WESTROPE_AND_LOWE_LIMITED - Accounts

WESTROPE & LOWE LIMITED - Company Information

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Company Registration No. 03152371 (England and Wales)

WESTROPE AND LOWE LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2014

WESTROPE AND LOWE LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

WESTROPE AND LOWE LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 JANUARY 2014

- 1 -

2014

2013

Notes

Fixed assets

Tangible assets

7,811

9,589

Current assets

Stocks

234,597

233,556

Debtors

10,608

27,551

Cash at bank and in hand

28,405

32,502

273,610

293,609

Creditors: amounts falling due within one year

(105,689)

(92,243)

Net current assets

167,921

201,366

Total assets less current liabilities

175,732

210,955

Creditors: amounts falling due after more than one year

(169,537)

6,195

41,418

Capital and reserves

Called up share capital

Profit and loss account

6,193

41,416

Shareholders' funds

6,195

41,418

For the financial year ended 31 January 2014 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.

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 29 August 2014

J L Westrope Esq

Director

Company Registration No. 03152371

WESTROPE AND LOWE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 JANUARY 2014

- 2 -

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).

1.2

Turnover

Turnover represents commissions on property sales, and fees for property management, net of VAT.

Commissions are recognised on completion of sale of property, and management fees on collection of rent.

1.3

Goodwill

Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets include investment properties valued on an existing use open market value basis. Other 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:

Fixtures, fittings & equipment

15%/33.33% reducing balance

Motor vehicles

25% reducing balance

1.5

Stock and work in progress

Work in progress is valued at the lower of cost and net realisable value.

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 February 2013

68,000

55,779

123,779

Additions

610

At 31 January 2014

68,000

56,389

124,389

Depreciation

At 1 February 2013

68,000

46,190

114,190

Charge for the year

2,388

At 31 January 2014

68,000

48,578

116,578

Net book value

At 31 January 2014

7,811

At 31 January 2013

9,589

WESTROPE AND LOWE LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 JANUARY 2014

- 3 -

Creditors: amounts falling due after more than one year

2014

2013

Analysis of loans repayable in more than five years

Total not repayable by instalments and due in more than five years

169,537

The aggregate amount of creditors for which security has been given amounted to £169,537 (2013 - £169,537).

Share capital

2014

2013

Allotted, called up and fully paid

2 Ordinary Shares of £1 each

Related party relationships and transactions

Advances and credits to directors

Advances and credits granted to the directors during the year are outlined in the table below:

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

J L Westrope Esq -

4.00

12,244

12,326

12,244

12,326