Dawnelia Properties Limited - Abbreviated accounts 16.3

Dawnelia Properties Limited - Abbreviated accounts 16.3


029383561.4.1531.3.1631.3.16Company accountsPrivate Limited CompanyFYtruefalsetruefalsefalsetruefalseOrdinary "A" Shares1.00000Ordinary "B" Shares1.00000iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure029383562015-03-31029383562016-03-31029383562015-04-012016-03-31029383562014-03-31029383562014-04-012015-03-31029383562015-03-3102938356ns12:England2015-04-012016-03-3102938356ns14:PoundSterling2015-04-012016-03-3102938356ns7:Director12015-04-012016-03-3102938356ns7:OrdinaryShareClass12015-04-012016-03-3102938356ns7:OrdinaryShareClass22015-04-012016-03-3102938356ns7:RegisteredOffice2015-04-012016-03-3102938356ns7:EntityAccountantsOrAuditors2015-04-012016-03-3102938356ns7:EntityBankers2015-04-012016-03-3102938356ns7:EntityLawyersOrLegalAdvisers2015-04-012016-03-3102938356ns5:InvestmentProperties2016-03-3102938356ns5:InvestmentProperties2015-03-3102938356ns5:FixedAssetInvestmentsOtherThanLoans2016-03-3102938356ns5:FixedAssetInvestmentsOtherThanLoans2015-03-3102938356ns5:Subsidiary12015-04-012016-03-3102938356ns5:Subsidiary12014-04-012015-03-3102938356ns5:Subsidiary22015-04-012016-03-3102938356ns5:InvestmentProperties2015-03-3102938356ns5:InvestmentProperties2015-04-012016-03-3102938356ns7:OrdinaryShareClass12016-03-3102938356ns7:OrdinaryShareClass12015-03-3102938356ns7:OrdinaryShareClass22016-03-3102938356ns7:OrdinaryShareClass22015-03-31
REGISTERED NUMBER: 02938356(England and Wales)










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: Mr A Solomou



REGISTERED OFFICE: 13 Goodwin Street
London
N4 3HQ



REGISTERED NUMBER: 02938356(England and Wales)



ACCOUNTANTS: AGK Partners
Chartered Accountants
1 Kings Avenue
London
N21 3NA



BANKERS: Bank of Cyprus UK
Corporate & Business Banking Centre
87 Chase Side
London
N14 5BU



SOLICITORS: Philip Ross
34 Queen Anne St
London
W1G 8HE

DAWNELIA PROPERTIES LIMITED (REGISTERED NUMBER: 02938356)

ABBREVIATED BALANCE SHEET
31 MARCH 2016

2016 2015
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 2 173,046 206,860
Investments 3 1,100 1,961,939
Investment property 4 57,300,000 40,546,401
57,474,146 42,715,200

CURRENT ASSETS
Stocks 1,597,816 1,112,864
Debtors 244,979 173,077
Cash at bank 1,166,527 54,413
3,009,322 1,340,354
CREDITORS
Amounts falling due within one year 5,623,221 11,608,503
NET CURRENT LIABILITIES (2,613,899 ) (10,268,149 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

54,860,247

32,447,051

CREDITORS
Amounts falling due after more than one
year

5

25,613,782

18,968,359
NET ASSETS 29,246,465 13,478,692

CAPITAL AND RESERVES
Called up share capital 6 100 100
Revaluation reserve 23,842,415 8,569,336
Profit and loss account 5,403,950 4,909,256
SHAREHOLDERS' FUNDS 29,246,465 13,478,692

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 in accordance with Section 476 of the Companies Act 2006.

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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.


The financial statements were approved by the director on 31 March 2017and were signed by:





Mr A Solomou- Director


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 417,159
Additions 9,448
At 31 March 2016 426,607
DEPRECIATION
At 1 April 2015 210,299
Charge for year 43,262
At 31 March 2016 253,561
NET BOOK VALUE
At 31 March 2016 173,046
At 31 March 2015 206,860

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 1,100
At 31 March 2015 1,961,939

The company's investments at the Balance Sheet date in the share capital of companies include the following:

I C Construction Limited
Nature of business: Other building completion and finishing
%
Class of shares: holding
Ordinary 100.00
2016 2015
£    £   
Aggregate capital and reserves 73,424 41,231
Profit for the year 32,193 9,022

Antalex Properties Ltd
Nature of business: Dormant
%
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 40,546,401
Additions 1,480,520
Revaluations 15,273,079
At 31 March 2016 57,300,000
NET BOOK VALUE
At 31 March 2016 57,300,000
At 31 March 2015 40,546,401

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: £    £   
90 Ordinary "A" Shares £1 90 90
10 Ordinary "B" Shares £1 10 10
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.