ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number:
Unaudited
Information for filing with the registrar
For the Year Ended
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Dunbar Wharf Holdings Limited
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Dunbar Wharf Holdings Limited for the Year Ended 31 December 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Dunbar Wharf Holdings Limited for the year ended 31 December 2018 which comprise the Balance sheet, the Statement of changes in equity and the related notes 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 Dunbar Wharf Holdings Limited, as a body, in accordance with the terms of our engagement letter dated 10 September 2019. Our work has been undertaken solely to prepare for your approval the financial statements of Dunbar Wharf Holdings Limited and state those matters that we have agreed to state to the Board of directors of Dunbar Wharf Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dunbar Wharf Holdings Limited and its Board of directors, as a body, for our work or for this report.
It is your duty to ensure that Dunbar Wharf Holdings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Dunbar Wharf Holdings Limited. You consider that Dunbar Wharf Holdings Limited is exempt from the statutory audit requirement for the year.
Chartered Accountants
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Dunbar Wharf Holdings Limited
Registered number: 04109187
Balance sheet
As at
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
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Dunbar Wharf Holdings Limited
Registered number: 04109187
Balance sheet (continued)
As at 31 December 2018
The notes on pages 5 to 9 form part of these financial statements.
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Dunbar Wharf Holdings Limited
Statement of changes in equity
For the Year Ended 31 December 2018
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Dunbar Wharf Holdings Limited
Notes to the financial statements
For the Year Ended 31 December 2018
Dunbar Wharf Holdings Limited (“the company”) is a private company limited by shares and is incorporated in England with the registration number 04109187. The address of the registered office is Dunbar House Wentworth Court, Castle Road Eurolink Industrial Estate, Sittingbourne, ME10 3RN.
The company is a parent undertaking of a group whose principal activity is the supply of freight forwarding, warehousing and transport services.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The Company's functional and presentational currency is Pounds Sterling.
The following principal accounting policies have been applied:
The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.
Revenue represents rental income and is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Rentals paid under operating leases are charged to the Profit and loss account on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
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Dunbar Wharf Holdings Limited
Notes to the financial statements
For the Year Ended 31 December 2018
2.Accounting policies (continued)
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and loss account.
Investment property is carried at fair value determined annually by the directors with the assistance of external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and loss account.
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Dunbar Wharf Holdings Limited
Notes to the financial statements
For the Year Ended 31 December 2018
2.Accounting policies (continued)
Investments in group undertakings are remeasured to the directors' estimate of their fair value each year. Gains and losses on remeasurement are recognised in profit or loss for the period.
Investments in listed company shares are remeasured to market value at each Balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance sheet.
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Dunbar Wharf Holdings Limited
Notes to the financial statements
For the Year Ended 31 December 2018
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Dunbar Wharf Holdings Limited
Notes to the financial statements
For the Year Ended 31 December 2018
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