Darville and Son Limited Filleted accounts for Companies House (small and micro)

DARVILLE AND SON LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00129612

Darville and Son Limited

Filleted Unaudited Financial Statements

31 March 2019

Darville and Son Limited

Statement of Financial Position

31 March 2019

	2019		2018
Note	£	£	£

Fixed Assets

Tangible assets	5	561	674
Investments	6	10,025,100	10,025,100
		-------------	-------------
		10,025,661	10,025,774

Current Assets

Stocks		57,693	45,516
Debtors	7	501,914	615,242
Cash at bank and in hand		218,086	116,091
		---------	---------
		777,693	776,849

Creditors: amounts falling due within one year	8	579,816		505,999
		---------		---------
Net Current Assets			197,877	270,850
			-------------	-------------
Total Assets Less Current Liabilities			10,223,538	10,296,624

Creditors: amounts falling due after more than one year	9		911,886	1,038,886

Provisions

Taxation including deferred tax	42,835	41,265
	-------------	-------------
Net Assets	9,268,817	9,216,473
	-------------	-------------

Capital and Reserves

Called up share capital	15,000	15,000
Revaluation reserve	7,463,350	7,463,350
Profit and loss account	1,790,467	1,738,123
	------------	------------
Shareholders Funds	9,268,817	9,216,473
	------------	------------

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.

For the 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:

- 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 .

Darville and Son Limited

Statement of Financial Position (continued)

31 March 2019

These financial statements were approved by the board of directors and authorised for issue on 9 October 2019 , and are signed on behalf of the board by:

Mr P E M Darville

Director

Company registration number: 00129612

Darville and Son Limited

Notes to the Financial Statements

Year Ended 31 March 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Kardelton House, Vansittart Estate, Arthur Road, Windsor, SL4 1SE, United Kingdom.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced during the year, net of Value Added Tax and discounts, in respect of goods and services provided to customers.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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

All fixed assets are initially recorded at cost.

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:

	Fixtures & fittings	-	10% straight line

Depreciation is not provided on investment properties, which is in accordance to the Financial Reporting Standard for Smaller Entities (effective January 2008) but is a departure from the general requirements of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view.

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

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 as a finance cost 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 are 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.

Defined contribution plans

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 7 (2018: 7 ).

5. Tangible assets

	Fixtures and fittings	Total
	£	£
Cost
At 1 April 2018 and 31 March 2019	5,630	5,630
	-------	-------
Depreciation
At 1 April 2018	4,956	4,956
Charge for the year	113	113
	-------	-------
At 31 March 2019	5,069	5,069
	-------	-------
Carrying amount
At 31 March 2019	561	561
	-------	-------
At 31 March 2018	674	674
	-------	-------

6. Investments

	Shares in group undertakings	Investment properties	Total
	£	£	£
Cost
At 1 April 2018 and 31 March 2019	100	10,025,000	10,025,100
	----	-------------	-------------
Impairment
At 1 April 2018 and 31 March 2019	–	–	–
	----	-------------	-------------

Carrying amount
At 31 March 2019	100	10,025,000	10,025,100
	----	-------------	-------------
At 31 March 2018	100	10,025,000	10,025,100
	----	-------------	-------------

The investment properties held by the company were revalued at 31 March 2019 by the director, P E M Darville, at open market value.

The company owns 100% of the issued share capital of Great Park Properties Limited, a company incorporated in the United Kingdom, whose principal activity is that of property development and management.

7. Debtors

	2019	2018
	£	£
Trade debtors	99,544	129,927
Amounts owed by group undertakings and undertakings in which the company has a participating interest	389,732	485,315
Other debtors	12,638	–
	---------	---------
	501,914	615,242
	---------	---------

8. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	127,000	112,500
Trade creditors	3,775	3,334
Corporation tax	25,425	25,323
Social security and other taxes	18,104	17,782
Directors' loan account	160,000	170,000
Other creditors	245,512	177,060
	---------	---------
	579,816	505,999
	---------	---------

9. Creditors: amounts falling due after more than one year

	2019	2018
	£	£
Bank loans and overdrafts	911,886	1,038,886
	---------	------------

Bank loans are secured by fixed charges on investment properties.

10. Related party transactions

Control: The company is controlled by P E M Darville and other family members who own the majority of the issued share capital. Related parties: At the year end the company was owed £389,732 (2018: £485,315) by its subsidiary undertaking, Great Park Properties Limited, shown within debtors. Included in other creditors are amounts totalling £160,000 (2018: £170,000) loaned to the company by Mr P E M Darville (the director) and his wife, Mrs L A Darville. Interest is paid on the loans at the rate of 3.5% per annum above Bank of England Base Rate amounting to £7,119 (2018: £6,499). During the year the company paid dividends to the directors and their related parties amounting to £112,500 (2018: £75,000).