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Registration number: 02448056

Mike Dobson (Estate Agents) Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2018

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 Financial Statements

4 to 9

 

Mike Dobson (Estate Agents) Limited

Company Information

Directors

Mr M J Dobson

Miss E Armstrong

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 2018

Note

2018
£

2017
£

Fixed assets

 

Intangible assets

4

1

1

Tangible assets

5

52,285

57,509

Other financial assets

6

6,000

6,000

 

58,286

63,510

Current assets

 

Debtors

7

217,816

216,516

Cash at bank and in hand

 

3,430

4,768

 

221,246

221,284

Creditors: Amounts falling due within one year

8

(102,376)

(103,681)

Net current assets

 

118,870

117,603

Total assets less current liabilities

 

177,156

181,113

Provisions for liabilities

(3,448)

(4,161)

Net assets

 

173,708

176,952

Capital and reserves

 

Called up share capital

9

200

200

Profit and loss account

173,508

176,752

Total equity

 

173,708

176,952

For the financial year ending 30 April 2018 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 2018

Approved and authorised by the Board on 16 November 2018 and signed on its behalf by:
 

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

Mr M J Dobson
Director

 

Mike Dobson (Estate Agents) Limited

Notes to the Financial Statements for the Year Ended 30 April 2018

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 16 November 2018.

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.

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.

 

Mike Dobson (Estate Agents) Limited

Notes to the Financial Statements for the Year Ended 30 April 2018

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.

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.

 

Mike Dobson (Estate Agents) Limited

Notes to the Financial Statements for the Year Ended 30 April 2018

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.

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 (2017 - 15).

 

Mike Dobson (Estate Agents) Limited

Notes to the Financial Statements for the Year Ended 30 April 2018

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2017

37,646

37,646

At 30 April 2018

37,646

37,646

Amortisation

At 1 May 2017

37,645

37,645

At 30 April 2018

37,645

37,645

Carrying amount

At 30 April 2018

1

1

At 30 April 2017

1

1

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2017 - £Nil).
 

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 May 2017

54,616

160,133

19,239

233,988

At 30 April 2018

54,616

160,133

19,239

233,988

Depreciation

At 1 May 2017

25,054

132,917

18,508

176,479

Charge for the year

956

4,084

184

5,224

At 30 April 2018

26,010

137,001

18,692

181,703

Carrying amount

At 30 April 2018

28,606

23,132

547

52,285

At 30 April 2017

29,562

27,216

731

57,509

Included within the net book value of land and buildings above is £28,606 (2017 - £29,562) in respect of freehold land and buildings.
 

 

Mike Dobson (Estate Agents) Limited

Notes to the Financial Statements for the Year Ended 30 April 2018

6

Other financial assets (current and non-current)

2018
£

2017
£

Non-current financial assets

Financial assets at cost less impairment

6,000

6,000

7

Debtors

Note

2018
£

2017
£

Trade debtors

 

22,843

32,560

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

11

183,679

174,502

Prepayments

 

10,070

8,565

Other debtors

 

1,224

889

 

217,816

216,516

8

Creditors

Creditors: amounts falling due within one year

Note

2018
£

2017
£

Due within one year

 

Trade creditors

 

9,405

6,950

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

11

60,219

54,319

Taxation and social security

 

12,712

16,708

Accruals and deferred income

 

19,709

19,586

Other creditors

 

331

6,118

 

102,376

103,681

9

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary 'A' of £ 1 each

100

100

100

100

Ordinary 'B' of £ 1 each

100

100

100

100

 

200

200

200

200

 

Mike Dobson (Estate Agents) Limited

Notes to the Financial Statements for the Year Ended 30 April 2018

10

Dividends

Interim dividends paid

   

2018
£

 

2017
£

Interim dividend of £Nil (2017 - £ 200.00 ) per each Ordinary

 

-

 

20,000

         

11

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2018
£

2017
£

Remuneration

25,550

46,333

Contributions paid to money purchase schemes

3,600

3,811

29,150

50,144

Summary of transactions with parent

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

 The company advanced loans of £9,177 (2017: £5,176) to MJD Property Group Limited and was repaid £nil (2017: £20,000). At the balance sheet date the amount due from MJD Property Group Limited was £183,679 (2017: £174,502).
 

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 £nil (2017: £620) from Mike Dobson Property Management Limited. The company charged £5,900 (2017: £6,100) for the use of it's business premises to Mike Dobson Property Management Limited. The company was also advanced loans of £nil (2017: £20,065) At the balance sheet date the amount due to Mike Dobson Property Management Limited was £60,219 (2017: £54,319).
 

12

Parent and ultimate parent undertaking

The ultimate controlling party is M J Dobson.