Desilu Group Limited - Period Ending 2014-05-31

Registration number: 1008289

Desilu Group Limited

Unaudited Abbreviated Accounts

for the Period from 1 August 2013 to 31 May 2014

 

Desilu Group Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2

Notes to the Abbreviated Accounts 3 to 5

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Desilu Group Limited
for the Period Ended 31 May 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Desilu Group Limited for the period ended 31 May 2014 set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional -standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Desilu Group Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Desilu Group Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www2.accaglobal.com/pubs/members/publications/technical_factsheets/downloads/163.doc. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Desilu Group Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Desilu Group Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Desilu Group Limited. You consider that Desilu Group Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Desilu Group Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

NA Associates LLP
Chartered Certified Accountants
Woodgate Studios
2-8 Games Road
Cockfosters
Hertfordshire
EN4 9HN

4 February 2016

Page 1

Desilu Group Limited
(Registration number: 1008289)
Abbreviated Balance Sheet at 31 May 2014

		Note			31 May 2014 £			31 July 2013 £
Fixed assets
Tangible fixed assets					71			89
Investments					106			106
					177			195
Current assets
Debtors due within one year		3			3,193,244			1,380,024
Debt due after one year					4,180,886			2,210,711
					7,374,130			3,590,735
Creditors: Amounts falling due within one year					(204,884)			(35,096)
Net current assets					7,169,246			3,555,639
Total assets less current liabilities					7,169,423			3,555,834
Creditors: Amounts falling due after more than one year					(5,491,959)			(1,083,658)
Net assets					1,677,464			2,472,176
Capital and reserves
Called up share capital		4			1,000			1,000
Profit and loss account					1,676,464			2,471,176
Shareholders' funds					1,677,464			2,472,176

For the year ending 31 May 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 4 February 2016 and signed on its behalf by:

.........................................
Christos Joseph
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Desilu Group Limited
Notes to the Abbreviated Accounts for the Period from 1 August 2013 to 31 May 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Exemption from preparing group accounts

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Going concern

The financial statements have been prepared on a going concern basis. After the year end, the company and the group restructured existing bank borrowings and one of the group companies sold two properties which had a combined value of £7m. The directors therefore consider the going concern basis to be appropriate.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	20% reducing balance

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Deferred tax

Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation. A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse. Deferred tax assets and liabilities are not discounted.

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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 3

Desilu Group Limited
Notes to the Abbreviated Accounts for the Period from 1 August 2013 to 31 May 2014
......... continued

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 1 August 2013		4,789			106			4,895
At 31 May 2014		4,789			106			4,895
Depreciation
At 1 August 2013		4,700			-			4,700
Charge for the period		18			-			18
At 31 May 2014		4,718			-			4,718
Net book value
At 31 May 2014		71			106			177
At 31 July 2013		89			106			195

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Country of incorporation	Holding	Proportion of voting rights and shares held	Principal activity
Subsidiary undertakings
Coraltrend Limited	United Kingdom	Ordinary	100%	Hoteliers
Desilu Estates Limited	United Kingdom	Ordinary	100%	Property investment
Sharpchoice Limited	United Kingdom	Ordinary	100%	Property management
London Eye Hostel Limited	United Kingdom	Ordinary	100%	Non trading

The profit for the financial period of Coraltrend Limited was £3,281,020 and the aggregate amount of capital and reserves at the end of the period was £5,273,430.

The loss for the financial period of Desilu Estates Limited was £273,263 and the aggregate amount of capital and reserves at the end of the period was £11,362,095.

The loss for the financial period of Sharpchoice Limited was £52,542 and the aggregate amount of capital and reserves at the end of the period was (£735,482).

Page 4

Desilu Group Limited
Notes to the Abbreviated Accounts for the Period from 1 August 2013 to 31 May 2014
......... continued

The profit for the financial period of London Eye Hostel Limited was £nil and the aggregate amount of capital and reserves at the end of the period was £100.

3

Debtors

Debtors includes £4,180,886 (2013 - £2,210,711) receivable after more than one year.

 

4	Share capital

Allotted, called up and fully paid shares

	31 May 2014						31 July 2013
		No.			£			No.			£
'A' ordinary shares of £1 each		334			334			334			334
'B' ordinary shares of £1 each		333			333			333			333
'C' ordinary shares of £1 each		333			333			333			333
		1,000			1,000			1,000			1,000

5	Related party transactions

Directors' advances and credits

	1 August 2013 to 31 May 2014 Advance/ Credit £	1 August 2013 to 31 May 2014 Repaid £	Year ended 31 July 2013 Advance/ Credit £	Year ended 31 July 2013 Repaid £
Christopher Joseph
During the period Christopher Joseph received advances	427,862	-	-	-
	-	-	-	-
	427,862	-	-	-
Christos Joseph
During the period Christos Joseph and family received advances	353,445	-	-	-

6

Control

The company is controlled by no overall controlling party.

Page 5