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