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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2018 |
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AGE UK WIGAN BOROUGH ENTERPRISES LIMITED |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 MARCH 2018 |
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FOR |
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AGE UK WIGAN BOROUGH ENTERPRISES LIMITED |
AGE UK WIGAN BOROUGH ENTERPRISES LIMITED (REGISTERED NUMBER: 03315916) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2018 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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AGE UK WIGAN BOROUGH ENTERPRISES LIMITED |
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COMPANY INFORMATION |
for the Year Ended 31 March 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditor |
Chartered Accountants |
Douglas Bank House |
Wigan Lane |
Wigan |
Lancashire |
WN1 2TB |
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BANKERS: |
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6 Market Place |
Wigan |
Lancashire |
WN1 1QS |
AGE UK WIGAN BOROUGH ENTERPRISES LIMITED (REGISTERED NUMBER: 03315916) |
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STATEMENT OF FINANCIAL POSITION |
31 March 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS/(LIABILITIES) |
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( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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( |
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SHAREHOLDERS' FUNDS |
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( |
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32,889 | (74,088 | ) |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors on
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AGE UK WIGAN BOROUGH ENTERPRISES LIMITED (REGISTERED NUMBER: 03315916) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2018 |
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1. | STATUTORY INFORMATION |
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Age UK Wigan Borough Enterprises 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. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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After making enquiries the directors have a reasonable expectation that the company will have short term |
support (financial and management) from Age Concern Wigan Borough, the ultimate parent company, to enable |
it to continue in operational existence for the next six months of trade. |
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On this basis, the directors believe it is appropriate to continue to adopt the going concern basis in preparation of |
the financial statements. |
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Revenue recognition |
Turnover represents commissions receivable from sales of insurance and other related products, Home help |
services and retail shop income. |
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Commission income is recognised on completion of the insurance sales transaction, home help income is |
recognised on completion of services delivered to customers and the shop income is recognised when the goods |
have been sold to customers and all risks and rewards have transferred to them. |
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Tangible fixed assets and depreciation |
Tangible fixed assets are stated at cost less depreciation and impairment. |
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. |
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Fixtures and fittings | - | 12.5% on cost |
Computer equipment | - | 20% - 33% on cost |
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Impairment of assets |
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets |
have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any |
affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, |
the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised |
immediately in profit or loss. |
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Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised |
estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying |
amount that would have been determined (net of depreciation) had no impairment loss been recognised for the |
asset in prior years. A reversal of an impairment loss is recognised as income immediately. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the statement of financial position date. |
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AGE UK WIGAN BOROUGH ENTERPRISES LIMITED (REGISTERED NUMBER: 03315916) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2018 |
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2. | ACCOUNTING POLICIES - continued |
Deferred taxation |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the |
statement of financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
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Employee benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
scheme are charged to the profit and loss in the period to which they relate. |
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Financial instruments |
The company only enters into basic financial instruments transactions that result in the recognition of financial |
assets and liabilities such as trade debtors and other accounts receivable and payable. Basic financial instruments |
are recognised at cost. |
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Related party loans have no stated interest rate, are payable on demand and are not measured at the discounted |
amount due. |
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Leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the lease term, |
unless the rental payments are structured to increase in line with expected general inflation, in which case the |
company recognises annual rent expense equal to the amounts owed to the lessor. |
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The benefits of lease incentives are recognised as a reduction to the expense recognised over the lease term on a |
straight line basis. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2017 |
and 31 March 2018 |
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DEPRECIATION |
At 1 April 2017 |
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Charge for year |
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At 31 March 2018 |
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NET BOOK VALUE |
At 31 March 2018 |
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At 31 March 2017 |
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AGE UK WIGAN BOROUGH ENTERPRISES LIMITED (REGISTERED NUMBER: 03315916) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Amounts owed to group undertakings |
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Taxation and social security |
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Other creditors |
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7. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2018 | 2017 |
£ | £ |
Within one year |
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Between one and five years |
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8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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9. | RELATED PARTY DISCLOSURES |
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The following transactions took place with the charity during the year: |
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i) Cost recharges of £56,209 (2017 - £40,500). |
ii) The transfer of the Home Help service with income of £36,187 and costs of £33,722. |
iii) Write back of the balance with the Charity, Age Concern Wigan Borough for £150,962. |
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As at the 31 March 2018 £Nil (2017 - £97,218) was due to the Charity. |
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10. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is deemed to be the Board of Directors/Trustees of Age Concern Wigan Borough. |
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11. | ULTIMATE PARENT COMPANY |
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The company is wholly owned by Age Concern Wigan Borough, a charity registered in England and Wales. |
Accounts can be obtained from its registered office, Pennyhurst Mill, Haig Street, Wigan WN3 4AZ. |