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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2018 |
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A.H. WILLIS AND SONS PROPERTY LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2018 |
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FOR |
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A.H. WILLIS AND SONS PROPERTY LIMITED |
A.H. WILLIS AND SONS PROPERTY LIMITED (REGISTERED NUMBER: 09659649) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 March 2018 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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A.H. WILLIS AND SONS PROPERTY LIMITED |
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COMPANY INFORMATION |
for the year ended 31 March 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Accountants |
Griffins Court |
24-32 London Road |
NEWBURY |
Berkshire |
RG14 1JX |
A.H. WILLIS AND SONS PROPERTY LIMITED (REGISTERED NUMBER: 09659649) |
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BALANCE SHEET |
31 March 2018 |
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31/3/18 | 31/3/17 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 3 |
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CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 6 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
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ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006
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(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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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A.H. WILLIS AND SONS PROPERTY LIMITED (REGISTERED NUMBER: 09659649) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 March 2018 |
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1. | STATUTORY INFORMATION |
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A.H. Willis And Sons Property Limited is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements are presented in sterling which is the functional currency of the company and rounded to the |
nearest £. |
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The significant accounting policies applied in the preparation of these financial statements are set out below. These policies |
have been consistently applied to all years presented unless otherwise stated. |
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Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial |
Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly |
owned subsidiaries within the group. |
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Significant judgements and estimates |
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect |
the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and |
expenses during the period. However, the nature of estimation means that actual outcomes could differ from those |
estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts |
recognised in the financial statements. |
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Revenue recognition |
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The key judgement made by management in respect of revenue is the point at which that revenue should be recognised. |
Management consider the underlying contract terms and conclude upon the most appropriate point of the cycle at which |
to recognise revenue based upon these terms and in particular where the risks and rewards of ownership transfer. |
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Tangible Fixed Assets |
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Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate, the |
actual lives of the assets and residual values. |
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Investment property |
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The directors have also made key assumptions in the determinations of the fair value of the investment property in respect |
of the state of the property market in the location where the property is situated and in respect of the range of reasonable |
fair value estimates of the asset. |
A.H. WILLIS AND SONS PROPERTY LIMITED (REGISTERED NUMBER: 09659649) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. |
Turnover relates to sales within the UK market. The policies adopted for the recognition of turnover are as follows: |
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Rendering of services |
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When the outcome of a transaction can be estimated reliably, turnover from the rendering of services is recognised by |
reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to the |
completion of the rental period. |
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Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised |
that are recoverable. |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value |
is recognised in profit or loss. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent |
that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively |
enacted by the balance sheet date. |
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Deferred tax |
Deferred tax represents the future tax consequence of transactions and events recognised in the financial statements of |
current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing |
differences are differences between taxable profits and total comprehensive income as stated in the financial statements |
that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are |
recognised in the financial statements. Unrelieved tax losses and other deferred tax assets are recognised only to the |
extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable |
profit. |
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Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance |
sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable |
tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sales of the |
assets. |
A.H. WILLIS AND SONS PROPERTY LIMITED (REGISTERED NUMBER: 09659649) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Impairments |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet |
date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and |
compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is |
recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation |
decrease. |
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Provisions |
Provisions are recognised when the company has a legal or constructive obligation at the report date as a result of a past |
event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be |
reliably estimated. |
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Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date. |
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Debtors and creditors receivable/payable within one year |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction |
price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
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Rents received |
Rents received are recognised in the period they relate to. |
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3. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 April 2017 |
and 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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The investment property fair value at 31 March 2018 has been arrived at on the basis of a valuation carried out on that |
date by the directors who are not professionally qualified. The valuation, which does not differ from the valuation at the |
end of the previous reporting period, was arrived at by reference to market evidence of transaction prices for similar |
properties in its location and takes into account the depressed state of the rental market in the area where the property is |
situated. |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/18 | 31/3/17 |
£ | £ |
Amounts owed by group undertakings |
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A.H. WILLIS AND SONS PROPERTY LIMITED (REGISTERED NUMBER: 09659649) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 March 2018 |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31/3/18 | 31/3/17 |
£ | £ |
Taxation and social security |
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Other creditors |
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6. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31/3/18 | 31/3/17 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |