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

REGISTERED NUMBER: 03860206 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2020

for

Downer & Co (Lettings) Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S D Downer

L Fenn-Tripp

SECRETARY:

The Old Butchery Ltd

REGISTERED OFFICE:

The Old Butchery

High Street

Twyford

Hampshire

SO21 1NH

REGISTERED NUMBER:

03860206 (England and Wales)

ACCOUNTANTS:

Rothman Accountancy Services Limited

The Old Butchery

High Street

Twyford, nr Winchester

Hampshire

SO21 INH

FIXED ASSETS

Intangible assets

4

23,834

59,582

Tangible assets

5

8,683

9,096

32,517

68,678

CURRENT ASSETS

Debtors

6

9,662

10,559

Cash at bank

245,833

151,631

255,495

162,190

CREDITORS

Amounts falling due within one year

7

143,504

171,310

NET CURRENT ASSETS/(LIABILITIES)

111,991

(9,120

)

TOTAL ASSETS LESS CURRENT LIABILITIES

144,508

59,558

PROVISIONS FOR LIABILITIES

942

901

NET ASSETS

143,566

58,657

CAPITAL AND RESERVES

Called up share capital

125

125

Retained earnings

143,441

58,532

SHAREHOLDERS' FUNDS

143,566

58,657

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2020 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 and authorised for issue on 21 December 2020 and were signed on its behalf by:

S D Downer - Director

L Fenn-Tripp - Director

1.	STATUTORY INFORMATION

Downer & Co (Lettings) Limited 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:

Rendering of services - letting fees and management commission are recognised in the month to which they relate. Other services are recognised as they occur and are completed.

Interest receivable - interest is recognised when it is received.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of five years.

This represents a change in the accounting estimate, made during the year ended 31 August 2018, of the useful life of the goodwill from three years to five years, based on the client base still retained following the purchase in 2016. This change has reduced the amortisation written off in the year and has increased the net book value of the goodwill at the year end.

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

Computer equipment

-

50% on cost

Government grants

Government grants received in respect of covid-19 are revenue based and are recognised in the financial statements under the accruals model.

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 or loss.

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.

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 8 (2019 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2019

and 31 August 2020

235,942

AMORTISATION

At 1 September 2019

176,360

Charge for year

35,748

At 31 August 2020

212,108

NET BOOK VALUE

At 31 August 2020

23,834

At 31 August 2019

59,582

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

Computer

leasehold

fittings

equipment

Totals

£

£

£

£

COST

At 1 September 2019

6,286

19,492

33,400

59,178

Additions

-

-

1,870

1,870

At 31 August 2020

6,286

19,492

35,270

61,048

DEPRECIATION

At 1 September 2019

2,140

14,761

33,181

50,082

Charge for year

588

945

750

2,283

At 31 August 2020

2,728

15,706

33,931

52,365

NET BOOK VALUE

At 31 August 2020

3,558

3,786

1,339

8,683

At 31 August 2019

4,146

4,731

219

9,096

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.20

31.8.19

£

£

Trade debtors

338

623

Other debtors

2,474

2,152

W Roberts loan account

2,070

2,338

Prepayments

4,780

5,446

9,662

10,559

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.20

31.8.19

£

£

Other loans

-

21,892

Trade creditors

14,686

18,457

Tax

42,429

16,863

Social security and other taxes

7,350

7,726

VAT

28,984

31,848

Other creditors

23,932

3,345

Inter company Downer & Co Ltd

17,500

66,000

Accrued expenses

8,623

5,179

143,504

171,310

8.	SECURED DEBTS

The bank holds a fixed and floating charge over all the company's assets, present and future and a fixed charge over the company's cash deposits..