Wills & Smerdon Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04328904 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2017

FOR

WILLS & SMERDON LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J Harper

G Stanford

SECRETARY:

Mrs D E Harper

REGISTERED OFFICE:

1 Paper Mews

330 High Street

Dorking

Surrey

RH4 2TU

REGISTERED NUMBER:

04328904 (England and Wales)

ACCOUNTANTS:

Ellis Atkins, Chartered Accountants

1 Paper Mews

330 High Street

Dorking

Surrey

RH4 2TU

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

41,490

48,577

Investments

6

6,000

6,000

47,490

54,577

CURRENT ASSETS

Debtors

7

3,650

12,245

Cash at bank and in hand

92,843

18,863

96,493

31,108

CREDITORS

Amounts falling due within one year

8

264,711

184,258

NET CURRENT LIABILITIES

(168,218

)

(153,150

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(120,728

)

(98,573

)

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

(121,728

)

(99,573

)

SHAREHOLDERS' FUNDS

(120,728

)

(98,573

)

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 Statement of Income and Retained Earnings has not been delivered.

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

J Harper - Director

1.	STATUTORY INFORMATION

Wills & Smerdon Limited 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.	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.

The accounts have been prepared on a Going Concern basis as the directors consider it appropriate to adopt this

basis in preparing the Financial Statements. On review of the business the directors have a reasonable

expectation that the company will generate an income stream to support its continued operational existence.

Within current liabilities are balances owed to one of the directors, who has agreed not to recall them for the

foreseeable future.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2001, is being amortised evenly over its estimated useful life of fifteen years.

Tangible fixed assets

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

Fixtures and fittings

-

20% on cost

Motor vehicles

-

20% on cost

Computer equipment

-

Straight line over 3 years

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

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2016 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2017

and 31 December 2017

116,169

AMORTISATION

At 1 January 2017

and 31 December 2017

116,169

NET BOOK VALUE

At 31 December 2017

-

At 31 December 2016

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

Computer

fittings

vehicles

equipment

Totals

£

£

£

£

COST

At 1 January 2017

29,632

67,569

12,528

109,729

Additions

932

-

-

932

At 31 December 2017

30,564

67,569

12,528

110,661

DEPRECIATION

At 1 January 2017

27,938

22,053

11,161

61,152

Charge for year

1,714

5,514

791

8,019

At 31 December 2017

29,652

27,567

11,952

69,171

NET BOOK VALUE

At 31 December 2017

912

40,002

576

41,490

At 31 December 2016

1,694

45,516

1,367

48,577

The motor vehicle is a Classic car which is being depreciated at 20% per annum based on a residual value of

£40,000.

6.	FIXED ASSET INVESTMENTS

Loan

notes

£

At 1 January 2017

and 31 December 2017

6,000

The company has subscribed to the Agents Mutual Investor loan notes 2020 which are unsecured

and have a coupon rate of 15%.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

1,656

7,007

Amounts owed by related undertakings

-

241

Other debtors

1,994

4,997

3,650

12,245

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

7,771

7,227

Taxation and social security

27,771

33,036

Other creditors

229,169

143,995

264,711

184,258

9.	SECURED DEBTS

The company has granted Barclays Bank PLC a fixed and floating charge over the assets of the business.