DAF Consultancy Limited - Period Ending 2016-12-31

DAF Consultancy Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 December 2016

Registration number: 05499891

DAF Consultancy Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 7

DAF Consultancy Limited

Balance Sheet

31 December 2016

	Note	2016 £	2015 £
Fixed assets
Tangible assets	4	670,528	358,699
Investments	5	60	-
		670,588	358,699
Current assets
Debtors	6	295,428	220,690
Cash at bank and in hand		68,401	65,644
		363,829	286,334
Creditors: Amounts falling due within one year	7	(352,423)	(315,508)
Net current assets/(liabilities)		11,406	(29,174)
Total assets less current liabilities		681,994	329,525
Creditors: Amounts falling due after more than one year	7	(644,157)	(310,409)
Provisions for liabilities		(12,040)	(13,124)
Net assets		25,797	5,992
Capital and reserves
Called up share capital		1	1
Profit and loss account		25,796	5,991
Total equity		25,797	5,992

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 1

DAF Consultancy Limited

Balance Sheet

31 December 2016

For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 10 August 2017
 

.........................................

Mr D A Freeman

Director

Company Registration Number: 05499891

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 2

DAF Consultancy Limited

Notes to the Financial Statements

Year Ended 31 December 2016

1	General information

The company is a private company limited by share capital incorporated in England & Wales.

The address of its registered office is:
9 The Crescent
Plymouth
Devon
PL1 3AB
England

These financial statements were authorised for issue by the director on 10 August 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' , including Section 1A and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 January 2015. There is no material impact on the reported financial position and financial performance.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by section 398 of the Companies Act 2006 and has not prepared group accounts..

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold property	2% straight line
Freehold property improvements	10% straight line

Page 3

DAF Consultancy Limited

Notes to the Financial Statements

Year Ended 31 December 2016

Office equipment	25% reducing balance
Motor vehicles	25% reducing balance

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

Bank loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.


 

Page 4

DAF Consultancy Limited

Notes to the Financial Statements

Year Ended 31 December 2016

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 128 (2015 - 105).

4	Tangible assets

	Freehold property £	Freehold property improvements  £	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2016	344,176	2,286	49,598	396,060
Additions	324,676	-	4,108	328,784
At 31 December 2016	668,852	2,286	53,706	724,844
Depreciation
At 1 January 2016	8,040	348	28,973	37,361
Charge for the year	10,535	229	6,191	16,955
At 31 December 2016	18,575	577	35,164	54,316
Carrying amount
At 31 December 2016	650,277	1,709	18,542	670,528
At 31 December 2015	336,136	1,938	20,625	358,699

Included within the net book value of land and buildings above is £650,277 (2015 - £336,136) in respect of freehold land and buildings.
 

5	Investments

	2016 £	2015 £
Investments in subsidiaries	60	-

Subsidiaries	£
Cost or valuation
Additions	60
Provision
Carrying amount
At 31 December 2016	60

Page 5

DAF Consultancy Limited

Notes to the Financial Statements

Year Ended 31 December 2016

6

Debtors

	Note	2016  £	2015  £
Trade debtors		-	347
Amounts due from group undertakings		10,404	-
Other debtors		283,494	219,098
Prepayments		1,530	1,245
		295,428	220,690

7

Creditors

	Note	2016  £	2015  £
Due within one year
Loans and borrowings	8	67,351	36,522
Trade creditors		13,787	9,726
Social security and other taxes		187,813	163,012
Other creditors		41,048	75,075
Corporation tax		42,424	31,173
		352,423	315,508
Due after one year
Loans and borrowings	8	644,157	310,409

8	Loans and borrowings

	2016 £	2015 £
Non-current loans and borrowings
Bank borrowings	502,496	208,528
Other borrowings	141,661	101,881
	644,157	310,409

Page 6

DAF Consultancy Limited

Notes to the Financial Statements

Year Ended 31 December 2016

	2016 £	2015 £
Current loans and borrowings
Bank borrowings	17,465	7,980
Other borrowings	49,886	28,542
	67,351	36,522

Bank borrowings

Lloyds fixed rate bank loan is denominated in pounds sterling with a nominal interest rate of 4.42%, and the final instalment is due on 22 January 2019. The carrying amount at year end is £208,529 (2015 - £216,518).

Mortgage account is denominated in pounds sterling with a nominal interest rate of 3.6%, and the final instalment is due on 19 April 2034. The carrying amount at year end is £77,926 (2015 - £Nil). Lloyds TSB plc has three fixed and floating charges for the company and it's assets, one specifically fixed and floating charges over the freehold property, 9 The Crescent.

Aldermore mortgage is denominated in pounds sterling with a nominal interest rate of 3.99%, and the final instalment is due on 9 June 2041. The carrying amount at year end is £233,506 (2015 - £Nil). Aldermore has two fixed and floating charges over the company and it's assets, one charge specifically being fixed and floating charges over the Coach House property.

Funding Circle loan is denominated in pounds sterling with a nominal interest rate of 8.6%, and the final instalment is due on 12 December 2019. The carrying amount at year end is £101,809 (2015 - £130,422).

Funding Circle loan is denominated in pounds sterling with a nominal interest rate of 8.3%, and the final instalment is due on 8 February 2021. The carrying amount at year end is £89,666 (2015 - £Nil).

9	Transition to FRS 102

The company transitioned to FRS102 from previously extant UK GAAP as at 1 January 2015. There were no changes to the previously stated equity as at 1 January 2015 and 1 January 2016 or in the profit for the year ended 31 December 2015 as a result of the transition to FRS102.

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