D & J Deaves Limited 30/11/2018 iXBRL

D & J Deaves Limited 30/11/2018 iXBRL

D & J DEAVES LIMITED - Company Information

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Company registration number: 06437396
D & J Deaves Limited
Unaudited filleted financial statements
30 November 2018
D & J Deaves Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
D & J Deaves Limited
Directors and other information
Directors Mr D. Deaves
Mrs J. Deaves
Secretary J. Deaves
Company number 06437396
Registered office 91 Nottingham Road
Selston
Nottinghamshire
NG16 6BU
Accountants M.S. Accountancy Services (Ilkeston) Ltd
19 Station Road
Ilkeston
Derbys
DE7 5LD
D & J Deaves Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of D & J Deaves Limited
Year ended 30 November 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of D & J Deaves Limited for the year ended 30 November 2018 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 AAT, we are subject to its ethical and other professional requirements which are detailed at www.aat.org.uk.
This report is made solely to the board of directors of D & J Deaves 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 D & J Deaves Limited and state those matters that we have agreed to state to the board of directors of D & J Deaves Limited as a body, in this report in accordance with the requirements of AAT as detailed at www.aat.org.uk To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than D & J Deaves Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that D & J Deaves 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 D & J Deaves Limited. You consider that D & J Deaves 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 D & J Deaves 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.
M.S. Accountancy Services (Ilkeston) Ltd
19 Station Road
Ilkeston
Derbys
DE7 5LD
19 February 2019
D & J Deaves Limited
Statement of financial position
30 November 2018
2018 2017
Note £ £ £ £
Fixed assets
Tangible assets 4 138,000 117,340
_______ _______
138,000 117,340
Current assets
Debtors 5 4,088 4,088
Cash at bank and in hand 240,943 234,127
_______ _______
245,031 238,215
Creditors: amounts falling due
within one year 6 ( 3,045) ( 1,740)
_______ _______
Net current assets 241,986 236,475
_______ _______
Total assets less current liabilities 379,986 353,815
Provisions for liabilities ( 4,155) -
_______ _______
Net assets 375,831 353,815
_______ _______
Capital and reserves
Called up share capital 100 100
Revaluation reserve 21,870 -
Profit and loss account 353,861 353,715
_______ _______
Shareholders funds 375,831 353,815
_______ _______
For the year ending 30 November 2018 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 19 February 2019 , and are signed on behalf of the board by:
Mr D. Deaves
Director
Company registration number: 06437396
D & J Deaves Limited
Statement of changes in equity
Year ended 30 November 2018
Called up share capital Revaluation reserve Profit and loss account Total
£ £ £ £
At 1 December 2016 100 - 349,095 349,195
Profit for the year 4,620 4,620
_______ _______ _______ _______
Total comprehensive income for the year - - 4,620 4,620
_______ _______ _______ _______
At 30 November 2017 and 1 December 2017 100 - 353,715 353,815
Profit for the year 146 146
Other comprehensive income for the year:
Revaluation of tangible assets 21,870 21,870
_______ _______ _______ _______
Total comprehensive income for the year - 21,870 146 22,016
_______ _______ _______ _______
At 30 November 2018 100 21,870 353,861 375,831
_______ _______ _______ _______
D & J Deaves Limited
Notes to the financial statements
Year ended 30 November 2018
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 91 Nottingham Road, Selston, Nottinghamshire, NG16 6BU.
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.
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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Freehold property - 1 % straight line
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.
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.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Tangible assets
Freehold property Total
£ £
Cost or valuation
At 1 December 2017 120,970 120,970
Revaluation 21,870 21,870
_______ _______
At 30 November 2018 142,840 142,840
_______ _______
Depreciation
At 1 December 2017 3,630 3,630
Charge for the year 1,210 1,210
_______ _______
At 30 November 2018 4,840 4,840
_______ _______
Carrying amount
At 30 November 2018 138,000 138,000
_______ _______
At 30 November 2017 117,340 117,340
_______ _______
Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
Freehold property Total
£ £
At 30 November 2018
Aggregate cost 120,970 120,970
Aggregate depreciation (4,840) (4,840)
_______ _______
Carrying amount 116,130 116,130
_______ _______
At 30 November 2017
Aggregate cost 120,970 120,970
Aggregate depreciation (3,630) (3,630)
_______ _______
Carrying amount 117,340 117,340
_______ _______
5. Debtors
2018 2017
£ £
Other debtors 4,088 4,088
_______ _______
6. Creditors: amounts falling due within one year
2018 2017
£ £
Corporation tax 2,690 1,397
Other creditors 355 343
_______ _______
3,045 1,740
_______ _______