Dwellings Renovations Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05814027 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2018

FOR

DWELLINGS RENOVATIONS LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

Mr J R Wellings

Mrs S A Wellings

Mr A W Wellings

SECRETARY:

Mr J R Wellings

REGISTERED OFFICE:

24 Park Road South

Havant

Hampshire

PO9 1HB

REGISTERED NUMBER:

05814027 (England and Wales)

ACCOUNTANTS:

Rothman Pantall LLP

Chartered Accountants

24 Park Road South

Havant

Hampshire

PO9 1HB

The following reproduces the text of the report prepared for the directors in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file

a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and

the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Dwellings Renovations Limited for the year ended 31st May 2018 which comprise the Statement

of Income and Retained Earnings, Balance Sheet and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Dwellings Renovations Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Dwellings Renovations Limited and state those matters that we have agreed to state to the Board of Directors of Dwellings Renovations Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dwellings Renovations Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Dwellings Renovations 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 loss of Dwellings Renovations Limited. You consider that Dwellings Renovations 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 Dwellings Renovations 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.

Rothman Pantall LLP

Chartered Accountants

24 Park Road South

Havant

Hampshire

PO9 1HB

26th February 2019

FIXED ASSETS

Tangible assets

4

783

1,114

CURRENT ASSETS

Stocks

227,882

-

Debtors

5

-

4,265

Cash at bank and in hand

1,323

42,353

229,205

46,618

CREDITORS

Amounts falling due within one year

6

62,602

10,450

NET CURRENT ASSETS

166,603

36,168

TOTAL ASSETS LESS CURRENT LIABILITIES

167,386

37,282

CREDITORS

Amounts falling due after more than one year

7

(136,992

)

-

PROVISIONS FOR LIABILITIES

-

(259

)

NET ASSETS

30,394

37,023

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

30,294

36,923

SHAREHOLDERS' FUNDS

30,394

37,023

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 25th February 2019 and were signed on its behalf by:

Mr J R Wellings - Director

1.	STATUTORY INFORMATION

Dwellings Renovations Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements relate to Dwellings Renovations Limited as an individual entity.

The financial statements are presented in Sterling (£) and rounded to the nearest pound (£).

Significant judgements and estimates

The preparation of financial statements often requires the use of judgements, estimates and assumptions that

affect the reported amounts of assets and liabilities at the date of the financial statements, and revenues and

expenses during the reporting period. These judgements, estimates and assumptions are based on

management's historical experience, knowledge and other factors including expectations of future events or

actions that are believed to be reasonable under the circumstances. Actual results may differ from those

amounts estimated.

In preparing these financial statements, management do not believe that they have made any critical

judgements, significant estimates or assumptions in applying the company's accounting policies.

Turnover

Turnover represents the value of consultancy services and vehicle repair services provided, excluding value

added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on cost

Fixtures and fittings

-

20% on reducing balance

Computer equipment

-

33% on reducing balance

Tangible fixed assets are included at cost less depreciation and impairment.

The assets' residual values, useful lives and depreciation methods are reviewed and adjustment prospectively if

appropriate.

Work in progress

Work in progress is valued at the lower of cost and net realisable value. It includes all direct costs relating to the

properties.

Financial instruments

Financial instruments are recognised in line with Sections 11 and 12 of FRS 102.

Basic financial instruments, such as bank and cash and loans are initially recognised at transaction price, unless

they constitute a financing arrangement, when the transaction is measured at the present value of the future

receipts/payments discounted at a market rate of interest. Such assets are subsequently carried at amortised

cost using the effective interest rate method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws

that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal

of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2017 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1st June 2017

and 31st May 2018

3,827

DEPRECIATION

At 1st June 2017

2,713

Charge for year

331

At 31st May 2018

3,044

NET BOOK VALUE

At 31st May 2018

783

At 31st May 2017

1,114

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Other debtors

-

4,265

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

-

2,772

Taxation and social security

-

3,940

Other creditors

62,602

3,738

62,602

10,450

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Bank loans

136,992

-

2018

2017

£

£

Amounts falling due in more than five years:

Repayable by instalments

Mortgage

136,992

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Mortgage

136,992

-

The mortgage is secured upon the property included in work in progress.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to the director subsisted during the years ended 31st May 2018 and 31st

May 2017:

2018

2017

£

£

Director

Balance outstanding at start of year

4,265

(944

)

Amounts advanced

-

15,109

Amounts repaid

(4,615

)

(9,900

)

Balance outstanding at end of year

(350

)

4,625

The director's loan is interest free.