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

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

DUNATOS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09194116
Dunatos Limited
Filleted Unaudited Financial Statements
31 March 2020
Dunatos Limited
Statement of Financial Position
31 March 2020
2020
2019
Note
£
£
£
£
Fixed Assets
Tangible assets
5
3,513
3,959
Investments
6
1,525,000
1,525,000
-------------
-------------
1,528,513
1,528,959
Current Assets
Stocks
3,162,652
3,484,211
Debtors
7
570,677
39,580
Cash at bank and in hand
1,131
47,204
-------------
-------------
3,734,460
3,570,995
Creditors: amounts falling due within one year
8
4,367,711
4,203,541
-------------
-------------
Net Current Liabilities
633,251
632,546
-------------
-------------
Total Assets Less Current Liabilities
895,262
896,413
Provisions
Taxation including deferred tax
150,219
149,419
----------
----------
Net Assets
745,043
746,994
----------
----------
Capital and Reserves
Called up share capital
10
1
1
Profit and loss account
745,042
746,993
----------
----------
Shareholders Funds
745,043
746,994
----------
----------
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 31st March 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 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Dunatos Limited
Statement of Financial Position (continued)
31 March 2020
These financial statements were approved by the board of directors and authorised for issue on 29 June 2021 , and are signed on behalf of the board by:
Mr C Irvin-Wright
Director
Company registration number: 09194116
Dunatos Limited
Notes to the Financial Statements
Year ended 31st March 2020
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Emstrey House North, Shrewsbury Business Park, Shrewsbury, SY2 6LG.
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 presented in sterling which is the functional currency of the company and rounded to the nearest £.
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 for goods supplied and services rendered, net of discounts and Value Added Tax. When the outcome of a transaction involving the rendering of services can be reliably estimated, revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period. When the outcome of a transaction involving the rendering of services cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income Tax
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.
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:
Plant & Machinery
-
15% straight line
Fixtures & Fittings
-
20% straight line
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.
Investment properties are revalued to their fair values at each reporting date and any changes in fair value are recognised in profit or loss.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes a party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, which the transaction is measured at the present value of the future receipts discounted at market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payment discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 2 (2019: 1 ).
5. Tangible Assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1st April 2019
6,989
727
7,716
Additions
839
–
839
-------
----
-------
At 31st March 2020
7,828
727
8,555
-------
----
-------
Depreciation
At 1st April 2019
3,603
154
3,757
Charge for the year
1,139
146
1,285
-------
----
-------
At 31st March 2020
4,742
300
5,042
-------
----
-------
Carrying amount
At 31st March 2020
3,086
427
3,513
-------
----
-------
At 31st March 2019
3,386
573
3,959
-------
----
-------
6. Investments
Other investments other than loans
£
Cost
At 1st April 2019 and 31st March 2020
1,525,000
-------------
Impairment
At 1st April 2019 and 31st March 2020
–
-------------
Carrying amount
At 31st March 2020
1,525,000
-------------
At 31st March 2019
1,525,000
-------------
On 31st March 2020 the investment properties were revalued by Mr C Irvin-Wright , a director of the company, on an open market value basis in the sum of £1,525,000.
7. Debtors
2020
2019
£
£
Trade debtors
17,890
7,917
Other debtors
552,787
31,663
----------
---------
570,677
39,580
----------
---------
8. Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
193,746
279,221
Corporation tax
28,002
26,965
Social security and other taxes
36,152
128,082
Other creditors
4,109,811
3,769,273
-------------
-------------
4,367,711
4,203,541
-------------
-------------
9. Deferred Tax
The deferred tax included in the statement of financial position is as follows:
2020
2019
£
£
Included in provisions
150,219
149,419
----------
----------
The deferred tax account consists of the tax effect of timing differences in respect of:
2020
2019
£
£
Accelerated capital allowances
668
752
Fair value adjustment of investment property
149,551
148,667
----------
----------
150,219
149,419
----------
----------
10. Called Up Share Capital
Issued, called up and fully paid
2020
2019
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
11. Director's Advances, Credits and Guarantees
During the year the director entered into the following advances and credits with the company:
2020
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr C Irvin-Wright
( 170,464)
( 970,039)
1,072,243
( 68,260)
----------
----------
-------------
---------
2019
Balance brought forward
Advances/ (credits) to the director
Amounts repaid
Balance outstanding
£
£
£
£
Mr C Irvin-Wright
( 1,456,258)
( 669,245)
1,955,039
( 170,464)
-------------
----------
-------------
----------
The non-interest bearing loan is repayable on demand.
12. Related Party Transactions
The company provided construction services for work on properties owned by the director to a value of £362,500 (2019 - £200,000,) during the year. Included within other debtors due within one year is a loan of £ 230 (2019 - £ 80 ) owed from Cambrian House Shrewsbury Limited , a company under common control. The interest free loan is repayable on demand. Included within other debtors due within one year is a loan of £ 552,557 (2019 - £- 528,443 ) owed to Upper Pen Y Gelli Farm Limited , a company under common control. The interest free loan is repayable on demand. Included within other creditors due within one year is a loan of £ 1,358,887 (2019 - £ 1,298,485 ) owed to Chester House Shrewsbury Limited , a company under common control. The interest free loan is repayable on demand. Included within other creditors due within one year is a loan of £ 1,100,277 (2019 - £ 597,884 ) owed to Oswestry Walls Limited , a company under common control. The interest free loan is repayable on demand. Included within other creditors due within one year is a loan of £1,066,378 (2019 - £914,487) owed to CIW Financing Limited, a company under common control. The interest free loan is repayable on demand. Included within other creditors due within one year is a loan of £500,429 (2019 - £249,519) owed to Irvin-Wright Property Limited, the parent company. The interest free loan is repayable on demand.
13. Controlling Party
The company is an 100% owned subsidiary of Irvin-Wright Property Limited, a company registered in England and Wales.