Registration number:
Properties 'R' Wells Ltd
for the Period from 1 January 2016 to 31 March 2017
2 Cheapside
Derby
Derbyshire
DE1 1BR
Properties 'R' Wells Ltd
Contents
Company Information |
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Accountants' Report |
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Abridged Balance Sheet |
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Notes to the Abridged Financial Statements |
Properties 'R' Wells Ltd
Company Information
Director |
Mr Paul Robert Wells |
Company secretary |
Miss Lisa Lambert |
Registered office |
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Accountants |
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Page 1 |
Accountants' Report to the Director on the Preparation of the Statutory Accounts of
Properties 'R' Wells Ltd
for the Period Ended 31 March 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Properties 'R' Wells Ltd for the period ended 31 March 2017 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.
It is your duty to ensure that Properties 'R' Wells Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Properties 'R' Wells Ltd. You consider that Properties 'R' Wells Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of Properties 'R' Wells Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Derby
Derbyshire
DE1 1BR
Page 2 |
Properties 'R' Wells Ltd
(Registration number: 05322468)
Abridged Balance Sheet as at 31 March 2017
Note |
2017 |
2015 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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- |
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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 assets |
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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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Accruals and deferred income |
( |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Profit and loss account |
( |
( |
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Total equity |
( |
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Page 3 |
Properties 'R' Wells Ltd
(Registration number: 05322468)
Abridged Balance Sheet as at 31 March 2017
For the financial period ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
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.
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.
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
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Page 4 |
Properties 'R' Wells Ltd
Notes to the Abridged Financial Statements for the Period from 1 January 2016 to 31 March 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
The principal place of business is:
317 Psalter Lane
Sheffield
South Yorkshire
S11 8WA
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.
Statement of compliance
These abridged financial statements were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
Basis of preparation
These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Tangible assets
Tangible assets are stated in the statement of financial position 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.
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 |
Tangible assets |
0% and 25% on a reducing balance basis |
Page 5 |
Properties 'R' Wells Ltd
Notes to the Abridged Financial Statements for the Period from 1 January 2016 to 31 March 2017
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Goodwill |
Over 10 years on a straight line basis |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or 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. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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 the Profit and Loss Account 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.
Page 6 |
Properties 'R' Wells Ltd
Notes to the Abridged Financial Statements for the Period from 1 January 2016 to 31 March 2017
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
Intangible assets |
Total |
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Cost or valuation |
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At 1 January 2016 |
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At 31 March 2017 |
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Amortisation |
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At 1 January 2016 |
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At 31 March 2017 |
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Carrying amount |
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At 31 March 2017 |
- |
The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2015 - £Nil).
Page 7 |
Properties 'R' Wells Ltd
Notes to the Abridged Financial Statements for the Period from 1 January 2016 to 31 March 2017
Tangible assets |
Total |
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Cost or valuation |
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At 1 January 2016 |
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Additions |
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At 31 March 2017 |
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Depreciation |
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At 1 January 2016 |
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Charge for the year |
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At 31 March 2017 |
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Carrying amount |
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At 31 March 2017 |
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At 31 December 2015 |
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Included within the net book value of land and buildings above is £438,600 (2015 - £422,100) in respect of freehold land and buildings.
Related party transactions |
Transactions with directors |
2017 |
At 1 January 2016 |
Advances to directors |
At 31 March 2017 |
Mr Paul Robert Wells |
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Director's loan account |
(503,354) |
|
( |
2015 |
At 1 January 2015 |
Repayments by director |
At 31 December 2015 |
Mr Paul Robert Wells |
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Director's loan account |
(417,782) |
( |
( |
Page 8 |
Properties 'R' Wells Ltd
Notes to the Abridged Financial Statements for the Period from 1 January 2016 to 31 March 2017
Directors' remuneration
The director's remuneration for the period was as follows:
2017 |
2015 |
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Remuneration |
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- |
Other transactions with directors |
The director's loan has no fixed repayment date.
Page 9 |