Ditchfield Properties Limited - Period Ending 2017-01-31
Ditchfield Properties Limited - Period Ending 2017-01-31
Registration number:
Ditchfield Properties Limited
for the Year Ended 31 January 2017
Pages for filing with Registrar
Ditchfield Properties Limited
Company Information
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Directors |
Mr Anthony George Mould Mr Edward Christian Mould Mr Edward Ronald Mould |
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Registered office |
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Accountants |
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Page 1 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of Ditchfield Properties Limited for the Year Ended 31 January 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Ditchfield Properties Limited for the year ended 31 January 2017 as set out on pages 3 to 13 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 (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Ditchfield Properties Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Ditchfield Properties Limited and state those matters that we have agreed to state to the Board of Directors of Ditchfield Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ditchfield Properties Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Ditchfield Properties Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Ditchfield Properties Limited. You consider that Ditchfield Properties 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 accounts of Ditchfield Properties 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 accounts.
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Meadowcroft Business Park
Pope Lane
Whitestake
Lancashire
PR4 4AZ
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Page 2 |
Ditchfield Properties Limited
(Registration number:
06158972
)
Balance Sheet
as at
31 January 2017
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Note |
2017 |
2016 |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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Page 3 |
Ditchfield Properties Limited
(Registration number:
06158972
)
Balance Sheet
as at
31 January 2017
(continued)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
For the financial year ending 31 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared 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
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Mr Anthony George Mould
Director
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Page 4 |
Ditchfield Properties Limited
Statement of Changes in Equity for the Year Ended 31 January 2017
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Share capital |
Profit and loss account |
Total |
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At 1 February 2016 |
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Profit for the year |
- |
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At 31 January 2017 |
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Share capital |
Profit and loss account |
Total |
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At 1 February 2015 |
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Profit for the year |
- |
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At 31 January 2016 |
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Page 5 |
Ditchfield Properties Limited
Notes to the Financial Statements for the Year Ended 31 January 2017
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General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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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' 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.
The financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
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Page 6 |
Ditchfield Properties Limited
Notes to the Financial Statements for the Year Ended 31 January 2017 (continued)
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2 |
Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for services provided in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
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Page 7 |
Ditchfield Properties Limited
Notes to the Financial Statements for the Year Ended 31 January 2017 (continued)
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2 |
Accounting policies (continued) |
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
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Page 8 |
Ditchfield Properties Limited
Notes to the Financial Statements for the Year Ended 31 January 2017 (continued)
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2 |
Accounting policies (continued) |
Financial instruments
Classification
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and liability simultaneously.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. As equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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Page 9 |
Ditchfield Properties Limited
Notes to the Financial Statements for the Year Ended 31 January 2017 (continued)
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2 |
Accounting policies (continued) |
Recognition and measurement
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and other loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
Impairment
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in profit or loss.
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Investment properties |
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2017 |
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At 1 February |
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The properties were valued by the Directors at the balance sheet date on an open market basis.
There has been no valuation of investment property by an independent valuer.
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Page 10 |
Ditchfield Properties Limited
Notes to the Financial Statements for the Year Ended 31 January 2017 (continued)
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Debtors |
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2017 |
2016 |
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Trade debtors |
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Other debtors |
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Creditors |
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Note |
2017 |
2016 |
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Due within one year |
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Bank loans and overdrafts |
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Amounts owed to related undertakings |
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Other taxation and social security |
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Accruals and deferred income |
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Due after one year |
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Loans and borrowings |
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Other non-current financial liabilities |
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287,320 |
327,927 |
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Page 11 |
Ditchfield Properties Limited
Notes to the Financial Statements for the Year Ended 31 January 2017 (continued)
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Reserves |
The profit and loss account is made up of distributable and non-distributable amounts that have come about through accumulated profits and revaluations of investment property. The total distributable amount of reserves available amount to £443,705 (2016: £405,302). The total amount of non-distributable reserves amounts to £108,000 (2016: £108,000).
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Related party transactions |
Income and receivables from related parties
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2017 |
Other related parties |
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Leases |
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2016 |
Other related parties |
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Leases |
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Loans from related parties
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2017 |
Key management |
Other related parties |
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At start of period |
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Advanced |
- |
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At end of period |
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Page 12 |
Ditchfield Properties Limited
Notes to the Financial Statements for the Year Ended 31 January 2017 (continued)
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7 |
Related party transactions (continued) |
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2016 |
Key management |
Other related parties |
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At start of period |
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( |
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Advanced |
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At end of period |
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Page 13 |