Desilu Group Limited - Period Ending 2015-05-31
Desilu Group Limited - Period Ending 2015-05-31
Registration number:
Unaudited Abbreviated Accounts
for the Year Ended
Desilu Group Limited
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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 7) 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 Year Ended 31 May 2015
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 year ended 31 May 2015 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://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. 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 year.
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.
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NA Associates LLP
Chartered Certified Accountants
Woodgate Studios
2-8 Games Road
Cockfosters
Hertfordshire
EN4 9HN
5 April 2016
Desilu Group Limited
(Registration number: 1008289)
Abbreviated Balance Sheet at 31 May 2015
Note |
31 May 2015
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31 May 2014
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Fixed assets |
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Tangible fixed assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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- |
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Debtors due after one year |
8,155,987 |
4,180,886 |
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Creditors: Amounts falling due within one year |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' funds |
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Approved by the Board on
2
Desilu Group Limited
(Registration number: 1008289)
Abbreviated Balance Sheet at 31 May 2015
......... continued
.........................................
Christos Joseph
Director
3
Desilu Group Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2015
......... continued
Accounting policies |
Basis of preparation
Exemption from preparing group accounts
Going concern
The financial statements have been prepared on a going concern basis.
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 |
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Fixed asset investments
Deferred tax
Financial instruments
Desilu Group Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2015
......... continued
Fixed assets |
Tangible assets
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Investments
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Total
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Cost |
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At 1 June 2014 |
4,789 |
106 |
4,895 |
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At 31 May 2015 |
4,789 |
106 |
4,895 |
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Depreciation |
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At 1 June 2014 |
4,718 |
- |
4,718 |
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Charge for the year |
17 |
- |
17 |
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At 31 May 2015 |
4,735 |
- |
4,735 |
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Net book value |
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At 31 May 2015 |
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At 31 May 2014 |
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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 |
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United Kingdom |
Ordinary |
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United Kingdom |
Ordinary |
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United Kingdom |
Ordinary |
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United Kingdom |
Ordinary |
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The profit for the financial period of Coraltrend Limited was £356,403 and the aggregate amount of capital and reserves at the end of the period was £11,530,885.
The loss for the financial period of Desilu Estates Limited was £1,891,940 and the aggregate amount of capital and reserves at the end of the period was £21,068,935.
The loss for the financial period of Sharpchoice Limited was £101,937 and the aggregate amount of capital and reserves at the end of the period was (£837,419).
Desilu Group Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2015
......... 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.
Debtors |
Debtors includes £8,155,987 (2014 - £4,180,886) receivable after more than one year.
Creditors |
Creditors includes the following liabilities, on which security has been given by the company:
31 May 2015
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31 May 2014
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Amounts falling due after more than one year |
7,990,000 |
- |
Share capital |
Allotted, called up and fully paid shares
31 May 2015 |
31 May 2014 |
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No. |
£ |
No. |
£ |
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Related party transactions |
Directors' advances and credits |
Year ended 31 May 2015 |
Year ended 31 May 2015 |
1 August 2013 to 31 May 2014 |
1 August 2013 to 31 May 2014 |
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Christopher Joseph |
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427,862 |
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Desilu Group Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2015
......... continued
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- |
- |
- |
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1,370,595 |
- |
427,862 |
- |
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Christos Joseph |
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353,445 |
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Control |
The company is controlled by