Home Minders (London) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07527867 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019

FOR

HOME MINDERS (LONDON) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P Ruocco

Mrs C W Ruocco

REGISTERED OFFICE:

East Wing Goffs Oak House

Goffs Lane

Waltham Cross

Hertfordshire

EN7 5BW

REGISTERED NUMBER:

07527867 (England and Wales)

ACCOUNTANTS:

OBK Limited trading as O'Byrne & Kennedy

East Wing

Goffs Oak House

Goffs Lane

Goffs Oak

Hertfordshire

EN7 5BW

FIXED ASSETS

Intangible assets

4

305,133

401,539

Tangible assets

5

5,844

6,104

310,977

407,643

CURRENT ASSETS

Debtors

6

123,608

142,044

Cash at bank and in hand

274,619

99,549

398,227

241,593

CREDITORS

Amounts falling due within one year

7

165,682

188,183

NET CURRENT ASSETS

232,545

53,410

TOTAL ASSETS LESS CURRENT LIABILITIES

543,522

461,053

CREDITORS

Amounts falling due after more than one year

8

(107,528

)

(135,376

)

PROVISIONS FOR LIABILITIES

(1,110

)

(1,160

)

NET ASSETS

434,884

324,517

CAPITAL AND RESERVES

Called up share capital

11

2

2

Retained earnings

434,882

324,515

SHAREHOLDERS' FUNDS

434,884

324,517

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 applicable to companies subject to the small companies regime.

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 16 December 2019 and were signed on its behalf by:

P Ruocco - Director

1.	STATUTORY INFORMATION

Home Minders (London) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

The financial statements have been rounded to the nearest £.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents property management fees and commissions received, excluding value added tax.

Goodwill

Goodwill consists of amounts paid in connection with the acquisition of three businesses.

The first business was purchased in 2011 for £159,209 and is being amortised over its estimated useful life of

ten years.

The second business was purchased in December 2014 for £261,650. The goodwill associated with the purchase

of this business is being amortised over its estimated useful economic life of five years.

The third business was purchased in October 2016 for £281,550. The goodwill associated with the purchase of

this business is being amortised over its estimated useful economic life of ten years.

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

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

Plant and machinery etc

-

25% on cost

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company

becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction

price including transaction costs and are subsequently carried at amortised cost using the effective interest

method unless the arrangement constitutes a financing transaction, where the transaction is measured at the

present value of the future receipts discounted at a market rate of interest. Financial assets classified as

receivable within one year are not amortised.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are

settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership

to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has

transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference

shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a

financing transaction, where the debt instrument is measured at the present value of the future receipts

discounted at a market rate of interest. Financial liabilities classified as payable within one year are not

amortised.

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or

cancelled.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of

the company.

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.

Exclusion of client monies

The company collects tenants deposits and monies on behalf of landlords. It holds the deposits on a separate

bank account until such time the tenant leaves at which point it is refunded net of any repair costs. The monies

collected on behalf of landlords re rents and other property expenses are paid over net of fees.

The balance sheet excludes all assets and liabilities in relation to these client monies and tenants deposits. Trade

debtors is the fees due to the company only.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2018 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2018

and 31 March 2019

702,409

AMORTISATION

At 1 April 2018

300,870

Charge for year

96,406

At 31 March 2019

397,276

NET BOOK VALUE

At 31 March 2019

305,133

At 31 March 2018

401,539

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2018

15,674

Additions

2,651

At 31 March 2019

18,325

DEPRECIATION

At 1 April 2018

9,570

Charge for year

2,911

At 31 March 2019

12,481

NET BOOK VALUE

At 31 March 2019

5,844

At 31 March 2018

6,104

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

72,704

116,046

Other debtors

50,904

25,998

123,608

142,044

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

28,446

47,345

Trade creditors

8,898

23,336

Taxation and social security

61,072

57,211

Other creditors

67,266

60,291

165,682

188,183

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

107,528

135,376

Amounts falling due in more than five years:

Repayable by instalments

Bank loan 3 - 5 yrs

-

16,123

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

£

£

Within one year

15,368

17,768

Between one and five years

18,256

41,887

33,624

59,655

Included in the operating lease obligations shown within one year, are the rental of office space and garage

rental. The office space lease is on an indefinite rolling contract. The contract can be terminated with one

month's notice and so the obligation has been calculated on this basis.

10.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

135,974

182,721

Lloyds Bank Plc has a fixed and floating charge over the undertaking and all the property and the assets of the

company.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

2

Ordinary

£1

2

2

12.	RELATED PARTY DISCLOSURES

During the year, total dividends of £70,000 (2018 - £62,389) were paid to the directors .

The following loan from the director subsisted during the years ended 31 March 2019 and 31 March 2018:

2019

2018

£

£

P Ruocco

Balance outstanding at start of year

4,349

7,703

Balance outstanding at end of year

7,041

4,349

Maximum balance outstanding during year

7,041

8,855

Interest is payable to the director at a rate of 6.50% on the loan made by P Ruocco to the company.