David Cole Homes Limited - Period Ending 2020-06-30
David Cole Homes Limited - Period Ending 2020-06-30
Year Ended
Registration number:
David Cole Homes Limited
Contents
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Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
David Cole Homes Limited
Company Information
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Directors |
Mr D A Cole Mr A Seager Mr P M Keep |
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Registered office |
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Solicitors |
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Bankers |
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Accountants |
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David Cole Homes Limited
Balance Sheet
30 June 2020
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2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current assets/(liabilities) |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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David Cole Homes Limited
Balance Sheet
30 June 2020
For the financial year ending 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 11437959
David Cole Homes Limited
Notes to the Financial Statements
Year Ended 30 June 2020
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General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
The principal place of business is:
69 Ulalia Road
Newquay
Cornwall
TR7 2PZ
These financial statements were authorised for issue by the
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis. The balance sheet shows net liabilities of £55,888. The company and its subsidiaries are in start up phase and are funded by shareholder loans and development loans. The directors believe the group has sufficient funding to allow it to meet liabilities as they fall due.
Tax
Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
David Cole Homes Limited
Notes to the Financial Statements
Year Ended 30 June 2020
Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
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Asset class |
Depreciation method and rate |
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Office equipment |
straight line over 3 years |
Business combinations
Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
David Cole Homes Limited
Notes to the Financial Statements
Year Ended 30 June 2020
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Cash and bank balances; and
• Bank loans.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
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Tangible assets |
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Furniture, fittings and equipment |
Total |
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Cost or valuation |
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Additions |
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At 30 June 2020 |
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Depreciation |
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Charge for the year |
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At 30 June 2020 |
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Carrying amount |
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At 30 June 2020 |
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David Cole Homes Limited
Notes to the Financial Statements
Year Ended 30 June 2020
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Investments |
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2020 |
2019 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
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Cost or valuation |
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At 1 July 2019 and 30 June 2020 |
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Provision |
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Carrying amount |
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At 30 June 2020 |
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At 30 June 2019 |
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David Cole Homes Limited
Notes to the Financial Statements
Year Ended 30 June 2020
Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
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Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2019 |
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Subsidiary undertakings |
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Lowin House, Tregolls Road, Truro, Cornwall, TR1 2NA |
Ordinary shares |
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Lowin House, Tregolls Road, Truro, Cornwall, TR1 2NA |
Ordinary shares |
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The principal activity of DCH (Cornwall 1) Limited is |
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The principal activity of DCH (Cornwall 2) Limited is |
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Debtors |
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2020 |
2019 |
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Amounts due from group undertakings |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
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Note |
2020 |
30 June 2019 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Amounts due to group undertakings |
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Social security and other taxes |
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Outstanding defined contribution pension costs |
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Other creditors |
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Accrued expenses |
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David Cole Homes Limited
Notes to the Financial Statements
Year Ended 30 June 2020
Creditors: amounts falling due after more than one year
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Note |
2020 |
2019 |
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Due after one year |
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Loans and borrowings |
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Loans and borrowings |
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2020 |
2019 |
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Current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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2020 |
2019 |
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Loans and borrowings due after one year |
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Bank borrowings |
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Share capital |
Allotted, called up and fully paid shares
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2020 |
2019 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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Related party transactions |
Summary of transactions with subsidiaries
The company operates an interest free loan with DCH (Cornwall 1) Limited. At 30 June 2020 the balance due from DCH (Cornwall 1) Limited was £88,626 (2019 £5,839).
David Cole Homes Limited
Notes to the Financial Statements
Year Ended 30 June 2020
The company operates an interest free loan with DCH (Cornwall 2) Limited. At 30 June 2020 the balance due to DCH (Cornwall 2) Limited was £50,058 (2019 £766 due from DCH (Cornwall 2) Limited).
Summary of transactions with other related parties
The director, Mr D A Cole is a director of DCD (St Marina) Limited. The company operates an interest free loan with DCD (St Marina) Limited. At 30 June 2020 the balance due to DCD (St Marina) Limited was £3,568 (2019 £3,568).
The Directors
Interest free loans
The directors provided working capital to the company by way of interest free loans advance by companies under their control. At 30 June 2020 the company owed David Cole Property Limited (Mr D A Cole) £10,449 (2019 £3,884), 5minutesaway Limited (Mr P M Keep) £14,974 (2019 £4,527) and Project Trading & Management Limited (Mr A Seager) £29,682 (2019 £9,704) in this respect.