ACCOUNTS - Final Accounts preparation


Caseware UK (AP4) 2018.0.196 2018.0.1962019-03-312019-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueNo description of principal activityfalse2018-04-01106478532018-04-012019-03-31106478532019-03-31106478532018-03-3110647853 c:Director1 2018-04-012019-03-3110647853 d:Buildings 2018-04-012019-03-3110647853 d:Buildings 2019-03-3110647853 d:Buildings 2018-03-3110647853 d:OtherPropertyPlantEquipment 2018-04-012019-03-3110647853 d:OtherPropertyPlantEquipment 2019-03-3110647853 d:OtherPropertyPlantEquipment 2018-03-3110647853 d:PatentsTrademarksLicencesConcessionsSimilar 2018-04-012019-03-3110647853 d:PatentsTrademarksLicencesConcessionsSimilar 2019-03-3110647853 d:PatentsTrademarksLicencesConcessionsSimilar 2018-03-3110647853 d:CurrentFinancialInstruments 2019-03-3110647853 d:CurrentFinancialInstruments 2018-03-3110647853 d:CurrentFinancialInstruments d:WithinOneYear 2019-03-3110647853 d:CurrentFinancialInstruments d:WithinOneYear 2018-03-3110647853 d:ShareCapital 2019-03-3110647853 d:ShareCapital 2018-03-3110647853 d:RetainedEarningsAccumulatedLosses 2019-03-3110647853 d:RetainedEarningsAccumulatedLosses 2018-03-3110647853 c:FRS102 2018-04-012019-03-3110647853 c:AuditExempt-NoAccountantsReport 2018-04-012019-03-3110647853 c:FullAccounts 2018-04-012019-03-3110647853 c:PrivateLimitedCompanyLtd 2018-04-012019-03-31iso4217:GBPxbrli:pure

Registered number: 10647853









DALAL PROPERTIES LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2019

 
DALAL PROPERTIES LIMITED
REGISTERED NUMBER: 10647853

BALANCE SHEET
AS AT 31 MARCH 2019

2019
2018
Note
£
£

Fixed assets
  

Intangible assets
 4 
-
14,735

Tangible assets
 5 
-
54,936

  
-
69,671

Current assets
  

Debtors: amounts falling due within one year
 6 
131,083
-

Cash at bank and in hand
 7 
39,917
78,349

  
171,000
78,349

Creditors: amounts falling due within one year
 8 
(186,202)
(166,121)

Net current liabilities
  
 
 
(15,202)
 
 
(87,772)

Total assets less current liabilities
  
(15,202)
(18,101)

  

Net liabilities
  
(15,202)
(18,101)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
(15,203)
(18,102)

  
(15,202)
(18,101)


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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 12 December 2019.


Page 1

 
DALAL PROPERTIES LIMITED
REGISTERED NUMBER: 10647853
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2019

B M Dalal
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
DALAL PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019

1.


General information

Dalal Properties Limited is a limited liability company incorporated and domiciled in England. The registered office is shown on the Company Information page. The financial statements are prepared in sterling. The financial statements are for a year ended 31 March 2019 (2018: period of 395 days ended 31 March 2018).
The company did not trade during the year.
The company entered into a lease dated 16 October 2017 for the rent of the property known as 40 Lower High Street, Wednesbury, West Midlands, WS10 7AH. The company commenced conversion of the property into a house of mulitple occupancy.
The director and 100% shareholder (known as the funder) entered into a joint venture agreement with HMO Daddy Projects Limited on the 12 May 2017.
The director entered into a delayed purchase option to acquire the freehold of the property known as 40 Lower High Street, Wednesbury, West Midlands, WS10 7AH on 3 November 2017.
In June 2018, the director relinquished his interest in the joint venture agreement with HMO Daddy Projects Limited, the delayed option to acquire 40 Lower High Street, Wednesbury, West Midlands, WS10 7AH and the lease of the same property. As part of the agreement, the company will recover the option deposit and certain costs previously paid from the entity taking over the lease and property development.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 following principal accounting policies have been applied:

 
2.2

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Lease
-
5
years

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
DALAL PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

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:

Freehold property deposit
-
20%
per annum (5 year lease)
Conversion costs
-
20%
per annum (5 year lease)

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.

 
2.4

Debtors

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.

 
2.5

Cash and cash equivalents

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.

 
2.6

Creditors

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.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2018 - 1).

Page 4

 
DALAL PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019

4.


Intangible assets




Lease

£





At 1 April 2018
18,419


Disposals
(18,419)



At 31 March 2019

-





At 1 April 2018
3,684


On disposals
(3,684)



At 31 March 2019

-



Net book value



At 31 March 2019
-



At 31 March 2018
14,735

Page 5

 
DALAL PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019

5.


Tangible fixed assets





Freehold property deposit
Conversion costs
Total

£
£
£





At 1 April 2018
25,000
43,671
68,671


Disposals
(25,000)
(43,671)
(68,671)



At 31 March 2019

-
-
-





At 1 April 2018
5,000
8,735
13,735


Disposals
(5,000)
(8,735)
(13,735)



At 31 March 2019

-
-
-



Net book value



At 31 March 2019
-
-
-



At 31 March 2018
20,000
34,936
54,936


6.


Debtors

2019
2018
£
£


Other debtors
131,083
-

131,083
-



7.


Cash and cash equivalents

2019
2018
£
£

Cash at bank and in hand
39,917
78,349

39,917
78,349


Page 6

 
DALAL PROPERTIES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019

8.


Creditors: Amounts falling due within one year

2019
2018
£
£

Director's loan account
185,422
165,621

Accruals and deferred income
780
500

186,202
166,121


 
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