Walker Persson And Spargo Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 01022632 (England and Wales)

WALKER PERSSON AND SPARGO LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr M W J Roberts

Mr S P Harvey

Mr S J Rowlands

Mr C R Watts

SECRETARY:

Mr S P Harvey

REGISTERED OFFICE:

Spargo House

10 Budshead Way

Plymouth

Devon

PL6 5FE

REGISTERED NUMBER:

01022632 (England and Wales)

ACCOUNTANTS:

Mark Holt & Co Limited

Chartered Accountants

7 Sandy Court

Ashleigh Way

Langage Business Park

Plymouth

Devon

PL7 5JX

FIXED ASSETS

Intangible assets

5

55,046

70,774

Tangible assets

6

142,288

176,642

Investments

7

15,250

15,250

212,584

262,666

CURRENT ASSETS

Debtors

1,120,570

1,208,282

Cash at bank and in hand

550,736

683,735

1,671,306

1,892,017

CREDITORS

Amounts falling due within one year

1,304,409

1,434,422

NET CURRENT ASSETS

366,897

457,595

TOTAL ASSETS LESS CURRENT LIABILITIES

579,481

720,261

CREDITORS

Amounts falling due after more than one year

(38,507

)

(58,657

)

PROVISIONS FOR LIABILITIES

(8,000

)

(11,160

)

NET ASSETS

532,974

650,444

CAPITAL AND RESERVES

Called up share capital

6,060

6,060

Share premium

690

690

Capital redemption reserve

10,000

10,000

Retained earnings

516,224

633,694

SHAREHOLDERS' FUNDS

532,974

650,444

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 December 2017 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors on 28 March 2018 and were signed on its behalf by:

Mr S J Rowlands - Director

1.	STATUTORY INFORMATION

Walker Persson And Spargo Ltd is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

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.

Turnover

Turnover represents net insurance commission which is taken to the profit and loss account when the premium is due.

Overrider's commissions are taken to the profit and loss account in the year in which they have been earned. Life

commissions are taken to the profit and loss account net of cancellations in the year in which the policy has been written.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2008, is being amortised evenly over its estimated useful life of two years.

Other intangible assets

Other intangible assets, being the amount paid to acquire a book list during the year. After initial recognition at cost it will

be amortised over its estimated useful life of 5 years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held

under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

- Straight line over the terms of the lease

Fixtures and Fittings

- 10% on reducing balance

Motor Vehicles

- 25% on reducing balance

Computer Equipment

- 25% on cost

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet

date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in

which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been

enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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 profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire

purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over

their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the

future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme

are charged to profit or loss in the period to which they relate.

Insurance debtors and creditors

The company acts as an agent in brokering the insurable risks of clients and, generally speaking, is not liable as a principal

for premiums due to underwriters or for claims payable to clients. Notwithstanding the legal relationship with clients and

underwriters, the company has followed generally accepted accounting practice for insurance intermediaries by showing

debtors, creditors and cash balances relating to insurance business as assets and liabilities of the company itself.

In the ordinary course of the insurance brokering business, settlement is required to be made with certain market

settlement bureaux, insurance intermediaries or insurance companies on the basis of the net balance due to or from them

rather than the amount due to or from the individual third parties which it represents. However, under Financial Reporting

Standard 5, assets and liabilities may not be set off unless net settlement is legally enforceable. Accordingly, insurance

broking debtors and creditors are shown gross within these accounts.

Investments

Fixed asset investments relate to unlisted investments.

The unlisted investments are stated at fair value with annual changes being taken to the profit and loss.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2016 - 36 ) .

5.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2017

and 31 December 2017

118,565

AMORTISATION

At 1 January 2017

47,791

Amortisation for year

15,728

At 31 December 2017

63,519

NET BOOK VALUE

At 31 December 2017

55,046

At 31 December 2016

70,774

6.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 January 2017

426,705

Additions

1,068

At 31 December 2017

427,773

DEPRECIATION

At 1 January 2017

250,063

Charge for year

35,422

At 31 December 2017

285,485

NET BOOK VALUE

At 31 December 2017

142,288

At 31 December 2016

176,642

Included in the above are motor vehicles which are held under hire purchase contracts. Their net book value at the year end

was £75,302 (2016: £94,035).

7.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 January 2017

and 31 December 2017

15,250

NET BOOK VALUE

At 31 December 2017

15,250

At 31 December 2016

15,250

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2017

2016

£

£

Net obligations repayable:

Within one year

22,245

27,253

Between one and five years

23,077

43,227

45,322

70,480

Non-cancellable operating

leases

2017

2016

£

£

Within one year

81,787

83,552

Between one and five years

311,301

316,435

In more than five years

140,800

217,600

533,888

617,587

9.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank overdrafts

338,455

278,202

Hire purchase contracts

45,322

70,480

383,777

348,682

Amounts owing on hire purchase/finance lease contracts are secured on the individual assets to which they relate.

An unlimited guarantee is also in place between Walker Persson and Spargo Limited and WPS (Group) Holdings Limited

securing the bank overdraft.

The directors Mr S Rowlands, Mr S Harvey and Mr C Watts have a personal guarantee securing the bank facilities totalling

£75,000.