ACCOUNTS - Final Accounts preparation

DOMINUS EMPLOYEES LIMITED - Company Information

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Registered number: 08697537

DOMINVS COMMERCIAL LIMITED

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2020

DOMINVS COMMERCIAL LIMITED

REGISTERED NUMBER: 08697537

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2020

		2020		2019
Note		£		£


Current assets
Debtors: amounts falling due within one year	4	82,383		1
Cash at bank and in hand		96,262		26,394
		178,645		26,395
Creditors: amounts falling due within one year	5	(158,683)		(27,593)
Net current assets/(liabilities)			19,962		(1,198)

Net assets/(liabilities)			19,962		(1,198)

Capital and reserves
Called up share capital	1	1
Profit and loss account	19,961	(1,199)
	19,962	(1,198)

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

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

The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 July 2021.

S S Ahluwalia

Director

The notes on pages 2 to 4 form part of these financial statements.

Page 1

DOMINVS COMMERCIAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

1.	General information

Dominvs Commercial Limited is a private company limited by shares and registered in England and Wales. The address of its principal place of business is 14A Shouldham Street, Marylebone, London, W1H 5FJ.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The company's functional and presentational currency is GBP, rounded to the nearest £1.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

The company provides hospitality services and revenue is recognised in the period when the service has been provided and rights to income have been established.

2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the statement of income and retained earnings in the same period as the related expenditure.

Page 2

DOMINVS COMMERCIAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

2.Accounting policies (continued)

2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

2.5

Debtors

Short term debtors are measured at transaction price, less any impairment.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.7

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, and loans to related parties.

2.8

Creditors

Short term creditors are measured at the transaction price.

2.9

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

Employees

The average monthly number of employees, including the directors, during the year was as follows:

	2020	2019
	No.	No.

Employees	34	4

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DOMINVS COMMERCIAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

Debtors

					2020	2019
					£	£


Amounts owed by group undertakings	82,383	1

5.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Trade creditors	300	-
Corporation tax	5,551	-
Other taxation and social security	77,376	14,244
Other creditors	73,706	12,149
Accruals	1,750	1,200
	158,683	27,593

6.	Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. Contributions totalling £3,706 (2019: £930) were payable to the fund at the reporting date and are included in creditors.

7.	Related party transactions
	Dominvs Commercial Limited is a wholly owned subsidiary of Dominvs Group Limited whose registered office address is 1 London Street, Reading, Berkshire, RG1 4QW. The company has taken advantage of the exemption in FRS 102 from the requirement to disclose transactions with its parent company on the grounds that the company is wholly owned subsidiary.

Page 4