Willson Grange Limited - Accounts to registrar (filleted) - small 18.2
Willson Grange Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2017 |
for |
Willson Grange Limited |
Willson Grange Limited (Registered number: 04093392) |
Contents of the Financial Statements |
for the Year Ended 31 December 2017 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Willson Grange Limited |
Company Information |
for the Year Ended 31 December 2017 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
T/A Grahams |
Chartered Accountants |
30 Birkenhead Road |
Hoylake |
Wirral |
CH47 3BW |
BANKERS: |
2 The Quadrant |
Hoylake |
Wirral |
CH47 2EG |
Willson Grange Limited (Registered number: 04093392) |
Balance Sheet |
31 December 2017 |
31.12.17 | 31.12.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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. |
Willson Grange Limited (Registered number: 04093392) |
Balance Sheet - continued |
31 December 2017 |
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 by: |
Willson Grange Limited (Registered number: 04093392) |
Notes to the Financial Statements |
for the Year Ended 31 December 2017 |
1. | STATUTORY INFORMATION |
Willson Grange Limited is a |
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 |
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 |
Land and buildings | - |
Plant and machinery etc | - |
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. |
Willson Grange Limited (Registered number: 04093392) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
2. | ACCOUNTING POLICIES - continued |
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 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 January 2017 |
Additions |
Disposals | ( |
) |
At 31 December 2017 |
AMORTISATION |
At 1 January 2017 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2017 |
NET BOOK VALUE |
At 31 December 2017 |
At 31 December 2016 |
Willson Grange Limited (Registered number: 04093392) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
5. | TANGIBLE FIXED ASSETS |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 January 2017 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 December 2017 |
DEPRECIATION |
At 1 January 2017 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2017 |
NET BOOK VALUE |
At 31 December 2017 |
At 31 December 2016 |
6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Additions |
At 31 December 2017 |
NET BOOK VALUE |
At 31 December 2017 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Trade debtors |
Other debtors |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
Willson Grange Limited (Registered number: 04093392) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2017 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.17 | 31.12.16 |
£ | £ |
Bank loans |
Other creditors |
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 |
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. |