

-

170,946

-

-

170,946

Disposals

-

-

(45,185

)

-

(45,185

)

At 31 December 2017

243,269

261,934

84,125

971

590,299

DEPRECIATION

At 1 January 2017

243,269

49,335

94,995

971

388,570

Charge for year

-

31,890

21,448

-

53,338

Eliminated on disposal

-

-

(43,748

)

-

(43,748

)

At 31 December 2017

243,269

81,225

72,695

971

398,160

NET BOOK VALUE

At 31 December 2017

-

180,709

11,430

-

192,139

At 31 December 2016

-

41,653

34,315

-

75,968

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 January 2017

22,838

129,310

152,148

Disposals

-

(45,185

)

(45,185

)

At 31 December 2017

22,838

84,125

106,963

DEPRECIATION

At 1 January 2017

10,050

94,995

105,045

Charge for year

1,918

21,448

23,366

Eliminated on disposal

-

(43,748

)

(43,748

)

At 31 December 2017

11,968

72,695

84,663

NET BOOK VALUE

At 31 December 2017

10,870

11,430

22,300

At 31 December 2016

12,788

34,315

47,103

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2017

and 31 December 2017

18,443

NET BOOK VALUE

At 31 December 2017

18,443

At 31 December 2016

18,443

In November 2016 Welco Limited purchased shares in Baltimore Estates Limited which is represented

by the £18,443 figure shown above.

6.

STOCKS

31.12.17

31.12.16

£

£

Stocks

30,200

38,313

7.

DEBTORS

31.12.17

31.12.16

£

£

Amounts falling due within one year:

Trade debtors

21,823

19,525

Other debtors

-

13,219

Directors' current accounts

33,389

-

VAT

23,097

-

78,309

32,744

31.12.17

31.12.16

£

£

Amounts falling due after more than one year:

Related party loans

2,346,957

2,093,344

Aggregate amounts

2,425,266

2,126,088

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Hire purchase contracts

17,509

35,325

Trade creditors

40,156

13,994

Social security and other taxes

(2,107

)

2,750

VAT

-

43,299

Directors' current accounts

-

66,942

Accruals and deferred income

5,000

5,000

60,558

167,310

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.17

31.12.16

£

£

Hire purchase contracts

3,912

32,304

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.17

31.12.16

£

£

Hire purchase contracts

21,421

67,629

A Debenture exists including Fixed Charge over all present freehold and leasehold property; First

Fixed Charge over book and other debts, chattels, goodwill and uncalled capital, both present and

future; and First Floating Charge over the floating assets and undertakings both present and future

dated 1 November 2012.

11.	RELATED PARTY DISCLOSURES

All related parties share common owners and/or directors, partners or trustees.

Flaxley Abbey Estates is a partnership where the partners are P B Watkins (a directors of Welco

Limited) and Mrs L C Zijlmans (a shareholder of Welco Limited).

12.	ULTIMATE CONTROLLING PARTY

The director acknowledges that there is no ultimate controlling party as no individual holds a majority of

the companies issued, voting share capital.