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| DELPHIC PROPERTIES LIMITED |
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| Annual Report and Accounts |
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| For the year to |
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| 30 November 2016 |
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Company Number 0745742 in England |
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DELPHIC PROPERTIES LIMITED |
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DIRECTORS |
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A J Smith |
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A C Smith |
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SECRETARY |
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Mrs P J Smith |
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REGISTERED OFFICE |
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7 Avon Grove |
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Bristol BS9 1PJ |
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DELPHIC PROPERTIES LIMITED |
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DIRECTORS' REPORT |
Company Number 0745742 in England |
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The Directors present their report and accounts of the company for the year to |
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30 November 2016. |
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Principal activity |
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The principal activity of the company is property investment. |
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Directors |
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The following directors served throughout the year: |
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A J Smith |
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A C Smith |
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SMALL COMPANY |
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The above report has been prepared in accordance with the special provisions relating to |
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small companies within Part 15 of the Companies Act 2006. |
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By order of the board |
A C Smith |
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Director |
Date: |
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26/12/16 |
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DELPHIC PROPERTIES LIMITED |
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Profit & Loss account |
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For the year ended 30 November 2016 |
2016 |
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2015 |
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£ |
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£ |
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NOTES |
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TURNOVER |
(1) |
114,690 |
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107,745 |
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Cost of sales |
101,051 |
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52,552 |
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GROSS PROFIT |
13,639 |
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55,193 |
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Administrative expenses |
4,679 |
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3,340 |
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OPERATING PROFIT |
(2) |
8,960 |
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51,853 |
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Interest receivable and similar income |
15 |
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89,554 |
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PROFIT ON ORDINARY ACTIVITIES BEFORE |
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TAXATION |
8,975 |
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141,407 |
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Taxation |
(3) |
1,742 |
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28,264 |
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PROFIT FOR THE FINANCIAL YEAR AFTER |
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TAXATION |
(8) |
7,233 |
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113,143 |
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STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES |
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Profit for the financial year after tax |
7,233 |
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113,143 |
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Unrealised gain on revaluation of properties. |
(7) |
140,329 |
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TOTAL RECOGNISED GAINS AND LOSSES |
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RELATING TO THE YEAR |
£ |
147,562 |
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113,143 |
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DELPHIC PROPERTIES LIMITED |
Company Number 0745742 in England |
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BALANCE SHEET as at 30 November 2016 |
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2016 |
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2015 |
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NOTES |
£ |
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£ |
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FIXED ASSETS |
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Tangible assets |
(4) |
1,627,407 |
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1,427,407 |
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CURRENT ASSETS |
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Trade debtors |
6,812 |
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14,733 |
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Cash at bank |
61,191 |
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151,126 |
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68,003 |
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165,859 |
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CREDITORS: Amounts falling due within one |
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year |
(5) |
14,067 |
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59,845 |
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NET CURRENT ASSETS |
53,936 |
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106,014 |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
1,681,343 |
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1,533,421 |
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CAPITAL AND RESERVES |
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Called up share capital |
(6) |
1,500 |
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1,500 |
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Property revaluation reserve |
(7) |
1,076,283 |
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935,954 |
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Profit and loss account |
(8) |
603,560 |
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596,327 |
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SHAREHOLDERS' FUNDS |
£ |
1,681,343 |
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1,533,781 |
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The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
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Members have not required the company to obtain an audit in accordance with section 476 of the Act. |
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The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
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The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
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Signed on behalf of |
A C Smith |
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the board of directors |
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Director |
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Approved by the Board on:………………….Date:………….. |
26/12/16 |
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DELPHIC PROPERTIES LIMITED |
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NOTES TO THE ACCOUNTS |
30 November 2016 |
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1 |
ACCOUNTING POLICIES |
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Basis of accounting |
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The accounts have been prepared under the historical cost convention as modified by the revaluation of fixed assets held as investments and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015). |
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Turnover |
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Turnover represents rental income in the period it is earned excluding VAT. |
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Fixed Assets - Investment properties |
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Investment property is revalued annually at open market value, in accordance with the |
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FRSSE - accounting for investment properties.The surplus or deficit on book value is |
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transferred to the revaluation reserve, unless a deficit (or its reversal) is expected to be |
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permanent in which case it is charged (or credited) to the Profit & Loss account. |
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No depreciation is provided on investment properties, which is a departure from the |
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requirements of the Companies Act 2006. In the opinion of the directors these properties |
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are held primarily for their investment potential and so their current value is of more |
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significance then any measure of consumption and to depreciate them would not give |
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a true and fair view. The provisions of the FRSSE in respect of investment properties |
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have therefore been adopted in order to give a true and fair view. If this departure from |
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the Companies Act 2006 had not been made, the Profit & Loss account for the year would |
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have been reduced by depreciation, however the amount of depreciation cannot be |
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quantified. |
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Taxation |
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Corporation tax is provided on taxable profits at the current rate. |
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Deferred tax is not provided on timing differences arising from the revaluation of fixed |
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assets where there is no commitment to sell the asset. |
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2 |
OPERATING PROFIT |
2016 |
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2015 |
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The operating profit is stated after charging: |
£ |
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£ |
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Directors remuneration |
nil |
nil |
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Depreciation |
nil |
nil |
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3 |
TAXATION |
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The tax charge comprises |
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UK corporation tax 2016 |
1,795 |
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28,281 |
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UK corporation tax adjustment 2015 |
(8) |
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Interest |
(45) |
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(17) |
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Current tax charge |
1,742 |
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28,264 |
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DELPHIC PROPERTIES LIMITED |
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NOTES TO THE ACCOUNTS |
30 November 2016 |
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4 |
TANGIBLE FIXED ASSETS |
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Land & Buildings |
Original |
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Valuation |
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Freehold Property |
Cost |
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As at 30.11.15 |
491,463 |
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1,427,407 |
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Addition in year |
59,671 |
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59,671 |
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Revaluation surplus |
140,329 |
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As at 30.11.16 |
551,134 |
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1,627,407 |
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The properties were valued at open market value by the directors as at balance sheet date. |
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5 |
CREDITORS - Amounts falling due within one year |
2016 |
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2015 |
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£ |
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£ |
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Corporation tax due |
1,795 |
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28,281 |
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Taxation &social security (vat) |
1,715 |
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2,851 |
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Payments received in advance |
10,197 |
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9,342 |
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Other creditors |
360 |
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19,011 |
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14,067 |
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59,485 |
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6 |
CALLED UP SHARE CAPITAL |
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Authorised,allotted, called and fully paid: |
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Each |
No |
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ordinary shares |
5p |
10000 |
500 |
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500 |
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6% non cum preference |
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5p |
20000 |
1,000 |
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1,000 |
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1,500 |
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1,500 |
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7 |
PROPERTY REVALUATION RESERVE |
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At 30.11.15 |
935,954 |
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935,954 |
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Increase in year |
140,329 |
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At 30.11.16 |
1,076,283 |
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935,954 |
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8 |
MOVEMENTS ON PROFIT & LOSS ACCOUNT |
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Retained profit brought forward |
596,327 |
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2,783,184 |
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Profit for the year after tax |
7,233 |
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113,143 |
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603,560 |
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2,896,327 |
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Less dividend paid to parent company |
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2,300,000 |
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Retained profit carried forward |
603,560 |
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596,327 |
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9 |
RELATED PARTY TRANSACTIONS |
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Delphic Holdings Ltd |
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AJ & AC Smith |
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Directors & shareholders |
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Rent amounting to £78,500 plus VAT (2015 £78,500) was collected during the year on behalf of the directors and paid over to them. |
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10 |
CONTROLLING PARTY |
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The company is a wholly owned subsidiary of Delphic Holdings Ltd. |
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DELPHIC PROPERTIES LIMITED |
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Detailed Profit & Loss Account |
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30 November 2016 |
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2016 |
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2015 |
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£ |
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£ |
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Rental income |
114,690 |
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107,745 |
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Total Turnover |
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Cost of sales |
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Rental property-repairs & maintenance |
67,318 |
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28,545 |
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Rental property-professional fees |
28,129 |
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20,864 |
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Service charge |
1,611 |
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1,886 |
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Insurances |
914 |
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628 |
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Miscellaneous |
3,079 |
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629 |
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Total cost of sales |
101,051 |
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52,552 |
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Gross Profit |
13,639 |
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55,193 |
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Administration costs |
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Accountancy |
360 |
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350 |
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Printing, Stationery,telephone |
1,839 |
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1,681 |
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Travel |
160 |
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160 |
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Miscellaneous |
2,320 |
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1,149 |
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Total Administration costs |
4,679 |
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3,340 |
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NET PROFIT |
8,960 |
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51,853 |
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Total interest received and similar income |
15 |
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89,554 |
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OPERATING PROFIT |
8,975 |
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141,407 |
