Company registration number:
for the Year Ended
D J Commercial Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
D J Commercial Limited
(Registration number: 05803111)
Balance Sheet as at 31 March 2019
Note |
2019 |
2018 |
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Fixed assets |
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Tangible 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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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Provisions for liabilities |
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Deferred tax liabilities |
(158,817) |
(135,425) |
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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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Share premium reserve |
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Fair value reserve |
969,950 |
837,168 |
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Profit and loss reserve |
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Total equity |
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D J Commercial Limited
(Registration number: 05803111)
Balance Sheet as at 31 March 2019
For the financial year ending 31 March 2019 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 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. The option not to file the profit and loss account and directors’ report has been taken.
Approved and authorised by the
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D J Commercial Limited
Notes to the Financial Statements
for the Year Ended 31 March 2019
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
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.
These financial statements are presented in Sterling (£).
Turnover recognition
Turnover comprises the fair value of the consideration received or receivable from the rental of property.
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 and deferred tax. Tax is recognised in the profit and loss account, 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 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.
D J Commercial Limited
Notes to the Financial Statements
for the Year Ended 31 March 2019
Deferred tax is recognised on timing 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 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.
Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
Tangible assets
Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation of tangible assets
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 |
Plant and machinery |
25% of written down value |
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.
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.
D J Commercial Limited
Notes to the Financial Statements
for the Year Ended 31 March 2019
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.
Defined contribution pension obligation
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Tangible assets |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 April 2018 |
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Additions |
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At 31 March 2019 |
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Depreciation |
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At 1 April 2018 |
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Charge for the year |
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At 31 March 2019 |
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Carrying amount |
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At 31 March 2019 |
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At 31 March 2018 |
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D J Commercial Limited
Notes to the Financial Statements
for the Year Ended 31 March 2019
Investment properties |
2019 |
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At 1 April 2018 |
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Additions |
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Fair value adjustments |
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At 31 March 2019 |
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The investment properties class of fixed assets were adjusted on 31 March 2019 to fair value by Mr M Jones who is internal to the company. The basis of this valuation was based upon a rental yield.
The class of asset has a current value of £13,916,973 (2018 - £13,121,640) and a carrying amount at historical cost of £12,947,023 (2018 - £12,284,472). The depreciation on this historical cost is nil (2018 - £nil).
There has been no valuation of investment property by an independent valuer.
Debtors |
2019 |
2018 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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D J Commercial Limited
Notes to the Financial Statements
for the Year Ended 31 March 2019
Creditors |
Creditors: amounts falling due within one year
2019 |
2018 |
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Due within one year |
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Trade creditors |
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- |
Taxation and social security |
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Corporation tax |
88,546 |
76,533 |
Other creditors |
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Within creditors are loans from two trusts settled by two of the directors family members which are interest free and repayable on demand. At the balance sheet date the amount due to the trusts was £655,000 (2018 - £655,000).
Within creditors are loans from companies in which the directors are members of the key management personnel. Interest is charged at H M Revenue & Customs beneficial loan rate. At the balance sheet date the amount due to the companies was £6,670,000 (2018 - £6,670,000).
Within creditors are loans from two family members of the directors, one is interest free and repayable on demand, the other is interest free and repayable by 31 March 2067 or earlier at the company's discretion. At the balance sheet date the amount due to the family members was £1,161,501 (2018 - £1,190,076).
Reserves reconciliation |
Fair value reserve |
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At 1 April 2018 |
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Movement in year : |
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Transfer of fair value adjustment from profit & loss |
132,782 |
At 31 March 2019 |
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D J Commercial Limited
Notes to the Financial Statements
for the Year Ended 31 March 2019
Fair value reserve |
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At 1 April 2017 |
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Movement in year : |
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Transfer of fair value adjustment from profit & loss |
245,677 |
At 31 March 2018 |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Other transactions with directors |
One of the directors operates an interest free loan, repayable on 31 March 2067 or earlier at the company's discretion. At the balance sheet date the amount due to the director was £655,480 (2018 - £948,908).