Widekey Limited Company Accounts

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COMPANY REGISTRATION NUMBER: 02337706

WIDEKEY LIMITED

UNAUDITED FINANCIAL STATEMENTS

31 March 2017

LAWRENCE & CO

Chartered Accountants

2 Albany Park

Cabot Lane

Poole, Dorset

BH17 7BX

WIDEKEY LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2017

Contents	Page

Statement of financial position	1

Statement of changes in equity	3

Notes to the financial statements	4

WIDEKEY LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2017

	2017		2016
Note	£	£	£	£

Fixed assets

Tangible assets	6		1,642,905		1,642,975

Current assets

Debtors	7	391,712	374,594
Cash at bank and in hand		1,106	1,106
		----------	----------
		392,818	375,700

Creditors: amounts falling due within one year	8	18,653		17,035
		----------		----------
Net current assets			374,165		358,665
			-------------		-------------
Total assets less current liabilities			2,017,070		2,001,640

Creditors: amounts falling due after more than one year	9		849,994		875,323

Provisions

Taxation including deferred tax	10	94,000	97,000
		-------------	-------------
Net assets		1,073,076	1,029,317
		-------------	-------------

Capital and reserves

Called up share capital	300	300
Revaluation reserve	711,108	708,108
Profit and loss account	361,668	320,909
	-------------	-------------
Members funds	1,073,076	1,029,317
	-------------	-------------

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 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 comprehensive income has not been delivered.

For the year ending 31 March 2017 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 .

WIDEKEY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 28 November 2017 , and are signed on behalf of the board by:

Mr K M Lyons
Director

Company registration number: 02337706

WIDEKEY LIMITED

STATEMENT OF CHANGES IN EQUITY

YEAR ENDED 31 MARCH 2017

		Called up share capital	Revaluation reserve	Profit and loss account	Total
		£	£	£	£
At 1 April 2015 (as previously reported)		300	826,029	266,240	1,092,569
Effects of changes in accounting policies		–	(103,000)	–	(103,000)
		----	----------	----------	-------------
At 1 April 2015 (restated)		300	723,029	266,240	989,569
		----	----------	----------	-------------

Profit for the year				33,748	33,748
Other comprehensive income for the year:
	Reclassification from revaluation reserve to profit and loss account	–	( 20,921)	20,921	–
	Tax relating to components of other comprehensive income	–	6,000	–	6,000
		----	----------	----------	-------------
Total comprehensive income for the year		–	( 14,921)	54,669	39,748

At 31 March 2016		300	708,108	320,909	1,029,317

Profit for the year				41,592	41,592
Other comprehensive income for the year:
	Tax relating to components of other comprehensive income	–	3,000	–	3,000
		----	----------	----------	-------------
Total comprehensive income for the year		–	3,000	41,592	44,592

Dividends paid and payable		–	–	( 833)	( 833)
		----	----	----	----
Total investments by and distributions to owners		–	–	( 833)	( 833)

		----	----------	----------	-------------
At 31 March 2017		300	711,108	361,668	1,073,076
		----	----------	----------	-------------

WIDEKEY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 30 Alyth Road, Bournemouth, Dorset, BH3 7DG.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, '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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.

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. 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 represents rental income in respect of investment property.

Taxation

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. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Fixed assets are included in the balance sheet at revalued amounts.

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:

	Furniture and equipment	-	15% reducing balance

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.

4. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to 3 (2016: 3).

5. Profit before taxation

Profit before taxation is stated after charging:

	2017	2016
	£	£
Depreciation of tangible assets	70	82
	----	----

6. Tangible assets

	Freehold investment property	Equipment	Total
	£	£	£
Cost or valuation
At 1 Apr 2016 and 31 Mar 2017	1,642,509	6,274	1,648,783
	-------------	-------	-------------
Depreciation
At 1 April 2016	–	5,808	5,808
Charge for the year	–	70	70
	-------------	-------	-------------
At 31 March 2017	–	5,878	5,878
	-------------	-------	-------------
Carrying amount
At 31 March 2017	1,642,509	396	1,642,905
	-------------	-------	-------------
At 31 March 2016	1,642,509	466	1,642,975
	-------------	-------	-------------

Tangible assets held at valuation

The historical cost of investment properties was £837,401 (2016 £837,401). The investment properties were revalued by the directors at the 31 March 2017 on an open market basis.

7. Debtors

	2017	2016
	£	£
Arkay Investment Company Limited	228,136	218,136
Foxes Property Management Limited	124,333	130,619
Other debtors	39,243	25,839
	----------	----------
	391,712	374,594
	----------	----------

The loans are repayable after one year by arrangement.

8. Creditors: amounts falling due within one year

	2017	2016
	£	£
Accruals and deferred income	8,237	9,145
Corporation tax	10,416	7,890
	---------	---------
	18,653	17,035
	---------	---------

9. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Bank loans and overdrafts	435,629	461,401
Goran Managements Limited	87,748	87,305
Mrs N J Bagshawe	66,617	66,617
Other creditors	260,000	260,000
	----------	----------
	849,994	875,323
	----------	----------

The aggregate amount of debts in respect of which security has been given by the company amounted to £695,629 (2016 £721,401).

Bank loans repayable after more than five years amount to approximately £285,000. The loans repayable within one year amount to approximately £27,000. Other creditors comprise:

	2017	2016
	£	£
Potter & Pollard Ltd Pension Fund	260,000	260,000
	----------	----------

The other loans are repayable by arrangement.

10. Provisions

	Deferred tax (note 11)
	£
At 1 April 2016	97,000
Unused amounts reversed	( 3,000)
	---------
At 31 March 2017	94,000
	---------

11. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2017	2016
	£	£
Included in provisions (note 10)	94,000	97,000
	---------	---------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2017	2016
	£	£
Fair value adjustment of investment property	94,000	97,000
	---------	---------

12. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

Reconciliation of equity

	1 April 2015			31 March 2016
	As previously stated	Effect of transition	FRS 102 (as restated)	As previously stated	Effect of transition	FRS 102 (as restated)
	£	£	£	£	£	£
Fixed assets	1,940,548	–	1,940,548	1,642,975	–	1,642,975
Current assets	26,945	–	26,945	375,700	–	375,700
Creditors: amounts falling due within one year	122,664	–	122,664	( 17,035)	–	( 17,035)
	-------------	----	-------------	-------------	----	-------------
Net current assets	149,609	–	149,609	358,665	–	358,665
	-------------	----	-------------	-------------	----	-------------
Total assets less current liabilities	2,090,157	–	2,090,157	2,001,640	–	2,001,640

Creditors: amounts falling due after more than one year	( 997,588)	–	( 997,588)	( 875,323)	–	( 875,323)
Provisions	–	( 103,000)	( 103,000)	–	( 97,000)	( 97,000)
	-------------	----------	-------------	-------------	---------	-------------
Net assets	1,092,569	( 103,000)	989,569	1,126,317	( 97,000)	1,029,317
	-------------	----------	-------------	-------------	---------	-------------

	-------------	----------	-------------	-------------	---------	-------------
Capital and reserves	1,092,569	( 103,000)	989,569	1,126,317	( 97,000)	1,029,317
	-------------	----------	-------------	-------------	---------	-------------

Reconciliation of profit or loss for the year

No transitional adjustments were required.

Provision has been made at 1 April 2015 for corporation tax of £103,000, which would be payable if the investment property were sold at its balance sheet valuation. Corporation tax of £6,000 has been released in the year ended 31 March 2016.