DVL Ltd
Registered number: 10822339
Unaudited Financial Statements
For The Year Ended
31 March 2021
Shaikh & Co Ltd
Chartered Certified Accountants
DVL Ltd
Unaudited Financial Statements
For The Year Ended
31 March 2021
Unaudited Financial Statements
| Contents | |
| Page | |
|---|---|
| Balance Sheet | 1—2 |
| Notes to the Financial Statements | 3—5 |
DVL Ltd
Balance Sheet
As at
31 March 2021
Balance Sheet
Registered number:
10822339
For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
| 2021 | 2020 | ||||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| FIXED ASSETS | |||||
| Tangible Assets | 3 |
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| CURRENT ASSETS | |||||
| Debtors | 4 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 5 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 6 |
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| Other reserves |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 3,357,753 | 3,232,364 | |||
Page 1
DVL Ltd
Balance Sheet (continued)
As at
31 March 2021
Directors' responsibilities:
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The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. -
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime. - The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
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Director
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The notes on pages 3 to 5 form part of these financial statements.
Page 2
DVL Ltd
Notes to the Financial Statements
For The Year Ended
31 March 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of property rental
Revenue from a contract to rent the investment property is recognised in the period in which the property is provided, this in accordance with the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably; and
- it is probable that the Company will recieve the consideration due under the contract.
1.3.
Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
| Computer Equipment |
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1.4.
Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
1.5.
Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
1.6.
Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
Page 3
DVL Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2021
2.
Average Number of Employees
Average number of employees, including directors, during the year was as follows: 3 (2020: 3)
3.
Tangible Assets
| Investment Properties | Computer Equipment | Total | |
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| £ | £ | £ | |
| Cost | |||
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| Additions | - |
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| Depreciation | |||
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| Provided during the period | - |
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| Net Book Value | |||
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The analysis of the cost or valuation of the above assets is as follows:
| Investment Properties | Computer Equipment | Total | |
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| £ | £ | £ | |
| As at
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| At cost | 3,000,000 | 3,581 | 3,003,581 |
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3,003,581 | |
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| At cost | - | 3,206 | 3,206 |
| At valuation | 3,000,000 | - | 3,000,000 |
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3,003,206 | |
It was deemed that there was no material change in the property value over the course of the period, and as such the property was not revalued.
4.
Debtors
| 2021 | 2020 | ||
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| £ | £ | ||
| Due within one year | |||
| Prepayments and accrued income |
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Page 4
DVL Ltd
Notes to the Financial Statements (continued)
For The Year Ended
31 March 2021
5.
Creditors: Amounts Falling Due Within One Year
| 2021 | 2020 | ||
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| £ | £ | ||
| Trade creditors |
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| Corporation tax |
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| Other taxes and social security |
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| VAT |
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| Accruals and deferred income |
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| Directors' loan accounts |
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| Amounts owed to parent undertaking |
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7.
Reserves
Other reserves
The capital reserve represents the valuation of the properties transferred to the company following its incorporation. It is not considered to be distributable.
Profit and loss account
This reserve comprises all current period retained profits after deducting any distributions made to the company's shareholders.
8.
Related Party Transactions
Included within other creditors are balances owed to the directors in the sum of £100,718 (2020: £102.596). The loans outstanding are interest free and repayable on demand.
All directors' remuneration and other transactions with related parties paid by the company during the year, aside from the above, were done under normal market conditions.
9.
Ultimate Controlling Party
The company's ultimate controlling party is
DVL (Holdings) Limited,
by virtue of his ownership of 100% of the issued share capital in the company.
10.
General Information
DVL Ltd
is a private company, limited by shares, incorporated in England & Wales, registered number
10822339
. The registered office is 65 Sea Road, Westgate-On-Sea, CT8 8QG.
Page 5