Dimension Homes Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC262771 (Scotland)

Dimension Homes Limited

Unaudited Financial Statements

for the Year Ended 28 February 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

A N Cook

Mrs E M S Cook

J A Cook

SECRETARY:

A N Cook

REGISTERED OFFICE:

25 Hugh Miller Place

Edinburgh

EH3 5JG

REGISTERED NUMBER:

SC262771 (Scotland)

ACCOUNTANTS:

Whitelaw Wells

9 Ainslie Place

Edinburgh

Midlothian

EH3 6AS

BANKERS:

The Royal Bank of Scotland plc

Edinburgh West End Office

142-144 Princes Street

Edinburgh

EH2 4EQ

FIXED ASSETS

Tangible assets

3

15,611

-

Investments

4

50

50

15,661

50

CURRENT ASSETS

Stocks

137,336

90,000

Debtors

5

34,475

22,387

Cash at bank

338,455

452

510,266

112,839

CREDITORS

Amounts falling due within one year

6

17,631

14,947

NET CURRENT ASSETS

492,635

97,892

TOTAL ASSETS LESS CURRENT LIABILITIES

508,296

97,942

CREDITORS

Amounts falling due after more than one year

7

(85,850

)

(85,850

)

PROVISIONS FOR LIABILITIES

(2,966

)

-

NET ASSETS

419,480

12,092

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

419,380

11,992

SHAREHOLDERS' FUNDS

419,480

12,092

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2017 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 22 November 2017 and were signed on its behalf by:

J A Cook - Director

1.	STATUTORY INFORMATION

Dimension Homes Limited is a private company, limited by shares , registered in Scotland. 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.

Preparation of consolidated financial statements

The financial statements contain information about Dimension Homes Limited as an individual

company and do not contain consolidated financial information as the parent of a group. The

company has taken the option under Section 398 of the Companies Act 2006 not to prepare

consolidated financial statements.

Turnover and revenue recognition

The turnover shown in the profit and loss account represents fees for property management,

management consultancy and the development of client properties. Turnover is recognised when

the service is provided.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

33% on cost

Motor vehicles

-

25% on cost

Stocks

Stock is recorded at the lower of cost and net realisable value.

Financial instruments

Financial instruments comprise financial assets and financial liabilities which are recognised when

the company becomes a party to the contractual provisions of the instrument. Financial

instruments are classified as "basic" in accordance with FRS102 and are accounted for at amortised

cost using the effective interest method. The effective interest rate is the rate that exactly discounts

estimated future cash flows over the life of the financial assets or liability to the net carrying

amount on initial recognition. Discounting is not applied to short-term receivables and payables,

where the effect is immaterial. Financial assets comprise cash and financial liabilities accruals.

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.

3.	TANGIBLE FIXED ASSETS

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 March 2016

1,951

-

1,951

Additions

-

20,815

20,815

At 28 February 2017

1,951

20,815

22,766

DEPRECIATION

At 1 March 2016

1,951

-

1,951

Charge for year

-

5,204

5,204

At 28 February 2017

1,951

5,204

7,155

NET BOOK VALUE

At 28 February 2017

-

15,611

15,611

At 29 February 2016

-

-

-

4.	FIXED ASSET INVESTMENTS

Interest

in joint

venture

£

COST

At 1 March 2016

and 28 February 2017

50

NET BOOK VALUE

At 28 February 2017

50

At 29 February 2016

50

Dimension Homes Limited owns 50% of the issued ordinary shares of £1 each in Zinc Developments

Limited, a company registered in Scotland and involved in property development. The most recent

accounts prepared for Zinc Developments Limited are for the period ended 31 July 2015. The

aggregate capital and reserves of Zinc Developments Limited at 31 July 2015 were £337,181 (2014:

£352,436) and the loss for the period was £15,355 (2015: profit of £209,531).

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Director's current account

17,927

13,208

Corporation tax recoverable

7,550

3,000

Section 419 and 455 tax

recoverable

4,835

6,179

VAT

4,163

-

34,475

22,387

Interest is charged on overdrawn directors' current account balances at a rate of 4% per annum.

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Amounts owed to participating interests

8,911

8,911

Amounts owed to associates

2,055

2,055

Corporation tax

2,654

-

Director's current account

2,620

2,620

Other creditors and accruals

1,391

1,361

17,631

14,947

The directors' current accounts are unsecured, interest free and have no fixed terms of repayment.

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans more 5 yrs non-inst

85,850

85,850

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

85,850

85,850

8.	SECURED DEBTS

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

85,850

85,850

The bank loan is secured by a fixed standard security over the property owned by the company,

included in stock, and a floating charge over all of the assets of the company in favour of The Royal

Bank of Scotland plc.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28 February 2017

and 29 February 2016:

2017

2016

£

£

J A Cook

Balance outstanding at start of year

13,208

22,586

Amounts advanced

4,720

-

Amounts repaid

-

(9,378

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

17,928

13,208

Interest is charged on overdrawn directors' current account balances at a rate of 4% per annum.

10.	FIRST YEAR ADOPTION

In preparing the accounts, the director has considered whether in applying the accounting policies

required by FRS 102 a restatement of comparative items was needed. No restatements were

required. Accordingly, no reconciliation of opening balances or net income / (expenditure) for the

period has been prepared.