Company Registration No. 04532330 (England and Wales)
IWC ESTATE PLANNING & MANAGEMENT LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
PAGES FOR FILING WITH REGISTRAR
IWC ESTATE PLANNING & MANAGEMENT LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
IWC ESTATE PLANNING & MANAGEMENT LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2018
30 September 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
3
2,550
2,700
Tangible assets
4
22,669
13,558
25,219
16,258
Current assets
Debtors
5
213,239
158,875
Cash at bank and in hand
193,918
196,611
407,157
355,486
Creditors: amounts falling due within one year
6
(68,998)
(70,348)
Net current assets
338,159
285,138
Total assets less current liabilities
363,378
301,396
Provisions for liabilities
(4,792)
(3,089)
Net assets
358,586
298,307
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
8
358,486
298,207
Total equity
358,586
298,307
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
The notes on pages 3 - 7 form an integral part of these financial statements.
For the financial year ended 30 September 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have 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 in accordance with the provisions applicable to companies subject to the small companies’ regime
and FRS102 Section 1A
IWC ESTATE PLANNING & MANAGEMENT LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2018
30 September 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 12 June 2019 and are signed on its behalf by:
Mr T S Crocker
Director
Company Registration No. 04532330
IWC ESTATE PLANNING & MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 3 -
1
Accounting policies
Company information
IWC Estate Planning & Management Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Airport House, Suite 43-45, Purley Way, Croydon, Surrey, CR0 0XZ.
The principal activity of the company continued to be that of will writing.
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. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets
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:
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
25% reducing balance
1.5
Financial instruments
The company only enters into basic financial transactions that result in recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from bank and other third parties, loans to related parties and investments in non-puttable ordinary shares.
1.6
Deferred tax
Deferred tax is recognized in respect of all material timing differences that have originated but not reversed at the balance sheet date.
IWC ESTATE PLANNING & MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
1
Accounting policies
(Continued)
- 4 -
1.7
Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the statement of income and retained earnings in the year that the company becomes aware of the obligation and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in Balance sheet.
1.8
Pensions
Defined contribution pension plan
The company operates a defined contribution pension plan for its employees.
A defined contribution plan is
a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The company
also
makes gross contributions to the directors personal defined contribution pension scheme.
The contributions are recognised as an expense in the statement of income and retained earning when they are paid. The assets of the plan are held separately from the Company in
independently administered funds .
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 10 (2017 - 9).
2018
2017
Number
Number
Director
1
1
Employees
9
8
10
9
IWC ESTATE PLANNING & MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 5 -
3
Intangible fixed assets
Goodwill
£
Cost
At 1 October 2017 and 30 September 2018
3,000
Amortisation and impairment
At 1 October 2017
300
Amortisation charged for the year
150
At 30 September 2018
450
Carrying amount
At 30 September 2018
2,550
At 30 September 2017
2,700
4
Tangible fixed assets
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
Cost
At 1 October 2017
23,360
5,750
29,110
Additions
7,278
9,391
16,669
At 30 September 2018
30,638
15,141
45,779
Depreciation and impairment
At 1 October 2017
13,037
2,516
15,553
Depreciation charged in the year
4,401
3,156
7,557
At 30 September 2018
17,438
5,672
23,110
Carrying amount
At 30 September 2018
13,200
9,469
22,669
At 30 September 2017
10,324
3,234
13,558
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
69,748
56,663
Other debtors
139,033
98,607
Prepayments and accrued income
4,458
3,605
213,239
158,875
IWC ESTATE PLANNING & MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
5
Debtors
(Continued)
- 6 -
The director considers the carrying value of trade and other receivables approximate to their fair values.
6
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
4,150
4,749
Corporation tax
19,767
17,185
Other taxation and social security
32,658
41,435
Other creditors
6,060
3,515
Accruals and deferred income
6,363
3,464
68,998
70,348
The directors consider the carrying amounts of current liabilities approximate to their fair values.
7
Pension Commitments
The Company
operates a defined contribution pension plan for its employees and also
makes gross contributions to the directors personal defined contribution pension scheme and contributions made to the
se
pension scheme are charged to the profit and loss account in the period when they are paid.
During the year the company made
contributions totalling
£675
( 2017 - £
NIL
)
to the Company
defined contribution pension scheme
for its employees.
During the year the company
also
made
contributions totalling
£
6,0
82
( 2017 - £
30,000
) to the directors personal
defined
contribution pension scheme.
8
Reserves
Profit and loss reserves
The Profit and loss account comprises all current and prior period retained profit and losses after deducting
any distributions made to the company's shareholders. This is a distributable reserve.
9
Operating lease commitments
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
Within one year
12,500
12,500
Between two and five years
31,250
43,750
43,750
56,250
IWC ESTATE PLANNING & MANAGEMENT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2018
- 7 -
10
Related party relationships and transactions
At the balance sheet date, included in other creditors
were
the amount due to
director
of
£
908 (20
17 - £2,646
).
Other debtors includes amount due from following companies, which are owned and controlled by the director Tony Crocker.
Develop by design limited - £56,870 (2017 - £56,510)
Fleetwood Heir Hunting Services Ltd - £62,
815
(2017 - £36,227)
Apsotille and Legalisation Services Ltd - £16,798 (2017 - £Nil)