Dolce Ltd - Period Ending 2014-08-31

Registration number: 02470662

Dolce Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2014
 

P A Hull & Co
Chartered Accountants
30 Bolton Road
Aspull
Wigan
Lancashire
WN2 1YY

Dolce Ltd
Contents

Company Information 1

Director's Report 2

Accountants' Report 3

Profit and Loss Account 4

Balance Sheet 5 to 6

Notes to the Financial Statements 7 to 14

Dolce Ltd
Company Information

Director

Mr P D Curtis

Company secretary

Mr S Curtis

Registered office

5 Charles Street Leigh Lancashire WN7 1DB

Accountants

P A Hull & Co Chartered Accountants 30 Bolton Road Aspull Wigan Lancashire WN2 1YY

Page 1

Dolce Ltd
Director's Report for the Year Ended 31 August 2014

The director presents his report and the unaudited financial statements for the year ended 31 August 2014.

Director of the company

The director who held office during the year was as follows:

Mr P D Curtis

Small company provisions

This report has been prepared in accordance with the small companies regime under the Companies Act 2006.

Approved by the Board on 18 May 2015 and signed on its behalf by:

.........................................
Mr P D Curtis
Director

Page 2

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Dolce Ltd
for the Year Ended 31 August 2014

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Dolce Ltd for the year ended 31 August 2014 set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of Dolce Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Dolce Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dolce Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Dolce Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Dolce Ltd. You consider that Dolce Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Dolce Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

P A Hull & Co
Chartered Accountants
30 Bolton Road
Aspull
Wigan
Lancashire
WN2 1YY

18 May 2015

Page 3

Dolce Ltd
Profit and Loss Account for the Year Ended 31 August 2014

		Note			2014 £			2013 £
Turnover					4,070,897			3,391,165
Cost of sales					(2,940,669)			(2,541,432)
Gross profit					1,130,228			849,733
Administrative expenses					(1,041,273)			(768,360)
Operating profit		2			88,955			81,373
Interest payable and similar charges					(2,475)			(3,597)
Profit on ordinary activities before taxation					86,480			77,776
Tax on profit on ordinary activities		4			(12,409)			(17,891)
Profit for the financial year		13			74,071			59,885

The notes on pages 7 to 14 form an integral part of these financial statements.
Page 4

Dolce Ltd
(Registration number: 02470662)
Balance Sheet at 31 August 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets		6			334,381			101,399
Current assets
Stocks					64,665			4,823
Debtors		7			560,135			344,056
Cash at bank and in hand					3,444			124,182
					628,244			473,061
Creditors: Amounts falling due within one year		8			(375,009)			(219,824)
Net current assets					253,235			253,237
Total assets less current liabilities					587,616			354,636
Creditors: Amounts falling due after more than one year		9			(250,000)			(30,000)
Provisions for liabilities		10			(12,409)			-
Net assets					325,207			324,636
Capital and reserves
Called up share capital		11			1,159			1,159
Share premium account		13			4,945			4,945
Revaluation reserve		13			35,023			35,023
Profit and loss account		13			284,080			283,509
Shareholders' funds					325,207			324,636

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the Financial Reporting Standard for Smaller Entities (effective 2008).

For the year ending 31 August 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

The notes on pages 7 to 14 form an integral part of these financial statements.
Page 5

Dolce Ltd
(Registration number: 02470662)
Balance Sheet at 31 August 2014
......... continued

Approved and authorised for issue by the director on 18 May 2015

.........................................
Mr P D Curtis
Director

The notes on pages 7 to 14 form an integral part of these financial statements.
Page 6

Dolce Ltd
Notes to the Financial Statements for the Year Ended 31 August 2014
......... continued

1	Accounting policies

Basis of preparation

The financial statements have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers. Turnover is recognised so as to reflect the right of the company to income based on the value of work performed.

Goodwill

Positive goodwill is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful economic life. It is reviewed for impairment at the end of the first full financial year following the acquisition and in other periods if events or changes in circumstances indicate that the carrying value may not be recoverable.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Goodwill	10% straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Freehold property	2% straight line
Plant and machinery	15-25% straight line
Motor vehicles	25% straight line
Fixtures and fittings	15-25% straight line

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Page 7

Dolce Ltd
Notes to the Financial Statements for the Year Ended 31 August 2014
......... continued

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined benefits pension scheme and the pension charge is based on a full actuarial valuation dated 1 September 2012.

2	Operating profit

Operating profit is stated after charging:

		2014 £			2013 £
(Profit)/loss on sale of tangible fixed assets		(1,593)			3,757
Depreciation of tangible fixed assets		24,098			12,903

3	Director's remuneration

The director's remuneration for the year was as follows:

		2014 £			2013 £
Remuneration (including money purchase pension scheme contributions)		45,470			52,123

Page 8

Dolce Ltd
Notes to the Financial Statements for the Year Ended 31 August 2014
......... continued

4

Taxation

Tax on profit on ordinary activities

		2014 £			2013 £
Current tax
Corporation tax charge		-			17,891
Deferred tax
Origination and reversal of timing differences		12,409			-
Total tax on profit on ordinary activities		12,409			17,891

5	Intangible fixed assets

		Goodwill £			Total £
Cost
At 1 September 2013		73,189			73,189
At 31 August 2014		73,189			73,189
Amortisation
At 1 September 2013		73,189			73,189
At 31 August 2014		73,189			73,189
Net book value
At 31 August 2014		-			-
At 31 August 2013		-			-

Page 9

Dolce Ltd
Notes to the Financial Statements for the Year Ended 31 August 2014
......... continued

6	Tangible fixed assets

		Freehold land and buildings £			Plant and machinery £			Fixtures and fittings £			Motor vehicles £			Office equipment £			Total £
Cost or valuation
At 1 September 2013		100,000			78,035			23,257			50,864			7,674			259,830
Additions		-			96,762			84,065			41,944			44,976			267,747
Disposals		-			-			-			(45,118)			-			(45,118)
At 31 August 2014		100,000			174,797			107,322			47,690			52,650			482,459
Depreciation
At 1 September 2013		14,000			78,036			21,973			36,780			7,642			158,431
Charge for the year		2,000			2,470			5,293			10,583			3,752			24,098
Eliminated on disposals		-			-			-			(34,451)			-			(34,451)
At 31 August 2014		16,000			80,506			27,266			12,912			11,394			148,078
Net book value
At 31 August 2014		84,000			94,291			80,056			34,778			41,256			334,381
At 31 August 2013		86,000			(1)			1,284			14,084			32			101,399

Page 10

Dolce Ltd
Notes to the Financial Statements for the Year Ended 31 August 2014
......... continued

7

Debtors

		2014 £			2013 £
Trade debtors		420,242			191,975
Amounts owed by group undertakings and undertakings in which the company has a participating interest		65,160			135,160
Other debtors		74,733			16,921
		560,135			344,056

8	Creditors: Amounts falling due within one year

		2014 £			2013 £
Trade creditors		81,401			4,214
Bank loans and overdrafts		119,389			-
Corporation tax		-			17,890
Other taxes and social security		106,478			59,745
Other creditors		67,741			137,975
		375,009			219,824

9	Creditors: Amounts falling due after more than one year

		2014 £			2013 £
Bank loans and overdrafts		220,000			-
Other creditors		30,000			30,000
		250,000			30,000

10	Provisions

		Deferred tax £			Total £
At 1 September 2013		-			-
Charged to the profit and loss account		12,409			12,409
At 31 August 2014		12,409			12,409

Page 11

Dolce Ltd
Notes to the Financial Statements for the Year Ended 31 August 2014
......... continued

Analysis of deferred tax

		2014 £			2013 £
Difference between accumulated depreciation and amortisation and capital allowances		37,771			-
Tax losses available		(25,362)			-
		12,409			-

11	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
Ordinary shares of £1 each		105			105			105			105
Non voting shares of £1 each		1,054			1,054			1,054			1,054
		1,159			1,159			1,159			1,159

12

Dividends

		2014 £			2013 £
Dividends paid
Current year interim dividend paid		73,500			-

13

Reserves

		Share premium account £			Revaluation reserve £			Profit and loss account £			Total £
At 1 September 2013		4,945			35,023			283,509			323,477
Profit for the year		-			-			74,071			74,071
Dividends		-			-			(73,500)			(73,500)
At 31 August 2014		4,945			35,023			284,080			324,048

Page 12

Dolce Ltd
Notes to the Financial Statements for the Year Ended 31 August 2014
......... continued

14	Pension schemes

Defined contribution pension scheme

The company operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to £8,400 (2013 - £9,600).

Defined benefit pension schemes

Dolce Ltd Retirement Benefits Scheme

The company operates a defined benefits pension scheme which is funded.

The most recent valuation was at 1 September 2012 which has been updated to reflect conditions at the balance sheet date. The valuation at 1 September 2012 identified a funding surplus of £3,000

The contributions of the company were 24.3% of pensionable earnings. Future contributions in the next year are expected to be 24.3% of pensionable earnings.

The amounts recognised in the balance sheet are as follows:

		2014 £			2013 £
Fair value of scheme assets		1,024,561			825,593

Changes in the pension scheme surplus (deficit) are as follows:

		2014 £			2013 £
Pension scheme surplus (deficit) at start of year		825,593			630,328
Actuarial gains and losses		91,732			89,620
Cash contribution		107,236			105,345
Pension scheme surplus (deficit) at end of year		1,024,561			825,293

Page 13

Dolce Ltd
Notes to the Financial Statements for the Year Ended 31 August 2014
......... continued

The amounts that have been charged/(credited) to operating profit in the year are:

		2014 £			2013 £
Current service cost		5,705			4,536

15

Control

The company is controlled by D.C.S.(North West) Limited The company is a subsidiary of D.C.S.(North West) limited, a company incorporated in England and Wales, which holds 100 Ordinary £1 shares. Mrs Jean Curtis holds the remaining 5 Ordinary shares. D.C.S.(North West) Limited is controlled by Mr P D Curtis who owns 70% of the ordinary share capital.
.

Page 14