New Move Estate Agency Ltd - Period Ending 2019-03-31

Registration number: 07169924

New Move Estate Agency Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2019

New Move Estate Agency Ltd

Contents

Company Information	1
Directors' Report	2
Profit and Loss Account	3
Balance Sheet	4 to 5
Notes to the Unaudited Financial Statements	6 to 9

New Move Estate Agency Ltd

Company Information

Directors

Mr Lee Gene Raymond Mr John Soteris Michael

Registered office

5 Maidenbower Square Maidenbower Crawley RH10 7QH

Accountants

Pro-Tax Accountancy 6 Georgian Close Maidenbower Crawley West Sussex RH10 7RE

Page 1

New Move Estate Agency Ltd

Directors' Report for the Year Ended 31 March 2019

The directors present their report and the financial statements for the year ended 31 March 2019.

Directors of the company

The directors who held office during the year were as follows:

Mr Lee Gene Raymond

Mr John Soteris Michael

Principal activity

The principal activity of the company is Property Sales & Lettings

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved by the Board on 22 November 2019 and signed on its behalf by:

.........................................
Mr Lee Gene Raymond
Director

.........................................
Mr John Soteris Michael
Director

Page 2

New Move Estate Agency Ltd

Profit and Loss Account for the Year Ended 31 March 2019

	Note	2019 £	2018 £
Turnover		172,635	185,592
Cost of sales		(28,546)	(34,607)
Gross profit		144,089	150,985
Distribution costs		(9,883)	(9,445)
Administrative expenses		(81,435)	(80,768)
Operating profit		52,771	60,772
Profit before tax		52,771	60,772
Taxation		(11,391)	(12,708)
Profit for the financial year		41,380	48,064

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

The notes on pages 6 to 9 form an integral part of these financial statements.

Page 3

New Move Estate Agency Ltd

(Registration number: 07169924)
Balance Sheet as at 31 March 2019

	Note	2019 £	2018 £
Fixed assets
Intangible assets	4	52,500	60,000
Tangible assets	5	7,150	5,837
		59,650	65,837
Current assets
Debtors	6	500	753
Cash at bank and in hand		7,658	19,931
		8,158	20,684
Creditors: Amounts falling due within one year	7	(36,144)	(39,004)
Net current liabilities		(27,986)	(18,320)
Total assets less current liabilities		31,664	47,517
Creditors: Amounts falling due after more than one year	7	(10,000)	(23,333)
Net assets		21,664	24,184
Capital and reserves
Called up share capital		225	225
Profit and loss account		21,439	23,959
Total equity		21,664	24,184

For the financial year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 22 November 2019 and signed on its behalf by:
 

The notes on pages 6 to 9 form an integral part of these financial statements.

Page 4

New Move Estate Agency Ltd

(Registration number: 07169924)
Balance Sheet as at 31 March 2019

.........................................

Mr Lee Gene Raymond
Director

.........................................

Mr John Soteris Michael
Director

The notes on pages 6 to 9 form an integral part of these financial statements.

Page 5

New Move Estate Agency Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
5 Maidenbower Square
Maidenbower
Crawley
RH10 7QH
United Kingdom

These financial statements were authorised for issue by the Board on 22 November 2019.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - '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 and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Page 6

New Move Estate Agency Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019

Asset class	Depreciation method and rate
Office equipment	25% reducing balance
Fixtures, Fittings & equipment	25% reducing balance

Intangible assets

Purchased goodwill arises on business acquisitions and represents the difference between the cost of
acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated
amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the
useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be
made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	10 years straight line

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2018 - 6).

Page 7

New Move Estate Agency Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 April 2018	75,000	75,000
At 31 March 2019	75,000	75,000
Amortisation
At 1 April 2018	15,000	15,000
Amortisation charge	7,500	7,500
At 31 March 2019	22,500	22,500
Carrying amount
At 31 March 2019	52,500	52,500
At 31 March 2018	60,000	60,000

5	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2018	10,235	10,235
Additions	3,696	3,696
At 31 March 2019	13,931	13,931
Depreciation
At 1 April 2018	4,398	4,398
Charge for the year	2,383	2,383
At 31 March 2019	6,781	6,781
Carrying amount
At 31 March 2019	7,150	7,150
At 31 March 2018	5,837	5,837

6

Debtors

Page 8

New Move Estate Agency Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2019

	2019 £	2018 £
Prepayments	179	179
Other debtors	321	574
	500	753

7

Creditors

Creditors: amounts falling due within one year

	2019 £	2018 £
Due within one year
Taxation and social security	16,382	18,717
Accruals and deferred income	250	250
Other creditors	19,512	20,037
	36,144	39,004

Creditors: amounts falling due after more than one year

	2019 £	2018 £
Due after one year
Other non-current financial liabilities	10,000	23,333

8	Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

	2019 £	2018 £
Remuneration	23,700	23,000

Page 9