Working Assets Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 03259699 (England and Wales)

Financial Statements

for the Year Ended 31 March 2017

for

WORKING ASSETS LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr R L F Hamilton

REGISTERED OFFICE:

Belmont House

13 Upper Street

Thame

Oxfordshire

OX9 3ER

REGISTERED NUMBER:

03259699 (England and Wales)

ACCOUNTANTS:

Jeff Lermer & Associates

Chartered Accountants

42 Lytton Road

Barnet

Hertfordshire

EN5 5BY

FIXED ASSETS

Intangible assets

4

100,000

200,000

Tangible assets

5

27,563

19,738

Investments

6

12,500

127,500

Investment property

7

7,250,000

6,180,351

7,390,063

6,527,589

CURRENT ASSETS

Debtors

1,682,884

433,796

Cash at bank and in hand

177,006

59,730

1,859,890

493,526

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

354,703

443,096

NET CURRENT ASSETS

1,505,187

50,430

TOTAL ASSETS LESS CURRENT LIABILITIES

8,895,250

6,578,019

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

8

(3,819,564

)

(2,972,448

)

PROVISIONS FOR LIABILITIES

11

(308,900

)

-

NET ASSETS

4,766,786

3,605,571

CAPITAL AND RESERVES

Called up share capital

12

14,127

14,126

Fair value reserve

13

1,594,078

833,328

Retained earnings

13

3,158,581

2,758,117

SHAREHOLDERS' FUNDS

4,766,786

3,605,571

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 29 March 2018 and were signed by:

Mr R L F Hamilton - Director

1.	STATUTORY INFORMATION

Working Assets 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

First year adoption of Financial Reporting Standard 102 ( FRS 102) Section 1A

These financial statements for the year ended 31 March 2017 are the first that are prepared

in accordance with FRS 102 Section 1A. The previous financial statements were prepared in

accordance with UK GAAP, the date of transition to FRS 102 Section 1A is 1 April 2015.

Turnover

Turnover represents amounts invoiced to third parties, net of vat and trade discounts.

Rental income is recognised evenly over the term of the lease. Services are recognised as

they are provided.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2015, is being amortised evenly over its estimated useful life of four 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

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on cost

Computer equipment

-

20% on cost

Freehold properties are valued at open market value at the year end. Any aggregate surplus

or deficit arising from changes in the market value is transferred to the revaluation reserve

or if the market value has fallen below the original cost the profit and loss reserve.

The properties are not held for consumption but for the purpose of trade, and the directors

consider that to depreciate them would not give a true and fair view. This is in accordance

with the Financial Reporting Standard for Smaller Entities (effective January 2008), but is a

departure from the requirement of the Companies Act 2006, which requires all tangible fixed

assets to be depreciated.

Investments in associates

Investments in associate undertakings are recognised at cost.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit

arising from changes in fair value is recognised in profit or loss.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income

Statement, except to the extent that it relates to items recognised in other comprehensive

income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that

have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not

reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in

periods different from those in which they are recognised in financial statements. Deferred

tax is measured using tax rates and laws that have been enacted or substantively enacted

by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it

is probable that they will be recovered against the reversal of deferred tax liabilities or other

future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the

balance sheet. Those held under hire purchase contracts are depreciated over their

estimated useful lives. Those held under finance leases are depreciated over their estmated

useful lives or lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the

relevant period. The capital element of of the future payments is treated as a liability.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

Investments

Fixed asset investments are stated at cost unless, in the opinion of the directors, their

recoverable amount is lower, in which case an appropriate adjustment is made.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2016

and 31 March 2017

400,000

AMORTISATION

At 1 April 2016

200,000

Amortisation for year

100,000

At 31 March 2017

300,000

NET BOOK VALUE

At 31 March 2017

100,000

At 31 March 2016

200,000

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2016

632,221

Additions

15,623

At 31 March 2017

647,844

DEPRECIATION

At 1 April 2016

612,483

Charge for year

7,798

At 31 March 2017

620,281

NET BOOK VALUE

At 31 March 2017

27,563

At 31 March 2016

19,738

Fixed assets, included in the above, which are held under hire purchase contracts are as

follows:

Totals

£

COST

At 1 April 2016

and 31 March 2017

116,625

DEPRECIATION

At 1 April 2016

and 31 March 2017

79,473

NET BOOK VALUE

At 31 March 2017

37,152

At 31 March 2016

37,152

6.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 April 2016

and 31 March 2017

12,500

NET BOOK VALUE

At 31 March 2017

12,500

At 31 March 2016

12,500

Investments (neither listed nor unlisted) were as follows:

31.3.17

31.3.16

£

£

Investments

115,000

115,000

Disposal

(115,000

)

-

-

115,000

The company's investments at the Balance Sheet date in the share capital of companies

include the following:

Associated company

Cooper Developments Limited

Registered office:

Nature of business: Property management and letting

%

Class of shares:

holding

Ordinary

50.00

7.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2016

6,180,351

Revaluations

1,069,649

At 31 March 2017

7,250,000

NET BOOK VALUE

At 31 March 2017

7,250,000

At 31 March 2016

6,180,351

Fair value at 31 March 2017 is represented by:

£

Valuation in 2012

833,328

Valuation in 2017

1,069,649

Cost

5,347,023

7,250,000

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS

31.3.17

31.3.16

£

£

Repayable by instalments

Bank loans more than 5 years by instalments

3,225,625

2,359,853

9.

LOANS

An analysis of the maturity of loans is given below:

31.3.17

31.3.16

£

£

Amounts falling due within one year or on demand:

Bank loans

183,260

210,633

Amounts falling due between one and two years:

Bank loans - 1-2 years

151,439

140,662

Amounts falling due between two and five years:

Bank loans - 2-5 years

442,500

457,193

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years by instalments

3,225,625

2,359,853

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.17

31.3.16

£

£

Bank loans

4,002,824

3,168,341

Hire purchase contracts

19,719

35,254

4,022,543

3,203,595

The bank loan is secured by a fixed charge on the company's land and buildings and it's

rental income.

Finance leases and hire purchase contracts are secured on the assets concerned.

11.	PROVISIONS FOR LIABILITIES

31.3.17

31.3.16

£

£

Deferred tax

308,900

-

Deferred

tax

£

Charge to Income Statement during year

308,900

Balance at 31 March 2017

308,900

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.17

31.3.16

value:

£

£

14,125

Ordinary

£1

14,125

14,125

1

A Class Ordinary

£1

1

1

1

B Class Ordinary

£1

1

-

14,127

14,126

Allotted and issued:

Number:

Class:

Nominal

31.3.17

31.3.16

value:

£

£

1

Share capital 3

£1

1

-

The following shares were issued during the year for cash at par :

1 B Class Ordinary share of £1

13.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 April 2016

2,758,117

833,328

3,591,445

Profit for the year

1,253,113

1,253,113

Dividends

(91,900

)

(91,900

)

Investment Property Reserve

(1,069,649

)

1,069,650

1

Deferred Tax

308,900

(308,900

)

-

At 31 March 2017

3,158,581

1,594,078

4,752,659

14.	RELATED PARTY DISCLOSURES

At the balance sheet date, company owed an amount of £257,913 (2016: £736 Credit) from

Hamish Properties Ltd, a company in which Mr. R L F Hamilton is also a director.

During the year, the company received management fees totalling £490,000 (2016:

£525,539) from Cooper Developments Limited,a company in which R L F Hamilton is a

director.

15.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr R L F Hamilton.