Willson Grange Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04093392

Unaudited Financial Statements

for the Year Ended 31 December 2017

for

Willson Grange Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S Willson

I D M Forster

SECRETARY:

Mrs R Willson

REGISTERED OFFICE:

3-4 The Quadrant

Hoylake

Wirral

Merseyside

CH47 2EE

REGISTERED NUMBER:

04093392

ACCOUNTANTS:

Graham & Fisher Limited

T/A Grahams

Chartered Accountants

30 Birkenhead Road

Hoylake

Wirral

CH47 3BW

BANKERS:

HSBC

2 The Quadrant

Hoylake

Wirral

CH47 2EG

FIXED ASSETS

Intangible assets

4

-

434,561

Tangible assets

5

610,425

523,633

Investment property

6

156,598

-

767,023

958,194

CURRENT ASSETS

Debtors

7

2,194,189

3,176,538

Cash at bank and in hand

1,763,119

27,378

3,957,308

3,203,916

CREDITORS

Amounts falling due within one year

8

2,639,452

1,019,359

NET CURRENT ASSETS

1,317,856

2,184,557

TOTAL ASSETS LESS CURRENT LIABILITIES

2,084,879

3,142,751

CREDITORS

Amounts falling due after more than one year

9

-

(3,110,930

)

PROVISIONS FOR LIABILITIES

(20,000

)

(20,000

)

NET ASSETS

2,064,879

11,821

CAPITAL AND RESERVES

Called up share capital

143

143

Retained earnings

2,064,736

11,678

SHAREHOLDERS' FUNDS

2,064,879

11,821

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.

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 18 September 2018 and were signed on its behalf by:

S Willson - Director

1.	STATUTORY INFORMATION

Willson Grange Limited is a private company, limited by shares , registered in Not specified/Other. The

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

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover consists of commissions receivable for work done for third parties, in respect of continuing activities.

It is generated entirely within the United Kingdom. The total amount of indemnity commission in the year was

approximately £392,000 (2016 - £384,000). The Company is not registered for VAT.

During the year, the number of policies subject to clawback of commission which lapsed was forty seven (2016 -

thirty two), with the total clawback approximately £38,700 (2016 - £47,214).

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Land and buildings

-

1% on cost

Plant and machinery etc

-

25% on reducing balance, 25% on cost and 10% on cost

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.

Financial instruments

Creditors due after one year includes a commercial repayment mortgage and other loans, one of which is

repayment and two are interest only. Interest is charged to the Profit and Loss Account as it is incurred.

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.

Goodwill

Purchased goodwill is capitalised and amortised on a 20% straight line basis which the director feels is an

accurate reflection of the useful economic life.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2016 - 39 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2017

1,808,637

Additions

1,500

Disposals

(1,810,137

)

At 31 December 2017

-

AMORTISATION

At 1 January 2017

1,374,076

Charge for year

42,941

Eliminated on disposal

(1,417,017

)

At 31 December 2017

-

NET BOOK VALUE

At 31 December 2017

-

At 31 December 2016

434,561

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2017

373,535

811,069

1,184,604

Additions

-

188,174

188,174

Disposals

-

(120,569

)

(120,569

)

At 31 December 2017

373,535

878,674

1,252,209

DEPRECIATION

At 1 January 2017

51,493

609,478

660,971

Charge for year

3,736

97,646

101,382

Eliminated on disposal

-

(120,569

)

(120,569

)

At 31 December 2017

55,229

586,555

641,784

NET BOOK VALUE

At 31 December 2017

318,306

292,119

610,425

At 31 December 2016

322,042

201,591

523,633

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Additions

156,598

At 31 December 2017

156,598

NET BOOK VALUE

At 31 December 2017

156,598

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Trade debtors

173,960

200,116

Other debtors

2,020,229

2,976,422

2,194,189

3,176,538

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Bank loans and overdrafts

262,987

23,761

Trade creditors

137,189

62,469

Taxation and social security

614,675

205,114

Other creditors

1,624,601

728,015

2,639,452

1,019,359

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.17

31.12.16

£

£

Bank loans

-

263,360

Other creditors

-

2,847,570

-

3,110,930

Amounts falling due in more than five years:

Repayable by instalments

Bank loan + 5 years

-

169,821

Other loans +5 years

-

2,831,278

-

3,001,099

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.17

31.12.16

£

£

Bank loans

262,987

286,745

The bank loan and mortgage are secured by a floating debenture on the assets of the Company.

11.	CONTINGENT LIABILITIES

The total amount of clawback that would be due if all of the policies advised on were cancelled would be

approximately £237,000 (2016 - £194,348). However, given past management experience, a general provision

has been set up of £20,000 (2016 - £20,000). The remainder is then classed as a contingent liability.

12.	RELATED PARTY DISCLOSURES

During the year, total dividends of £193,471 (2016 - £90,000) were paid to the directors .

Mr S Willson is a director of the company and he and Mrs R Willson are majority shareholders. They are also

the sole directors and shareholders of WG Asset Holdings Limited, Linartson Estates Limited, Kolben Limited

and Exchange Wealth Management Limited. During the year, payments made by these related parties on behalf

of the company totalled £43,611 (2016 - £nil), loans from them totalled £nil (2016 - £75,000), amounts received

on behalf of them was £277,199 (2016 - £221,457) and management charges due to them totalled £45,000 (2016

- £45,000). In addition £753,418 (2016 - £122,527) was paid on behalf of related parties, there were loans to

them of £99,755 (2016 - £796,946) and management charges due from them of £18,000 (2016 - £6,000). Finally

in 2016 £1,465,133 of loans from related parties were repaid.

At the end of the year,

the amount due from related parties was £1,796,767 (2016 - £1,626,418) which is included in debtors due within

one year .

the amount due to related parties was £357,233 (2016 - £693,113) which is included in creditors due within one

year.