Dinghy UK Limited - Accounts to registrar (filleted) - small 18.2
Dinghy UK Limited - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Financial Statements |
for the Period 1 February 2020 to 31 December 2020 |
for |
Dinghy UK Limited |
Dinghy UK Limited (Registered number: 10794101) |
Contents of the Financial Statements |
for the Period 1 February 2020 to 31 December 2020 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Dinghy UK Limited |
Company Information |
for the Period 1 February 2020 to 31 December 2020 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Chartered Certified Accountants & |
Statutory Auditors |
48 Belle Vue Terrace |
Malvern |
Worcestershire |
WR14 4QG |
Dinghy UK Limited (Registered number: 10794101) |
Abridged Balance Sheet |
31 December 2020 |
31.12.20 | 31.1.20 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Debtors |
Cash at bank |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
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 |
Dinghy UK Limited (Registered number: 10794101) |
Notes to the Financial Statements |
for the Period 1 February 2020 to 31 December 2020 |
1. | STATUTORY INFORMATION |
Dinghy UK Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery etc | - |
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. |
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 period 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. |
Research and development |
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated. |
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. |
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. |
Dinghy UK Limited (Registered number: 10794101) |
Notes to the Financial Statements - continued |
for the Period 1 February 2020 to 31 December 2020 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
The Directors are required to prepare the statutory financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. In satisfaction of this responsibility the Directors have also considered the Company’s ability to meet its liabilities as they fall due. |
The Directors have also paid special attention to the recent COVID-19 outbreak and the potential associated impact on the Company. |
The Directors have therefore reviewed the current and future financial position of the Company, its cash flows, and its liquidity position, specifically in respect of the above and the potential disruption to the business arising from a prolonged period of economic downturn, and any impact that this may have on the future of the industry both on the markets specifically targeted by the company and the industry as a whole. |
Although it is not possible to reliably forecast the length or severity of the COVID-19 outbreak, at the date of approval of the financial statements, the Directors were confident that the existing reserves and support from within the White Mountains Insurance Group together with external facilities will provide sufficient headroom to meet the forecast cash requirements that may have arisen from a downturn in activity as a result of the COVID-19 pandemic. |
As such, the Directors consider that it is appropriate to prepare the financial statements on the going concern basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 February 2020 |
and 31 December 2020 |
DEPRECIATION |
At 1 February 2020 |
Charge for period |
At 31 December 2020 |
NET BOOK VALUE |
At 31 December 2020 |
At 31 January 2020 |
5. | SECURED DEBTS |
Ares Capital Corporation hold a fixed and floating charge over the assets and undertakings of the Company. |
6. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
Dinghy UK Limited (Registered number: 10794101) |
Notes to the Financial Statements - continued |
for the Period 1 February 2020 to 31 December 2020 |
7. | RELATED PARTY DISCLOSURES |
Intercompany - Dinghy Limited |
The immediate parent company owning 100% of Dinghy UK Limited. |
At the balance sheet date Dinghy UK Limited owed £348,058 to Dinghy Limited (31.01.2020 : £348,058) which was included in Creditors Due Within One Year. |
The loan carries no liability to interest and is repayable on demand. |
Intercompany - Kingsbridge Risk Solutions Limited |
A member of the White Mountains Insurance Group. |
At the balance sheet date Dinghy UK Limited owed £676,165 to Kingsbridge Risk Solutions Limited (31.01.2020 : £373,644). This is included within Creditors Due Within One Year. |
The loan carries no liability to interest and is repayable on demand. |
8. | ULTIMATE CONTROLLING PARTY |
The controlling party is Dinghy Limited. |
The ultimate controlling party is White Mountains Insurance Group Limited, Hanover, New Hampshire, USA. |