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Waldeck Associates Limited
Registered number: 03450319
Information for filing with the registrar
For the period ended 30 March 2018
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WALDECK ASSOCIATES LIMITED
REGISTERED NUMBER: 03450319
BALANCE SHEET
AS AT 30 MARCH 2018
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Creditors: amounts falling due within one year
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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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- 1 -
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WALDECK ASSOCIATES LIMITED
REGISTERED NUMBER: 03450319
BALANCE SHEET (CONTINUED)
AS AT 30 MARCH 2018
The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.
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.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 10 form part of these financial statements.
- 2 -
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WALDECK ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2018
Waldeck Associates Limited, presents its financial statements for the period ended 30 March 2018. The presentational currency for the financial statements is Pounds Sterling (£). The Company is a private company, limited by shares and is registered in England. Its registered office address is Adamson House Centenary Way, Salford, Manchester, England, M50 1RD. The principal activity of the Company during the year continued to be that of consulting civil and structural engineers.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102 ("FRS 102"), the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The company's year end date changed from 31 March to 30 March. As such, the periods covered in the financial statements are not directly comparable.
The following principal accounting policies have been applied:
The financial statements have been prepared on a going concern basis. The validity of this assumption depends upon the continued financial support of the new parent undertaking, Morson Holdings Limited, who have indicated their willingness to continue to support the Company financially. On this basis the Directors consider the Company is a going concern for the foreseeable future.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Rendering of services
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙the amount of turnover can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
- 3 -
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WALDECK ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2018
2.Accounting policies (continued)
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the lease term.
Interest income is recognised in the profit and loss account using the effective interest method.
Finance costs are charged to the profit and loss account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in the profit and loss account in the period in which they are incurred.
Defined contribution pension plan
The Company operates a defined contribution 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 contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
- 4 -
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WALDECK ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2018
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
Depreciation is provided on the following annual basis:
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Leasehold property improvements
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the profit and loss account.
- 5 -
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WALDECK ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2018
2.Accounting policies (continued)
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders.
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The average monthly number of employees, including Directors, during the period was 118 (2017:123).
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- 6 -
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WALDECK ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2018
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Leasehold property improvements
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- 7 -
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WALDECK ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2018
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Amounts owed by related parties
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Prepayments and accrued income
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Creditors: amounts falling due within one year
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Bank overdrafts and loans
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Amounts owed to group undertakings
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Other taxation and social security
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Bank overdrafts and loans are secured over the Company assets.
Included in other creditors is an amount of £1,399,440 (2017: £1,319,707) secured over the Company assets.
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Creditors: amounts falling due after more than one year
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Bank loans are secured over the Company assets.
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- 8 -
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WALDECK ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2018
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Shares classified as equity
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Allotted, called up and fully paid
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100 (2017: 100) Ordinary shares of £1 each
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390,000 (2017: 350,000) Preference shares of £1 each
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On 3 April 2017, the Company issued 40,000 Preference shares at £1, valued at par.
Profit & loss account
Profit and loss account includes all current and prior period retained profits and losses.
- 9 -
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WALDECK ASSOCIATES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 MARCH 2018
The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £156,185 (2017: £146,185). Contributions totaling £11,726 (2017: £6,382) were payable to the fund at the balance sheet date and are included within creditors.
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Commitments under operating leases
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At 30 March 2018 the Company had future minimum lease payments under non-cancellable operating leases as follows:
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Later than 1 year and not later than 5 years
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Related party transactions
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At 1 April 2017, there was an amount of £268,003 owed by P C Waldeck. During the year amounts of £33,335 was advanced to P C Waldeck. The balance owed by P C Waldeck at 30 March 2018 was £301,338. No interest was charged on this balance.
At the year end, included in trade creditors is a balance of £101,018 (2017: 78,624) due to Paul Waldeck Associates Limited Pension Fund.
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Post balance sheet events
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On 1 November 2018, Morson Holdings Limited acquired the entire shareholding of Waldeck Holdings Limited, the parent undertaking. Morson Holdings Limited is a company limited by shares and is registered in England. The registered office is Adamson House, Centenary Way, Salford, Manchester, Greater Manchester, England, M50 1RD.
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