West & Partners Limited Filleted accounts for Companies House (small and micro)

West & Partners Limited Filleted accounts for Companies House (small and micro)

WEST & PARTNERS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03905599
West & Partners Limited
Filleted Unaudited Financial Statements
31 March 2020
West & Partners Limited
Financial Statements
Period from 1 January 2019 to 31 March 2020
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
West & Partners Limited
Statement of Financial Position
31 March 2020
31 Mar 20
31 Dec 18
Note
£
£
£
Fixed assets
Tangible assets
5
–
8,838
Investments
6
100
100
----
-------
100
8,938
Current assets
Debtors
7
92,335
32,566
Cash at bank and in hand
18,567
12,533
---------
--------
110,902
45,099
Creditors: amounts falling due within one year
8
58,788
28,031
---------
--------
Net current assets
52,114
17,068
--------
--------
Total assets less current liabilities
52,214
26,006
Provisions
Taxation including deferred tax
–
1,700
--------
--------
Net assets
52,214
24,306
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
52,212
24,304
--------
--------
Shareholders funds
52,214
24,306
--------
--------
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 Section 1A of 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 period ending 31 March 2020 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 financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
West & Partners Limited
Statement of Financial Position (continued)
31 March 2020
These financial statements were approved by the board of directors and authorised for issue on 1 December 2020 , and are signed on behalf of the board by:
Mr A K West
Director
Company registration number: 03905599
West & Partners Limited
Notes to the Financial Statements
Period from 1 January 2019 to 31 March 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Oxford Street, Whitstable, Kent, CT5 1DB.
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.
Client accounts
The company operates several client bank accounts, and the entirety of the money held in these accounts is due to the clients. Under guidance from the Royal Institution of Chartered Surveyors (RICS), the bank accounts and corresponding client liabilities are not presented in the financial statements of the company.
Consolidation
The company 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 company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax and trade discounts.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% straight line
Motor vehicles
-
20% straight line
Equipment
-
15% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. 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 profit and loss account in other administrative expenses.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 7 (2018: 7 ).
5. Tangible assets
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 January 2019
3,377
43,778
25,115
72,270
Disposals
( 3,377)
( 43,778)
( 25,115)
( 72,270)
-------
--------
--------
--------
At 31 March 2020
–
–
–
–
-------
--------
--------
--------
Depreciation
At 1 January 2019
3,377
38,738
21,317
63,432
Disposals
( 3,377)
( 38,738)
( 21,317)
( 63,432)
-------
--------
--------
--------
At 31 March 2020
–
–
–
–
-------
--------
--------
--------
Carrying amount
At 31 March 2020
–
–
–
–
-------
--------
--------
--------
At 31 December 2018
–
5,040
3,798
8,838
-------
--------
--------
--------
6. Investments
Shares in group undertakings
£
Cost
At 1 January 2019 and 31 March 2020
100
----
Impairment
At 1 January 2019 and 31 March 2020
–
----
Carrying amount
At 31 March 2020
100
----
At 31 December 2018
100
----
7. Debtors
31 Mar 20
31 Dec 18
£
£
Trade debtors
8,186
23,045
Amounts owed by group undertakings and undertakings in which the company has a participating interest
11,517
–
Other debtors
72,632
9,521
--------
--------
92,335
32,566
--------
--------
8. Creditors: amounts falling due within one year
31 Mar 20
31 Dec 18
£
£
Trade creditors
30,039
4,178
Corporation tax
27,255
–
Social security and other taxes
–
19,680
Other creditors
1,494
4,173
--------
--------
58,788
28,031
--------
--------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
31 Mar 20
31 Dec 18
£
£
Later than 1 year and not later than 5 years
–
7,000
----
-------
10. Related party transactions
The company became a wholly owned subsidiary of Azure Titan Limited on 31 July 2019. Prior to 31 July dividends of £49,000 (2018: £74,000) were paid to the Directors of the company. After the 31 July dividends of £53,748 were paid by West & Partners Limited . At the year end, the company was owed £2,000 (2018: £nil) from a group company. At the year end, the company was owed £9,517 (2018: £nil) from a group company.
11. Controlling party
The company's parent undertaking is Azure Titan Limited, a company registered in England and Wales, whose registered office is at 1 Oxford Street, Whitstable, Kent, United Kingdom, CT5 1DB.