Company Registration No. 00583383 (England and Wales)
DOUGLAS & CO (ESTATE AGENTS) LTD
Unaudited financial statements
For the year ended 31 March 2017
Pages for filing with registrar
DOUGLAS & CO (ESTATE AGENTS) LTD
COMPANY INFORMATION
Directors
Mr R J Coleman
Ms C Stedeford
Company number
00583383
Registered office
Coleman & Betts
Bank Chambers
20 North Street
Leatherhead
Surrey
KT22 7AT
Accountants
WSM Advisors Limited
Connect House
133-137 Alexandra Road
Wimbledon
London
SW19 7JY
Business address
10 High Street
Epsom
KT19 8AD
DOUGLAS & CO (ESTATE AGENTS) LTD
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 5
DOUGLAS & CO (ESTATE AGENTS) LTD
STATEMENT OF FINANCIAL POSITION
As at 31 March 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Property, plant and equipment
3
1,741
1,705
Current assets
Trade and other receivables
4
451
453
Cash and cash equivalents
5,350
10,614
5,801
11,067
Current liabilities
5
(130,343)
(112,224)
Net current liabilities
(124,542)
(101,157)
Total assets less current liabilities
(122,801)
(99,452)
Equity
Called up share capital
6
10,000
10,000
Retained earnings
(132,801)
(109,452)
Total equity
(122,801)
(99,452)
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved by the board of directors and authorised for issue on 22 December 2017 and are signed on its behalf by:
Mr R J Coleman
Director
Company Registration No. 00583383
DOUGLAS & CO (ESTATE AGENTS) LTD
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2017
- 2 -
1
Accounting policies
Company information
Douglas & Co (Estate Agents) Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Coleman & Betts, Bank Chambers, 20 North Street, Leatherhead, Surrey, KT22 7AT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
At the balance sheet date, the company has net current and net total liabilities and is dependent on the continued financial support of it's creditors and directors.
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
financial support will continue to be provided and the company
has adequate resources to continue in operational existence for the foreseeable future.
Accordingly
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of
discounts, if any, and
VAT
.
Commission on the sale or letting of residential properties is recognised on exchange of contracts.
1.4
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
Straight line over lease term
Fixtures, fittings & equipment
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
DOUGLAS & CO (ESTATE AGENTS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2017
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method 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.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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 receipts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Trade payables
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade payables are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2016 - 2).
DOUGLAS & CO (ESTATE AGENTS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2017
- 4 -
3
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2016
32,166
55,717
87,883
Additions
-
616
616
At 31 March 2017
32,166
56,333
88,499
Depreciation and impairment
At 1 April 2016
32,165
54,013
86,178
Depreciation charged in the year
-
580
580
At 31 March 2017
32,165
54,593
86,758
Carrying amount
At 31 March 2017
1
1,740
1,741
At 31 March 2016
1
1,704
1,705
4
Trade and other receivables
2017
2016
Amounts falling due within one year:
£
£
Other receivables
451
453
5
Current liabilities
2017
2016
£
£
Trade payables
3,304
2,678
Amounts due to parent undertaking
-
73,739
Other taxation and social security
3,038
5,348
Other payables
124,001
30,459
130,343
112,224
Included in other payables are directors current accounts amounting to £38,765 (2016: £18,765) which are payable on demand.
DOUGLAS & CO (ESTATE AGENTS) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2017
- 5 -
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
10,000 Ordinary shares of £1 each
10,000
10,000
7
Directors' transactions
During the year, one of the directors acquired a controlling interest in the equity share capital of the company from an undertaking which was the parent company immediately prior to the transaction.
8
Control
The company is under the control of one of the directors.