DIVINE LEISURE LIMITED Company accounts

DIVINE LEISURE LIMITED Company accounts

DIVINE LEISURE LTD - Company Information

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COMPANY REGISTRATION NUMBER: 03914731
DIVINE LEISURE LIMITED
Unaudited Financial Statements
31 March 2019
DIVINE LEISURE LIMITED
Financial Statements
Year ended 31 March 2019
Contents
Page
Directors' report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
4
The following pages do not form part of the financial statements
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements
8
DIVINE LEISURE LIMITED
Directors' Report
Year ended 31 March 2019
The directors present their report and the unaudited financial statements of the company for the year ended 31 March 2019 .
Directors
The directors who served the company during the year were as follows:
Mr D Fluss
Ms N Fluss
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 6 December 2019 and signed on behalf of the board by:
Mr D Fluss
Director
Trading address:
151 Whitechaple rOAD
London
E1 1DN
DIVINE LEISURE LIMITED
Statement of Income and Retained Earnings
Year ended 31 March 2019
2019
2018
Note
£
£
Turnover
52,270
48,378
--------
--------
Gross profit
52,270
48,378
Administrative expenses
33,536
27,470
--------
--------
Operating profit
18,734
20,908
Other interest receivable and similar income
5
30,011
27,515
--------
--------
Profit before taxation
48,745
48,423
Tax on profit
9,319
9,200
--------
--------
Profit for the financial year and total comprehensive income
39,426
39,223
--------
--------
Retained earnings at the start of the year
380,305
341,082
---------
---------
Retained earnings at the end of the year
419,731
380,305
---------
---------
All the activities of the company are from continuing operations.
DIVINE LEISURE LIMITED
Statement of Financial Position
31 March 2019
2019
2018
Note
£
£
£
Fixed assets
Tangible assets
6
491,231
491,231
Current assets
Debtors
7
680,194
626,402
Cash at bank and in hand
53,744
58,888
---------
---------
733,938
685,290
Creditors: amounts falling due within one year
8
805,338
796,116
---------
---------
Net current liabilities
71,400
110,826
---------
---------
Total assets less current liabilities
419,831
380,405
---------
---------
Net assets
419,831
380,405
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
419,731
380,305
---------
---------
Shareholders funds
419,831
380,405
---------
---------
These financial statements have been prepared 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'.
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 .
These financial statements were approved by the board of directors and authorised for issue on 6 December 2019 , and are signed on behalf of the board by:
Mr D Fluss
Director
Company registration number: 03914731
DIVINE LEISURE 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 Hallswelle House, 1 Hallswelle Road, London, NW11 0DH.
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
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for rents.
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.
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 2 (2018: 2 ).
5. Other interest receivable and similar income
2019
2018
£
£
Interest on loans and receivables
29,900
27,432
Interest on cash and cash equivalents
111
83
--------
--------
30,011
27,515
--------
--------
6. Tangible assets
Land and buildings
£
Cost
At 1 April 2018 and 31 March 2019
491,231
---------
Depreciation
At 1 April 2018 and 31 March 2019
–
---------
Carrying amount
At 31 March 2019
491,231
---------
At 31 March 2018
491,231
---------
7. Debtors
2019
2018
£
£
Other debtors
680,194
626,402
---------
---------
Other debtors include £548,647 (2017: £548,647) amounts due from a related undertaking.
8. Creditors: amounts falling due within one year
2019
2018
£
£
Corporation tax
9,319
9,200
Social security and other taxes
–
3,264
Loan creditor
779,999
780,000
Unpaid directors salaries
12,000
–
Other creditors
4,020
3,652
---------
---------
805,338
796,116
---------
---------
The loan creditors consist of monies advanced by another company with which this company has informal connection, either through its board and shareholders.
DIVINE LEISURE LIMITED
Management Information
Year ended 31 March 2019
The following pages do not form part of the financial statements.
DIVINE LEISURE LIMITED
Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of DIVINE LEISURE LIMITED
Year ended 31 March 2019
As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2019, which comprise the statement of income and retained earnings, statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
GK & CO. LLP Chartered accountants
Hallswelle House 1 Hallswelle Road London NW11 0DH
6 December 2019