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Registration number: 02448056

Mike Dobson (Estate Agents) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2017

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

 

Mike Dobson (Estate Agents) Limited

Contents

Company Information

1

Accountants' Report

2

Statement of Comprehensive Income

3

Balance Sheet

4 to 5

Statement of Changes in Equity

6

Notes to the Financial Statements

7 to 11

 

Mike Dobson (Estate Agents) Limited

Company Information

Directors

Miss E Armstrong

Mr M J Dobson

Mr M A Dobson

Company secretary

Mr M J 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

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Mike Dobson (Estate Agents) Limited
for the Year Ended 30 April 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Mike Dobson (Estate Agents) Limited for the year ended 30 April 2017 as set out on pages 3 to 11 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/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Mike Dobson (Estate Agents) 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 Mike Dobson (Estate Agents) Limited and state those matters that we have agreed to state to the Board of Directors of Mike Dobson (Estate Agents) 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 Mike Dobson (Estate Agents) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Mike Dobson (Estate Agents) 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 Mike Dobson (Estate Agents) Limited. You consider that Mike Dobson (Estate Agents) 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 Mike Dobson (Estate Agents) 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.

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

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

6 November 2017

 

Mike Dobson (Estate Agents) Limited

Statement of Comprehensive Income for the Year Ended 30 April 2017

Note

2017
£

2016
£

Profit for the year

 

23,421

49,977

Total comprehensive income for the year

 

23,421

49,977

 

Mike Dobson (Estate Agents) Limited

(Registration number: 02448056)
Balance Sheet as at 30 April 2017

Note

2017
£

2016
£

Fixed assets

 

Intangible assets

4

1

1

Tangible assets

5

57,509

63,152

Other financial assets

6

6,000

6,000

 

63,510

69,153

Current assets

 

Debtors

7

216,516

227,554

Cash at bank and in hand

 

4,768

12,503

 

221,284

240,057

Creditors: Amounts falling due within one year

8

(103,681)

(129,999)

Net current assets

 

117,603

110,058

Total assets less current liabilities

 

181,113

179,211

Provisions for liabilities

(4,161)

(5,680)

Net assets

 

176,952

173,531

Capital and reserves

 

Called up share capital

200

200

Profit and loss account

176,752

173,331

Total equity

 

176,952

173,531

For the financial year ending 30 April 2017 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.

 

Mike Dobson (Estate Agents) Limited

(Registration number: 02448056)
Balance Sheet as at 30 April 2017

Approved and authorised by the Board on 6 November 2017 and signed on its behalf by:
 

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

Mr M J Dobson

Company secretary and director

 

Mike Dobson (Estate Agents) Limited

Statement of Changes in Equity for the Year Ended 30 April 2017

Share capital
£

Profit and loss account
£

Total
£

At 1 May 2016

200

173,331

173,531

Profit for the year

-

23,421

23,421

Total comprehensive income

-

23,421

23,421

Dividends

-

(20,000)

(20,000)

At 30 April 2017

200

176,752

176,952

Share capital
£

Profit and loss account
£

Total
£

At 1 May 2015

200

168,354

168,554

Profit for the year

-

49,977

49,977

Total comprehensive income

-

49,977

49,977

Dividends

-

(45,000)

(45,000)

At 30 April 2016

200

173,331

173,531

 

Mike Dobson (Estate Agents) Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

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 6 November 2017.

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.

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.

 

Mike Dobson (Estate Agents) Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

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.

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.

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 15 (2016 - 15).

 

Mike Dobson (Estate Agents) Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2016

37,646

37,646

At 30 April 2017

37,646

37,646

Amortisation

At 1 May 2016

37,645

37,645

At 30 April 2017

37,645

37,645

Carrying amount

At 30 April 2017

1

1

At 30 April 2016

1

1

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
 

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2016

54,616

178,459

233,075

Additions

-

913

913

At 30 April 2017

54,616

179,372

233,988

Depreciation

At 1 May 2016

24,098

145,825

169,923

Charge for the year

956

5,600

6,556

At 30 April 2017

25,054

151,425

176,479

Carrying amount

At 30 April 2017

29,562

27,947

57,509

At 30 April 2016

30,518

32,634

63,152

Included within the net book value of land and buildings above is £29,562 (2016 - £30,518) in respect of freehold land and buildings.
 

 

Mike Dobson (Estate Agents) Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 May 2016

6,000

6,000

At 30 April 2017

6,000

6,000

Impairment

Carrying amount

At 30 April 2017

6,000

6,000

7

Debtors

Note

2017
£

2016
£

Trade debtors

 

32,560

22,280

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

10

174,502

189,326

Other debtors

 

9,454

15,948

Total current trade and other debtors

 

216,516

227,554

8

Creditors

Note

2017
£

2016
£

Due within one year

 

Trade creditors

 

6,950

5,461

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

10

54,319

40,830

Taxation and social security

 

16,708

17,519

Other creditors

 

25,704

66,189

 

103,681

129,999

9

Dividends

Final dividends paid

 

Mike Dobson (Estate Agents) Limited

Notes to the Financial Statements for the Year Ended 30 April 2017

 

2017
£

2016
£

Final dividend of £ 200 (2016 - £ 450 ) per each Ordinary share

20,000

45,000

     

10

Related party transactions

Summary of transactions with parent

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

 The company advanced loans of £5,176 (2016: £77,205) to MJD Property Group Limited and was repaid £20,000 (2016: £45,000). At the balance sheet date the amount due from MJD Property Group Limited was £174,502 (2016: £189,326).
 

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 £620 (2016: £620) from Mike Dobson Property Management Limited. The company charged £6,100 (2016: £6,100) for the use of it's business premises to Mike Dobson Property Management Limited. The company was also advanced loans of £20,065 (2016: £0) At the balance sheet date the amount due to Mike Dobson Property Management Limited was £54,319 (2016: £40,830).
 

11

Parent and ultimate parent undertaking

The ultimate controlling party is M J Dobson.

12

Transition to FRS 102

There are no adjustments to disclose in relation to the transition to FRS 102 in the current year.