Idris Davies Limited 31/12/2017 iXBRL

Idris Davies Limited 31/12/2017 iXBRL

IDRIS DAVIES LIMITED - Company Information

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Company registration number: 01924278
Idris Davies Limited
Unaudited filleted financial statements
31 December 2017
Paish Tooth Limited
35 Rodney Road
Cheltenham
Gloucestershire
GL50 1HX
Idris Davies Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Idris Davies Limited
Directors and other information
Directors D O C Davies
F J Davies
C J Pack
M O R Davies
Secretary L Scott
Company number 01924278
Registered office 21 Rodney Road
Cheltenham
Gloucestershire
GL50 1HX
Accountants Paish Tooth Limited
35 Rodney Road
Cheltenham
Gloucestershire
GL50 1HX
Idris Davies Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Idris Davies Limited
Year ended 31 December 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Idris Davies Limited for the year ended 31 December 2017 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Idris Davies 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 financial statements of Idris Davies Limited and state those matters that we have agreed to state to the board of directors of Idris Davies Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/uk/en/technical-activities /technical-resources-search/2009/october/ factsheet-163-audit-exempt-companies.html. http://www.accaglobal.com/uk/en/technical-activities /technical-resources-search/2009/october/ factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Idris Davies Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Idris Davies Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Idris Davies Limited. You consider that Idris Davies 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 financial statements of Idris Davies 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 financial statements.
Paish Tooth Limited
Chartered Certified Accountants
35 Rodney Road
Cheltenham
Gloucestershire
GL50 1HX
24 September 2018
Idris Davies Limited
Statement of financial position
31 December 2017
2017 2016
As restated
Note £ £ £ £
Fixed assets
Tangible assets 5 8,224 8,831
Investments 6 22,092,624 21,378,928
___________ ___________
22,100,848 21,387,759
Current assets
Stocks 169,191 231,878
Debtors 7 2,170,706 2,789,941
Cash at bank and in hand 2,101,922 2,514,029
___________ ___________
4,441,819 5,535,848
Creditors: amounts falling due
within one year 8 ( 1,047,848) ( 1,491,976)
___________ ___________
Net current assets 3,393,971 4,043,872
___________ ___________
Total assets less current liabilities 25,494,819 25,431,631
Creditors: amounts falling due
after more than one year 9 ( 9,067,059) ( 9,534,616)
Provisions for liabilities ( 781,029) ( 768,578)
___________ ___________
Net assets 15,646,731 15,128,437
___________ ___________
Capital and reserves
Called up share capital 10 2,264 2,264
Share premium account 169,736 169,736
Revaluation reserve 7,742,377 7,388,697
Profit and loss account 7,732,354 7,567,740
___________ ___________
Shareholders funds 15,646,731 15,128,437
___________ ___________
For the year ending 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors 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 directors acknowledge their 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 24 September 2018 , and are signed on behalf of the board by:
C J Pack
Director
Company registration number: 01924278
Idris Davies Limited
Statement of changes in equity
Year ended 31 December 2017
Called up share capital Share premium account Revaluation reserve Profit and loss account Total
£ £ £ £ £
At 1 January 2016 2,264 169,736 6,319,881 6,778,381 13,270,262
Profit for the year 1,858,175 1,858,175
Other comprehensive income for the year:
Reclassification from revaluation reserve to
profit and loss account 1,068,816 ( 1,068,816) -
________ ________ __________ ________ __________
Total comprehensive income for the year - - 1,068,816 789,359 1,858,175
________ ________ __________ __________ __________
At 31 December 2016 (restated) and 1 January 2017 2,264 169,736 7,388,697 7,567,740 15,128,437
Profit for the year 518,294 518,294
Other comprehensive income for the year:
Reclassification from revaluation reserve to
profit and loss account 353,680 ( 353,680) -
________ ________ ________ ________ ________
Total comprehensive income for the year - - 353,680 164,614 518,294
________ ________ __________ __________ __________
At 31 December 2017 2,264 169,736 7,742,377 7,732,354 15,646,731
________ ________ __________ __________ __________
Idris Davies Limited
Notes to the financial statements
Year ended 31 December 2017
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 21 Rodney Road, Cheltenham, Gloucestershire, GL50 1HX.
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.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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 tax losses 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:
Plant and machinery - 20 % reducing balance
Motor vehicles - 25 % 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 property
Properties are valued annually by the directors with reference to RICS open market valuation.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, or where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 6 (2016: 5 ).
5. Tangible assets
Plant and machinery Motor vehicles Total
£ £ £
Cost
At 1 January 2017 2,792 8,950 11,742
Additions 1,704 - 1,704
________ ________ ________
At 31 December 2017 4,496 8,950 13,446
________ ________ ________
Depreciation
At 1 January 2017 1,605 1,306 2,911
Charge for the year 400 1,911 2,311
________ ________ ________
At 31 December 2017 2,005 3,217 5,222
________ ________ ________
Carrying amount
At 31 December 2017 2,491 5,733 8,224
________ ________ ________
At 31 December 2016 1,187 7,644 8,831
________ ________ ________
6. Investments
Shares in group undertakings and participating interests Investment properties Total
£ £ £
Cost / valuation
At 1 January 2017 200,857 21,178,071 21,378,928
Additions - 486,240 486,240
Disposals - ( 151,304) ( 151,304)
Revaluation surpluses - 378,760 378,760
________ ___________ ___________
At 31 December 2017 200,857 21,891,767 22,092,624
________ ___________ ___________
Carrying amount
At 31 December 2017 200,857 21,891,767 22,092,624
________ ___________ ___________
At 31 December 2016 200,857 21,178,071 21,378,928
________ ___________ ___________
7. Debtors
2017 2016
£ £
Trade debtors 82,261 42,560
Amounts owed by group undertakings and undertakings in which the company has a participating interest 972,992 1,053,790
Prepayments and accrued income 137,748 65,354
Other debtors 977,705 1,628,237
___________ ___________
2,170,706 2,789,941
___________ ___________
8. Creditors: amounts falling due within one year
2017 2016
As restated
£ £
Bank loans and overdrafts 468,757 446,667
Trade creditors 101,667 91,310
Accruals and deferred income 186,232 216,838
Corporation tax 47,415 576,815
Social security and other taxes 25,943 36,480
Other creditors 217,834 123,866
___________ ___________
1,047,848 1,491,976
___________ ___________
The bank loans of £468,757 (2016 - £446,667) are secured by fixed charges over the underlying assets and by way of floating charges over the company's assets.
9. Creditors: amounts falling due after more than one year
2017 2016
£ £
Bank loans and overdrafts 7,565,859 8,034,616
Other creditors 1,501,200 1,500,000
___________ ___________
9,067,059 9,534,616
___________ ___________
The bank loans of £7,565,859 (2016 - £8,034,616) are secured by fixed charges over the underlying assets and by way of floating charges over the company's assets.
Included within creditors: amounts falling due after more than one year is an amount of £ 5,441,992 (2016 £ 6,009,814 ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
10. Called up share capital
Issued, called up and fully paid
2017 2016
No £ No £
Ordinary shares of £ 1.00 each 2,264 2,264 2,264 2,264
________ ________ ________ ________
11. Contingent liabilities
Total amount of commitments, guarantees and contingencies is £ 0 (2016 - £362,176).
12. Directors advances, credits and guarantees
During the year, the directors received advances of £0 (2016- £358,608) from the company, and the directors repaid £0 (2016- £6) in respect of these advances. The above loans are interest free and are repayable on demand.