Danlea Limited - Limited company accounts 20.1

REGISTERED NUMBER: 06413398

Report of the Director and

Unaudited Financial Statements

for the Period 1 November 2019 to 30 November 2020

for

Danlea Limited

Page

Report of the Director

1

Chartered Accountants' Report

2

Income Statement

3

Balance Sheet

4

Notes to the Financial Statements

6

The director presents his report with the financial statements of the company for the period 1 November 2019 to 30 November 2020.

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of joint ventures in property development.

DIRECTOR

Mr J A Samuels held office during the whole of the period from 1 November 2019 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mr J A Samuels - Director

15 August 2021

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Danlea Limited for the period ended 30 November 2020 which comprise the Income Statement, Balance Sheet and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Danlea Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Danlea Limited and state those matters that we have agreed to state to the director of Danlea Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Danlea Limited and its director for our work or for this report.

It is your duty to ensure that Danlea Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Danlea Limited. You consider that Danlea Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Danlea Limited. 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 financial statements.

Haggards Crowther Professional Services LLP

Chartered Accountants

2nd Floor, Heathmans House

19 Heathmans Road

London

SW6 4TJ

15 August 2021

TURNOVER

12,650

-

Cost of sales

2,597

314

GROSS PROFIT/(LOSS)

10,053

(314

)

Administrative expenses

3,230

2,128

6,823

(2,442

)

Other operating income

(56,341

)

(22,507

)

OPERATING LOSS

(49,518

)

(24,949

)

Interest receivable and similar income

27

954

LOSS BEFORE TAXATION

(49,491

)

(23,995

)

Tax on loss

4

-

-

LOSS FOR THE FINANCIAL PERIOD

(49,491

)

(23,995

)

CURRENT ASSETS

Stocks

283,200

-

Debtors

6

2,296,482

2,438,172

Cash at bank and in hand

23,615

25,484

2,603,297

2,463,656

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

7

2,244,247

2,055,115

NET CURRENT ASSETS

359,050

408,541

TOTAL ASSETS LESS CURRENT LIABILITIES

359,050

408,541

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

8

361,030

361,030

NET (LIABILITIES)/ASSETS

(1,980

)

47,511

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

9

(1,982

)

47,509

(1,980

)

47,511

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 November 2020.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 November 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 15 August 2021 and were signed by:

Mr J A Samuels - Director

1.	STATUTORY INFORMATION

Danlea Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 06413398 and its registered address is Oatscroft, Heyshott, Midhurst, England, GU29 0DZ.

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.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the opinion of the directors there are no judgements or key sources of estimation uncertainty that affect the preparation of the financial statements.

Turnover

Turnover is stated net of VAT. Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where a contract has only been partially completed at the balance sheet date, turnover represents the value of the services provided to date based on a proportion of the total contract value. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the period 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.

Hire purchase and leasing commitments

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

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2019 - 2 ) .

4.

TAXATION

Analysis of the tax charge

No liability to UK corporation tax arose for the period ended 30 November 2020 nor for the year ended 31 October 2019.

The main rate of corporation tax from 1 April 2018 is 19%. This is not scheduled to change.

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2019

and 30 November 2020

2,697

DEPRECIATION

At 1 November 2019

and 30 November 2020

2,697

NET BOOK VALUE

At 30 November 2020

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.20

31.10.19

£

£

Other debtors

2,296,482

2,438,172

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.20

31.10.19

£

£

Trade creditors

1

19

Other creditors

2,244,246

2,055,096

2,244,247

2,055,115

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.11.20

31.10.19

£

£

Other creditors

361,030

361,030

9.

RESERVES

Retained

earnings

£

At 1 November 2019

47,509

Deficit for the period

(49,491

)

At 30 November 2020

(1,982

)

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

Included in Other creditors is an amount owed to Mr J A Samuels of £2,344,094 (2019:£2,214,670).This amount is unsecured, interest free and payable on demand.

11.	INVESTMENTS IN ASSOCIATES AND SUBSIDIARIES

Danlea Limited has a 92% share of the profits of Dolphin Quay LLP and therefore has ultimate control over this subsidiary. Dolphin Quay LLP is a partnership incorporated in England and Wales. Their registered address is Oatscroft, Heyshott, Midhurst, United Kingdom, GU29 0DZ.

Danlea Limited has an 80% share of the profits of Minsted Properties LLP and therefore has ultimate control over this subsidiary. Minsted Properties LLP is a partnership incorporated in England and Wales. Their registered address is Hill Brow, Cooks Lane, Walderton, West Sussex, PO18 9QB.

Danlea Limited and its subsidiaries are a small group and therefore exempt from the

requirement to prepare group accounts.