DAMP Investments Dulwich Limited Small abridged accounts

DAMP INVESTMENTS DULWICH LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of DAMP Investments Dulwich Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 January 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 09396745

DAMP Investments Dulwich Limited

Filleted Unaudited Abridged Financial Statements

31 January 2017

DAMP Investments Dulwich Limited

Abridged Financial Statements

Year ended 31 January 2017

Contents	Page

Officers and professional advisers	1

Chartered accountant's report to the director on the preparation of the unaudited statutory abridged financial statements	2

Abridged statement of financial position	3

Statement of changes in equity	5

Notes to the abridged financial statements	6

DAMP Investments Dulwich Limited

Officers and Professional Advisers

Director	Mr A Marshall

Registered office	The Lordship Pub 211 Lordship Lane
	East Dulwich
	London
	United Kingdom
	SE22 8HA

Accountants	Sable Accounting Limited
	Chartered accountant
	77-91 New Oxford Street
	London
	UK
	WC1A 1DG

DAMP Investments Dulwich Limited

Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of DAMP Investments Dulwich Limited

Year ended 31 January 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of DAMP Investments Dulwich Limited for the year ended 31 January 2017, which comprise the abridged statement of financial position, statement of changes in equity 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 at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of DAMP Investments Dulwich Limited in accordance with the terms of our engagement letter dated 1 August 2017. Our work has been undertaken solely to prepare for your approval the abridged financial statements of DAMP Investments Dulwich Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than DAMP Investments Dulwich Limited and its director for our work or for this report.

It is your duty to ensure that DAMP Investments Dulwich Limited has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and loss of DAMP Investments Dulwich Limited. You consider that DAMP Investments Dulwich 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 abridged financial statements of DAMP Investments Dulwich 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 abridged financial statements.

Sable Accounting Limited Chartered accountant

77-91 New Oxford Street London UK WC1A 1DG

23 October 2017

DAMP Investments Dulwich Limited

Abridged Statement of Financial Position

31 January 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		23,882	28,584

Current assets

Stocks	11,722	12,414
Debtors	7,247	4,247
Cash at bank and in hand	23,127	38,266
	--------	--------
	42,096	54,927

Creditors: amounts falling due within one year	64,651		73,534
	--------		--------
Net current liabilities		22,555	18,607
		--------	--------
Total assets less current liabilities		1,327	9,977

Creditors: amounts falling due after more than one year	71,091	78,846
	--------	--------
Net liabilities	( 69,764)	( 68,869)
	--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	( 69,864)	( 68,969)
	--------	--------
Members deficit	( 69,764)	( 68,869)
	--------	--------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.

For the year ending 31 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

DAMP Investments Dulwich Limited

Abridged Statement of Financial Position (continued)

31 January 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 23 October 2017 , and are signed on behalf of the board by:

Mr A Marshall
Director

Company registration number: 09396745

DAMP Investments Dulwich Limited

Statement of Changes in Equity

Year ended 31 January 2017

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1 February 2015	–	–	–

Loss for the year		( 68,969)	( 68,969)
	----	--------	--------
Total comprehensive income for the year	–	( 68,969)	( 68,969)

Issue of shares	100	–	100
	----	--------	--------
Total investments by and distributions to owners	100	–	100

At 31 January 2016	100	( 68,969)	( 68,869)

Loss for the year		( 895)	( 895)
	----	--------	--------
Total comprehensive income for the year	–	( 895)	( 895)

	----	--------	--------
At 31 January 2017	100	( 69,864)	( 69,764)
	----	--------	--------

DAMP Investments Dulwich Limited

Notes to the Abridged Financial Statements

Year ended 31 January 2017

1. General information

The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is The Lordship Pub 211 Lordship Lane, East Dulwich, London, SE22 8HA, United Kingdom.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis. The company has net current liabilities at year end and is dependent on the shareholder for continued financial support. The shareholder has confirmed to the director its intention to continue to provide funding to enable the company to meet its liabilities as they fall due to foreseeable future.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 February 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 7.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Plant and machinery	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year, including the director, amounted to 12 (2016: 12 ).

5. Tangible assets

	£
Cost
At 1 February 2016	33,921
Additions	4,178
	--------
At 31 January 2017	38,099
	--------
Depreciation
At 1 February 2016	5,337
Charge for the year	8,880
	--------
At 31 January 2017	14,217
	--------
Carrying amount
At 31 January 2017	23,882
	--------
At 31 January 2016	28,584
	--------

6. Related party transactions

The company was under control of Mr P Platt throughout the current year and prior year. Mr P Platt is the majority shareholder. Loan from Mr P Platt: £42,006 (2016 : £38,057) Interest on the outstanding loan is payable at 10% per annum. Related party transactions: Loan from Damp Easton Ltd: £13,333 (2016 : £18,092) Interest on the outstanding loan is payable at 10% per annum. Loan from Mr M O'Connor: £11,959 (2016 : £10,630) Interest on the outstanding loan is payable at 5% per annum. Such interest has been included in interest payable.

7. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 February 2015.

No transitional adjustments were required in equity or profit or loss for the year.