Willoughby (609) Limited Filleted accounts for Companies House (small and micro)

WILLOUGHBY (609) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08522744

Willoughby (609) Limited

Filleted Unaudited Financial Statements

31 March 2019

Willoughby (609) Limited

Financial Statements

Year ended 31 March 2019

Contents	Page

Officers and professional advisers	1

Accountants report to the director on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

Willoughby (609) Limited

Officers and Professional Advisers

Director	Mr R Uppal

Registered office	10 Canberra House
	Corbygate Business Park
	Corby
	Northants
	NN17 5JG

Accountants	A Plus Accountants Limited
	Accountants
	10 Canberra House
	Corbygate Business Park
	Corby
	Northants
	NN17 5JG

Willoughby (609) Limited

Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Willoughby (609) Limited

Year ended 31 March 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Willoughby (609) Limited for the year ended 31 March 2019, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Willoughby (609) Limited in accordance with the terms of our engagement letter dated 6 September 2013. Our work has been undertaken solely to prepare for your approval the financial statements of Willoughby (609) Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Willoughby (609) Limited and its director for our work or for this report.

It is your duty to ensure that Willoughby (609) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Willoughby (609) Limited. You consider that Willoughby (609) Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Willoughby (609) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

A Plus Accountants Limited Accountants

10 Canberra House Corbygate Business Park Corby Northants NN17 5JG

Willoughby (609) Limited

Statement of Financial Position

31 March 2019

	2019		2018
Note	£	£	£

Fixed assets

Investments	5		916,089	1,417,891

Current assets

Debtors	6	785,887	139,237
Cash at bank and in hand		20,225	29,482
		---------	---------
		806,112	168,719

Creditors: amounts falling due within one year	7	31,547		27,467
		---------		---------
Net current assets			774,565	141,252
			------------	------------
Total assets less current liabilities			1,690,654	1,559,143
			------------	------------
Net assets			1,690,654	1,559,143
			------------	------------

Capital and reserves

Called up share capital	1,180,001	1,180,001
Profit and loss account	510,653	379,142
	------------	------------
Shareholder funds	1,690,654	1,559,143
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the 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.

Director's responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Willoughby (609) Limited

Statement of Financial Position (continued)

31 March 2019

These financial statements were approved by the board of directors and authorised for issue on 19 December 2019 , and are signed on behalf of the board by:

Mr R Uppal Director

Company registration number: 08522744

Willoughby (609) Limited

Notes to the Financial Statements

Year ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Canberra House, Corbygate Business Park, Corby, Northants, NN17 5JG.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Financial instruments

Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the statement of comprehensive income under administrative expenses. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. Particulars of employees

The average number of persons employed by the company during the year amounted to Nil (2018: 1 ).

5. Investments

	Shares in group undertakings	Loans to group undertakings	Total
	£	£	£
Cost
At 1 April 2018	4	1,417,887	1,417,891
Additions	1	317,943	317,944
Disposals	( 2)	( 766,356)	(766,358)
Transfers	–	( 53,387)	(53,387)
	----	------------	------------
At 31 March 2019	3	916,087	916,090
	----	------------	------------
Impairment
At 1 April 2018	–	–	–
Disposals	1	–	1
	----	------------	------------
At 31 March 2019	1	–	1
	----	------------	------------

Carrying amount
At 31 March 2019	2	916,087	916,089
	----	------------	------------
At 31 March 2018	4	1,417,887	1,417,891
	----	------------	------------

During the year Willoughby (609) Limited disposed of 2 £1 ordinary shares of Interkey Fabrications Ltd, which was incorporated in England and Wales.

During the year Willoughby (609) Limited acquired 100% share capital of 1 £1 ordinary shares of 55 Causeway Road Limited, which was incorporated in England and Wales.

Willoughby (609) Limited holds 100% share capital of 1 £1 ordinary shares of Home Megastore Limited, which was incorporated in England and Wales. Home Megastore Limited was dissolved on 31 July 2018. As a result, the investment held at cost has been impaired to nil.

Willoughby (609) Limited holds 100% share capital of 1 £1 ordinary shares of Bargain Homeware Limited, which was incorporated in England and Wales.

Willoughby (609) Limited has registered a legal mortgage and debenture over all the assets (present and future) of Bargain Homeware Limited and 55 Causeway Road Limited in recognition of the present and future obligations and liabilities owed to the holding company. The directors of Bargain Homeware Limited have also provided personal guarantees for the loans.

6. Debtors

	2019	2018
	£	£
Prepayments and accrued income	–	12,737
Other debtors	785,887	126,500
	---------	---------
	785,887	139,237
	---------	---------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	–	733
Accruals and deferred income	600	600
Corporation tax	30,947	25,534
Other creditors	–	600
	--------	--------
	31,547	27,467
	--------	--------

8. Related party transactions

The company has availed itself of the exemption contained within FRS 102 Section 33 Related Party Disclosures not to disclose details of transactions with fellow group entities.