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Registration number: 02448056

Mike Dobson (Estate Agents) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2020

Walker & Sutcliffe
Chartered Accountants
12 Greenhead Road
Huddersfield
West Yorkshire
HD1 4EN


 

 

Mike Dobson (Estate Agents) Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Mike Dobson (Estate Agents) Limited

Company Information

Directors

Mr M J Dobson

Mrs E Pease

Mr M A Dobson

Registered office

4 Main Street
Garforth
Leeds
West Yorkshire
LS25 1EZ

Accountants

Walker & Sutcliffe
Chartered Accountants
12 Greenhead Road
Huddersfield
West Yorkshire
HD1 4EN

 

Mike Dobson (Estate Agents) Limited

(Registration number: 02448056)
Balance Sheet as at 30 April 2020

Note

2020
£

2019
£

Fixed assets

 

Intangible assets

4

1

1

Tangible assets

5

121,311

127,157

Other financial assets

6

6,000

6,000

 

127,312

133,158

Current assets

 

Debtors

7

187,593

180,735

Cash at bank and in hand

 

96,432

35,684

 

284,025

216,419

Creditors: Amounts falling due within one year

8

(122,845)

(112,092)

Net current assets

 

161,180

104,327

Total assets less current liabilities

 

288,492

237,485

Creditors: Amounts falling due after more than one year

8

(108,354)

(63,000)

Provisions for liabilities

(2,846)

(2,946)

Net assets

 

177,292

171,539

Capital and reserves

 

Called up share capital

200

200

Profit and loss account

177,092

171,339

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:

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.

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 Board on 26 February 2021 and signed on its behalf by:
 

 

Mike Dobson (Estate Agents) Limited

(Registration number: 02448056)
Balance Sheet as at 30 April 2020

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

Mr M J Dobson
Director

 

Mike Dobson (Estate Agents) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020

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:
4 Main Street
Garforth
Leeds
West Yorkshire
LS25 1EZ
United Kingdom

These financial statements were authorised for issue by the Board on 26 February 2021.

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 - '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.

 

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.

 

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.

 

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2019 - 16).

 

Mike Dobson (Estate Agents) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2019

37,646

37,646

At 30 April 2020

37,646

37,646

Amortisation

At 1 May 2019

37,645

37,645

At 30 April 2020

37,645

37,645

Carrying amount

At 30 April 2020

1

1

At 30 April 2019

1

1

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 May 2019

135,718

160,133

19,239

315,090

At 30 April 2020

135,718

160,133

19,239

315,090

Depreciation

At 1 May 2019

31,302

143,417

19,060

193,779

At 30 April 2020

31,302

143,417

19,060

193,779

Carrying amount

At 30 April 2020

104,416

16,716

179

121,311

At 30 April 2019

107,130

19,664

363

127,157

Included within the net book value of land and buildings above is £104,416 (2019 - £107,130) in respect of freehold land and buildings.
 

6

Other financial assets (current and non-current)

2020
£

2019
£

Non-current financial assets

Financial assets at cost less impairment

6,000

6,000

 

Mike Dobson (Estate Agents) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020

7

Debtors

Note

2020
£

2019
£

Trade debtors

 

21,472

7,452

Amounts owed by group undertakings and undertakings in which the company has a participating interest

10

153,844

165,616

Prepayments

 

11,020

6,495

Other debtors

 

1,257

1,172

 

187,593

180,735

8

Creditors

Creditors: amounts falling due within one year

Note

2020
£

2019
£

Due within one year

 

Loans and borrowings

9

4,667

4,667

Trade creditors

 

3,102

5,607

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

83,363

56,195

Taxation and social security

 

19,502

26,124

Accruals and deferred income

 

12,211

19,499

 

122,845

112,092

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
£

Due after one year

 

Loans and borrowings

9

108,354

63,000

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).

9

Loans and borrowings

2020
£

2019
£

Non-current loans and borrowings

Bank borrowings

108,354

63,000

 

Mike Dobson (Estate Agents) Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2020

2020
£

2019
£

Current loans and borrowings

Bank borrowings

4,667

4,667

10

Related party transactions

Summary of transactions with parent

MJD Property Group Limited
(The company's parent undertaking)

 The company advanced loans of £15,077 (2019: £21,936) to MJD Property Group Limited and was repaid £27,000 (2019: £40,000). At the balance sheet date the amount due from MJD Property Group Limited was £153,693 (2019: £165,616).
 

Summary of transactions with other related parties

Mike Dobson Property Management Limited
(A fellow subsidiary undertaking)

 During the year, the company received professional services on a commercial basis of £12,000 (2019: £12,000) from Mike Dobson Property Management Limited. The company charged £6,100 (2019: £6,100) for the use of it's business premises to Mike Dobson Property Management Limited. The company was also advanced loans of £21,267 (2019: £1,543) and repaid £nil (2019: £11,467). At the balance sheet date the amount due to Mike Dobson Property Management Limited was £83,362 (2019: £56,195).
 

11

Parent and ultimate parent undertaking

The ultimate controlling party is M J Dobson.