Home Minders (London) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07527867 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2018

FOR

HOME MINDERS (LONDON) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

9

DIRECTORS:

P Ruocco

Mrs C W Ruocco

REGISTERED OFFICE:

East Wing Goffs Oak House

Goffs Lane

Waltham Cross

Hertfordshire

EN7 5BW

BUSINESS ADDRESS:

North London Business Park

Oakleigh Road South

New Southgate

London

N11 1GN

REGISTERED NUMBER:

07527867 (England and Wales)

ACCOUNTANTS:

OBK Limited trading as O'Byrne & Kennedy

East Wing

Goffs Oak House

Goffs Lane

Goffs Oak

Hertfordshire

EN7 5BW

FIXED ASSETS

Intangible assets

4

401,539

497,945

Tangible assets

5

6,104

2,082

407,643

500,027

CURRENT ASSETS

Debtors

6

142,044

93,142

Cash at bank and in hand

99,549

82,031

241,593

175,173

CREDITORS

Amounts falling due within one year

7

188,183

234,781

NET CURRENT ASSETS/(LIABILITIES)

53,410

(59,608

)

TOTAL ASSETS LESS CURRENT LIABILITIES

461,053

440,419

CREDITORS

Amounts falling due after more than one year

8

(135,376

)

(182,665

)

PROVISIONS FOR LIABILITIES

(1,160

)

(382

)

NET ASSETS

324,517

257,372

CAPITAL AND RESERVES

Called up share capital

11

2

2

Retained earnings

324,515

257,370

SHAREHOLDERS' FUNDS

324,517

257,372

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 Income Statement has not been delivered.

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

P Ruocco - Director

1.	STATUTORY INFORMATION

Home Minders (London) 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 (£).

The financial statements have been rounded to the nearest £.

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 property management fees and commissions received, excluding value added tax.

Goodwill

Goodwill consists of amounts paid in connection with the acquisition of three businesses.

The first business was purchased in 2011 for £159,209 and is being amortised over its estimated useful life of ten

years.

The second business was purchased in December 2014 for £261,650. The goodwill associated with the purchase

of this business is being amortised over its estimated useful economic life of five years.

The third business was purchased in October 2016 for £281,550. The goodwill associated with the purchase of

this business is being amortised over its estimated useful economic life of ten 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.

Plant and machinery etc

-

25% on cost

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company

becomes party to the contractual provisions of the instrument.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction

price including transaction costs and are subsequently carried at amortised cost using the effective interest

method unless the arrangement constitutes a financing transaction, where the transaction is measured at the

present value of the future receipts discounted at a market rate of interest. Financial assets classified as

receivable within one year are not amortised.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are

settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership

to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has

transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference

shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a

financing transaction, where the debt instrument is measured at the present value of the future receipts discounted

at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or

cancelled.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of

the company.

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

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period 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.

Exclusion of client monies

The company collects tenants deposits and monies on behalf of landlords. It holds the deposits on a separate

bank account until such time the tenant leaves at which point it is refunded net of any repair costs. The monies

collected on behalf of landlords re rents and other property expenses are paid over net of fees.

The balance sheet excludes all assets and liabilities in relation to these client monies and tenants deposits. Trade

debtors is the fees due to the company only.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2017 - 8 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2017

and 31 March 2018

702,409

AMORTISATION

At 1 April 2017

204,464

Charge for year

96,406

At 31 March 2018

300,870

NET BOOK VALUE

At 31 March 2018

401,539

At 31 March 2017

497,945

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2017

8,762

Additions

6,912

At 31 March 2018

15,674

DEPRECIATION

At 1 April 2017

6,680

Charge for year

2,890

At 31 March 2018

9,570

NET BOOK VALUE

At 31 March 2018

6,104

At 31 March 2017

2,082

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

116,046

67,434

Other debtors

25,998

25,708

142,044

93,142

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

47,345

57,599

Trade creditors

23,336

1,047

Taxation and social security

57,211

61,092

Other creditors

60,291

115,043

188,183

234,781

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

135,376

182,665

Amounts falling due in more than five years:

Repayable by instalments

Bank loan 3 - 5 yrs

16,123

48,986

9.	LEASING AGREEMENTS

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

2018

2017

£

£

Within one year

2,536

2,536

In more than five years

29,988

-

32,524

2,536

The above operating lease obligations shown within one year relate to the rental of office space and garage rental

which are on indefinite rolling contracts. The contracts can be terminated with one month's notice and one

quarter's notice respectively and the obligations have been calculated on this basis.

10.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Bank loans

182,721

240,264

Lloyds Bank Plc has a fixed and floating charge over the undertaking and all the property and the assets of the

company.

Paul Ruocco, a director, has given a joint personal guarantee with his spouse to cover all bank loans.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

2

Ordinary

£1

2

2

12.	RELATED PARTY DISCLOSURES

During the year, total dividends of £62,389 (2017 - £20,930) were paid to the directors .

The following loan from the director subsisted during the years ended 31 March 2018 and 31 March 2017:

2018

2017

£

£

P Ruocco

Balance outstanding at start of year

7,703

37,826

Balance outstanding at end of year

4,349

7,703

Maximum balance outstanding during year

8,855

40,089

Interest is payable to the director at a rate of 6.50% on the loan made by P Ruocco to the company.

Paul Ruocco, a director, has given a joint personal guarantee with his spouse, with a legal charge over 63

Greenhill Park to cover all bank loans.

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 Home Minders (London) Limited for the year ended 31 March 2018 which comprise the Income

Statement, Balance Sheet, Statement of Changes in Equity 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 Home Minders (London) 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 Home Minders (London) Limited and state those matters that we have agreed to state to the Board of Directors of Home Minders (London) 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 Home Minders (London) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Home Minders (London) 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 Home Minders (London) Limited. You consider that Home Minders (London) 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 Home Minders (London) 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.

OBK Limited trading as O'Byrne & Kennedy

East Wing

Goffs Oak House

Goffs Lane

Goffs Oak

Hertfordshire

EN7 5BW

18 December 2018