DOG & BONE PROPERTIES LTD 31/08/2017 iXBRL

DOG & BONE PROPERTIES LTD 31/08/2017 iXBRL

DOG & BONE PROPERTIES LTD - Company Information

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Company registration number: 03946188
DOG & BONE PROPERTIES LTD
Unaudited filleted financial statements
31 August 2017
DOG & BONE PROPERTIES LTD
Contents
Statement of financial position
Notes to the financial statements
DOG & BONE PROPERTIES LTD
Statement of financial position
31 August 2017
2017 2016
Note £ £ £ £
Fixed assets
Tangible assets 4 2,725,158 2,748,381
_________ _________
2,725,158 2,748,381
Current assets
Debtors 5 871,986 497,075
Cash at bank 37,205 8,541
_______ _______
909,191 505,616
Creditors: amounts falling due
within one year 6 ( 388,291) ( 254,858)
_______ _______
Net current assets 520,900 250,758
_________ _________
Total assets less current liabilities 3,246,058 2,999,139
Creditors: amounts falling due
after more than one year 7 ( 1,589,002) ( 1,421,931)
_________ _________
Net assets 1,657,056 1,577,208
_________ _________
Capital and reserves
Called up share capital 8 200,100 200,100
Fair value reserve 596,649 596,649
Profit and loss account 860,307 780,459
_________ _________
Shareholders funds 1,657,056 1,577,208
_________ _________
For the year ending 31 August 2017 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 financial statements for the year in question in accordance with section 476;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 23 August 2018 , and are signed on behalf of the board by:
Jeffrey Frederick Nash
Director
Company registration number: 03946188
DOG & BONE PROPERTIES LTD
Notes to the financial statements
Year ended 31 August 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Premier House, 45 Ealing Road, Wembley, Middlesex, HA0 4BA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 September 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.
Turnover
Turnover represents the total invoice value, excluding value added tax, of rent and other expenses receivable by the company during the year.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved taxlosses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Investment properties
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, which includes purchase price and any directly attributable expenditure. Subsequently, investment properties are revalued to their fair value at each reporting date and any changes in fair value are recognised in profit or loss. Deferred tax is provided on these revaluations.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks, loans from director and other loans. Debt instruments that are receivable or payable within one year, such as trade receivables andpayables are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be received or paid.
4. Tangible assets
Freehold property Leasehold properties Fixtures, fittings and equipment Total
£ £ £ £
Cost
At 1 September 2016 732,696 1,900,000 333,127 2,965,823
Disposals - - ( 329) ( 329)
_______ _________ _______ _________
At 31 August 2017 732,696 1,900,000 332,798 2,965,494
_______ _________ _______ _________
Depreciation
At 1 September 2016 - - 217,442 217,442
Charge for the year - - 23,115 23,115
Disposals - - ( 221) ( 221)
_______ _______ _______ _______
At 31 August 2017 - - 240,336 240,336
_______ _______ _______ _______
Carrying amount
At 31 August 2017 732,696 1,900,000 92,462 2,725,158
_______ _________ _______ _________
At 31 August 2016 732,696 1,900,000 115,685 2,748,381
_______ _________ _______ _________
Investment properties
Included within the above are investment properties as follows:
£
At 1 September 2016 and 31 August 2017 2,632,696
_________
In the opinion of the director, the value of the investment properties at 31 August 2017 is £2,632,696.
5. Debtors
2017 2016
£ £
Trade debtors 5,297 16,102
Other debtors 866,689 480,973
_______ _______
871,986 497,075
_______ _______
6. Creditors: amounts falling due within one year
2017 2016
£ £
Bank loans 67,372 39,970
Trade creditors 5,255 950
Corporation tax 68,061 47,814
Social security and other taxes 543 666
Other creditors 247,060 165,458
_______ _______
388,291 254,858
_______ _______
7. Creditors: amounts falling due after more than one year
2017 2016
£ £
Bank loans 812,971 582,887
Other creditors 776,031 839,044
_________ _________
1,589,002 1,421,931
_________ _________
Included within creditors: amounts falling due after more than one year is an amount of £ 543,482 (2016 £ 407,335 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
Included within creditors: amounts falling due after more than one year is an amount of £ 58,000 (2016 £ 58,000 ) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
The loan of £58,000 from Mrs J Homer is repayable after more than five year and the interest payable on the loan is 4.00% per annum.
8. Called up share capital
Issued, called up and fully paid
2017 2016
No £ No £
Ordinary shares shares of £ 1.00 each 100 100 100 100
Preference shares shares of £ 1.00 each 200,000 200,000 200,000 200,000
_______ _______ _______ _______
200,100 200,100 200,100 200,100
_______ _______ _______ _______
9. Related party transactions
During the year, the company was charged £34,365 as a finance charge on unsecured interest bearing loans from the director, Jeffrey Frederick Nash. These loans are repayable on 29 September 2017. At 31 August 2017, the amount owed to him amounted to £472,574 (including net loan interest accrued but not yet paid amounting to £170,893) and included under 'Creditors: amounts falling due after more than one year. During the year, the company was charged £19,906 as a finance charge on an unsecured interest bearing loan from the director's spouse, Catherine Anne Nash. At 31 August 2017, the amount owed to her amounted to £245,455 (including net loan interest accrued but not yet paid amounting to £49,563) and included under 'Creditors: amounts falling due after more than one year'. During the year, management fees amounting to £31,418 were receivable from a SIPP in which Mr J Nash has an interest (a connected party). At 31 August 2017, the amount owed to the SIPP was £102,577 included under 'Creditors: amounts falling due within one year'. During the year, management fees amounting to £45,000 were paid to Dog & Bone Property Services Limited (a connected company). At 31 August 2017, the amount owed by Dog & Bone Property Services Limited and included under debtors amounted to £56,980. At 31 August 2017, the amount owed by Dog and Bone Projects Limited (a connected company) and included under debtors amounted to £650,959.
10. Controlling party
The company is controlled by the director, Jeffrey Frederick Nash.
11. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 September 2015.
Reconciliation of equity
No transitional adjustments were required.
Reconciliation of profit or loss for the year
No transitional adjustments were required.