Dillon Estates Ltd - Period Ending 2019-05-31

Registration number: 07245596

Dillon Estates Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 May 2019

Jani Taylor Associates Limited
Chartered Accountants, Advocates and Business Advisers
Office 6a Popin Business Centre
South Way
London
HA9 0HF

 

Dillon Estates Ltd

Contents

Company Information	1
Abridged Balance Sheet	2 to 3
Notes to the Unaudited Abridged Financial Statements	4 to 8

Dillon Estates Ltd

Company Information

Directors

Mr Suresh Varsani Mrs. Rama Suresh Varsani

Registered office

Office 6a 1st Floor Popin Business Centre South Way Wembley Middlesex HA9 0HF

Accountants

Jani Taylor Associates Limited Chartered Accountants, Advocates and Business Advisers Office 6a Popin Business Centre South Way London HA9 0HF

Page 1

Dillon Estates Ltd

(Registration number: 07245596)
Abridged Balance Sheet as at 31 May 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	17,869	14,700
Current assets
Debtors		180,477	26,547
Cash at bank and in hand		86,310	218,311
		266,787	244,858
Creditors: Amounts falling due within one year		(27,039)	(32,141)
Net current assets		239,748	212,717
Total assets less current liabilities		257,617	227,417
Accruals and deferred income		(3,010)	(2,010)
Net assets		254,607	225,407
Capital and reserves
Called up share capital	5	1	1
Profit and loss account		254,606	225,406
Total equity		254,607	225,407

For the financial year ending 31 May 2019 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 20 January 2020 and signed on its behalf by:
 

The notes on pages 4 to 8 form an integral part of these abridged financial statements.

Page 2

Dillon Estates Ltd

(Registration number: 07245596)
Abridged Balance Sheet as at 31 May 2019

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

Mr Suresh Varsani
Director

The notes on pages 4 to 8 form an integral part of these abridged financial statements.

Page 3

Dillon Estates Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2019

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Office 6a 1st Floor
Popin Business Centre
South Way
Wembley
Middlesex
HA9 0HF
United Kingdom

The principal place of business is:
194 Honeypot Lane
Stanmore
Middlesex
HA7 1EE
United Kingdom

These financial statements were authorised for issue by the Board on 20 January 2020.

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 abridged 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 abridged 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.

Changes in accounting policy

New standards, interpretations and amendments effective

The following have been applied for the first time from 1 June 2018 and have had an effect on the financial statements:

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.

Page 4

Dillon Estates Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2019

Tax

The tax expense for the period comprises current 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.

Tangible assets

Tangible assets are stated in the balance sheet 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
Furniture, Fittings and equipment	25% straight-line basis
Motor vehicles	25% straight-line basis

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 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.

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.

Page 5

Dillon Estates Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2019

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.

Financial instruments

Classification
All financial instruments at reporting date are included under the appropriate format heading depending on the nature of the instrument.
 Recognition and measurement
Financial instruments are recognised at amortised cost, any gains or losses being reported in profit or loss.
 Impairment
At each reporting date financial instruments are reviewed to determine whether there is any indication that those instruments have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2018 - 6).

Page 6

Dillon Estates Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2019

4	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 June 2018	25,723	-	25,723
Additions	-	9,123	9,123
At 31 May 2019	25,723	9,123	34,846
Depreciation
At 1 June 2018	11,023	-	11,023
Charge for the year	3,674	2,280	5,954
At 31 May 2019	14,697	2,280	16,977
Carrying amount
At 31 May 2019	11,026	6,843	17,869
At 31 May 2018	14,700	-	14,700

5	Share capital

Allotted, called up and fully paid shares

	2019		2018
	No.	£	No.	£
Ordinary Share Capital of £1 each	1	1	1	1

6	Related party transactions

Directors' remuneration

The director's remuneration for the year was as follows:

	2019 £	2018 £
Remuneration	7,488	7,488

Summary of transactions with other related parties

Mr & Mrs Varsani are owners of freehold properties rented to the Company. The Company sub-leases these properties to unconnected parties.
 The rents paid and earned are subject to formal legal obligations under short leases.
 

Loans to related parties

Page 7

Dillon Estates Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2019

2019	Entities with joint control or significant influence £	Total £
Advanced	136,000	136,000

Terms of loans to related parties

Loan advanced to Dalina Properties Ltd (CRN 11316998) during the year - £125,000 (2018- Nil), owned by the director-shareholder of the company. The loan is interest free.

Sums advanced to H&SR Properties Ltd (CRN 10097193) - £11,000 (2018 - Nil), in which the director-shareholder has significant control. The loan is interest free.
 

Loans from related parties

2019	Key management £	Total £
At start of period	8,157	8,157
Advanced	569	569
At end of period	8,726	8,726

2018	Key management £	Total £
At start of period	8,769	8,769
Repaid	(612)	(612)
At end of period	8,157	8,157

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