Demora Associates Limited - Period Ending 2018-10-31

Registration number: 04570578

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Demora Associates Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2018

Demora Associates Limited

Contents

Company Information	1
Profit and Loss Account	2
Balance Sheet	3 to 4
Statement of Changes in Equity	5
Notes to the Financial Statements	6 to 9

Demora Associates Limited

Company Information

Director

A De Mora

Company secretary

G De Mora

Registered office

2 Townsend Close Bruton Somerset BA10 0HD

Accountants

Burton Sweet Chartered Accountants and Business Advisers Cooper House Lower Charlton Estate Shepton Mallet Somerset BA4 5QE

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1

Demora Associates Limited

Profit and Loss Account
Year Ended 31 October 2018

	Note	2018 £	2017 £
Turnover		90,494	73,690
Cost of sales		(2,518)	(6,454)
Gross profit		87,976	67,236
Administrative expenses		(68,246)	(64,371)
Operating profit		19,730	2,865
Other interest receivable and similar income		92	-
Profit before tax		19,822	2,865
Taxation		(4,052)	(865)
Profit for the financial year		15,770	2,000

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

The notes on pages 6 to 9 form an integral part of these financial statements.

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2

Demora Associates Limited

(Registration number: 04570578)
Balance Sheet
31 October 2018

	Note	2018 £	2017 £
Fixed assets
Intangible assets	4	15,750	17,500
Tangible assets	5	9,914	10,544
		25,664	28,044
Current assets
Debtors	6	7,793	8,634
Cash at bank and in hand		137,907	140,815
		145,700	149,449
Creditors: Amounts falling due within one year	7	(21,971)	(20,870)
Net current assets		123,729	128,579
Total assets less current liabilities		149,393	156,623
Provisions for liabilities		(1,883)	(1,883)
Net assets		147,510	154,740
Capital and reserves
Called up share capital		180	180
Other reserves		20	20
Profit and loss account		147,310	154,540
Total equity		147,510	154,740

The notes on pages 6 to 9 form an integral part of these financial statements.

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3

Demora Associates Limited

(Registration number: 04570578)
Balance Sheet
31 October 2018

For the financial year ending 31 October 2018 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 accounts for the year in question in accordance with section 476; and
•	The director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 3 July 2019
 

 

A De Mora

Director

The notes on pages 6 to 9 form an integral part of these financial statements.

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4

Demora Associates Limited

Statement of Changes in Equity
Year Ended 31 October 2018

	Share capital £	Other reserves £	Profit and loss account £	Total £
At 1 November 2017	180	20	154,540	154,740
Profit for the year	-	-	15,770	15,770
Total comprehensive income	-	-	15,770	15,770
Dividends	-	-	(23,000)	(23,000)
At 31 October 2018	180	20	147,310	147,510

	Share capital £	Other reserves £	Profit and loss account £	Total £
At 1 November 2016	180	20	173,317	173,517
Profit for the year	-	-	2,000	2,000
Total comprehensive income	-	-	2,000	2,000
Dividends	-	-	(20,777)	(20,777)
At 31 October 2017	180	20	154,540	154,740

The notes on pages 6 to 9 form an integral part of these financial statements.

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5

Demora Associates Limited

Notes to the Financial Statements
Year Ended 31 October 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Townsend Close
Bruton
Somerset
BA10 0HD

2	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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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 tax. Tax is recognised in profit or loss, 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 corporation 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.

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6

Demora Associates Limited

Notes to the Financial Statements
Year Ended 31 October 2018

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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
Equipment	25% per annum reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	Over 20 years

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2017 - 1).

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7

Demora Associates Limited

Notes to the Financial Statements
Year Ended 31 October 2018

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 November 2017	34,000	34,000
At 31 October 2018	34,000	34,000
Amortisation
At 1 November 2017	16,500	16,500
Amortisation charge	1,750	1,750
At 31 October 2018	18,250	18,250
Carrying amount
At 31 October 2018	15,750	15,750
At 31 October 2017	17,500	17,500

5	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 November 2017	87,929	87,929
Additions	2,678	2,678
At 31 October 2018	90,607	90,607
Depreciation
At 1 November 2017	77,385	77,385
Charge for the year	3,308	3,308
At 31 October 2018	80,693	80,693
Carrying amount
At 31 October 2018	9,914	9,914
At 31 October 2017	10,544	10,544

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8

Demora Associates Limited

Notes to the Financial Statements
Year Ended 31 October 2018

6

Debtors

	2018 £	2017 £
Trade debtors	7,793	8,634
	7,793	8,634

7

Creditors

Creditors: amounts falling due within one year

	Note	2018 £	2017 £
Due within one year
Loans and borrowings		6,618	13,345
Trade creditors		3,584	119
Taxation and social security		10,768	6,816
Other creditors		1,001	590
		21,971	20,870

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9