Legg & Willis Ltd - Period Ending 2017-03-31

Legg & Willis Ltd

Annual Report and Unaudited Financial Statements
Period from 1 August 2016 to 31 March 2017

Registration number: 08048177

Legg & Willis Ltd

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 8

Legg & Willis Ltd

Company Information

Directors

JJ Bester A Malan JA Nel

Registered office

Northfield Road Minehead Somerset TA2 5PU

Accountants

Francis Clark LLP Lowin House Tregolls Road Truro Cornwall TR1 2NA

Page 1

Legg & Willis Ltd

Balance Sheet

31 March 2017

	Note	2017 £	2016 £
Fixed assets
Intangible assets	4	1	1
Tangible assets	5	1,048,516	1,057,414
		1,048,517	1,057,415
Current assets
Stocks	6	9,000	9,665
Debtors	7	48,604	13,695
Cash at bank and in hand		40,220	213,321
		97,824	236,681
Creditors: Amounts falling due within one year	8	(498,058)	(734,128)
Net current liabilities		(400,234)	(497,447)
Net assets		648,283	559,968
Capital and reserves
Called up share capital		100	100
Profit and loss account		648,183	559,868
Total equity		648,283	559,968

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 2

Legg & Willis Ltd

Balance Sheet

31 March 2017

For the financial period 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 accounts for the period in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 29 March 2018 and signed on its behalf by:
 

.........................................

JJ Bester

Director

Company Registration Number: 08048177

The notes on pages 4 to 8 form an integral part of these financial statements.

Page 3

Legg & Willis Ltd

Notes to the Financial Statements

Period from 1 August 2016 to 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in England.

The address of its registered office is:
Northfield Road
Minehead
Somerset
TA2 5PU
UK

These financial statements were authorised for issue by the Board on 29 March 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 August 2015. There is no material impact on the reported financial position and financial performance.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold Land and Buildings	0%
Plant and Machinery	25% Reducing Balance
Fixtures and Fittings	25% Reducing Balance

Page 4

Legg & Willis Ltd

Notes to the Financial Statements

Period from 1 August 2016 to 31 March 2017

Computer Equipment

25% Reducing Balance

No depreciation has been provided for on freehold property as it is the company's policy to maintain its property in good condition to prolong its useful life. Maintenance is regularly undertaken and systematically charged to the profit and loss account. In the opinion of the directors, any depreciation would not be material.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

Page 5

Legg & Willis Ltd

Notes to the Financial Statements

Period from 1 August 2016 to 31 March 2017

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 37 (2016 - 43).

Page 6

Legg & Willis Ltd

Notes to the Financial Statements

Period from 1 August 2016 to 31 March 2017

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 August 2016	1	1
At 31 March 2017	1	1
Amortisation
Carrying amount
At 31 March 2017	1	1
At 31 July 2016	1	1

5	Tangible assets

	Land and buildings £	Furniture, fittings and equipment  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 August 2016	1,004,027	68,340	89,820	1,162,187
At 31 March 2017	1,004,027	68,340	89,820	1,162,187
Depreciation
At 1 August 2016	-	44,256	60,517	104,773
Charge for the year	-	4,014	4,884	8,898
At 31 March 2017	-	48,270	65,401	113,671
Carrying amount
At 31 March 2017	1,004,027	20,070	24,419	1,048,516
At 31 July 2016	1,004,027	24,084	29,303	1,057,414

Included in fixed assets above is freehold property, which has been pledged as security in relation to loans of the parent company.

Page 7

Legg & Willis Ltd

Notes to the Financial Statements

Period from 1 August 2016 to 31 March 2017

6

Stocks

	2017 £	2016 £
Other inventories	9,000	9,665

7

Debtors

	Note	31 March 2017  £	31 July 2016  £
Amounts due from group undertakings		33,333	-
Other debtors		11,719	5,450
Prepayments		3,552	8,245
		48,604	13,695

8

Creditors

	Note	31 March 2017  £	31 July 2016  £
Due within one year
Trade creditors		21,113	15,487
Amounts due to group undertakings		322,188	-
Social security and other taxes		19,652	57,433
Other creditors		24,761	586,206
Accrued expenses		21,647	17,597
Corporation tax		85,217	50,914
Payments on account		3,480	6,491
		498,058	734,128

9	Transition to FRS 102

The company transitioned to FRS102 from previously extant UK GAAP as at 1 August 2015.

There were no changes to the previously stated equity as at 1 August 2015 and 31 July 2016 or in the profit for the year ended 31 July 2016 as a result of the transition to FRS102.

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