DLR Property Development Limited Filleted accounts for Companies House (small and micro)

DLR PROPERTY DEVELOPMENT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09132634

DLR Property Development Limited

Filleted Unaudited Financial Statements

31 May 2019

DLR Property Development Limited

Statement of Financial Position

31 May 2019

	2019		2018
Note	£	£	£

Current assets

Stocks		–	960,623
Debtors	4	1,169,875	375,930
Investments	5	100	100
Cash at bank and in hand		368,440	111,678
		------------	------------
		1,538,415	1,448,331

Creditors: amounts falling due within one year	6	7,500		341,445
		------------		------------
Net current assets			1,530,915	1,106,886
			------------	------------
Total assets less current liabilities			1,530,915	1,106,886
			------------	------------
Net assets			1,530,915	1,106,886
			------------	------------

Capital and reserves

Called up share capital	10	10
Profit and loss account	1,530,905	1,106,876
	------------	------------
Shareholders funds	1,530,915	1,106,886
	------------	------------

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 31 May 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 27 January 2020 , and are signed on behalf of the board by:

Miss L A Cox

Director

Company registration number: 09132634

DLR Property Development Limited

Notes to the Financial Statements

Year ended 31 May 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 99 Kenton Road, Kenton, Harrow, Middlesex, HA3 0AN.

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. The financial statements are prepared in sterling, which is the functional currency of the entity.

Consolidation

The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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. The taxation expense also includes amounts receivable or payable from or to subsidiaries in lieu of tax losses surrendered or claimed.

Stocks

Stocks represents the cost of land, buildings and all direct expenditure relating to the development of unsold dwellings but excluding administrative, other overheads and interest charges. Stock is stated at lower of cost and net realisable value.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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.

4. Debtors

	2019	2018
	£	£
Amounts owed by group undertakings and undertakings in which the company has a participating interest	1,132,067	327,254
Other debtors	37,808	48,676
	------------	---------
	1,169,875	375,930
	------------	---------

5. Investments

	2019	2018
	£	£
Investments in group undertakings	100	100
	----	----

6. Creditors: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	–	29,161
Corporation tax	–	188,062
Social security and other taxes	–	1,240
Deposits on flats	–	2,000
Other creditors	7,500	120,982
	-------	---------
	7,500	341,445
	-------	---------

7. Related party transactions

The company was not under the control of any one person throughout the current period. The company has taken advantage of the exemption conferred by FRS 102 from disclosing details of transactions with wholly owned group company.