Company Registration No. 13266182 (England and Wales)
WILLSONS PROPERTY PROFESSIONALS LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
31 MARCH 2022
WILLSONS PROPERTY PROFESSIONALS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 7
Information for management
-
WILLSONS PROPERTY PROFESSIONALS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
Notes
£
£
Fixed assets
Intangible assets
3
36,000
Tangible assets
4
40,505
76,505
Current assets
Stocks
38,697
Debtors
5
34,021
Cash at bank and in hand
244,848
317,566
Creditors: amounts falling due within one year
6
(312,730)
Net current assets
4,836
Total assets less current liabilities
81,341
Provisions for liabilities
984
Net assets
82,325
Capital and reserves
Called up share capital
7
100
Profit and loss reserves
82,225
Total equity
82,325
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial Period ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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 Period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
WILLSONS PROPERTY PROFESSIONALS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2022
31 March 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 May 2022 and are signed on its behalf by:
Mr James Boulton
Director
Company Registration No. 13266182
WILLSONS PROPERTY PROFESSIONALS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 MARCH 2022
- 3 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 15 March 2021
-
-
-
Period ended 31 March 2022:
Profit and total comprehensive income for the period
-
144,783
144,783
Issue of share capital
7
100
-
100
Dividends
-
(62,558)
(62,558)
Balance at 31 March 2022
100
82,225
82,325
WILLSONS PROPERTY PROFESSIONALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2022
- 4 -
1
Accounting policies
Company information
Willsons Property Professionals Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
16 Algitha Road, Skegness, Lincolnshire, PE25 2AG.
1.1
Basis of preparation
These financial statements have been prepared in accordance with applicable accounting standards including 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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Reporting period
[ FRS 102
3.10 An entity shall present a complete set of financial statements (including comparative
information as set out in paragraph 3.14) at least annually. When the end of an entity’s
reporting period changes and the annual financial statements are presented for a
period longer or shorter than one year, the entity shall disclose the following:
(a) that fact;
(b) the reason for using a longer or shorter period; and
(c) the fact that comparative amounts presented in the financial statements (including
the related notes) are not entirely comparable.
]
1.3
Turnover
Turnover
is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
Revenue from contracts for the provision of services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that
it is probable will be
recover
ed
.
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 20 years.
1.5
Tangible fixed assets
Tangible fixed assets are 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 and fittings
25% Reducing Balance
Motor vehicles
25% Reducing Balance
WILLSONS PROPERTY PROFESSIONALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 5 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell
.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.8
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
1.9
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.10
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
the profit and loss
account
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2022
Number
Total
16
WILLSONS PROPERTY PROFESSIONALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
- 6 -
3
Intangible fixed assets
Goodwill
£
Cost
At 15 March 2021
Additions
38,000
At 31 March 2022
38,000
Amortisation and impairment
At 15 March 2021
Amortisation charged for the Period
2,000
At 31 March 2022
2,000
Carrying amount
At 31 March 2022
36,000
4
Tangible fixed assets
Fixtures and fittings
Motor vehicles
Total
£
£
£
Cost
At 15 March 2021
Additions
19,312
34,695
54,007
At 31 March 2022
19,312
34,695
54,007
Depreciation and impairment
At 15 March 2021
Depreciation charged in the Period
4,828
8,674
13,502
At 31 March 2022
4,828
8,674
13,502
Carrying amount
At 31 March 2022
14,484
26,021
40,505
5
Debtors
2022
Amounts falling due within one year:
£
Trade debtors
18,531
Other debtors
15,490
34,021
WILLSONS PROPERTY PROFESSIONALS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2022
- 7 -
6
Creditors: amounts falling due within one year
2022
£
Trade creditors
44
Corporation tax
36,765
Other taxation and social security
27,646
Other creditors
248,275
312,730
7
Called up share capital
2022
2022
Ordinary share capital
Number
£
Issued and fully paid
Odrinary A Shares of £1 each
80
80
Ordinary B Shares of £1 each
20
20
100
100