Dimension Homes Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC262771 (Scotland)

Dimension Homes Limited

Unaudited Financial Statements

for the Year Ended 29 February 2020

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A N Cook

Mrs E M S Cook

J A Cook

SECRETARY:

A N Cook

REGISTERED OFFICE:

25 Hugh Miller Place

Edinburgh

EH3 5JG

REGISTERED NUMBER:

SC262771 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AT

BANKERS:

The Royal Bank of Scotland plc

Edinburgh West End Office

142-144 Princes Street

Edinburgh

EH2 4EQ

FIXED ASSETS

Tangible assets

4

41,125

20,204

Investments

5

626

1

41,751

20,205

CURRENT ASSETS

Stocks

28,509

58,893

Debtors

6

188,605

274,304

Cash at bank

29,089

18,907

246,203

352,104

CREDITORS

Amounts falling due within one year

7

56,072

31,807

NET CURRENT ASSETS

190,131

320,297

TOTAL ASSETS LESS CURRENT LIABILITIES

231,882

340,502

CREDITORS

Amounts falling due after more than one year

8

(26,902

)

-

PROVISIONS FOR LIABILITIES

(5,602

)

(3,838

)

NET ASSETS

199,378

336,664

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

199,278

336,564

SHAREHOLDERS' FUNDS

199,378

336,664

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26 February 2021 and were signed on its behalf by:

J A Cook - Director

1.	STATUTORY INFORMATION

Dimension Homes Limited is a private company, limited by shares , registered in Scotland. 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 and revenue recognition

The turnover shown in the profit and loss account represents fees for property management, management consultancy and the development of client properties. Turnover is recognised when the service is provided.

Tangible fixed assets

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

Plant and machinery etc

-

25% on cost

Stocks

Stock is recorded at the lower of cost and net realisable value.

Financial instruments

Financial instruments comprise financial assets and financial liabilities which are recognised when the company becomes a party to the contractual provisions of the instrument. Financial instruments are classified as "basic" in accordance with FRS102 and are accounted for at amortised cost using the effective interest method. The effective interest rate is the rate that exactly discounts estimated future cash flows over the life of the financial assets or liability to the net carrying amount on initial recognition. Discounting is not applied to short-term receivables and payables, where the effect is immaterial. Financial assets comprise cash and financial liabilities accruals.

Taxation

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

Going concern

The accounts are prepared on a going concern basis. The directors' going concern assessment includes the expected impact of COVID-19 to the company for a period of at least 12 months from the date of signing of these financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2019 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 March 2019

40,815

Additions

41,500

At 29 February 2020

82,315

DEPRECIATION

At 1 March 2019

20,611

Charge for year

20,579

At 29 February 2020

41,190

NET BOOK VALUE

At 29 February 2020

41,125

At 28 February 2019

20,204

5.	FIXED ASSET INVESTMENTS

Interest

in joint

venture

£

COST

At 1 March 2019

1

Additions

625

At 29 February 2020

626

NET BOOK VALUE

At 29 February 2020

626

At 28 February 2019

1

Dimension Homes Limited owns 50% of the issued ordinary shares of £1 each in Dimension Homes (Gorebridge) Limited, a company registered in Scotland and involved in property development. Dimension Homes (Gorebridge) Limited was incorporated on 22 June 201 and the accounts to 31 March 2020 are still to be prepared.

Dimension Homes Limited owns 62.5% of the issued ordinary shares of £1 each in Dimension Homes (Lasswade) Limited, a company registered in Scotland and involved in property development. Dimension Homes (Lasswade) Limited was incorporated on 9 September 2019 and the first period of accounts are still to be prepared.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

7,085

28,573

Amounts owed by group undertakings

11,996

-

Amounts owed by joint ventures

112,392

166,361

Other debtors

57,132

79,370

188,605

274,304

Interest is charged on overdrawn directors' current account balances at a rate of 4% per annum.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

13,177

-

Amounts owed to participating interests

10,231

10,231

Taxation and social security

748

5,940

Other creditors

31,916

15,636

56,072

31,807

The directors' current accounts are unsecured, interest free and have no fixed terms of repayment.

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Other creditors

26,902

-

9.	SECURED DEBTS

The Royal Bank of Scotland plc holds a floating charge over all of the assets of the company.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 February 2020 and 28 February 2019:

2020

2019

£

£

J A Cook

Balance outstanding at start of year

38,378

23,153

Amounts advanced

862

15,225

Amounts repaid

(16,838

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

22,402

38,378

Interest is charged on overdrawn directors' current account balances at a rate of 4% per annum.