Downfield Homes Limited - Period Ending 2018-08-31
Downfield Homes Limited - Period Ending 2018-08-31
Registration number:
for the Year Ended
Downfield Homes Limited
Contents
Balance Sheet |
|
Notes to the Financial Statements |
Downfield Homes Limited
(Registration number: 05008368)
Balance Sheet as at 31 August 2018
Note |
2018 |
2017 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Investment property |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
|||
Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
For the financial year ending 31 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
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.
Page 1 |
Downfield Homes Limited
(Registration number: 05008368)
Balance Sheet as at 31 August 2018
Approved and authorised by the
.........................................
Director
Page 2 |
Downfield Homes Limited
Notes to the Financial Statements for the Year Ended 31 August 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
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.
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.
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.
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 3 |
Downfield Homes Limited
Notes to the Financial Statements for the Year Ended 31 August 2018
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 |
Fixtures, fittings & equipment |
25% reducing balance |
Investment property
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
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.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Page 4 |
Downfield Homes Limited
Notes to the Financial Statements for the Year Ended 31 August 2018
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.
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.
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 5 |
Downfield Homes Limited
Notes to the Financial Statements for the Year Ended 31 August 2018
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
At 1 September 2017 |
|
|
At 31 August 2018 |
|
|
Depreciation |
||
At 1 September 2017 |
|
|
Charge for the year |
|
|
At 31 August 2018 |
|
|
Carrying amount |
||
At 31 August 2018 |
|
|
At 31 August 2017 |
|
|
Investment properties |
2018 |
|
At 1 September 2017 |
|
Additions |
|
Disposals |
( |
Fair value adjustments |
|
At 31 August 2018 |
|
At the year end the properties were valued by D P Walker, director, on an open market basis.
Investments |
2018 |
2017 |
|
Investments in subsidiaries |
|
|
Subsidiaries |
£ |
Cost or valuation |
|
At 1 September 2017 |
|
Carrying amount |
|
At 31 August 2018 |
|
At 31 August 2017 |
|
Page 6 |
Downfield Homes Limited
Notes to the Financial Statements for the Year Ended 31 August 2018
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
|
2018 |
2017 |
Subsidiary undertakings |
||||
|
England and Wales |
|
|
|
UKHomeworks Limited is a dormant company.
Stocks |
2018 |
2017 |
|
Work in progress |
|
|
Debtors |
2018 |
2017 |
|
Trade debtors |
|
|
Other debtors |
|
|
Prepayments and accrued income |
9,849 |
8,673 |
Total current trade and other debtors |
|
|
Page 7 |
Downfield Homes Limited
Notes to the Financial Statements for the Year Ended 31 August 2018
Creditors |
Creditors: amounts falling due within one year
Note |
2018 |
2017 |
|
Due within one year |
|||
Bank loans and overdrafts |
|
|
|
Trade creditors |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
Accruals and deferred income |
31,667 |
147,562 |
|
|
|
The bank loans are secured by a legal charge over the properties at St Anns House, 5 Croxteth Drive, Liverpool; Linwood House, 23 Carnatic Road, Liverpool; Park Lea, 6 Fulwood Park, Liverpool; Apartment 6 Evesham House, 35 Aigburth Drive, Liverpool; Apartment 7 Adlington House, Livingston Drive, Liverpool; Apartment 3 Lynewood 27 Aigburth Drive, Liverpool; and by a debenture creating a fixed and floating charge over the company's assets.
Creditors: amounts falling due after more than one year
Note |
2018 |
2017 |
|
Due after one year |
|||
Loans and borrowings |
|
|
2018 |
2017 |
|
Due after more than five years |
||
After more than five years by instalments |
|
|
- |
- |
Related party transactions |
Loans from related parties
2018 |
Key management |
At start of period |
|
Advanced |
|
Repaid |
( |
At end of period |
|
Page 8 |
Downfield Homes Limited
Notes to the Financial Statements for the Year Ended 31 August 2018
2017 |
Key management |
At start of period |
|
Advanced |
|
At end of period |
|
Included within long term creditors is £7,471,417 (2017 - £7,219,012) owed to D P Walker and C B Walker. This loan is interest free and not repayable in a period of less than one year.
Page 9 |