Dovelight By The Sea Limited Filleted accounts for Companies House (small and micro)

DOVELIGHT BY THE SEA LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC565645

Dovelight By The Sea Limited

Filleted Unaudited Financial Statements

For the year ended

31 October 2020

Dovelight By The Sea Limited

Statement of Financial Position

31 October 2020

	2020	2019
Note	£	£

Fixed assets

Tangible assets	5	3,453,962	3,430,626
Investments	6	1	1
		------------	------------
		3,453,963	3,430,627

Current assets

Debtors	7	20,155	14,386

Creditors: amounts falling due within one year	8	1,957,759	1,912,857
		------------	------------
Net current liabilities		1,937,604	1,898,471
		------------	------------
Total assets less current liabilities		1,516,359	1,532,156
		------------	------------
Net assets		1,516,359	1,532,156
		------------	------------

Capital and reserves

Called up share capital	1,570,000	1,570,000
Profit and loss account	( 53,641)	( 37,844)
	------------	------------
Shareholder funds	1,516,359	1,532,156
	------------	------------

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 October 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges her 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 2 June 2021 , and are signed on behalf of the board by:

Mrs M Whitelaw
Director

Company registration number: SC565645

Dovelight By The Sea Limited

Notes to the Financial Statements

Year ended 31 October 2020

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is 61 Dublin Street, Edinburgh, EH3 6NL.

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.

Going concern

The financial statements have been prepared on a going concern basis. The directors have assessed the Company's ability to continue as a going concern and have reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing these financial statements.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

	Fixtures and fittings	-	15% reducing balance

Investments

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

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, which include trade and other debtors and cash, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Basic financial liabilities, which include trade and other creditors, are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. At each reporting date the company assesses whether there is objective evidence that any financial asset has been impaired. A provision for impairment is established when there is objective evidence that the company will not be able to collect all amounts due. The amount of the provision is recognised immediately in profit or loss.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 0 (2019: 0).

5. Tangible assets

	Freehold property	Fixtures and fittings	Total
	£	£	£
Cost
At 1 November 2019	3,412,307	23,263	3,435,570
Additions	22,610	3,802	26,412
	------------	--------	------------
At 31 October 2020	3,434,917	27,065	3,461,982
	------------	--------	------------
Depreciation
At 1 November 2019	–	4,944	4,944
Charge for the year	–	3,076	3,076
	------------	--------	------------
At 31 October 2020	–	8,020	8,020
	------------	--------	------------
Carrying amount
At 31 October 2020	3,434,917	19,045	3,453,962
	------------	--------	------------
At 31 October 2019	3,412,307	18,319	3,430,626
	------------	--------	------------

6. Investments

	Shares in group undertakings
	£
Cost
At 1 November 2019 and 31 October 2020	1
	----
Impairment
At 1 November 2019 and 31 October 2020	–
	----

Carrying amount
At 31 October 2020	1
	----
At 31 October 2019	1
	----

Subsidiaries, associates and other investments

	Class of share	Percentage of shares held
Subsidiary undertakings
Dovelight Ltd	Ordinary	100

The results and capital and reserves for the year are as follows:

	Capital and reserves		Profit/(loss) for the year
	2020	2019	2020	2019
	£	£	£	£
Subsidiary undertakings
Dovelight Ltd	(755,682)	(686,951)	( 68,731)	(66,395)
	---------	---------	--------	--------

7. Debtors

	2020	2019
	£	£
Other debtors	20,155	14,386
	--------	--------

8. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	4,073	112,943
Amounts owed to group undertakings and undertakings in which the company has a participating interest	874,088	834,250
Other creditors	1,079,598	965,664
	------------	------------
	1,957,759	1,912,857
	------------	------------

9. Deferred tax

The company has an unrecognised deferred tax asset of £8,499 (2019: £4,719) arising from pre-trading expenses. The recoverability of the asset is dependent upon future taxable profits arising, the likelihood of which cannot at this stage be determined with reasonable certainty.

10. Events after the end of the reporting period

In March 2020, the United Kingdom entered a public health crisis in the form of COVID-19. At the time of signing the full impact of this is unknown however the directors believe at this point in time, the financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding from the directors will be adequate to meet the company's needs for the period of at least 12 months from the date of approval of these financial statements.

11. Related party transactions

As at the 31 October 2020, the company owed £ 139,232 (2019: £25,423) to Mrs M Whitelaw , a director. The loan is interest free and has no fixed term of repayment. As at the 31 October 2020, the company owed £312,592 (2019: £312,592) to L Whitelaw a shareholder. The loan is interest free and has no fixed term of repayment. As at the 31 October 2020, the company owed £312,592 (2019: £312,592) to S Whitelaw a shareholder. The loan is interest free and has no fixed term of repayment. As at the 31 October 2020, the company owed £312,592 (2019: £312,592) to G Whitelaw a shareholder. The loan is interest free and has no fixed term of repayment. As at the 31 October 2020, the company owed £ 874,088 (2019: £834,250) to Dovelight Ltd . This loan is interest free and has no fixed term of repayment. Dovelight by the Sea Limited owns the issued share capital of Dovelight Ltd.