Dakota Developments Limited - Accounts to registrar - small 17.1.1
Dakota Developments Limited - Accounts to registrar - small 17.1.1
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2016 |
for |
DAKOTA DEVELOPMENTS LIMITED |
DAKOTA DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04887742) |
Contents of the Financial Statements |
for the year ended 31 December 2016 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 9 |
DAKOTA DEVELOPMENTS LIMITED |
Company Information |
for the year ended 31 December 2016 |
Director: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
Chartered Accountants |
Aissela |
46-50 High Street |
Esher |
Surrey |
KT10 9QY |
DAKOTA DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04887742) |
Balance Sheet |
31 December 2016 |
2016 | 2015 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 3 |
Investment property | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
7 |
( |
) |
Provisions for liabilities | ( |
) |
Net assets |
Capital and reserves |
Called up share capital |
Share premium | 9 |
Revaluation reserve | 9 | ( |
) |
Retained earnings | 9 |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
DAKOTA DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04887742) |
Balance Sheet - continued |
31 December 2016 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director on |
DAKOTA DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04887742) |
Notes to the Financial Statements |
for the year ended 31 December 2016 |
1. | Statutory information |
Dakota Developments Limited is a |
company's registered number and registered office address can be found on the Company Information page. |
2. | Accounting policies |
Basis of preparing the financial statements |
Significant judgements and estimates |
Provisions are recognised when the company has a present legal or constructive obligation arising as a result of |
a past event, it is probable that an outflow of economic benefit will be required to settle the obligation and a |
reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be |
required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value |
of money and the risks specific to the obligation. |
In the application of the Company's accounting policies management is required to make judgements, |
estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from |
other sources. The estimates and underlying assumptions are based on historical experience and other factors |
that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying |
assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period |
in which the estimate is revised if the revision affects both current and future periods. |
Turnover |
Turnover represents rents receivable net of VAT. |
Tangible fixed assets |
Plant and machinery etc | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes |
in fair value is recognised in profit or loss. |
Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. |
DAKOTA DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04887742) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2016 |
2. | Accounting policies - continued |
Financial instruments |
The Company only enters into basic financial instruments transactions that result in the recognition of |
financial assets and liabilities like trade and other other accounts receivable and payable, loans from banks and |
other third parties, loans to related parties and investments in non-puttable ordinary shares. |
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other |
accounts receivable and payable, are initially measured at present value of the future cash flows and |
subsequently at amortised cost using the effective interest method. Debt instruments that are payable or |
receivable in within one year, typically trade payables or receivables, are measured, initially and subsequently, |
at an undiscounted amount of cash or other consideration, expected to be paid or received. However if the |
arrangements of a short-term instrument constitute a financing transaction, like a payment of a trade debt |
deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an |
out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at teh present |
value of the future cash flow discounted at a market rate of interest for a similar debt instrument and |
subsequently at amortised cost. |
Taxation |
Taxation for the year 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 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 year 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. |
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. |
DAKOTA DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04887742) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2016 |
3. | Tangible fixed assets |
Plant and |
machinery |
etc |
£ |
Cost |
At 1 January 2016 |
and 31 December 2016 |
Depreciation |
At 1 January 2016 |
Charge for year |
At 31 December 2016 |
Net book value |
At 31 December 2016 |
At 31 December 2015 |
4. | Investment property |
Total |
£ |
Fair value |
At 1 January 2016 |
Additions |
Revaluations | 1,774,965 |
At 31 December 2016 |
Net book value |
At 31 December 2016 |
At 31 December 2015 |
Cost or valuation at 31 December 2016 is represented by: |
£ |
Valuation in 2011 | (362,485 | ) |
Valuation in 2012 | (47,657 | ) |
Valuation in 2013 | (47,657 | ) |
Valuation in 2016 | 1,774,965 |
Cost | 3,854,834 |
5,172,000 |
DAKOTA DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04887742) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2016 |
4. | Investment property - continued |
If investment property had not been revalued they would have been included at the following historical cost: |
2016 | 2015 |
£ | £ |
Cost | 3,854,834 | 3,182,834 |
Investment property was valued on at fair value basis on 31 December 2016 by the director . |
5. | Debtors: amounts falling due within one year |
2016 | 2015 |
£ | £ |
Trade debtors |
Other debtors |
6. | Creditors: amounts falling due within one year |
2016 | 2015 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
7. | Creditors: amounts falling due after more than one year |
2016 | 2015 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more 5 yr by instal | 457,347 | - |
8. | Secured debts |
The following secured debts are included within creditors: |
2016 | 2015 |
£ | £ |
Bank loans |
The bank loans are secured on the properties of the company. |
DAKOTA DEVELOPMENTS LIMITED (REGISTERED NUMBER: 04887742) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2016 |
9. | Reserves |
Retained | Share | Revaluation |
earnings | premium | reserve | Totals |
£ | £ | £ | £ |
At 1 January 2016 | ( |
) | 2,694,694 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Transfer | (457,799 | ) | - | 457,799 | - |
At 31 December 2016 | 4,420,160 |
Included in retained earnings is £1,317,166 of fair value uplift less a £47,000 deferred tax charge, which are |
not available for distribution as they are unrealised. |
10. | Related party disclosures |
As at 31 December 2016, Dakota Developments Limited owed £26.934 (2015: £35,481) to FT International |
Limited, a company controlled by G D Wick. |
As at 31 December 2016, the company owned G D Wick £16,612 (2015: £nil). This balance is included within |
other creditors and is repayable on demand and interest free. |
During the year the company paid rent of £17,674 (2015: £16,612) on behalf of Holly's House Limited, a |
business owned by H Vaughan, the daughter of G D Wick. At 31st December 2016 the company was owed £nil |
(2015: £12,612) by Holly's House Limited following a write off of the loan for a value of £30,285. |
11. | First year adoption |
This is the first year that the company has presented its results under FRS 102. The last financial statements |
under UK GAAP were for the year ended 31 December 2015. The date of transition to FRS 102 was 1 January |
2015. There have been no resulting changes of accounting policy as a result of the transition to FRS 102 and |
no subsequent remeasurements or reclassifications of items in the profit and loss or the balance sheet therefore |
no further reconciliation is required. |
Chartered Accountants' Report to the Director |
on the Unaudited Financial Statements of |
Dakota Developments Limited |
The following reproduces the text of the report prepared for the director and members in respect of the |
company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is |
only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other |
primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Dakota Developments Limited for the year ended 31 December 2016 which comprise the |
Income Statement, Balance Sheet and the related notes from the company's accounting records and from information |
and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of Dakota Developments Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Dakota Developments Limited and state those matters that we have agreed to state to the director of Dakota Developments Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dakota Developments Limited director for our work or for this report. |
It is your duty to ensure that Dakota Developments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Dakota Developments Limited. You consider that Dakota Developments 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 financial statements of Dakota Developments 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 financial statements. |
Chartered Accountants |
Aissela |
46-50 High Street |
Esher |
Surrey |
KT10 9QY |