D V Developments Southwest Ltd - Accounts to registrar - small 17.2

REGISTERED NUMBER: 09271820 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 October 2016

for

D V Developments Southwest Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Mr D J Welch

Mr V Welch

REGISTERED OFFICE:

Unit 1B

Pensilva Industrial Estate

Pensilva

Cornwall

PL14 5RE

REGISTERED NUMBER:

09271820 (England and Wales)

ACCOUNTANTS:

Prydis Accounts Limited

Chartered Accountants

The Parade

Liskeard

Cornwall

PL14 6AF

CURRENT ASSETS

Stocks

142,049

195,893

Debtors

3

1,012

-

Cash at bank

1,831

6,375

144,892

202,268

CREDITORS

Amounts falling due within one year

4

149,863

202,705

NET CURRENT LIABILITIES

(4,971

)

(437

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(4,971

)

(437

)

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

(5,071

)

(537

)

SHAREHOLDERS' FUNDS

(4,971

)

(437

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2016 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

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 on 24 July 2017 and were signed on its behalf by:

Mr D J Welch - Director

Mr V Welch - Director

1.	STATUTORY INFORMATION

D V Developments Southwest Ltd is a private company, limited by shares , registered in England and Wales.

The 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

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The directors have prepared the financial statements on a going concern basis, on the understanding that they

will continue to provide financial support if it is required and, accordingly, the financial statements do not

include any adjustments that would result if this support were not forthcoming.

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax. Turnover is recognised when the

company obtains right to consideration.

Stocks

Work in progress is valued at the lower of cost and net realisable value.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

balance sheet date.

3.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.16

31.10.15

£

£

Amounts owed by associates

1,012

-

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.16

31.10.15

£

£

Folk to Folk Loan

-

90,000

Directors' current accounts

114,705

112,205

Accrued expenses

35,158

500

149,863

202,705

5.	SECURED DEBTS

The following secured debts are included within creditors:

31.10.16

31.10.15

£

£

Folk to Folk

-

90,000

The company's borrowing is secured by way of a fixed charge over the freehold property development, which is

included in work in progress at a value of £195,893.

6.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within creditors is a balance of £114,705 (2015: £112,205) owed to Mr D J Welch & Mr V Welch, the

directors of the company. This balance bears no interest and has no fixed terms of repayment.

7.	RELATED PARTY DISCLOSURES

Included within debtors is an amount owed to Derrick J Welch Ltd, an associated company, totalling £1,012.

This balance bears no interest and is repayable on demand.

8.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr D J Welch and Mr V Welch, the directors who jointly own 100% of the

shares of the company.

9.	FIRST YEAR ADOPTION

The company has transitioned to FRS 102 from previously being prepared under the historical cost convention

and in accordance with the Financial Reporting Standards for Smaller Entities (effective April 2008) as at 1

November 2015.

The impact from the transition has been reviewed for transitional adjustments, of which there are none.