Doughty Homes Limited - Period Ending 2018-03-31

Registration number: 00923604

Doughty Homes Limited

Unaudited Financial Statements

for the Year Ended 31 March 2018

Doughty Homes Limited

Contents

Statement of Financial Position	1 to 2
Notes to the Financial Statements	3 to 5

Doughty Homes Limited

(Registration number: 00923604)
Statement of Financial Position as at 31 March 2018

	Note	2018 £	2017 £
Fixed assets
Intangible assets	4	49,262	49,262
Investment property	5	95,000	95,000
		144,262	144,262
Current assets
Debtors	6	72,105	69,837
Cash at bank and in hand		17,563	14,869
		89,668	84,706
Creditors: Amounts falling due within one year	7	(37,511)	(37,461)
Net current assets		52,157	47,245
Total assets less current liabilities		196,419	191,507
Provisions for liabilities		(11,216)	(11,216)
Net assets		185,203	180,291
Capital and reserves
Called up share capital		97,800	97,800
Fair value reserves		47,817	47,817
Profit and loss account		39,586	34,674
Shareholders funds		185,203	180,291

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and
•	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 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 Income Statement has been taken.

The notes on pages 3 to 5 form an integral part of these financial statements.

Page 1

Doughty Homes Limited

(Registration number: 00923604)
Statement of Financial Position as at 31 March 2018

Approved and authorised by the Board on 21 February 2019 and signed on its behalf by:
 

.........................................

Mr A Doughty

Director

The notes on pages 3 to 5 form an integral part of these financial statements.

Page 2

Doughty Homes Limited

Notes to the Financial Statements for the Year Ended 31 March 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:
St George's House
215-219 Chester Road
Manchester
Lancashire
M15 4JE
United Kingdom

These financial statements were authorised for issue by the Board on 21 February 2019.

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 for the year ended 31 March 2017 are the first financial statements that comply with FRS 102 Section 1A for small entities. The date of transition is 1 April 2015. The transition to FRS 102 Section 1A for small entities has resulted in no changes in accounting policies to those previously used.

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Ground rents

Ground rents are capitalised at cost and classified as an asset on the balance sheet. They are reviewed for impairment in each period if events or changes in circumstances indicate that the carrying value may be impaired.

Trade 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.

Page 3

Doughty Homes Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Trade 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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.
 
 

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2017 - 2).

Page 4

Doughty Homes Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 April 2017	49,262	49,262
At 31 March 2018	49,262	49,262
Amortisation
Carrying amount
At 31 March 2018	49,262	49,262
At 31 March 2017	49,262	49,262

5	Investment properties

	2018 £
At 1 April	95,000

A property previously held within stock has been transferred to be treated as an investment property. Upon transfer it has been revalued to be shown at fair value within the balance sheet. Under the requirements of FRS 102 Section 1A, deferred tax has then been provided on the revaluation.

6

Debtors

	2018 £	2017 £
Trade debtors	2,445	2,413
Other debtors	69,660	67,424
Total current trade and other debtors	72,105	69,837

7

Creditors

	Note	2018 £	2017 £
Due within one year
Other creditors		37,511	37,461

Page 5