W Property Services Limited - Limited company - abbreviated

REGISTERED NUMBER: 06856792 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 28 FEBRUARY 2014

FOR

W PROPERTY SERVICES LIMITED

PREVIOUSLY KNOWN AS

W INVESTMENT MANAGEMENT LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTORS:

P E Wildes

M A Wildes

M R Aspinall

M S Harkness

SECRETARY:

M A Wildes

REGISTERED OFFICE:

Unit 3, Metis 1 Scotland Street

Sheffield

South Yorkshire

S3 7AT

REGISTERED NUMBER:

06856792 (England and Wales)

ACCOUNTANTS:

Fairhurst

Chartered Accountants

Douglas Bank House

Wigan Lane

Wigan

Lancashire

WN1 2TB

BANKERS:

Barclays Bank PLC

Manchester City Office

PO Box 543

51 Mosley Street

Manchester

M60 2BU

FIXED ASSETS

Tangible assets

2

43,992

60,544

Investments

3

6

550,000

43,998

610,544

CURRENT ASSETS

Debtors

4

126,893

2,050,587

Cash in hand

201

127,094

2,050,788

CREDITORS

Amounts falling due within one year

5

167,843

1,368,832

NET CURRENT (LIABILITIES)/ASSETS

(40,749

)

681,956

TOTAL ASSETS LESS CURRENT
LIABILITIES

3,249

1,292,500

CREDITORS

Amounts falling due after more than one
year

5

31,486

1,535,977

NET LIABILITIES

(28,237

)

(243,477

)

CAPITAL AND RESERVES

Called up share capital

6

1

Profit and loss account

(28,238

)

(243,478

)

SHAREHOLDERS' FUNDS

(28,237

)

(243,477

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2014 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 25 February 2015 and were signed on its behalf
by:

P E Wildes - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The Board have received assurances of ongoing support from the company's director/shareholder Mr P E

Wildes, and on the basis of projections and current operating levels believe that adequate finance is in place to

allow the company to continue to trade in the foreseeable future.

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Preparation of consolidated financial statements

The financial statements contain information about W Property Services Limited as an individual company and

do not contain consolidated financial information as the parent of a group. The company has taken the option

under Section 398 of the Companies Act 2006 not to prepare consolidated financial statements.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Fixtures and fittings

-

20% on cost

Motor vehicles

-

20% on cost

Computer equipment

-

50% on cost

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 the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

Fixed assets investments

Fixed asset investments are stated at cost less provision for permanent diminution in value.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 March 2013

82,041

Additions

2,233

At 28 February 2014

84,274

DEPRECIATION

At 1 March 2013

21,497

Charge for year

18,785

At 28 February 2014

40,282

NET BOOK VALUE

At 28 February 2014

43,992

At 28 February 2013

60,544

3.	FIXED ASSET INVESTMENTS

Investments

other

than

loans

£

COST

At 1 March 2013

and 28 February 2014

756,519

PROVISIONS

At 1 March 2013

206,519

Charge for year

549,994

At 28 February 2014

756,513

NET BOOK VALUE

At 28 February 2014

6

At 28 February 2013

550,000

Following a change in ownership (see note 17) the directors have undertaken an impairment review and the

following investments have been written down to their subsequent sale value.

Name

Class of share

% holding

Proceeds

£

Loaf Group Limited

Ordinary

50

1

Wildes Group Recruitment Limited

Ordinary

100

1

Hair Spa Limited

Ordinary

100

1

PVFC Limited

Ordinary

100

1

Loaf Hairstylists(Franchise) Limited

Ordinary

50

1

Loaf Hairstylists Limited

Ordinary

50

1

6

4.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

The aggregate total of debtors falling due after more than one year is £ 116,220 (2013 - £ 1,867,490 )

5.

CREDITORS

Creditors include an amount of £ 131,349 (2013 - £ 33,716 ) for which security has been given.

6.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2014

2013

value:

£

1

Ordinary

£1

1

7.	ULTIMATE PARENT COMPANY

The ultimate parent company was Alchemy Investment Group Limited; following the year end the entire issued

share capital of the company has been acquired by W Investment Group Limited.

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Mr P E Wildes has provided Barclays Bank PLC with a personal guarantee of £100,000.

W Property Services Limited - Limited company - abbreviated - 11.6

W Property Services Limited - Limited company - abbreviated - 11.6