DOWNTOWN_LIVING_LIMITED - Accounts

DOWNTOWN LIVING LIMITED - Company Information

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Company Registration No. 05114201 (England and Wales)

DOWNTOWN LIVING LIMITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2016

DOWNTOWN LIVING LIMITED

CONTENTS

Page

Accountants' report

Abbreviated balance sheet

Notes to the abbreviated accounts

DOWNTOWN LIVING LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DOWNTOWN LIVING LIMITED FOR THE YEAR ENDED 30 APRIL 2016

- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Downtown Living Limited for the year ended 30 April 2016 set out on pages 2 to 3 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales, we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.

This report is made solely to the Board of Directors of Downtown Living Limited, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Downtown Living Limited and state those matters that we have agreed to state to the Board of Directors of Downtown Living Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Downtown Living Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Downtown Living Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Downtown Living Limited. You consider that Downtown Living 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 financial statements of Downtown Living 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 financial statements.

Moore and Smalley LLP

Chartered Accountants

Richard House

9 Winckley Square

Preston

PR1 3HP

12 September 2016

DOWNTOWN LIVING LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 APRIL 2016

- 2 -

2016

2015

Notes

Current assets

Stocks

4,308,041

Debtors

13,116

Cash at bank and in hand

49,557

51,485

4,370,714

4,372,642

Creditors: amounts falling due within one year

(2,473,071)

(2,516,977)

Total assets less current liabilities

1,897,643

1,855,665

Creditors: amounts falling due after more than one year

(1,830,000)

67,643

25,665

Capital and reserves

Called up share capital

900

Profit and loss account

66,743

24,765

Shareholders' funds

67,643

25,665

For the financial year ended 30 April 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 12 September 2016

Mr S J Whittle

Director

Company Registration No. 05114201

DOWNTOWN LIVING LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 APRIL 2016

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The company is currently dependent upon financing from its major financer, being TFH Limited. TFH Limited has indicated their continuing support. Consequently these accounts have been prepared on a going concern basis.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Stock

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

1.4

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.

Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

1.5

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £1,830,000 (2015 - £1,830,000).

Share capital

2016

2015

Allotted, called up and fully paid

450 Ordinary A of £1 each

450

450 Ordinary B of £1 each

450

900