DUNWICH_LIMITED - Accounts

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Dunwich Limited is a private company limited by shares incorporated in England and Wales. The registered office is 14 Caroline Terrace, LONDON, SW1W 8JS.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements. The director has confirmed they will not seek repayment of the loan until sufficient funds are available.

Investments in partnerships are accounted for under the equity method of accounting. Interests are initially measured at the transaction price (including transaction costs) and are subsequently adjusted to reflect the share of the profit or loss, from the partnership.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors and loans from fellow group companies are recognised at transaction price.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The average monthly number of persons (including directors) employed by the company during the year was 1 (2019 - 1).

The company is a designated member of Clear Peak LLP, George Street, Edinburgh. Clear Peak LLP made a loss in 2020. A share of this loss in line with the LLP agreement has been accounted for.

The director believes that the investment is fairly stated on the basis of its recoverable amount and the forecast of future earnings potential. The director however does recognises that uncertainty remains over the realisable value of the investment and the financial statements do not reflect any adjustments that would be required if the recoverable amounts was less that its carrying value.

The following amounts were outstanding at the reporting end date:

The above loans are unsecured, interest free and have no fixed terms of repayment.