Dornafield Limited - Period Ending 2016-02-29

 
 
 
 
 
 
 
  Dornafield Limited
 
  Unaudited Abbreviated Accounts
  Year Ended 29 February 2016
 
  Company Registration Number: 05018322

Dornafield Limited
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Dornafield Limited
Abbreviated Balance Sheet
29 February 2016

		Note			2016 £			2015 £
Fixed assets
Tangible fixed assets		2			231,357			235,922
Current assets
Stocks					5,340			5,843
Debtors					107,425			105,752
Cash at bank and in hand					244,126			137,270
					356,891			248,865
Creditors: Amounts falling due within one year					(245,862)			(209,184)
Net current assets					111,029			39,681
Total assets less current liabilities					342,386			275,603
Provisions for liabilities					(28,870)			(35,000)
Net assets					313,516			240,603
Capital and reserves
Called up share capital		3			2,000			2,000
Profit and loss account					311,516			238,603
Shareholders' funds					313,516			240,603

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

Dornafield Limited
Abbreviated Balance Sheet
29 February 2016 ......... continued

For the year ending 29 February 2016 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 July 2016 and signed on its behalf by:

Mr J P Dewhirst
Director

Company Registration Number: 05018322

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

Dornafield Limited
Notes to the Abbreviated Accounts
Year Ended 29 February 2016 ......... 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 January 2015).

Turnover

The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of Value Added Tax.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Asset class	Amortisation method and rate
Goodwill	Over 10 years

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
Plant and machinery	10% Reducing balance
Leasehold Property	Over 20 years

Fixed asset investments

All fixed assets are initially recorded at cost.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Page 3

Dornafield Limited
Notes to the Abbreviated Accounts
Year Ended 29 February 2016 ......... continued

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their fair value. The capital element of the future payments is treated as a liability and the interest is charged to the profit and loss account on a straight line basis.

Pensions

The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 March 2015		140,000			404,961			544,961
Additions		-			19,189			19,189
At 29 February 2016		140,000			424,150			564,150
Depreciation
At 1 March 2015		140,000			169,039			309,039
Eliminated on disposals		-			23,754			23,754
At 29 February 2016		140,000			192,793			332,793
Net book value
At 29 February 2016		-			231,357			231,357
At 28 February 2015		-			235,922			235,922

Page 4

Dornafield Limited
Notes to the Abbreviated Accounts
Year Ended 29 February 2016 ......... continued

3	Share capital

Allotted, called up and fully paid shares

	2016						2015
		No.			£			No.			£
Ordinary 'A' shares of £1 each		1,000			1,000			1,000			1,000
Ordinary 'B' shares of £1 each		20			20			20			20
Ordinary 'C' shares of £1 each		490			490			490			490
Ordinary 'D' shares of £1 each		490			490			490			490
		2,000			2,000			2,000			2,000

4	Related party transactions

Directors' advances and credits

	2016 Advance/ Credit £	2016 Repaid £	2015 Advance/ Credit £	2015 Repaid £
Mr J P A Dewhirst
	26,909	24,606	24,601	38,552
Mr S L Dewhirst
	45,391	51,451	51,446	63,720
Mr J P Dewhirst
	22,519	18,254	18,253	22,539

Page 5