DM North Limited - Accounts to registrar (filleted) - small 17.3
DM North Limited - Accounts to registrar (filleted) - small 17.3
| REGISTERED NUMBER: |
| Unaudited Financial Statements |
| for the Year Ended 31 March 2017 |
| for |
| DM North Limited |
| DM North Limited (Registered number: 07927078) |
| Contents of the Financial Statements |
| for the Year Ended 31 March 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| DM North Limited |
| Company Information |
| for the Year Ended 31 March 2017 |
| DIRECTOR: |
| SECRETARIES: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 3 Kingfisher Court |
| Bowesfield Park |
| Stockton on Tees |
| TS18 3EX |
| DM North Limited (Registered number: 07927078) |
| Balance Sheet |
| 31 March 2017 |
| 2017 | 2016 |
| Notes | £ | £ |
| CURRENT ASSETS |
| Debtors | 3 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 4 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital | 5 |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| 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. |
| 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 |
| DM North Limited (Registered number: 07927078) |
| Notes to the Financial Statements |
| for the Year Ended 31 March 2017 |
| 1. | STATUTORY INFORMATION |
| DM North Limited is a |
| registered number and registered office address can be found on the Company Information page. |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Going concern |
| The company has now ceased trading. As required by the Financial Reporting Standard 102 Section 1A, the |
| financial statements have been prepared on the basis that the company is no longer a going concern. No material |
| adjustments arose as a result of ceasing to apply the going concern basis.The financial statements do not include |
| any provision for the future costs of terminating the business of the company. |
| 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 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. |
| Debtors and creditors receivable/payable within one year |
| Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at |
| transaction price. Any losses arising from impairment are recognised in the profit and loss account. |
| Impairment |
| Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance |
| sheet date. If such indication exists, the recoverable amount of the asset is estimated and compared to the |
| carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in |
| profit or loss. |
| DM North Limited (Registered number: 07927078) |
| Notes to the Financial Statements - continued |
| for the Year Ended 31 March 2017 |
| 3. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Other debtors |
| Owing from associated undertakings | 937,401 | 929,352 |
| Taxation recoverable |
| As shown in note 8 and above, debtors include £937,401 (2016 : £929,352) owing from associated undertakings. |
| Due to liquidity concerns within the property sector generally, and therefore within the associated debtor |
| undertakings, the timescale for recovery of these debtor balances is unknown, but considered by the director to |
| be greater than one year for a significant proportion of this amount. There are no formal terms of repayment for |
| these balances. |
| 4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| VAT | - | 13,440 |
| Other creditors |
| Owing to associated undertakings | 9,307 | 9,307 |
| Accrued expenses |
| 5. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2017 | 2016 |
| value: | £ | £ |
| Ordinary | £1 | 1 | 1 |
| 6. | RELATED PARTY DISCLOSURES |
| During the year the company received funds to assist with working capital requirements. |
| Other related parties - common control |
| 2017 | 2016 |
| £ | £ |
| Balance at year end - debtor | 937,401 | 929,352 |
| Balance at year end - creditor | (9,307 | ) | (9,307 | ) |
| The above debtor balance at the year end is net of a bad debt provision of £94,874 (2016: £122,923). A credit of |
| £28,049 (2016 : charge of £122,923) was recognised during the year in the profit and loss account in respect of |
| the reduction in the provision made against associated company debtor balances. |
| Loan interest accrued and due to a related party of £83,000 has been released as it is no longer to be paid. |