Walmsley Estate Agents Limited 06812756 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is real estate agency.On 8th August 2022 the company changed its name by resolution from Walmsley Residential Lettings Limited. Digita Accounts Production Advanced 6.30.9574.0 true 06812756 2022-04-01 2023-03-31 06812756 2023-03-31 06812756 bus:OrdinaryShareClass1 2023-03-31 06812756 bus:Revised 2023-03-31 06812756 core:CurrentFinancialInstruments 2023-03-31 06812756 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 06812756 bus:SmallEntities 2022-04-01 2023-03-31 06812756 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 06812756 bus:FullAccounts 2022-04-01 2023-03-31 06812756 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 06812756 bus:RegisteredOffice 2022-04-01 2023-03-31 06812756 bus:Director1 2022-04-01 2023-03-31 06812756 bus:Director2 2022-04-01 2023-03-31 06812756 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 06812756 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 06812756 core:Goodwill 2022-04-01 2023-03-31 06812756 core:FurnitureFittings 2022-04-01 2023-03-31 06812756 core:OfficeEquipment 2022-04-01 2023-03-31 06812756 countries:EnglandWales 2022-04-01 2023-03-31 06812756 2021-04-01 2022-03-31 06812756 2022-03-31 06812756 bus:OrdinaryShareClass1 2022-03-31 06812756 core:CurrentFinancialInstruments 2022-03-31 06812756 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 06812756

Walmsley Estate Agents Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Walmsley Estate Agents Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Walmsley Estate Agents Limited

Company Information

Directors

Mr S J Walmsley

Mrs J S Burns

Registered office

9-11 Bridge Street
Caversham
Reading
Berkshire
RG4 8AA

Accountants

E J Business Consultants Limited
No 2 Toomers Wharf
Canal Walk
Newbury
RG14 1DY

 

Walmsley Estate Agents Limited

(Registration number: 06812756)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

2,164

2,705

Investment property

714,265

714,265

Investments

56,405

-

 

772,834

716,970

Current assets

 

Debtors

14,531

82,986

Cash at bank and in hand

 

178,659

166,240

 

193,190

249,226

Creditors: Amounts falling due within one year

(122,912)

(108,751)

Net current assets

 

70,278

140,475

Total assets less current liabilities

 

843,112

857,445

Provisions for liabilities

(32,173)

(32,276)

Net assets

 

810,939

825,169

Capital and reserves

 

Called up share capital

3

100

100

Revaluation reserve

13,825

13,825

Retained earnings

797,014

811,244

Shareholders' funds

 

810,939

825,169

For the financial year ending 31 March 2023 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 year 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 prepared 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 3 November 2023 and signed on its behalf by:
 

 

Walmsley Estate Agents Limited

(Registration number: 06812756)
Balance Sheet as at 31 March 2023

.........................................
Mr S J Walmsley
Director

.........................................
Mrs J S Burns
Director

 

Walmsley Estate Agents Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet 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.

 

Walmsley Estate Agents Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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

Furniture and fittings

20% reducing balance

Office equipment

20% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line on cost

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Walmsley Estate Agents Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 11).

3

Share capital

Allotted, called up and fully paid shares

 

Walmsley Estate Agents Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100