WATERFORDS_(ESTATE_AGENTS - Accounts

WATERFORDS (ESTATE AGENTS) LIMITED - Company Information

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Company Registration No. 03089973 (England and Wales)

WATERFORDS (ESTATE AGENTS) LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2014

WATERFORDS (ESTATE AGENTS) LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 5

WATERFORDS (ESTATE AGENTS) LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

150,265

184,612

Investments

72,167

222,432

256,779

Current assets

Debtors

180,814

279,430

Cash at bank and in hand

32,916

107,529

213,730

386,959

Creditors: amounts falling due within one year

(347,430)

(504,851)

Net current liabilities

(133,700)

(117,892)

Total assets less current liabilities

88,732

138,887

Creditors: amounts falling due after more than one year

(3,104)

(91,411)

85,628

47,476

Capital and reserves

Called up share capital

42,144

Share premium account

91,723

Other reserves

3,647

Profit and loss account

39,837

(86,391)

Shareholders' funds

85,628

47,476

WATERFORDS (ESTATE AGENTS) LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2014

- 2 -

For the financial year ended 31 March 2014 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 year 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.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 20 August 2014

B P Cox

Director

Company Registration No. 03089973

WATERFORDS (ESTATE AGENTS) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2014

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

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. On this basis, the directors consider it appropriate to prepare the financial statements on the going concern basis.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Land and buildings leasehold property

equal instalments over the life of the lease

Plant and machinery

33.33% Straight line

Fixtures, fittings & equipment

20% Straight line

1.5

Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.6

Investments

Fixed asset investments are stated at cost less provision for diminution in value.

1.7

Pensions

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.

1.8

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

1.9

Group accounts

The financial statements present information about the company as an individual undertaking and not about its group. The company and its subsidiary undertaking comprise a small-sized group. The company has therefore taken advantage of the exemptions provided by section 399 of the Companies Act 2006 not to prepare group accounts.

1.10

Dividends

Dividends are accounted for in accordance with FRS 21 Events after the balance sheet date, and are recognised only when paid as a movement in the reserves within the accounts.

WATERFORDS (ESTATE AGENTS) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2014

- 4 -

Fixed assets

Tangible assets

Investments

Total

Cost

At 1 April 2013

548,599

72,167

620,766

Additions

2,034

Disposals

(2,085)

At 31 March 2014

548,548

72,167

620,715

Depreciation

At 1 April 2013

363,987

On disposals

(1,486)

Charge for the year

35,782

At 31 March 2014

398,283

Net book value

At 31 March 2014

150,265

72,167

222,432

At 31 March 2013

184,612

72,167

256,779

Holdings of more than 20%

The company holds more than 20% of the share capital of the following companies:

Company

Country of registration or

Shares held

incorporation

Class

Subsidiary undertakings

Waterfords Fleet Limited

England and Wales

Ordinary

100.00

The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows:

Capital and reserves

Profit/(loss) for the year

2014

Principal activity

Waterfords Fleet Limited

Dormant

50,341

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £36,384 (2013 - £101,704).

WATERFORDS (ESTATE AGENTS) LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2014

- 5 -

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £3,104 (2013 - £14,313).

Share capital

2014

2013

Allotted and called up

41,944 Ordinary 'A' shares of £1 each

41,944

200 Ordinary 'B' shares of £1 each

200

42,144

The 'B' Ordinary shares rank pari passu with the 'A' Ordinary shares save 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.

On 12 July 2007 the company converted 3,647 Ordinary A shares into Redeemable Non-voting Ordinary shares of £1 each. The Redeemable Non-voting Ordinary Shares were written to be redeemed over a three year period. The redemptions were due to happen on 31 May 2008, 31 May 2009 and 31 May 2010 but did not occur. On 29 October 2009, 500 of the shares due for redemption on 31 May 2008 were redeemed. The remaining 3,147 shares were redeemed on 29 October 2013 for a consideration of £40,000.

Control

The company is controlled by B P Cox, a director and majority shareholder.