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Registration number: 12028379

Willmotts Asset Management Services Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Willmotts Asset Management Services Limited

Contents

Company Information

1

Directors' Report

2

Statement of Income and Retained Earnings

3

Statement of Financial Position

4

Notes to the Unaudited Financial Statements

5 to 8

 

Willmotts Asset Management Services Limited

Company Information

Directors

T H Berglund

A J Sperrin

Company secretary

A J Sperrin

Registered office

12 Blacks Road
Hammersmith
London
W6 9EU

Accountants

Shaw Gibbs Limited
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Willmotts Asset Management Services Limited

Directors' Report for the Year Ended 31 December 2023

The directors present their annual report on the affairs of Willmots Asset Management Services Limited together with the financial statements for the year ended 31 December 2023.

Principal activity

The principal activity of the company is that of a holding company.

Directors of the company

The directors who served throughout the year and up to date of authorisation of this report were as follows:
 

T H Berglund

A J Sperrin

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Events after the financial period

There have been no significant events between the year end and the date of approval of these financial statements which would require a change to, or disclosure in the financial statements.

Small companies provision statement

The directors have taken advantage of the small companies exemptions provided by sections 414B and 415A of the Companies Act 2006 from the requirement to prepare a strategic report and in preparing the directors’ report on the grounds that the company is entitled to prepare its accounts for the year in accordance with the small companies regime.

Approved and authorised by the Board on 5 September 2024 and signed on its behalf by:
 

.........................................
A J Sperrin
Company secretary and director

 

Willmotts Asset Management Services Limited

Statement of Income and Retained Earnings
for the Year Ended 31 December 2023

2023
£

2022
£

Income from participating interests

235,000

-

Profit before tax

235,000

-

Profit for the financial year

235,000

-

Retained earnings brought forward

-

198,000

Dividends paid

-

(198,000)

Retained earnings carried forward

235,000

-

 

Willmotts Asset Management Services Limited

(Registration number: 12028379)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Non-current assets

 

Investments

4

2,062,500

2,062,500

Current assets

 

Receivables

5

235,002

2

Net assets

 

2,297,502

2,062,502

Equity

 

Called up share capital

6

302

302

Share premium reserve

2,062,200

2,062,200

Retained earnings

235,000

-

Shareholders' funds

 

2,297,502

2,062,502

For the financial year ending 31 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.

The financial statements of Willmotts Asset Management Services Limited were approved and authorised for issue by the Board on 5 September 2024 and signed on its behalf by:
 

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

A J Sperrin
Company secretary and director

 

Willmotts Asset Management Services Limited

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

1

General information

Willmotts Asset Management Services Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

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.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Statement of compliance

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

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 functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Summary of disclosure exemptions

The company and its subsidiaries comprise a small group. The company has therefore taken advantage of the exemption provided in Section 399 of the Companies Act 2006 not to prepare group financial statements and accordingly these financial statements present information about the company as a single undertaking.

Critical judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

 

Willmotts Asset Management Services Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Taxation

Corporation tax payable is provided on taxable profits at the current rate of tax.

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 provided in full on timing differences which represent a liability at the balance sheet date, at rates expected to apply when they crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income or expenditure in tax computations in periods different from those in which they are included in the financial statements. Deferred tax assets and liabilities are not discounted.

Investments

Non-current investments are stated at historical cost less provision for any diminution in value.

Receivables

Trade and other receivables that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment.

Payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade and other payables 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 and other payables that are payable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be paid. Those that are payable after more than one year or that constitute a financing transaction are recorded initially at transaction price and subsequently at amortised cost using the effective interest method.

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.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

 

Willmotts Asset Management Services Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)

3

Staff numbers

The company had no employees during the year, 0 (2022 - 0).

4

Investments

2023
£

2022
£

Investments in subsidiaries

2,062,500

2,062,500

Subsidiaries

£

Cost

At 1 January 2023 and 31 December 2023

2,062,500

Carrying amount

At 31 December 2023

2,062,500

At 31 December 2022

2,062,500

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Willmott Holding Company Limited

England and Wales

Ordinary

55%

55%

Willmott Property Services Limited

England and Wales

Ordinary

55%

55%

Willmotts (Ealing) Limited

England and Wales

Ordinary

55%

55%

Willmotts Management Services Limited

England and Wales

Ordinary

55%

55%

Fastbuzz Limited

England and Wales

Ordinary

55%

55%

The investments in Willmotts Property Services Ltd, Willmotts (Ealing) Ltd, Willmotts Management Services Ltd and Fastbuzz Limited are held through Willmotts Holding Company Limited.

 

Willmotts Asset Management Services Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 December 2023 (continued)

5

Receivables

2023
£

2022
£

Other receivables

235,002

2

6

Share capital and reserves

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

302

302

302

302

         

The company has one class of share capital which carries no right to fixed income.

Reserves

The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.

The share premium reserve represents premium paid for new shares above their nominal value net of issue costs and bonus share issues. This reserve forms part of the company's non-distributable reserves.

7

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £Nil (2022 - £655.63) per each Ordinary shares of £1

 

-

 

198,000

         

8

Related party transactions

During the year the company received dividends of £235,000 (2022: £Nil) from Willmotts Holding Company Limited.

There were no other related party transactions to disclose.

9

Events after the financial period

There have been no significant events between the year end and the date of approval of these financial statements which would require a change to, or disclosure in the financial statements.

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Willmotts Asset Management Services Limited
for the Year Ended 31 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 Willmotts Asset Management Services Limited for the year ended 31 December 2023 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising firm of Accountants, we are subject to ethical and other professional requirements.

This report is made solely to the Board of Directors of Willmotts Asset Management Services 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 Willmotts Asset Management Services Limited and state those matters that we have agreed to state to the Board of Directors of Willmotts Asset Management Services Limited, as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Willmotts Asset Management Services Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Willmotts Asset Management Services 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 Willmotts Asset Management Services Limited. You consider that Willmotts Asset Management Services 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 Willmotts Asset Management Services 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.

......................................
For and on behalf of
Shaw Gibbs Limited
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

5 September 2024