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

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COMPANY REGISTRATION NUMBER: 03723454

Doulos Limited

Filleted Unaudited Financial Statements

31 December 2019

Doulos Limited

Financial Statements

Year ended 31 December 2019

Contents	Pages

Balance sheet	1 to 2

Notes to the financial statements	3 to 7

Doulos Limited

Balance Sheet

31 December 2019

	2019		2018
Note	£	£	£

Fixed assets

Tangible assets	6	710,386	716,545
Investments	7	347,734	653,065
		------------	------------
		1,058,120	1,369,610

Current assets

Stocks		17,959	20,639
Debtors	8	402,825	423,107
Cash at bank and in hand		1,298,011	1,080,634
		------------	------------
		1,718,795	1,524,380

Creditors: amounts falling due within one year	9	682,107		725,538
		------------		------------
Net current assets			1,036,688	798,842
			------------	------------
Total assets less current liabilities			2,094,808	2,168,452

Provisions

Deferred taxation	14,656	17,693
	------------	------------
Net assets	2,080,152	2,150,759
	------------	------------

Capital and reserves

Called up share capital	10	1,503	1,503
Profit and loss account		2,078,649	2,149,256
		------------	------------
Shareholders funds		2,080,152	2,150,759
		------------	------------

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 Section 1A of 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 statement of income and retained earnings 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 .

Doulos Limited

Balance Sheet (continued)

31 December 2019

These financial statements were approved by the board of directors and authorised for issue on 2 September 2020 , and are signed on behalf of the board by:

RS Hurley	DE Crowder
Director	Director

Company registration number: 03723454

Doulos 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 4 Brackely Close, Bournemouth International Airport, Christchurch, BH23 6SE, Dorset.

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.

Consolidation

In the opinion of the directors, the company and its subsidiary undertaking comprise a small group. The company has therefore taken advantage of the exemption provided by Section 399(1) of the Companies Act 2006 not to prepare group accounts.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Taxation

Current tax is recognised on taxable profit for the current and, where not previously recognised, 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. Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Software & Licences	-	over useful life

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised to reflect the new estimates.

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:

Furniture & Equipment	-	15% reducing balance
Computer Equipment	-	25% straight line

Depreciation is not provided for on the company's freehold property. It is the company's practice to maintain this asset in a continual state of sound repair, and accordingly the directors consider that the life of the property is so long, and residual value is so high, that depreciation is insignificant.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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.

Pension costs

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the Statement of Income and Retained Earnings when due.

4. Staff numbers

The average number of persons employed by the company during the year amounted to 34 (2018: 31 ).

5. Intangible assets

	Software & Licences
	£
Cost
At 1 January 2019 and 31 December 2019	17,949
	--------
Amortisation
At 1 January 2019 and 31 December 2019	17,949
	--------
Carrying amount
At 31 December 2019	–
	--------
At 31 December 2018	–
	--------

6. Tangible assets

	Freehold property	Furniture & Equipment	Computer Equipment	Total
	£	£	£	£
Cost
At 1 January 2019	617,392	201,672	155,848	974,912
Additions	–	16,019	12,533	28,552
Disposals	–	( 374)	( 13,887)	( 14,261)
	---------	---------	---------	---------
At 31 December 2019	617,392	217,317	154,494	989,203
	---------	---------	---------	---------
Depreciation
At 1 January 2019	–	149,630	108,737	258,367
Charge for the year	–	10,216	24,455	34,671
Disposals	–	( 334)	( 13,887)	( 14,221)
	---------	---------	---------	---------
At 31 December 2019	–	159,512	119,305	278,817
	---------	---------	---------	---------
Carrying amount
At 31 December 2019	617,392	57,805	35,189	710,386
	---------	---------	---------	---------
At 31 December 2018	617,392	52,042	47,111	716,545
	---------	---------	---------	---------

The directors consider the market value of the freehold property as shown above was £850,000 as at 31 December 2019.

7. Investments

	Shares in group undertakings	Loans to group undertakings	Total
	£	£	£
Cost
At 1 January 2019	5,104	647,961	653,065
Advances	–	424,755	424,755
Repayments	–	( 704,799)	(704,799)
Revaluations	–	( 25,287)	( 25,287)
	-------	---------	---------
At 31 December 2019	5,104	342,630	347,734
	-------	---------	---------
Impairment
At 1 January 2019 and 31 December 2019	–	–	–
	-------	---------	---------

Carrying amount
At 31 December 2019	5,104	342,630	347,734
	-------	---------	---------
At 31 December 2018	5,104	647,961	653,065
	-------	---------	---------

The company owns 100% of the issued share capital of Doulos America Inc., incorporated in the United States of America on 3 January 2006. Doulos America Inc. is involved in the provision of training for computer programming languages. Both the share capital and reserves at the balance sheet date and the profit/(loss) for the period in respect of this company are shown below:

	2019	2018
	£	£
Share capital & reserves	33,119	(204,161)
	--------	---------
Profit/(loss) for the period	229,418	244,532
	---------	---------

8. Debtors

	2019	2018
	£	£
Trade debtors	304,506	396,268
Other debtors	98,319	26,839
	---------	---------
	402,825	423,107
	---------	---------

9. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	336,988	187,627
Corporation tax	–	56,280
Social security and other taxes	57,310	96,645
Other creditors	287,809	384,986
	---------	---------
	682,107	725,538
	---------	---------

10. Called up share capital

Issued, called up and fully paid

	2019		2018
	No.	£	No.	£
Ordinary - Class A shares of £ 1 each	900	900	900	900
Ordinary - Class B shares of £ 1 each	600	600	600	600
Ordinary - Class C shares of £ 0.01 each	285	3	285	3
	-------	-------	-------	-------
	1,785	1,503	1,785	1,503
	-------	-------	-------	-------

11. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2019	2018
	£	£
Not later than 1 year	11,712	4,740
Later than 1 year and not later than 5 years	4,880	–
	--------	-------
	16,592	4,740
	--------	-------