Company Registration No. NI025485 (Northern Ireland)
Locate Estate Agents Limited
Unaudited accounts
for the year ended 31 December 2018
Locate Estate Agents Limited
Unaudited accounts
Contents
Locate Estate Agents Limited
Company Information
for the year ended 31 December 2018
Directors
Pauline Elliott
Anaeleigh McCormick
Company Number
NI025485 (Northern Ireland)
Registered Office
3 Queen Street
Derry
BT48 7EF
Northern Ireland
Accountants
Cloud 360 Accounting
120 Woodbrook
Derry
Northern Ireland
BT48 8FF
Locate Estate Agents Limited
Statement of financial position
as at 31 December 2018
Tangible assets
2,293
2,774
Cash at bank and in hand
6,491
61,112
Creditors: amounts falling due within one year
(48,666)
(95,215)
Net current assets/(liabilities)
17,407
(1,356)
Called up share capital
100
100
Profit and loss account
19,600
1,318
Shareholders' funds
19,700
1,418
For the year ending 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 25 September 2019.
Anaeleigh McCormick
Director
Company Registration No. NI025485
Locate Estate Agents Limited
Notes to the Accounts
for the year ended 31 December 2018
Locate Estate Agents Limited is a private company, limited by shares, registered in Northern Ireland, registration number NI025485. The registered office is 3 Queen Street, Derry, BT48 7EF, Northern Ireland.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% straight line
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due. The company is compliant with its obligations under automatic enrolment.
Locate Estate Agents Limited
Notes to the Accounts
for the year ended 31 December 2018
4
Tangible fixed assets
Plant & machinery
At 31 December 2018
10,981
Trade debtors
15,598
19,616
Deferred tax asset
8,310
12,220
6
Creditors: amounts falling due within one year
2018
2017
Trade creditors
12,153
26,300
Taxes and social security
6,523
20,005
Other creditors
18,620
34,529
7
Deferred taxation
2018
2017
Tax losses carried forward
(8,310)
(12,220)
Provision at start of year
(12,220)
(12,220)
Charged to the profit and loss account
3,910
-
Provision at end of year
(8,310)
(12,220)
The deferred tax provision is calculated based on the value of unused tax losses at the end of the period at the UK corporation tax rate applicable at the year-end date. The movement is released to the profit and loss account in the current year.
Locate Estate Agents Limited
Notes to the Accounts
for the year ended 31 December 2018
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
9
Transactions with related parties
During the year, the company issued a loan to First Great National in the sum of £56,092.
At the year-end date, the amount owed to the company was £25,074 which is included within "Other Debtors".
A close family member of the company's managing director has a controlling interest in First Great National. No interest is being charged on the amount due. The loan is deemed recoverable upon demand.
At the start and end of the year, an amount of £10,600 was owed to the company by another connected company in which a close family member of the company's managing director has a controlling interest. No interest is being charged on the amount due. The loan is deemed recoverable upon demand.
At the year-end date, an amount of £9,899 is included with Trade Debtors at note 7 which relates to amounts owed from connected companies. A close family member of the company's managing director is involved with the management and operation of these connected companies.
The directors are of the opinion that these amounts are fully recoverable. No provision is included in the financial statements in respect non-recovery of these debts.
At the start and end of the year, an amount of £14,846 was owed by the company to a connected company in which a close family member of the company's managing director has a controlling interest. This is included with Other Creditors forming part of creditors falling due within one year at note 8.
10
Average number of employees
During the year the average number of employees was 2 (2017: 2).
