Domalo Limited Filleted accounts for Companies House (small and micro)

Domalo Limited Filleted accounts for Companies House (small and micro)

DOMALO LTD. - Company Information

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COMPANY REGISTRATION NUMBER: 03807897
DOMALO LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2019
DOMALO LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2019
Contents
Pages
Balance sheet 1
Notes to the financial statements 2 to 5
DOMALO LIMITED
BALANCE SHEET
31 December 2019
2019
2018
Note
£
£
Fixed assets
Tangible assets
5
1,088,094
1,121,793
Current assets
Debtors
6
68,903
52,192
Cash at bank and in hand
663,764
474,555
------------
------------
732,667
526,747
Creditors: amounts falling due within one year
7
( 209,925)
( 240,610)
------------
------------
Net current assets
522,742
286,137
------------
------------
Total assets less current liabilities
1,610,836
1,407,930
Provisions
8
( 16,000)
( 15,500)
------------
------------
Net assets
1,594,836
1,392,430
------------
------------
Capital and reserves
Called up share capital
11
2
2
Profit and loss account
1,594,834
1,392,428
------------
------------
Shareholders funds
1,594,836
1,392,430
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 16 April 2020 , and are signed on behalf of the board by:
Mrs M C Scott Director
Company registration number: 03807897
DOMALO LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 103 Frederick Street, Oldham, Lancashire, OL8 1RD.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents the value of services supplied to customers during the period.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% straight line
Fixtures and fittings
-
25% reducing balance
Motor vehicles
-
25% reducing balance
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to the defined contribution pension scheme are charged to the profit and loss account as they become payable.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 61 (2018: 62 ).
5. Tangible assets
Freehold property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2019
1,297,682
228,398
29,304
1,555,384
Additions
–
6,222
–
6,222
------------
------------
------------
------------
At 31 December 2019
1,297,682
234,620
29,304
1,561,606
------------
------------
------------
------------
Depreciation
At 1 January 2019
232,351
181,957
19,283
433,591
Charge for the year
24,252
13,165
2,504
39,921
------------
------------
------------
------------
At 31 December 2019
256,603
195,122
21,787
473,512
------------
------------
------------
------------
Carrying amount
At 31 December 2019
1,041,079
39,498
7,517
1,088,094
------------
------------
------------
------------
At 31 December 2018
1,065,331
46,441
10,021
1,121,793
------------
------------
------------
------------
Included in cost of land and buildings is freehold land of £85,000 (2018: £85,000) which is not depreciated.
6. Debtors
2019
2018
£
£
Prepayments and accrued income
38,903
22,192
Other debtors
30,000
30,000
------------
------------
68,903
52,192
------------
------------
7. Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
16,719
9,459
Accruals and deferred income
129,229
147,998
Corporation tax
53,281
42,656
Social security and other taxes
5,982
10,725
Directors' loan account
4,714
29,772
------------
------------
209,925
240,610
------------
------------
8. Provisions
Deferred tax (note 9)
£
At 1 January 2019
15,500
Charge against provision
500
------------
At 31 December 2019
16,000
------------
9. Deferred tax
The deferred tax included in the balance sheet is as follows:
2019
2018
£
£
Included in provisions (note 8)
16,000
15,500
------------
------------
The provision is made up of accelerated capital allowances.
10. Pensions
The company operates a defined contribution pension scheme for the benefit of the employees and directors. The assets of the scheme are administered by trustees in funds independent from those of the company.
The total contributions paid in the year amounted to £73,328 (2018: £87,208).
11. Called up share capital
Issued, called up and fully paid
2019
2018
No.
£
No.
£
Ordinary shares of £ 1 each
2
2.00
2
2.00
------------
------------
------------
------------
12. Related party transactions
Transactions with directors The directors' loan accounts of £4,714 (2018: £29,772) set out at note 9 above are unsecured, repayable on demand and currently interest free. Included within other debtors is an amount of £30,000 (2018: £30,000) in respect of an outstanding loan owed by Coracow Limited. This loan is unsecured, repayable on demand and currently interest-free. This company has certain common directors and shareholders.
13. Ultimate controlling party
The company is controlled by Mr J F Scott and Mrs M C Scott.