DPK_MANAGEMENT_LIMITED - Accounts
DPK_MANAGEMENT_LIMITED - Accounts
DPK Management Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 Westminster Palace Gardens, Artillery Row, London, SW1P 1RR.
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 30 June 2017 are the first financial statements of DPK Management Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 July 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or 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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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.
The average monthly number of persons (including directors) employed by the company during the year was 9 (2016 - 8)
During the year the company was in receipt of funds from DPK Real Estate LLP an entity with a common Director/Member, Mr D Maxwell totalling £4,137 (2016 - £-13). At the the year end £0 was outstanding.
During the year the company was in receipt of funds from DPK Lagonda Holdings LLP an entity with common Directors/Members, Mr D Maxwell & Mr G Trott totalling £3,009 (2016 - £-1,210). At the year end £0 was outstanding.
During the year, no transactions were made to Credit4 Limited, a company with common directors, Mr D Maxwell and Mr G Trott, (2016 £8,980 paid to Credit4 Limited). At the year end £66,033 was outstanding.
Loan facilities continue to be extended to DPK Property Holdings Limited a company with a common director Mr D Maxwell. The total amount outstanding at the year end was £91,486 (2016 - £87,302). Interest was charged in respect of these loans of £3,537 (2016 - £3,423).
During the year the company was in receipt of funds from DPK Property Investments Limited, an entity with a common director, Mr D Maxwell totalling £1,427 (2016 - £-13). At the year end £26 was outstanding.
During the year the company received additional funds from DPK Real Estate Services Ltd a company with a common Director, Mr D Maxwell totalling £2,706 (2016 - £-26,963). At the year end £25,360 was outstanding.
During the year the company was in receipt of funds from DPK Autostrada Limited an entity with a common Director, Mr D Maxwell totalling £6,187 (2016 - £0). At the year end £6,187 was outstanding.
During the year the company received funds from DPK PFS Investments Limited an entity with a common Director, Mr D Maxwell totalling £97 (2016 - £0). At the year end £216 was outstanding.
During the year the company received funds from DPK East Limited an entity with a common Director, Mr D Maxwell totalling £138 (2016 - £0). At the year end £0 was outstanding.
As at the year end date, the amount of £44,292 (2016 - £676) was owed to the director Mr D Maxwell.
The company paid Mr D Maxwell the sum of £60,040 (2016 - £49,688) during the year in respect of rent & service charges.
No dividends were paid during the year (2016 £25,000 per share).