Dawnelia Properties Limited - Abbreviated accounts 16.3
Dawnelia Properties Limited - Abbreviated accounts 16.3
REGISTERED NUMBER: |
ABBREVIATED UNAUDITED ACCOUNTS |
FOR THE YEAR ENDED 31 MARCH 2016 |
FOR |
DAWNELIA PROPERTIES LIMITED |
DAWNELIA PROPERTIES LIMITED (REGISTERED NUMBER: 02938356) |
CONTENTS OF THE ABBREVIATED ACCOUNTS |
FOR THE YEAR ENDED 31 MARCH 2016 |
Page |
Company Information | 1 |
Abbreviated Balance Sheet | 2 |
Notes to the Abbreviated Accounts | 3 |
DAWNELIA PROPERTIES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2016 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
BANKERS: |
SOLICITORS: |
DAWNELIA PROPERTIES LIMITED (REGISTERED NUMBER: 02938356) |
ABBREVIATED BALANCE SHEET |
31 MARCH 2016 |
2016 | 2015 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 2 |
Investments | 3 |
Investment property | 4 |
CURRENT ASSETS |
Stocks |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
5 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 6 |
Revaluation reserve |
Profit and loss account |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the director on |
DAWNELIA PROPERTIES LIMITED (REGISTERED NUMBER: 02938356) |
NOTES TO THE ABBREVIATED ACCOUNTS |
FOR THE YEAR ENDED 31 MARCH 2016 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The accounts have been prepared under the historical cost convention and in accordance with the Financial |
Reporting Standard for Smaller Entities (effective January 2015). |
The financial statements have been prepared on a going concern basis with a view that there will be continuous |
support by the shareholders. Whilst the current liabilities exceed current assets, the shareholders have stated |
their intention to support the company for the foreseeable future and consequently consider it appropriate to |
prepare the financial statements on a going concern basis. |
Group accounts |
The company has not prepared group accounts as it is exempt from the requirement to do so by Section 399 of |
the Companies Act 2006 as the company and its subsidiary undertakings comprise a small-sized group. |
Changes in accounting policies |
During the year, the company changed its accounting policy with respect to the treatment of its buildings. The |
company now recognises the properties as investment properties. Prior to this change in policy, the company |
recognised the properties as freehold buildings. The company believes the new policy is preferable as it more |
closely aligns the accounting for such transactions. This change did not result in any material impact on the |
current year or any years included within this financial statement. |
Turnover |
Turnover represents rental income received during the year. |
Depreciation |
Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets less their estimated |
residual value over their expected useful lives, on the following basis: |
Freehold Land & Buildings No depreciation is provided |
Investment properties No depreciation is provided |
Plant and machinery 20% reducing balance basis |
Investment property |
The company's investment properties are held as long-term investments and kept in a continual good state of |
repair, and they are carried at their open market value. They are not depreciated and their values are reviewed |
annually by the directors. Any change in value is transferred to revaluation reserve unless a deficit (or its |
reversal) is expected to be permanent, in which case it is charged or credited to the profit and loss account for |
the period. |
Although this accounting policy is in accordance with the FRSSE (effective January 2015) it is a departure from |
the general requirement of Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the |
directors, compliance with this standard is necessary for the financial statements to give a true and fair view. |
Depreciation & amortisation is only one of many factors reflected in the annual valuation and the amount of this |
which might otherwise have been charged, cannot be separately identified or quantified. |
Stocks |
Stock is valued at the lower of cost and net realisable value. Stock represents a property currently under |
development. Sales of development properties are treated as turnover. |
Deferred taxation |
Deferred tax is provided in respect of the tax effect of all timing differences, to the extent that it is probable that a |
liability or asset will crystallize in the foreseeable future , at the rates of tax expected to apply when the timing |
differences reverse. |
Repairs and maintenance |
All repairs, maintenance costs and renewals are written off as incurred. Certain refurbishment costs which are |
part of major property refurbishment programmes may, depending on the nature of the works being undertaken, |
be capitalised in the balance sheet as part of investment properties. |
Listed and unlisted investments |
Listed and Unlisted investments are stated at cost less provision for permanent diminution in value. |
DAWNELIA PROPERTIES LIMITED (REGISTERED NUMBER: 02938356) |
NOTES TO THE ABBREVIATED ACCOUNTS - continued |
FOR THE YEAR ENDED 31 MARCH 2016 |
2. | TANGIBLE FIXED ASSETS |
Total |
£ |
COST |
At 1 April 2015 |
Additions |
At 31 March 2016 |
DEPRECIATION |
At 1 April 2015 |
Charge for year |
At 31 March 2016 |
NET BOOK VALUE |
At 31 March 2016 |
At 31 March 2015 |
3. | FIXED ASSET INVESTMENTS |
Investments |
other |
than |
loans |
£ |
COST |
At 1 April 2015 | 1,961,939 |
Disposals | (1,960,839 | ) |
At 31 March 2016 | 1,100 |
NET BOOK VALUE |
At 31 March 2016 |
At 31 March 2015 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Nature of business: |
% |
Class of shares: | holding |
Ordinary | 100.00 |
£ | £ |
Aggregate capital and reserves | 73,424 | 41,231 |
Profit for the year | 32,193 | 9,022 |
Nature of business: |
% |
Class of shares: | holding |
Ordinary | 100.00 |
DAWNELIA PROPERTIES LIMITED (REGISTERED NUMBER: 02938356) |
NOTES TO THE ABBREVIATED ACCOUNTS - continued |
FOR THE YEAR ENDED 31 MARCH 2016 |
4. | INVESTMENT PROPERTY |
Total |
£ |
COST OR VALUATION |
At 1 April 2015 |
Additions |
Revaluations |
At 31 March 2016 |
NET BOOK VALUE |
At 31 March 2016 |
At 31 March 2015 |
5. | CREDITORS |
Creditors include the following debts falling due in more than five years: |
2016 | 2015 |
£ | £ |
Repayable by instalments | 13,636,427 | 10,895,859 |
6. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2016 | 2015 |
value: | £ | £ |
Ordinary "A" Shares | £1 |
Ordinary "B" Shares | £1 |
100 | 100 |
The Ordinary "B" shares have no voting rights. |
7. | CONTRIBUTION TO REMUNERATION TRUST |
During the year, the company has made a contribution to a Creditor Protection Trust in the amount of £665,000 |
(2015: £764,871). The terms of the trust are set out in a trust deed executed by the company and the original |
trustees. |