ACCOUNTS - Final Accounts


Caseware UK (AP4) 2018.0.196 2018.0.1962019-03-292019-03-2925000002500000The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueproperty rental and managementfalse2018-03-30021649362018-03-302019-03-29021649362019-03-29021649362018-03-2902164936 c:Director1 2018-03-302019-03-2902164936 d:FurnitureFittings 2018-03-302019-03-2902164936 d:FurnitureFittings 2019-03-2902164936 d:FurnitureFittings 2018-03-2902164936 d:FreeholdInvestmentProperty 2019-03-2902164936 d:FreeholdInvestmentProperty 2018-03-2902164936 d:LeaseholdInvestmentProperty 2019-03-2902164936 d:LeaseholdInvestmentProperty 2018-03-2902164936 d:CurrentFinancialInstruments 2019-03-2902164936 d:CurrentFinancialInstruments 2018-03-2902164936 d:Non-currentFinancialInstruments 2019-03-2902164936 d:Non-currentFinancialInstruments 2018-03-2902164936 d:CurrentFinancialInstruments d:WithinOneYear 2019-03-2902164936 d:CurrentFinancialInstruments d:WithinOneYear 2018-03-2902164936 d:Non-currentFinancialInstruments d:AfterOneYear 2019-03-2902164936 d:Non-currentFinancialInstruments d:AfterOneYear 2018-03-2902164936 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2019-03-2902164936 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2018-03-2902164936 d:ShareCapital 2019-03-2902164936 d:ShareCapital 2018-03-2902164936 d:InvestmentPropertiesRevaluationReserve 2018-03-302019-03-2902164936 d:InvestmentPropertiesRevaluationReserve 2019-03-2902164936 d:InvestmentPropertiesRevaluationReserve 2018-03-2902164936 d:RetainedEarningsAccumulatedLosses 2018-03-302019-03-2902164936 d:RetainedEarningsAccumulatedLosses 2019-03-2902164936 d:RetainedEarningsAccumulatedLosses 2018-03-2902164936 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2019-03-2902164936 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2018-03-2902164936 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2019-03-2902164936 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2018-03-2902164936 c:FRS102 2018-03-302019-03-2902164936 c:AuditExempt-NoAccountantsReport 2018-03-302019-03-2902164936 c:FullAccounts 2018-03-302019-03-2902164936 c:PrivateLimitedCompanyLtd 2018-03-302019-03-29iso4217:GBPxbrli:pure

Registered number:  02164936














WILLOW MANAGEMENT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2019


 
WILLOW MANAGEMENT LIMITED
REGISTERED NUMBER: 02164936

BALANCE SHEET
AS AT 29 MARCH 2019

2019
2018
Note
£
£

Fixed assets
  

Investment property
 5 
1,250,000
1,250,000

  
1,250,000
1,250,000

Current assets
  

Debtors: amounts falling due within one year
 6 
135,088
130,248

Cash at bank and in hand
 7 
13,092
24,509

  
148,180
154,757

Creditors: amounts falling due within one year
 8 
(311,114)
(162,252)

Net current liabilities
  
 
 
(162,934)
 
 
(7,495)

Total assets less current liabilities
  
1,087,066
1,242,505

Creditors: amounts falling due after more than one year
 9 
-
(173,168)

  

Net assets
  
1,087,066
1,069,337


Capital and reserves
  

Called up share capital 
  
25,000
25,000

Investment property reserve
 12 
557,793
557,793

Profit and loss account
 12 
504,273
486,544

  
1,087,066
1,069,337


Page 1

 
WILLOW MANAGEMENT LIMITED
REGISTERED NUMBER: 02164936
    
BALANCE SHEET (CONTINUED)
AS AT 29 MARCH 2019

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 year 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 statement of comprehensive income 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: 




................................................
N G Cowley
Director

Date: 23 December 2019

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
WILLOW MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2019

1.


General information

The company is a private company limited by shares, which is incorporated under the Companies Act 2006 and registered in England (no. 02164936). The address of the registered office is 43 Canning Street, Liverpool, L8 7NN.
These financial statements present information about the company as an individual undertaking; it is not a member of a group of companies. The principal activity of the company is of property rental and management.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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, 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 following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised:

Rendering of services

Revenue 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 revenue 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.

 
2.3

Finance costs

Finance costs are charged to the Statement of comprehensive income 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.

Page 3

 
WILLOW MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2019

2.Accounting policies (continued)

 
2.4

Borrowing costs

All borrowing costs are recognised in the Statement of comprehensive income in the year in which they are incurred.

 
2.5

Pensions

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 Statement of comprehensive income 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.

 
2.6

Taxation

Tax is recognised in the Statement of comprehensive income, 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.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, 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, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures & fittings
-
25%
straight line

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 Statement of comprehensive income.

Page 4

 
WILLOW MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2019

2.Accounting policies (continued)

 
2.8

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

 
2.9

Debtors

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.

 
2.10

Cash and cash equivalents

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.

 
2.11

Creditors

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.

 
2.12

Financial instruments

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, loans to related parties and investments in non-puttable ordinary shares.

 
2.13

Dividends

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 at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2018 - 3).

Page 5

 
WILLOW MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2019

4.


Tangible fixed assets





Fixtures & fittings

£



Cost or valuation


At 30 March 2018
47,616



At 29 March 2019

47,616



Depreciation


At 30 March 2018
47,616



At 29 March 2019

47,616



Net book value



At 29 March 2019
-



At 29 March 2018
-

Page 6

 
WILLOW MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2019

5.


Investment property


Freehold investment property
Long term leasehold investment property
Total

£
£
£



Valuation


At 30 March 2018
300,000
950,000
1,250,000



At 29 March 2019
300,000
950,000
1,250,000

The 2019 valuations were made by Mr N G Cowley, a director, on an open market value for existing use basis.

2019
2018
£
£

Revaluation reserves


At 30 March 2018
557,793
557,793

At 29 March 2019
557,793
557,793



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2019
2018
£
£


Historic cost
592,208
592,208

592,208
592,208


6.


Debtors

2019
2018
£
£


Other debtors
135,088
130,248

135,088
130,248


Page 7

 
WILLOW MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2019

7.


Cash and cash equivalents

2019
2018
£
£

Cash at bank and in hand
13,092
24,509

13,092
24,509



8.


Creditors: Amounts falling due within one year

2019
2018
£
£

Bank loans
-
9,225

Amounts owed to associates
25,095
27,508

Corporation tax
4,465
5,991

Other taxation and social security
3,070
7,403

Other creditors
274,321
109,561

Accruals and deferred income
4,163
2,564

311,114
162,252



9.


Creditors: Amounts falling due after more than one year

2019
2018
£
£

Bank loans
-
173,168

-
173,168


Page 8

 
WILLOW MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2019

10.


Loans


Analysis of the maturity of loans is given below:


2019
2018
£
£

Amounts falling due within one year

Bank loans
-
9,225


Amounts falling due 2-5 years

Bank loans
-
173,168


-
182,393



11.


Financial instruments

2019
2018
£
£

Financial assets


Financial assets measured at fair value through profit or loss
13,092
24,509

Financial assets that debt instruments measured at amortised cost
135,088
130,248

148,180
154,757


Financial liabilities


Financial liabilities measured at amortised cost
299,437
322,027


Financial assets measured at fair value through profit or loss comprise cash at bank.


Financial assets measured at amortised cost comprise of other debtors.


Financial liabilities measured at amortised cost comprise of other creditors, accruals, bank loans and a bank overdraft.


12.


Reserves

Investment property revaluation reserve

Relates to the revaluation of freehold and leasehold property in prior periods.

Profit & loss account

Retained earnings include all current and prior period retained profits and losses less dividends paid.

Page 9

 
WILLOW MANAGEMENT LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 MARCH 2019

13.


Pension commitments

The Company operates a defined contributions 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 £2,375 (2018 - £nil) . Contributions totalling £nil (2018 - £nil) were payable to the fund at the balance sheet date and are included in creditors.


14.


Related party transactions

Included in other debtors and creditors are the following amounts owed from/(to) related parties:


2019
2018
£
£

Optionspace Limited
(40,878)
(39,552)
N G Cowley
62,034
79,508
Baker House Limited
(25,095)
(27,508)
T J Cowley
(165,220)
-
(169,159)
12,448

 
Page 10