Draycott Management Limited - Period Ending 2016-12-31
Draycott Management Limited - Period Ending 2016-12-31
Registration number:
Draycott Management Limited
for the Year Ended 31 December 2016
121 Miller Drive
Fareham
Hampshire
PO16 7LS
Draycott Management Limited
Contents
Company Information |
|
Accountants' Report |
|
Balance Sheet |
|
Notes to the Financial Statements |
Draycott Management Limited
Company Information
Directors |
Mr Peter Draycott Mrs Caroline Draycott Mrs Harriet Draycott |
Registered office |
|
Accountants |
|
Page 1 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Draycott Management Limited
for the Year Ended 31 December 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Draycott Management Limited for the year ended 31 December 2016 as set out on pages 3 to 10 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 at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Draycott Management 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 Draycott Management Limited and state those matters that we have agreed to state to the Board of Directors of Draycott Management Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Draycott Management Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Draycott Management 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 profit of Draycott Management Limited. You consider that Draycott Management 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 Draycott Management 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.
......................................
Fareham
Hampshire
PO16 7LS
Page 2 |
Draycott Management Limited
(Registration number: 04338972)
Balance Sheet as at 31 December 2016
Note |
2016 |
2015 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Other reserves |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
Page 3 |
Draycott Management Limited
(Registration number: 04338972)
Balance Sheet as at 31 December 2016
For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Mr Peter Draycott
Director
Page 4 |
Draycott Management Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
General information |
The company is a private company limited by share capital incorporated in England & Wales.
The address of its registered office is:
United Kingdom
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
15% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Page 5 |
Draycott Management Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Tangible assets |
Land and buildings |
Other property, plant and equipment |
Total |
|
Cost or valuation |
|||
At 1 January 2016 |
|
|
|
At 31 December 2016 |
|
|
|
Depreciation |
|||
At 1 January 2016 |
- |
|
|
At 31 December 2016 |
- |
|
|
Carrying amount |
|||
At 31 December 2016 |
|
- |
|
At 31 December 2015 |
|
- |
|
Included within the net book value of land and buildings above is £912,556 (2015 - £912,556) in respect of freehold land and buildings.
Page 6 |
Draycott Management Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Debtors |
2016 |
2015 |
|
Trade debtors |
|
|
Other debtors |
|
|
Total current trade and other debtors |
|
|
Page 7 |
Draycott Management Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Creditors |
Note |
2016 |
2015 |
|
Due within one year |
|||
Bank loans and overdrafts |
|
|
|
Trade creditors |
- |
|
|
Taxation and social security |
|
- |
|
Other creditors |
|
|
|
|
|
||
Due after one year |
|||
Loans and borrowings |
|
|
Loans and borrowings |
2016 |
2015 |
|
Non-current loans and borrowings |
||
Bank borrowings |
|
|
2016 |
2015 |
|
Current loans and borrowings |
||
Bank borrowings |
|
|
Related party transactions |
Transactions with directors |
2016 |
Advances to directors |
At 31 December 2016 |
Mr Peter Draycott |
||
Directors loan |
|
|
This loan is undated, unsecured and interest free.
Page 8 |
Draycott Management Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Transition to FRS 102 |
Balance Sheet at 1 January 2015
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
|||||
Investment property |
886,149 |
- |
9,840 |
895,989 |
|
Provisions for liabilities |
- |
- |
(24,512) |
(24,512) |
|
Net assets/(liabilities) |
886,149 |
- |
(14,672) |
871,477 |
|
Capital and reserves |
|||||
Revaluation reserve |
(112,720) |
112,720 |
- |
- |
|
Other reserves |
- |
(122,560) |
24,512 |
(98,048) |
|
Profit and loss account |
(363,609) |
- |
- |
(363,609) |
|
Total equity |
(476,329) |
(9,840) |
24,512 |
(461,657) |
Page 9 |
Draycott Management Limited
Notes to the Financial Statements for the Year Ended 31 December 2016
Balance Sheet at 31 December 2015
Note |
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Fixed assets |
|||||
Investment property |
886,149 |
- |
26,407 |
912,556 |
|
Provisions for liabilities |
- |
- |
(27,825) |
(27,825) |
|
Net assets/(liabilities) |
886,149 |
- |
(1,418) |
884,731 |
|
Capital and reserves |
|||||
Revaluation reserve |
(112,720) |
112,720 |
- |
- |
|
Other reserves |
- |
(112,720) |
1,418 |
(111,302) |
|
Profit and loss account |
(415,233) |
- |
- |
(415,233) |
|
Total equity |
(527,953) |
- |
1,418 |
(526,535) |
Page 10 |