Waterfords (Estate Agents) Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 03089973 (England and Wales)

WATERFORDS (ESTATE AGENTS) LIMITED

Unaudited Financial Statements

for the Year Ended 31 March 2022

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

B P Cox

G M Brook

Secretary:

B P Cox

Registered office:

90 Park Street

Camberley

Surrey

GU15 3NY

Registered number:

03089973 (England and Wales)

Accountants:

Haines Watts

Chartered Accountants

250 Fowler Avenue

Farnborough

Hampshire

GU14 7JP

Fixed assets

Intangible assets

4

88,970

99,904

Tangible assets

5

77,028

25,300

165,998

125,204

Current assets

Debtors

6

65,642

197,320

Cash at bank and in hand

319,955

632,664

385,597

829,984

Creditors

Amounts falling due within one year

7

217,423

510,227

Net current assets

168,174

319,757

Total assets less current liabilities

334,172

444,961

Creditors

Amounts falling due after more than one year

8

(135,667

)

(180,231

)

Provisions for liabilities

(4,231

)

-

Net assets

194,274

264,730

Capital and reserves

Called up share capital

9

42,144

42,144

Capital redemption reserve

3,647

3,647

Retained earnings

148,483

218,939

Shareholders' funds

194,274

264,730

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 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 and authorised for issue on 25 August 2022 and were signed on its behalf by:

B P Cox - Director

1.	Statutory information

Waterfords (Estate Agents) 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.

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention.

Going concern

The nature of the company's business is such that it is dependent on the residential property market. The directors have prepared projections for the next twelve months and have put in place plans to meet these budgets and drive the company forward.

In common with other businesses, the company is affected by the COVID-19 pandemic and the unprecedented impact it is having on the economy, The directors have considered the effects of COVID-19, and are satisfied that the company ha s sufficient liquid cash reserves that would last in excess of twelve months. The company has been able to easily facilitate their employees to home working . Based on their assessment of the various factors, the directors consider it appropriate to adopt the going concern basis in preparing these financial statements.

Turnover

Turnover represents amounts receivable for commission on residential sales and letting management, and other services.

Goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 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

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings leasehold property

Varies over the life of the lease

Plant and machinery

33.33% Straight line

Fixtures, fittings and equipment

20% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Cash and cash equivalents

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet 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 measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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 company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors , bank loans, are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. Trade creditors are recognised at transaction price.

Equity instruments

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

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

Pension costs and other post-retirement benefits

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

Client's monies

At 31 March 2022 £10,946 (2021 - £10,957) was held in trust on behalf of their clients and has therefore not been included in these accounts.

3.	Employees and directors

The average number of employees during the year was 34 (2021 - 36 ) .

4.	Intangible fixed assets

Goodwill

£

Cost

At 1 April 2021

and 31 March 2022

106,997

Amortisation

At 1 April 2021

7,093

Amortisation for year

10,934

At 31 March 2022

18,027

Net book value

At 31 March 2022

88,970

At 31 March 2021

99,904

5.	Tangible fixed assets

Fixtures

Long

Plant and

and

leasehold

machinery

fittings

Totals

£

£

£

£

Cost

At 1 April 2021

354,364

94,415

96,263

545,042

Additions

55,000

3,741

12,623

71,364

At 31 March 2022

409,364

98,156

108,886

616,406

Depreciation

At 1 April 2021

349,118

78,149

92,475

519,742

Charge for year

6,318

10,931

2,387

19,636

At 31 March 2022

355,436

89,080

94,862

539,378

Net book value

At 31 March 2022

53,928

9,076

14,024

77,028

At 31 March 2021

5,246

16,266

3,788

25,300

6.

Debtors: amounts falling due within one year

2022

2021

£

£

Trade debtors

57,034

181,897

Other debtors

7,820

14,680

Directors' current accounts

588

543

Called up share capital not paid

200

200

65,642

197,320

7.

Creditors: amounts falling due within one year

2022

2021

£

£

Bank loans and overdrafts

44,000

44,000

Finance leases

-

194

Trade creditors

36,857

32,750

Tax

-

91,476

Social security and other taxes

20,606

37,664

VAT

53,400

188,183

Proposed dividends

20,972

20,972

Other creditors

13,189

14,093

Accruals and deferred income

28,399

80,895

217,423

510,227

The aggregate amount of creditors for which security has been given amounted to £44,000 (2021 - £44,000).

The bank loans and overdrafts are secured by a debenture holding a fixed and floating charge over the assets of the company.

The finance leases are secured over the assets concerned.

8.

Creditors: amounts falling due after more than one year

2022

2021

£

£

Bank loans - 1-2 years

135,667

176,000

Finance leases

-

4,231

135,667

180,231

The aggregate amount of creditors for which security has been given amounted to £135,667 (2021-£176,000).

The bank is secured by a debenture holding a fixed and floating charge over the assets of the company.

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

41,944

Ordinary 'A' shares

1

41,944

41,944

200

Ordinary 'B' shares

1

200

200

42,144

42,144

The 'B' Ordinary shares rank pari passu with the 'A' Shares except that on cessation of employment with the company, the holders of the 'B' Ordinary shares must return their shares to the company for a consideration not exceeding par value.

10.	Directors' advances, credits and guarantees

Included within administrative expenses are payments totalling £Nil (2021 - £39,498) for consultancy services made to a company connected by virtue of a common director and shareholder.

Interest free loans have been granted by the company to its directors. At the 31 March 2022 £589 (2021 - £543) was owed to the company by the directors. The maximum amount overdrawn in the year was £635 (2021 - £683).

11.	Operating lease commitments

Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2021

2020

£

£

123,500

168,570