Downer & Co Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02698329 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2019

for

Downer & Co Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S D Downer

R Bailey

L D Downer

SECRETARY:

The Old Butchery Ltd

REGISTERED OFFICE:

The Old Butchery

High Street

Twyford

Hampshire

SO21 1NH

BUSINESS ADDRESS:

44 Cheap Street

Newbury

Berkshire

RG14 5BX

REGISTERED NUMBER:

02698329 (England and Wales)

ACCOUNTANTS:

Rothman Accountancy Services Limited

The Old Butchery

High Street

Twyford

Hampshire

SO21 INH

FIXED ASSETS

Tangible assets

4

10,122

12,957

Investments

5

-

1,000

10,122

13,957

CURRENT ASSETS

Stocks

27,370

8,460

Debtors

6

132,732

205,799

Cash at bank

63,436

46,314

223,538

260,573

CREDITORS

Amounts falling due within one year

7

96,036

113,628

NET CURRENT ASSETS

127,502

146,945

TOTAL ASSETS LESS CURRENT LIABILITIES

137,624

160,902

PROVISIONS FOR LIABILITIES

1,674

1,963

NET ASSETS

135,950

158,939

CAPITAL AND RESERVES

Called up share capital

500

500

Share premium

22,540

22,540

Retained earnings

112,910

135,899

SHAREHOLDERS' FUNDS

135,950

158,939

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 12 December 2019 and were signed on its behalf by:

S D Downer - Director

1.	STATUTORY INFORMATION

Downer & Co Ltd is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is the amount derived from ordinary activities, and is stated after trade discounts, other sales taxes and

net of VAT.

The policies adopted for the recognition of turnover are as follows:

Sales commissions - commissions are recognised in the financial statements when the negotiation work to the

exchange of property is completed and the contracts have been exchanged.

Mortgage commission is recognised when it is received.

Other income is recognised when the relevant work has been completed.

Interest receivable - interest is recognised when it is received.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Short leasehold

-

in accordance with the property

Fixtures and fittings

-

20% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

50% on cost

Stocks

The work in progress shown in the financial statements comprises the commission due on properties that

exchange in the week following the year end. This is on the basis that all work to negotiate the exchange has

been completed by the year end date.

Financial instruments

Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to

the contractual provisions of the financial instrument.

Trade debtors and trade creditors have no stated interest rate and are receivable or payable within one year.

They are recorded at transaction price with any losses from impairment being recognised in profit or loss.

Interest bearing borrowings are initially recognised at the transaction price less directly attributable transaction

costs. Subsequent to initial recognition, interest bearing borrowings are stated at amortised cost with any

difference between cost and redemption value being recognised in profit and loss.

Investments in equity shares which are not publicly traded and where the fair value of the shares cannot be

measured reliably are initially measured at cost, including transaction costs. The investment is not remeasured

except where impairment has been identified.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and

Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or

directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element

of the future payments is treated as a liability.

Rentals payable under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate. Where the company has paid in excess of

the amounts due during the reporting period, that excess is recognised in current assets. Where amounts are

owed to the pension scheme those amounts are recognised in current liabilities at the reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise current balances with banks and similar institutions, which are readily

convertible to known amounts of cash and which are subject to insignificant risk of changes in value.

Provisions

Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past

event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be

reasonably estimated.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2018 - 15 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 September 2018

28,276

183,493

211,769

Additions

-

1,312

1,312

At 31 August 2019

28,276

184,805

213,081

DEPRECIATION

At 1 September 2018

27,267

171,545

198,812

Charge for year

1,009

3,138

4,147

At 31 August 2019

28,276

174,683

202,959

NET BOOK VALUE

At 31 August 2019

-

10,122

10,122

At 31 August 2018

1,009

11,948

12,957

5.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 September 2018

1,000

Impairments

(1,000

)

At 31 August 2019

-

NET BOOK VALUE

At 31 August 2019

-

At 31 August 2018

1,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.19

31.8.18

£

£

Trade debtors

50,070

101,350

Other debtors

100

100

Staff loans

-

2,875

Inter company - Downer & Co (Lettings) Ltd

66,000

85,257

Prepayments

16,562

16,217

132,732

205,799

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.19

31.8.18

£

£

Bank loans and overdrafts

-

5,257

Trade creditors

24,923

44,014

Taxation and social security

58,487

57,751

Other creditors

12,626

6,606

96,036

113,628

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.19

31.8.18

£

£

Bank loans

-

5,257

S D Downer, the company's shareholder and director, has provided personal guarantees as security for the bank

loan.

The bank holds fixed and floating charges over the company's assets and property present and future.

9.	OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included on the balance sheet amount

to £261,948 (2018 £299,437).