Registration number:
Winston (UK) Limited
for the Year Ended 31 December 2018
Winston (UK) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
Winston (UK) Limited
Company Information
Directors |
Mr C A Rycroft Mr J A Rycroft |
Company secretary |
Mr J A Rycroft |
Registered office |
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Page 1 |
Winston (UK) Limited
(Registration number: 05267822)
Balance Sheet as at 31 December 2018
Note |
2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Provisions for liabilities |
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Net assets |
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Capital and reserves |
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Called up and fully paid share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 December 2018 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the profit and loss account has been taken.
Page 2 |
Winston (UK) Limited
(Registration number: 05267822)
Balance Sheet as at 31 December 2018
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.
Approved and authorised by the
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Page 3 |
Winston (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
General information |
The Company is a private company limited by share capital incorporated in England and Wales. Details of the registered office are shown on page 1. Details of the registered office are shown on page 1.
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.
Basis of preparation
These financial statements have been prepared on a going concern basis, using the historical cost convention and in accordance with FRS 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Group accounts not prepared
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for rental income due under tenancy agreements and contracts.Turnover is shown net of value added tax, returns, rebates and discounts and is recognised as it falls due.
Tax
Current income tax is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date.
Deferred tax is recognised on timing differences between taxable profits and profits reported in the financial statements. Deferred tax is recognised on all timing differences at the reporting date and is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
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.
Page 4 |
Winston (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
2 |
Accounting policies (continued) |
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 |
Freehold property |
2% straight line |
Plant and machinery |
25% reducing balance |
Fixtures and fittings |
25% reducing balance |
Office equipment |
25% reducing balance |
Investment property
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade 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 recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Page 5 |
Winston (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
2 |
Accounting policies (continued) |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to profit or loss over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Dividends
Dividend distribution to the Company’s shareholders is recognised in the financial statements in the reporting period in which the dividends are paid.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the Company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary and preference shares, which are measured at fair value provided that this can be measured reliably. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Staff numbers |
The average number of persons employed by the company (including directors) in the year, was
Page 6 |
Winston (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
Tangible assets |
Land and buildings |
Other property, plant and equipment |
Total |
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Cost |
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At 1 January 2018 |
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At 31 December 2018 |
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Depreciation |
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At 1 January 2018 |
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Charge for the year |
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At 31 December 2018 |
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Carrying amount |
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At 31 December 2018 |
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At 31 December 2017 |
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Investment properties |
2018 |
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At 1 January |
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Additions |
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Fair value adjustments |
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At 31 December |
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The investment properties class of fixed assets were revalued on the 31st December 2018 by the directors who are internal to the company. The basis of this valuation was at open market. This class of assets has a current value of £9,195,510 (2017: £8,940,160) and a carrying amount at historical cost of £7,688,955 (2017: £7,495,330).
The depreciation on this historical cost is £nil (2017: £nil).
Page 7 |
Winston (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
Investments |
2018 |
2017 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 January 2018 |
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Provision |
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Carrying amount |
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At 31 December 2018 |
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At 31 December 2017 |
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Debtors |
2018 |
2017 |
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Trade debtors |
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Amounts owed by group undertakings |
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Other debtors |
- |
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Prepayments |
1,727 |
2,267 |
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Page 8 |
Winston (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
Creditors |
Note |
2018 |
2017 |
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Due within one year |
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Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
2018 |
2017 |
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Current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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2018 |
2017 |
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Non-current loans and borrowings |
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Bank borrowings |
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Security held
Sg Hambros Bank (Channel Islands) Limited and National Westminster Bank plc hold legal charges over individual freehold investment properties as security over the loans.
Page 9 |
Winston (UK) Limited
Notes to the Financial Statements for the Year Ended 31 December 2018
Related party transactions |
Vida Hall Limited
Vida Hall Limited is a company of which Mr C A Rycroft and Mr J A Rycroft are directors. During the year, the company received an interest free loan from Vida Hall Limited which is repayable on demand. At the balance sheet date the amount owed to Vida Hall Limited was £85,825 (2017 - NIL).
Vida Grange Limited
Vida Grange Limited is a company of which Mr C A Rycroft and Mr J A Rycroft are directors. During the year, the company received an interest free loan from Vida Grange Limited which is repayable on demand. At the balance sheet date the amount owed to Vida Grange Limited was £86,500 (2017 - NIL).
Page 10 |