DANOL LIMITED Filleted accounts for Companies House (small and micro)

false false false false false false false false false true false false false false false false false No description of principal activity 2017-11-30 Sage Accounts Production Advanced 2019 - FRS102_2014 10,098 9,741 238 9,979 119 357 xbrli:pure xbrli:shares iso4217:GBP 03986147 2017-11-30 2018-11-29 03986147 2018-11-29 03986147 2017-11-29 03986147 2016-06-01 2017-11-29 03986147 2017-11-29 03986147 core:FurnitureFittings 2017-11-30 2018-11-29 03986147 bus:RegisteredOffice 2017-11-30 2018-11-29 03986147 bus:LeadAgentIfApplicable 2017-11-30 2018-11-29 03986147 bus:Director5 2017-11-30 2018-11-29 03986147 core:WithinOneYear 2018-11-29 03986147 core:WithinOneYear 2017-11-29 03986147 core:FurnitureFittings 2017-11-29 03986147 core:FurnitureFittings 2018-11-29 03986147 core:ShareCapital 2018-11-29 03986147 core:ShareCapital 2017-11-29 03986147 core:RetainedEarningsAccumulatedLosses 2018-11-29 03986147 core:RestatedAmount core:RetainedEarningsAccumulatedLosses 2017-11-29 03986147 core:RestatedAmount 2017-11-29 03986147 core:CostValuation core:Non-currentFinancialInstruments 2017-11-29 03986147 core:DisposalsRepaymentsInvestments core:Non-currentFinancialInstruments 2018-11-29 03986147 core:CostValuation core:Non-currentFinancialInstruments 2018-11-29 03986147 core:Non-currentFinancialInstruments 2018-11-29 03986147 core:Non-currentFinancialInstruments 2017-11-29 03986147 core:FurnitureFittings 2017-11-29 03986147 bus:SmallEntities 2017-11-30 2018-11-29 03986147 bus:AuditExemptWithAccountantsReport 2017-11-30 2018-11-29 03986147 bus:FullAccounts 2017-11-30 2018-11-29 03986147 bus:SmallCompaniesRegimeForAccounts 2017-11-30 2018-11-29 03986147 bus:PrivateLimitedCompanyLtd 2017-11-30 2018-11-29

COMPANY REGISTRATION NUMBER: 03986147

DANOL LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

29 November 2018

DANOL LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 29 NOVEMBER 2018

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

DANOL LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

Director	Mr J Light

Registered office	Lynton House
	7 - 12 Tavistock Square
	London
	WC1H 9BQ

Accountants	BSG Valentine (UK) LLP
	Chartered Accountants
	Lynton House
	7 - 12 Tavistock Square
	London
	WC1H 9BQ

DANOL LIMITED

STATEMENT OF FINANCIAL POSITION

29 November 2018

	2018		2017
Note	£	£	£	£

Fixed assets

Tangible assets	5	119	357
Investments	6	125,000	186,680
		---------	---------
		125,119	187,037

Current assets

Stocks		2,205,122	1,691,789
Debtors	7	1,320,498	1,585,002
Cash at bank and in hand		90,878	556,728
		------------	------------
		3,616,498	3,833,519

Creditors: amounts falling due within one year	8	1,887,715		2,389,489
		------------		------------
Net current assets			1,728,783		1,444,030
			------------		------------
Total assets less current liabilities			1,853,902		1,631,067

Provisions

Taxation including deferred tax	–	3,251
	------------	------------
Net assets	1,853,902	1,627,816
	------------	------------

Capital and reserves

Called up share capital	100	100
Profit and loss account	1,853,802	1,627,716
	------------	------------
Shareholders funds	1,853,902	1,627,816
	------------	------------

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 income and retained earnings has not been delivered.

For the year ending 29 November 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 financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

DANOL LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

29 November 2018

These financial statements were approved by the board of directors and authorised for issue on 27 November 2019 , and are signed on behalf of the board by:

Mr J Light
Director

Company registration number: 03986147

DANOL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 29 NOVEMBER 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lynton House, 7 - 12 Tavistock Square, London, WC1H 9BQ.

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

The turnover shown in the profit and loss account represents the income generated on property sales.

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

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

	Fixtures and fittings	-	20% straight line

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.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities 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 joint venture 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

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2017: 1 ).

5. Tangible assets

	Fixtures and fittings	Total
	£	£
Cost
At 30 November 2017 and 29 November 2018	10,098	10,098
	--------	--------
Depreciation
At 30 November 2017	9,741	9,741
Charge for the year	238	238
	--------	--------
At 29 November 2018	9,979	9,979
	--------	--------
Carrying amount
At 29 November 2018	119	119
	--------	--------
At 29 November 2017	357	357
	--------	--------

6. Investments

	Shares in participating interests	Other investments other than loans	Total
	£	£	£
Cost
At 30 November 2017	125,000	61,680	186,680
Disposals	–	( 61,680)	( 61,680)
	---------	--------	---------
At 29 November 2018	125,000	–	125,000
	---------	--------	---------
Impairment
At 30 November 2017 and 29 November 2018	–	–	–
	---------	--------	---------

Carrying amount
At 29 November 2018	125,000	–	125,000
	---------	--------	---------
At 29 November 2017	125,000	61,680	186,680
	---------	--------	---------

7. Debtors

	2018	2017
	£	£
Prepayments and accrued income	771	763
Other debtors	1,319,727	1,584,239
	------------	------------
	1,320,498	1,585,002
	------------	------------

8. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	1,026,486	1,020,294
Amounts owed to undertakings in which the company has a participating interest	130,625	130,625
Accruals and deferred income	52,090	94,831
Corporation tax	4,865	52,363
Social security and other taxes	–	567
Director loan accounts	110,615	889
Other Creditors	563,034	1,089,920
	------------	------------
	1,887,715	2,389,489
	------------	------------

The company's bankers hold as security, legal charges over various properties held by the company, plus a personal guarantee from the director Mr J Light on the bank's standard form limited to £250,000 from National Westminster Bank Plc and £50,000 from Barclays Bank Plc.

9. Director's advances, credits and guarantees

At the balance sheet date the company owed £110,615 (2017: £889) to the director. This amount is interest free and repayable on demand.

10. Related party transactions

Included in other debtors is an amount of £11,123 (2017: £257,718)due from Strike A Light Limited, £729,239 (2017: £604,312) due from Cobra 9 Investments Limited, £438,351 (2017: £580,013) due from Avalon Strike Limited, £8,337 (2017: £148,589 due to) due from Bullet Proof London Limited, companies in which Mr J Light is a director and majority shareholder. The amount is repayable on demand and interest free. Included in other creditors is an amount of £15,100 (2017: £15,100) due to Sandfords Global Limited, £219,709 (2017: £186,329) due to Mimi Properties Limited, £Nil (2017: £293,579) due to Sandfords London Limited, companies in which Mr J Light is a director and majority shareholder. The amount is payable on demand and interest free. During the year Sandfords London Limited has waived their entitlement to the amount due to them and the balance of £250,000 has been written back to reserves. Included in other creditors is an amount of £68,191 (2017: £235,226 due to) due from the joint venture partners relating to properties brought together with them. A partner's share of profit is brought in on completion and sale of property.