Spence Willard Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07898889 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2018

FOR

SPENCE WILLARD LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

C L M Spence

D O Willard

REGISTERED OFFICE:

Pyle House

136/137 Pyle Street

Newport

Isle of Wight

PO30 1JW

REGISTERED NUMBER:

07898889 (England and Wales)

ACCOUNTANTS:

Harrison Black Limited

Pyle House

136/137 Pyle Street

Newport

Isle of Wight

PO30 1JW

BANKERS:

Lloyds Bank Plc

22 St Thomas' Square

Newport

Isle of Wight

PO30 1SQ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

52,106

63,436

52,106

63,436

CURRENT ASSETS

Debtors

6

55,513

40,230

Cash at bank and in hand

544,517

478,112

600,030

518,342

CREDITORS

Amounts falling due within one year

7

253,164

215,623

NET CURRENT ASSETS

346,866

302,719

TOTAL ASSETS LESS CURRENT LIABILITIES

398,972

366,155

CREDITORS

Amounts falling due after more than one year

8

(100,000

)

(100,000

)

PROVISIONS FOR LIABILITIES

(11,216

)

(11,032

)

NET ASSETS

287,756

255,123

CAPITAL AND RESERVES

Called up share capital

100

100

Share premium

12,841

12,841

Retained earnings

274,815

242,182

SHAREHOLDERS' FUNDS

287,756

255,123

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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

The financial statements were approved by the Board of Directors on 17 August 2018 and were signed on its behalf by:

C L M Spence - Director

1.	STATUTORY INFORMATION

Spence Willard 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.

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.

Turnover

Turnover represents revenue earned under a wide variety of contracts to provide professional services.

Revenue is recognised as earned when, and to the extent that, the company obtains the right to

consideration in exchange for its performance under these contracts. It is measured at the fair value of

the right to consideration, which represents amounts chargeable to clients, including expenses and

disbursements but excluding value added tax.

Turnover from transaction based activity is recognised when contracts become unconditional,

generally on exchange of contracts.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2012, 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 the cost less estimated residual value of each asset over its estimated useful life.

Fixtures and fittings

-

15% on reducing balance

Office equipment

-

25% on cost

Tangible fixed assets are stated at cost or valuation less any accumulated depreciation and any

accumulated impairment losses. Cost includes costs directly attributable to making the asset capable

of operating as intended by management.

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

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases.

Rental payments under operating leases are charged to the income statement on a straight line basis

over the term of the lease.

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.

Employment benefits

Short term benefits, including holiday pay, are recognised in the period in which the service is

received.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2017 - 17 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2017

and 31 March 2018

96,000

AMORTISATION

At 1 April 2017

and 31 March 2018

96,000

NET BOOK VALUE

At 31 March 2018

-

At 31 March 2017

-

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Office

fittings

equipment

Totals

£

£

£

COST

At 1 April 2017

71,632

26,172

97,804

Additions

-

1,396

1,396

At 31 March 2018

71,632

27,568

99,200

DEPRECIATION

At 1 April 2017

16,700

17,668

34,368

Charge for year

8,240

4,486

12,726

At 31 March 2018

24,940

22,154

47,094

NET BOOK VALUE

At 31 March 2018

46,692

5,414

52,106

At 31 March 2017

54,932

8,504

63,436

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

46,021

33,066

Amounts recoverable on contract

-

1,694

Other debtors

9,492

5,470

55,513

40,230

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

33,902

30,937

Amounts owed to participating interests

64,744

64,445

Taxation and social security

141,583

112,813

Other creditors

12,935

7,428

253,164

215,623

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Other creditors

100,000

100,000

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2018

2017

£

£

Within one year

52,750

41,500

Between one and five years

177,833

128,625

In more than five years

49,125

70,875

279,708

241,000

10.	RELATED PARTY DISCLOSURES

Kingston & Grist Limited

A company in which C L M Spence and D O Willard are shareholders

During the year the company recharged expenses, advanced funds and paid expenses to and on behalf

of Kingston and Grist Limited amounting to £87,617 (2017 - £100,161) of which £87,916 (2017 -

£100,972) was repaid. In addition Kingston and Grist Limited paid expenses on behalf of the

company amounting to £Nil (2017 - £748).

2018

2017

£

£

Amount due to related party at the balance sheet date

64,744

64,445

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is

only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain

other primary statements and the Report of the Directors are not required to be filed with the

Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of Spence Willard Limited for the year ended 31 March 2018 which

comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the

company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Spence Willard Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Spence Willard Limited and state those matters that we have agreed to state to the Board of Directors of Spence Willard Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Spence Willard Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Spence Willard Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Spence Willard Limited. You consider that Spence Willard Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Spence Willard Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Harrison Black Limited

Pyle House

136/137 Pyle Street

Newport

Isle of Wight

PO30 1JW

29 August 2018