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Registration number: 06014192

William Thomas Estate Agency Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 29 December 2023

 

William Thomas Estate Agency Limited

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 13

Detailed Profit and Loss Account

14 to 16

 

William Thomas Estate Agency Limited

Company Information

Directors

Mr GW Flitcroft

Mrs K Flitcroft

Company secretary

Mr GW Flitcroft

Registered office

454 Darwen Road
Bromley Cross
Bolton
Lancashire
BL7 9DX

Accountants

Howard & Co
10-12 Wellington Street
(St Johns)
Blackburn
Lancashire
BB1 8AG

 

William Thomas Estate Agency Limited

Directors' Report for the Year Ended 29 December 2023

The directors present their report and the financial statements for the year ended 29 December 2023.

Directors of the company

The directors who held office during the year were as follows:

Mr GW Flitcroft - Company secretary and director

Mrs K Flitcroft

Principal activity

The principal activity of the company is that of an estate agency.

Small companies provision statement

This report has 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 23 September 2024 and signed on its behalf by:
 

.........................................
Mr GW Flitcroft
Company secretary and director

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
William Thomas Estate Agency Limited
for the Year Ended 29 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of William Thomas Estate Agency Limited for the year ended 29 December 2023 as set out on pages 4 to 13 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 at
http://www.icaew.com/regulation.

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

It is your duty to ensure that William Thomas Estate Agency Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of William Thomas Estate Agency Limited. You consider that William Thomas Estate Agency 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 accounts of William Thomas Estate Agency 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 accounts.

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

Howard & Co
10-12 Wellington Street
(St Johns)
Blackburn
Lancashire
BB1 8AG

23 September 2024

 

William Thomas Estate Agency Limited

Profit and Loss Account for the Year Ended 29 December 2023

Note

2023
£

2022
£

Turnover

 

545,123

589,228

Gross profit

 

545,123

589,228

Administrative expenses

 

(531,431)

(540,008)

Other operating income

 

-

5,275

Operating profit

 

13,692

54,495

Interest payable and similar expenses

 

(2,760)

(1,293)

Profit before tax

4

10,932

53,202

Tax on profit

 

(2,473)

(10,253)

Profit for the financial year

 

8,459

42,949

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

William Thomas Estate Agency Limited

Statement of Comprehensive Income for the Year Ended 29 December 2023

2023
£

2022
£

Profit for the year

8,459

42,949

Total comprehensive income for the year

8,459

42,949

 

William Thomas Estate Agency Limited

(Registration number: 06014192)
Balance Sheet as at 29 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

729

972

Current assets

 

Debtors

6

336,643

236,622

Cash at bank and in hand

 

71,539

126,468

 

408,182

363,090

Creditors: Amounts falling due within one year

7

(117,991)

(75,360)

Net current assets

 

290,191

287,730

Total assets less current liabilities

 

290,920

288,702

Creditors: Amounts falling due after more than one year

7

(29,619)

(34,860)

Net assets

 

261,301

253,842

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

261,201

253,742

Shareholders' funds

 

261,301

253,842

For the financial year ending 29 December 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities.

Approved and authorised by the Board on 23 September 2024 and signed on its behalf by:
 

.........................................
Mr GW Flitcroft
Company secretary and director

 

William Thomas Estate Agency Limited

Statement of Changes in Equity for the Year Ended 29 December 2023

Share capital
£

Retained earnings
£

Total
£

At 30 December 2022

100

253,742

253,842

Profit for the year

-

8,459

8,459

Dividends

-

(1,000)

(1,000)

At 29 December 2023

100

261,201

261,301

Share capital
£

Retained earnings
£

Total
£

At 30 December 2021

100

212,793

212,893

Profit for the year

-

42,949

42,949

Dividends

-

(2,000)

(2,000)

At 29 December 2022

100

253,742

253,842

 

William Thomas Estate Agency Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 December 2023

1

General information

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

The address of its registered office is:
454 Darwen Road
Bromley Cross
Bolton
Lancashire
BL7 9DX
United Kingdom

These financial statements were authorised for issue by the Board on 23 September 2024.

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 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.

The financial statements are presented in sterling, which is the functional currency of the company and are rounded to the nearest pound.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Government grants

Revenue grants are credited to the profit and loss account so as to match them with the expenditure to which they relate.

 

William Thomas Estate Agency Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 December 2023

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.

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

Fixtures, fittings and computer equipment

25% on reducing balance

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.

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.

 

William Thomas Estate Agency Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 December 2023

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

Employee Benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

William Thomas Estate Agency Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 14 (2022 - 12).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

243

324

5

Tangible assets

Fixtures, fittings and computer equipment
£

Total
£

Cost or valuation

At 30 December 2022

62,556

62,556

At 29 December 2023

62,556

62,556

Depreciation

At 30 December 2022

61,584

61,584

Charge for the year

243

243

At 29 December 2023

61,827

61,827

Carrying amount

At 29 December 2023

729

729

At 29 December 2022

972

972

6

Debtors

Current

2023
£

2022
£

Trade debtors

24,124

32,384

Prepayments

11,574

5,193

Other debtors

300,945

199,045

 

336,643

236,622

 

William Thomas Estate Agency Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 December 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Loans and borrowings

10

6,492

6,806

Trade creditors

 

4,413

3,574

Taxation and social security

 

96,202

52,150

Accruals and deferred income

 

6,359

4,564

Other creditors

 

4,525

8,266

 

117,991

75,360

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

29,619

34,860

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100

         

9

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £10.00 (2022 - £20.00) per each Ordinary share

 

1,000

 

2,000

         
 

William Thomas Estate Agency Limited

Notes to the Unaudited Financial Statements for the Year Ended 29 December 2023

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

29,619

34,860

2023
£

2022
£

Current loans and borrowings

Bank borrowings

6,492

6,806

 

William Thomas Estate Agency Limited

Detailed Profit and Loss Account for the Year Ended 29 December 2023

2023
 £

2022
 £

Turnover

545,123

589,228

Administrative expenses

Employment costs

361,002

362,190

Establishment costs

37,122

37,311

General administrative expenses

132,381

139,514

Finance charges

683

669

Depreciation costs

243

324

531,431

540,008

Other income

Other operating income

-

(5,275)

Operating profit

13,692

54,495

Interest payable and similar charges

2,760

1,293

Profit before tax

10,932

53,202

 

William Thomas Estate Agency Limited

Detailed Profit and Loss Account for the Year Ended 29 December 2023

2023
£

2022
£

   

Turnover

Estate agents fees

366,255

458,170

Lettings income

178,868

131,058

545,123

589,228

   

Employment costs

Wages and salaries

271,630

263,221

Staff NIC

15,457

17,314

Directors remuneration

58,621

58,621

Directors NIC

6,941

7,089

Staff pensions

8,353

8,235

Commissions payable

-

7,710

361,002

362,190

   

Establishment costs

Rates and water

7,152

6,637

Rent

24,000

24,000

Light, heat and power

3,369

3,087

Insurance

1,814

1,508

Repairs and renewals

787

2,079

37,122

37,311

   

General administrative expenses

Telephone and fax

2,674

2,447

Computer software and maintenance costs

20,124

30,268

Printing, postage and stationery

1,555

1,688

Hire of plant and machinery

5,491

4,288

Sundry expenses

8,080

10,787

Motor expenses and travel costs

3,227

7,395

Advertising

67,455

64,757

Customer entertaining

255

-

Accountancy fees

3,600

3,675

Legal and professional fees

11,689

14,209

Bad debts written off

8,231

-

132,381

139,514

   

Finance charges

Bank charges

683

669

   

Depreciation costs

Depreciation of fixtures and fittings

126

168

Depreciation of computer equipment

117

156

243

324

 

William Thomas Estate Agency Limited

Detailed Profit and Loss Account for the Year Ended 29 December 2023

2023
£

2022
£

   

Other operating income

Other operating income

-

(950)

Government grants receivable

-

(4,325)

-

(5,275)

   

Interest payable and similar expenses

Bank loan interest payable

977

1,115

Other interest payable

1,783

178

2,760

1,293