|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
WIGMORE ESTATE AGENTS LIMITED |
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 DECEMBER 2018 |
|
|
|
|
|
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
WIGMORE ESTATE AGENTS LIMITED |
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 DECEMBER 2018 |
|
|
|
|
|
WIGMORE ESTATE AGENTS LIMITED (REGISTERED NUMBER: 03729616) |
|
|
|
|
|
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
WIGMORE ESTATE AGENTS LIMITED |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
SECRETARY: |
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
ACCOUNTANTS: |
|
Chartered Accountants |
69-71 East Street |
Epsom |
Surrey |
KT17 1BP |
|
|
|
BANKERS: |
|
North East London Business Centre |
PO Box 16294 |
1-2 Trinity Way |
London |
E4 8US |
|
|
|
SOLICITORS: |
|
18/22 Wigmore Street |
London |
W1U 2RG |
WIGMORE ESTATE AGENTS LIMITED (REGISTERED NUMBER: 03729616) |
|
BALANCE SHEET |
31 DECEMBER 2018 |
|
31.12.18 | 31.12.17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 5 |
|
|
Tangible assets | 6 |
|
|
Investments | 7 |
|
|
|
|
|
CURRENT ASSETS |
Debtors | 8 |
|
|
Cash at bank and in hand |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 9 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
10 |
( |
) |
( |
) |
|
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
|
|
|
|
|
The directors acknowledge their 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. |
WIGMORE ESTATE AGENTS LIMITED (REGISTERED NUMBER: 03729616) |
|
BALANCE SHEET - continued |
31 DECEMBER 2018 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were approved by the Board of Directors on
by: |
|
|
|
|
|
|
|
WIGMORE ESTATE AGENTS LIMITED (REGISTERED NUMBER: 03729616) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
|
1. | STATUTORY INFORMATION |
|
Wigmore Estate Agents Limited is a
|
company's registered number and registered office address can be found on the Company Information page. |
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | STATEMENT OF COMPLIANCE |
|
|
|
3. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention, except for certain financial |
instruments that have been measured at fair value. |
|
Turnover |
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work |
carried out in respect of services provided to customers. |
|
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any any accumulated impairment losses. |
|
Franchise costs are being amortised evenly over their estimated useful life of ten years. |
|
Tangible fixed assets |
|
Plant and machinery etc | - |
|
|
Financial instruments |
A financial asset or financial liability is recognised only when the company becomes a party to the contractual |
provisions of the instrument. |
|
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a |
financial transaction, where it is recognised at the present value of the future payments discounted at a market |
rate for a similar debt instrument. |
|
Debt instruments are subsequently measured at amortised cost. |
|
Hire purchase and leasing commitments |
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and |
rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet 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 the rental obligations is charged to the profit and loss account over the period of the lease |
and represents a constant proportion of the balance of capital repayments outstanding. |
|
Rentals paid under operating leases are charged to income on a straight line basis over the lease term. |
|
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to profit or loss in the period to which they relate. |
WIGMORE ESTATE AGENTS LIMITED (REGISTERED NUMBER: 03729616) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
|
3. | ACCOUNTING POLICIES - continued |
|
Going concern |
The financial statements have been prepared on the assumption that the directors will continue to provide |
sufficient funds for at least another 12 months from the date of signing the report, which have been indicated. |
|
4. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
5. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 January 2018 |
and 31 December 2018 |
|
AMORTISATION |
At 1 January 2018 |
|
Charge for year |
|
At 31 December 2018 |
|
NET BOOK VALUE |
At 31 December 2018 |
|
At 31 December 2017 |
|
|
6. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2018 |
|
Additions |
|
Disposals | ( |
) |
At 31 December 2018 |
|
DEPRECIATION |
At 1 January 2018 |
|
Charge for year |
|
Eliminated on disposal | ( |
) |
At 31 December 2018 |
|
NET BOOK VALUE |
At 31 December 2018 |
|
At 31 December 2017 |
|
WIGMORE ESTATE AGENTS LIMITED (REGISTERED NUMBER: 03729616) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
|
7. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST |
At 1 January 2018 |
and 31 December 2018 |
|
PROVISIONS |
At 1 January 2018 |
and 31 December 2018 | 13,599 |
NET BOOK VALUE |
At 31 December 2018 |
|
At 31 December 2017 |
|
|
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
|
|
|
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.18 | 31.12.17 |
£ | £ |
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
10. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.12.18 | 31.12.17 |
£ | £ |
Other creditors |
|
|
|
Amounts falling due in more than five years: |
|
Repayable by instalments |
Other loans more 5yrs instal | 52,611 | - |
WIGMORE ESTATE AGENTS LIMITED (REGISTERED NUMBER: 03729616) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2018 |
|
11. | LEASING AGREEMENTS |
|
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.18 | 31.12.17 |
£ | £ |
Within one year |
|
|
Between one and five years |
|
|
In more than five years |
|
|
|
|
|
12. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
31.12.18 | 31.12.17 |
£ | £ |
Franchisor loan | 144,469 | 171,436 |
|
The Company has a fixed & floating legal charge over its property and undertaking in respect of Winkworth |
Franchising Ltd. |
|
13. | CONTINGENT LIABILITIES |
|
There is a charge under the rent deposit deed for the security deposit and any amounts added to it from time to |
time including any accrued interest thereon in favour of Mr A Nicholas and Mrs T Kendall. |
|
14. | RELATED PARTY DISCLOSURES |
|
A Director has provided personal guarantees to the Landlord of the Company's rental property if they are unable |
to make payments. The guarantee is to continue until the end of the term, or until the Company is released from |
the tenant covenants of the lease by virtue of the Landlord and Tenant Covenants Act 1995, if earlier. |
|
A Directors has provided Barclays Bank a personal guarantee for £60,000 in respect of the bank overdraft and |
loan facilities provided by them. |
|
In addition, to the above there were some interest free loans repayable on demand made from Beamray Limited, |
a company which shares the same Director, to the Company. At the balance sheet date, the amount outstanding |
totalled £41,199 (2017: £64,669). |
|
The Company also maintains an interest free loan account, which is repayable on demand, for the Directors. At |
the year end, the Directors were owned £104,325 (2017: £104,952). |
|
The company purchased a new franchise territory and borrowed £214,294 from its Franchisor on an interest free |
basis to be paid over a 10 year term ending in 2025. |