Registration number:
Mike Dobson (Estate Agents) Limited
for the Year Ended 30 April 2020
Chartered Accountants
12 Greenhead Road
Huddersfield
West Yorkshire
HD1 4EN
Mike Dobson (Estate Agents) Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Mike Dobson (Estate Agents) Limited
Company Information
Directors |
Mr M J Dobson Mrs E Pease Mr M A Dobson |
Registered office |
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Accountants |
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Page 1 |
Mike Dobson (Estate Agents) Limited
(Registration number: 02448056)
Balance Sheet as at 30 April 2020
Note |
2020 |
2019 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Other financial assets |
6,000 |
6,000 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
200 |
200 |
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Profit and loss account |
177,092 |
171,339 |
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Total equity |
177,292 |
171,539 |
For the financial year ending 30 April 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
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.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Page 2 |
Mike Dobson (Estate Agents) Limited
(Registration number: 02448056)
Balance Sheet as at 30 April 2020
.........................................
Director
Page 3 |
Mike Dobson (Estate Agents) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
United Kingdom
These financial statements were authorised for issue by the
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 - '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 presentational currency used was £ sterling.
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.
Page 4 |
Mike Dobson (Estate Agents) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020
Government grants
Government grants, including non-monetary grants are not recognised until there is reasonable assurance that:
The company will comply with the conditions attaching to them; and
The grants will be received.
The company recognises grants either based on the performance model or the accrual model. This policy choice is applied on a class-by-class basis.
The company measures grants at the fair value of the asset received or receivable.
Where a grant becomes repayable it is recognised as a liability when the repayment meets the definition of a liability.
Performance model
The performance model recognises grants as follows:
A grant that does not impose specified future performance-related conditions on the company is recognised in income when the grant proceeds are received or receivable.
A grant that imposes specified future performance-related conditions on the company is recognised in income only when the performance-related conditions are met.
Grants received before the revenue recognition criteria are satisfied are recognised as a liability.
Accrual model
The accrual model classifies grants either as a grant relating to revenue or a grant relating to assets.
Grants relating to revenue are recognised in income on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate.
A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the company with no future related costs is recognised in income in the period in which it becomes receivable.
Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.
Where part of a grant relating to an asset is deferred it is recognised as deferred income and not deducted from the carrying amount of the asset.
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.
Page 5 |
Mike Dobson (Estate Agents) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020
Tangible assets
Tangible assets are stated in the statement of financial position 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 |
Freehold property |
2% on cost |
Improvements to property |
20% on cost |
Fixtures and fittings |
15% on reducing balance |
Motor vehicles |
25% on reducing balance |
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 |
5% on cost |
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.
Page 6 |
Mike Dobson (Estate Agents) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020
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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Page 7 |
Mike Dobson (Estate Agents) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020
Intangible assets |
Goodwill |
Total |
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Cost or valuation |
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At 1 May 2019 |
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At 30 April 2020 |
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Amortisation |
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At 1 May 2019 |
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At 30 April 2020 |
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Carrying amount |
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At 30 April 2020 |
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At 30 April 2019 |
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Tangible assets |
Land and buildings |
Fixtures and fittings |
Office equipment |
Total |
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Cost or valuation |
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At 1 May 2019 |
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At 30 April 2020 |
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Depreciation |
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At 1 May 2019 |
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At 30 April 2020 |
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Carrying amount |
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At 30 April 2020 |
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At 30 April 2019 |
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Included within the net book value of land and buildings above is £104,416 (2019 - £107,130) in respect of freehold land and buildings.
Other financial assets (current and non-current) |
2020 |
2019 |
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Non-current financial assets |
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Financial assets at cost less impairment |
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Page 8 |
Mike Dobson (Estate Agents) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020
Debtors |
Note |
2020 |
2019 |
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Trade debtors |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Accruals and deferred income |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £4,667 (2019 - £4,667).
Creditors: amounts falling due after more than one year
Note |
2020 |
2019 |
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Due after one year |
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Loans and borrowings |
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Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £108,354 (2019 - £63,000).
Loans and borrowings |
2020 |
2019 |
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Non-current loans and borrowings |
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Bank borrowings |
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Page 9 |
Mike Dobson (Estate Agents) Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020
2020 |
2019 |
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Current loans and borrowings |
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Bank borrowings |
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Related party transactions |
Summary of transactions with parent
(The company's parent undertaking)
Summary of transactions with other related parties
(A fellow subsidiary undertaking)
Parent and ultimate parent undertaking |
The ultimate controlling party is
Page 10 |