Company Accounts for THE WILL ASSOCIATES LTD

Company Accounts for THE WILL ASSOCIATES LTD

THE WILL ASSOCIATES LTD - Company Information

Print Friendly Version

Company Registration No. 07118208 (England and Wales)
THE WILL ASSOCIATES LTD
Annual report and Statement of accounts
for the Period from 01 February 2020 to 31 January 2021

THE WILL ASSOCIATES LTD

Annual report and Statement of accounts for the period ending 31 January 2021

CONTENTS PAGE
Company Information 2
Statement of Financial Position 3
Notes to the Accounts 4
- 1 -

THE WILL ASSOCIATES LTD

Annual report and Statement of accounts for the period ending 31 January 2021

Company Information

Company Details
Company Number 07118208
Registered Office OLD MAGISTRATES COURT CHESHIRE STREET
MARKET DRAYTON
TF9 1PH
Directors
Directors who held office during the period were:
Paul John DUBOIS
Alan James GARDINER
Simon GOLDSTONE
Simon Anthony WRIGHT
Sharon BELLINGHAM
Steven Andrew FOREMAN
Alan James GARDINER
Christine Elizabeth GARDINER
Alistair James WARD-DAVIES
Diana WRIGHT
- 2 -

THE WILL ASSOCIATES LTD

Annual report and Statement of accounts for the period ending 31 January 2021

Statement of Financial Position

1234
Notes 2021 2020
£ £
Fixed Assets
Intangible assets 5 157,000 -
Tangible assets 6 165,340 154,294
Current Assets
Stocks 3,000 3,000
Debtors due within one year 571,237 289,648
Cash at bank and in hand 598,699 400,591
1,172,936 693,239
Creditors
Amount falling due within one year (938,245) (488,943)
Net Current Assets 234,691 204,296
Total Assets less current liabilities 557,031 358,590
Creditors due after more than one year (277,217) (8,390)
Net Assets 279,814 350,200
Capital and Reserves
Called up Share Capital 100 100
Retained earnings at end of year 279,714 350,100
Shareholder funds 279,814 350,200
For the year ending 31/01/2021 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities.
Approved by the Board on 29 October 2021
Simon Wright
Company Registration No. 07118208
- 3 -

THE WILL ASSOCIATES LTD

Annual report and Statement of accounts for the period ending 31 January 2021

Notes to the Accounts

1. Statutory Information
THE WILL ASSOCIATES LTD is a private company, limited by shares, registered in England and Wales, registration number 07118208.
2. Accounting Policies
Basis of preparing the financial statement
.These financial statements have been prepared in accordance with FRS 102 "The Financial ReportingStandard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of theCompanies Act 2006 as applicable to companies subject to the small companies regime. The disclosurerequirements of section 1A of FRS 102 have been applied other than where additional disclosure isrequired to show a true and fair view.The financial statements are prepared in sterling , which is the functional currency of the company.Monetary a mounts in these financial statements are rounded to the nearest £.The financial statements have been prepared under the historical cost convention, modified to include therevaluation of freehold properties and to include investment properties and certain financial instruments atfair value. The principal accounting policies adopted are set out below.
Presentation Currency
The accounts are presented in £ sterling.
Turnover
provided in the normal course of business , and is shown net of VAT and other sales related taxes . The fairvalue of consideration takes into account trade discounts, settlement discounts and volume rebates.When cash inflows are deferred and represent a financing arrangement, the fair value of the considerationis the present value of the future receipts. The difference between the fair value of the consideration andthe nominal amount received is recognised as interest income.Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of thegoods have passed to the buyer (usually on dispatch of the goods) , the amount of revenue can bemeasured reliably, it is probable that the economic benefits associated with the transaction will flow to theentity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.Revenue from contracts for the provision of professional services is recognised by reference to the stageof completion when the stage of completion, costs incurred and costs to complete can be estimatedreliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractualhourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimatedreliably, revenue is recognised only to the extent of the expenses recognised that it is probable will berecover ed .
- 4 -

THE WILL ASSOCIATES LTD

Annual report and Statement of accounts for the period ending 31 January 2021

Notes to the Accounts

Tangible Fixed Asset Policy
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net ofdepreciation and any impairment losses.Depreciation is recognised so as to write off the cost or valuation of assets less their residual values overtheir useful lives on the following bases:Freehold land and buildings see belowFixtures and fittings 30% straight lineComputers 50% straight lineMotor vehicles 40% straight lineLand is not depreciated. The residual value of freehold properties are in excess of their carrying value.Therefore, depreciation would be immaterial and has not been charged.The gain or loss arising on the disposal of an asset is determined as the difference
- 5 -

THE WILL ASSOCIATES LTD

Annual report and Statement of accounts for the period ending 31 January 2021

Notes to the Accounts

Intangible Asset Policy
Intangible assets acquired separately from a business are recognised at cost and are subsequentlymeasured at cost less accumulated amortisation and accumulated impairment losses.Intangible assets acquired on business combinations are recognised separately from goodwill at theacquisition date where it is probable that the expected future economic benefits that are attributable to theasset will flow to the entity and the fair value of the asset can be measured reliably; the intangible assetarises from contractual or other legal rights; and the intangible asset is separable from the entity.Amortisation is recognised so as to write off the cost or valuation of assets less their residual values overtheir useful lives on the following bases:Development costs 10% straight once project completed
Employee Benefits Policy
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costsare required to be recognised as part of the cost of stock or fixed assets.The cost of any unused holiday entitlement is recognised in the period in which the employee's servicesare received.Termination benefits are recognised immediately as an expense when the company is demonstrablycommitted to terminate the employment of an employee or to provide termination benefits.
- 6 -

THE WILL ASSOCIATES LTD

Annual report and Statement of accounts for the period ending 31 January 2021

Notes to the Accounts

3. Employees
Average number of employees, including directors, during the year was as follows:
2021 115
2020 76
4. Principal Activity
The Saleof Legal services
- 7 -

THE WILL ASSOCIATES LTD

Annual report and Statement of accounts for the period ending 31 January 2021

Notes to the Accounts

5. Intangible Assets
Goodwill Other Total
Cost £ £ £
At 01/02/2020 - - -
Additions - 157,000 157,000
Disposals - - -
Revaluations - - -
At 31/01/2021 - 157,000 157,000
Amortisation
At 01/02/2020 - - -
Charge for the Year - - -
On Disposals - - -
Other increases/(decreases) - - -
At end of period - - -
Net book value
At 31/01/2021 - 157,000 157,000
At 31/01/2020 - - -
6. Fixed Assets
Land and buildings Total
Cost or valuation £ £
At 01/02/2020 216,668 216,668
Additions 32,398 32,398
Disposals (2,985) (2,985)
At 31/01/2021 246,081 246,081
Depreciation
At 01/02/2020 62,374 62,374
Charge for the year 21,352 21,352
Disposals (2,985) (2,985)
At 31/01/2021 80,741 80,741
Net Book Value
At 31/01/2021 165,340 165,340
At 31/01/2020 154,294 154,294
- 8 -