Desilu Group Limited - Period Ending 2015-05-31

Registration number: 1008289

Desilu Group Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 May 2015
 

Desilu Group Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 7

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 7) have been prepared.

Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Desilu Group Limited
for the Year Ended 31 May 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Desilu Group Limited for the year ended 31 May 2015 set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional -standards/rules-standards/acca-rulebook.html.

This report is made solely to the Board of Directors of Desilu Group Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Desilu Group Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Desilu Group Limited and its Board of Directors as a body for our work or for this report.

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

We have not been instructed to carry out an audit or a review of the accounts of Desilu Group 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 accounts.

......................................

NA Associates LLP
Chartered Certified Accountants
Woodgate Studios
2-8 Games Road
Cockfosters
Hertfordshire
EN4 9HN

5 April 2016

Page 1

Desilu Group Limited
(Registration number: 1008289)
Abbreviated Balance Sheet at 31 May 2015

		Note			31 May 2015 £			31 May 2014 £
Fixed assets
Tangible fixed assets					54			71
Investments					106			106
					160			177
Current assets
Debtors		3			5,588,213			3,193,244
Cash at bank and in hand					758,137			-
Debtors due after one year					8,155,987			4,180,886
					14,502,337			7,374,130
Creditors: Amounts falling due within one year					(879,571)			(204,884)
Net current assets					13,622,766			7,169,246
Total assets less current liabilities					13,622,926			7,169,423
Creditors: Amounts falling due after more than one year					(12,790,808)			(5,491,959)
Net assets					832,118			1,677,464
Capital and reserves
Called up share capital		5			1,000			1,000
Profit and loss account					831,118			1,676,464
Shareholders' funds					832,118			1,677,464

For the year ending 31 May 2015 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

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 in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 5 April 2016 and signed on its behalf by:

The notes on pages 4 to 7 form an integral part of these financial statements.
Page 2

Desilu Group Limited
(Registration number: 1008289)
Abbreviated Balance Sheet at 31 May 2015
......... continued

.........................................
Christos Joseph
Director

The notes on pages 4 to 7 form an integral part of these financial statements.
Page 3

Desilu Group Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Exemption from preparing group accounts

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Going concern

The financial statements have been prepared on a going concern basis.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	20% reducing balance

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Deferred tax

Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation. A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse. Deferred tax assets and liabilities are not discounted.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 4

Desilu Group Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2015
......... continued

2	Fixed assets

		Tangible assets £			Investments £			Total £
Cost
At 1 June 2014		4,789			106			4,895
At 31 May 2015		4,789			106			4,895
Depreciation
At 1 June 2014		4,718			-			4,718
Charge for the year		17			-			17
At 31 May 2015		4,735			-			4,735
Net book value
At 31 May 2015		54			106			160
At 31 May 2014		71			106			177

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Country of incorporation	Holding	Proportion of voting rights and shares held	Principal activity
Subsidiary undertakings
Coraltrend Limited	United Kingdom	Ordinary	100%	Hoteliers
Desilu Estates Limited	United Kingdom	Ordinary	100%	Property investment
Sharpchoice Limited	United Kingdom	Ordinary	100%	Property management
London Eye Hostel Limited	United Kingdom	Ordinary	100%	Non trading

The profit for the financial period of Coraltrend Limited was £356,403 and the aggregate amount of capital and reserves at the end of the period was £11,530,885.

The loss for the financial period of Desilu Estates Limited was £1,891,940 and the aggregate amount of capital and reserves at the end of the period was £21,068,935.

The loss for the financial period of Sharpchoice Limited was £101,937 and the aggregate amount of capital and reserves at the end of the period was (£837,419).

Page 5

Desilu Group Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2015
......... continued

The profit for the financial period of London Eye Hostel Limited was £nil and the aggregate amount of capital and reserves at the end of the period was £100.

3

Debtors

Debtors includes £8,155,987 (2014 - £4,180,886) receivable after more than one year.

 

4

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		31 May 2015 £			31 May 2014 £
Amounts falling due after more than one year		7,990,000			-

5	Share capital

Allotted, called up and fully paid shares

	31 May 2015						31 May 2014
		No.			£			No.			£
'A' ordinary shares of £1 each		334			334			334			334
'B' ordinary shares of £1 each		333			333			333			333
'C' ordinary shares of £1 each		333			333			333			333
		1,000			1,000			1,000			1,000

6	Related party transactions

Directors' advances and credits

	Year ended 31 May 2015 Advance/ Credit £	Year ended 31 May 2015 Repaid £	1 August 2013 to 31 May 2014 Advance/ Credit £	1 August 2013 to 31 May 2014 Repaid £
Christopher Joseph
During the period Christopher Joseph received advances	1,370,595	-	427,862	-

Page 6

Desilu Group Limited
Notes to the Abbreviated Accounts for the Year Ended 31 May 2015
......... continued

	-	-	-	-
	1,370,595	-	427,862	-
Christos Joseph
During the period Christos Joseph and family received advances	1,110,685	-	353,445	-

7

Control

The company is controlled by no overall controlling party.

Page 7