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REGISTERED NUMBER: 03729616 (England and Wales)










WIGMORE ESTATE AGENTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023






WIGMORE ESTATE AGENTS LIMITED (REGISTERED NUMBER: 03729616)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WIGMORE ESTATE AGENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: C R Peerless
J E Borrows



SECRETARY: Barbican Services Limited



REGISTERED OFFICE: 69-71 East Street
Epsom
Surrey
KT17 1BP



REGISTERED NUMBER: 03729616 (England and Wales)



ACCOUNTANTS: Hakim Fry
Chartered Accountants
69-71 East Street
Epsom
Surrey
KT17 1BP



BANKERS: Barclays Bank Plc
North East London Business Centre
PO Box 16294
1-2 Trinity Way
London
E4 8US



SOLICITORS: Nicholas & Co
18/22 Wigmore Street
London
W1U 2RG

WIGMORE ESTATE AGENTS LIMITED (REGISTERED NUMBER: 03729616)

BALANCE SHEET
31 DECEMBER 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - -
Tangible assets 6 1,375 1,833
Investments 7 1 1
1,376 1,834

CURRENT ASSETS
Debtors 8 44,482 36,535
Cash at bank and in hand 352,653 396,451
397,135 432,986
CREDITORS
Amounts falling due within one year 9 643,453 340,079
NET CURRENT (LIABILITIES)/ASSETS (246,318 ) 92,907
TOTAL ASSETS LESS CURRENT
LIABILITIES

(244,942

)

94,741

CREDITORS
Amounts falling due after more than one
year

10

(54,765

)

(482,765

)

PROVISIONS FOR LIABILITIES (60 ) (60 )
NET LIABILITIES (299,767 ) (388,084 )

CAPITAL AND RESERVES
Called up share capital 500 500
Retained earnings (300,267 ) (388,584 )
SHAREHOLDERS' FUNDS (299,767 ) (388,084 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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.

WIGMORE ESTATE AGENTS LIMITED (REGISTERED NUMBER: 03729616)

BALANCE SHEET - continued
31 DECEMBER 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 and authorised for issue on 17 September 2024 and were signed on its behalf by:





C R Peerless - Director


WIGMORE ESTATE AGENTS LIMITED (REGISTERED NUMBER: 03729616)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

Wigmore Estate Agents 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. STATEMENT OF COMPLIANCE

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

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention, except for certain financial instruments that have been measured at fair value.

Turnover
Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any any accumulated impairment losses.

Franchise costs are being amortised evenly over their estimated useful life of ten years.

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.
Equipment - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance

Financial instruments
A financial asset or financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financial transaction, where it is recognised at the present value of the future payments discounted at a market rate for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Hire purchase and leasing commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

WIGMORE ESTATE AGENTS LIMITED (REGISTERED NUMBER: 03729616)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

3. ACCOUNTING POLICIES - continued

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.

Going concern
The financial statements have been prepared on the assumption that the directors will continue to provide sufficient funds for at least another 12 months from the date of signing the report, which have been indicated.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 4 ) .

5. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023
and 31 December 2023 214,294
AMORTISATION
At 1 January 2023
and 31 December 2023 214,294
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

6. TANGIBLE FIXED ASSETS
Fixtures
and
Equipment fittings Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 42,829 5,890 48,719
DEPRECIATION
At 1 January 2023 41,347 5,539 46,886
Charge for year 370 88 458
At 31 December 2023 41,717 5,627 47,344
NET BOOK VALUE
At 31 December 2023 1,112 263 1,375
At 31 December 2022 1,482 351 1,833

WIGMORE ESTATE AGENTS LIMITED (REGISTERED NUMBER: 03729616)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

7. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023
and 31 December 2023 13,600
PROVISIONS
At 1 January 2023
and 31 December 2023 13,599
NET BOOK VALUE
At 31 December 2023 1
At 31 December 2022 1

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 15,397 5,467
Other debtors 29,085 31,068
44,482 36,535

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade creditors 22,451 39,795
Taxation and social security 18,115 13,287
Other creditors 602,887 286,997
643,453 340,079

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Other creditors 54,765 482,765

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 8,836 13,756

11. LEASING AGREEMENTS
Minimum lease payments under non-cancellable operating leases fall due as follows:
31.12.23 31.12.22
£ £
Within one year 64,000 64,000
Between one and five years 256,000 256,000
In more than five years 192,000 256,000
512,000 576,000

WIGMORE ESTATE AGENTS LIMITED (REGISTERED NUMBER: 03729616)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

12. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Franchisor loan 41,721 60,356

The Company has a fixed & floating legal charge over its property and undertaking in respect of Winkworth Franchising Ltd.

13. CONTINGENT LIABILITIES

There is a charge under the rent deposit deed for the security deposit and any amounts added to it from time to time including any accrued interest thereon in favour of Mr A Nicholas and Mrs T Kendall.

14. RELATED PARTY DISCLOSURES

A Director has provided personal guarantees to the Landlord of the Company's rental property if they are unable to make payments. The guarantee is to continue until the end of the term, or until the Company is released from the tenant covenants of the lease by virtue of the Landlord and Tenant Covenants Act 1995, if earlier.

A Directors has provided Barclays Bank a personal guarantee for £60,000 in respect of the bank overdraft and loan facilities provided by them.

In addition, to the above there were some interest free loans repayable on demand made from Beamray Limited, a company which shares the same Director, to the Company. At the balance sheet date, the amount outstanding totalled £55,022 (2022: £81,987).

The Company also maintains an interest free loan account, which is repayable on demand, for the Directors. At the year end, the Directors were owed £74,430 (2022: £74,430).

The company purchased a new franchise territory and borrowed £214,294 from its Franchisor on an interest free basis to be paid over a 10 year term ending in 2025.