Darville and Son Limited Small abridged accounts

Darville and Son Limited Small abridged accounts

DARVILLE AND SON LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements
All of the members of Darville and Son 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 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 00129612
Darville and Son Limited
Filleted Unaudited Abridged Financial Statements
31 March 2017
Darville and Son Limited
Abridged Financial Statements
Year Ended 31 March 2017
Contents
Page
Chartered accountants report to the board of directors on the preparation of the unaudited statutory abridged financial statements
1
Abridged statement of financial position
2
Statement of changes in equity
4
Notes to the abridged financial statements
5
Darville and Son Limited
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of Darville and Son Limited
Year Ended 31 March 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 Darville and Son Limited for the year ended 31 March 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 Board of Directors of Darville and Son Limited, as a body, in accordance with the terms of our engagement letter dated 23 April 2014. Our work has been undertaken solely to prepare for your approval the abridged financial statements of Darville and Son Limited and state those matters that we have agreed to state to you, as a body, 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 Darville and Son Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Darville and Son 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 profit of Darville and Son Limited. You consider that Darville and Son 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 Darville and Son 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.
BIBBYS Chartered Accountants
19 Old Exeter Street Chudleigh Newton Abbot Devon TQ13 0LD
22 November 2017
Darville and Son Limited
Abridged Statement of Financial Position
31 March 2017
2017
2016
Note
£
£
£
Fixed Assets
Tangible assets
5
787
900
Investments
6
10,025,100
9,728,869
-------------
------------
10,025,887
9,729,769
Current Assets
Stocks
41,284
47,999
Debtors
713,634
775,985
Cash at bank and in hand
65,030
78,567
---------
---------
819,948
902,551
Creditors: amounts falling due within one year
528,302
497,616
---------
---------
Net Current Assets
291,646
404,935
-------------
-------------
Total Assets Less Current Liabilities
10,317,533
10,134,704
Creditors: amounts falling due after more than one year
7
1,151,386
1,118,136
Provisions
Taxation including deferred tax
85,846
–
-------------
-------------
Net Assets
9,080,301
9,016,568
-------------
-------------
Capital and Reserves
Called up share capital
15,000
15,000
Revaluation reserve
7,419,075
7,395,313
Profit and loss account
1,646,226
1,606,255
------------
------------
Members Funds
9,080,301
9,016,568
------------
------------
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 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
Darville and Son Limited
Abridged Statement of Financial Position (continued)
31 March 2017
These abridged financial statements were approved by the board of directors and authorised for issue on 22 November 2017 , and are signed on behalf of the board by:
Mr P E M Darville
Director
Company registration number: 00129612
Darville and Son Limited
Statement of Changes in Equity
Year Ended 31 March 2017
Called up share capital
Revaluation reserve
Profit and loss account
Total
£
£
£
£
At 1 April 2015
15,000
7,395,313
1,573,007
8,983,320
Profit for the year
183,248
183,248
--------
------------
------------
------------
Total Comprehensive Income for the Year
–
–
183,248
183,248
Dividends paid and payable
–
–
( 150,000)
( 150,000)
--------
------------
------------
------------
Total Investments by and Distributions to Owners
–
–
( 150,000)
( 150,000)
At 31 March 2016
15,000
7,395,313
1,606,255
9,016,568
Profit for the year
114,971
114,971
Other comprehensive income for the year:
Revaluation of Investments (Note 7)
–
68,037
–
68,037
Tax relating to components of other comprehensive income
–
( 44,275)
–
( 44,275)
--------
------------
------------
------------
Total Comprehensive Income for the Year
–
23,762
114,971
138,733
Dividends paid and payable
–
–
( 75,000)
( 75,000)
----
----
--------
--------
Total Investments by and Distributions to Owners
–
–
( 75,000)
( 75,000)
--------
------------
------------
------------
At 31 March 2017
15,000
7,419,075
1,646,226
9,080,301
--------
------------
------------
------------
Darville and Son Limited
Notes to the Abridged Financial Statements
Year Ended 31 March 2017
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Kardelton House, Vansittart Estate, Arthur Road, Windsor, SL4 1SE, 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.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year, net of Value Added Tax and discounts, in respect of goods and services provided to customers.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
All fixed assets are initially recorded at cost.
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:
Fixtures & fittings
-
10% straight line
Depreciation is not provided on investment properties, which is in accordance to the Financial Reporting Standard for Smaller Entities (effective January 2008) but is a departure from the general requirements of the Companies Act 2006 for all tangible assets to be depreciated. In the opinion of the directors compliance with the standard is necessary for the financial statements to give a true and fair view.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
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.
Defined contribution plans
The company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2016: 7 ).
5. Tangible assets
£
Cost
At 1 April 2016 and 31 March 2017
5,630
-------
Depreciation
At 1 April 2016
4,730
Charge for the year
113
-------
At 31 March 2017
4,843
-------
Carrying amount
At 31 March 2017
787
-------
At 31 March 2016
900
-------
6. Investments
£
Cost
At 1 April 2016
9,728,869
Additions
228,194
Revaluations
68,037
-------------
At 31 March 2017
10,025,100
-------------
Impairment
At 1 April 2016 and 31 March 2017
–
-------------
Carrying amount
At 31 March 2017
10,025,100
-------------
At 31 March 2016
9,728,869
-------------
7. Creditors: amounts falling due after more than one year
Bank loans are secured by fixed charges on investment properties.
8. Related party transactions
Control: The company is controlled by P E M Darville and other family members who own the majority of the issued share capital. Related parties: At the year end the company was owed £571,636 (2016: £639,046) by its subsidiary undertaking, Great Park Properties Limited, shown within debtors. Included in other creditors are amounts totalling £160,000 (2016: £160,000) loaned to the company by Mr P E M Darville (the director) and his wife Mrs L A Darville. Interest is paid on the loans at the rate of 3.5% per annum above Bank of England Base Rate amounting to £6,400 (2016: £6,400). During the year the company paid dividends to the directors and their related parties amounting to £75,000 (2016: £150,000).
9. Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.
No transitional adjustments were required in equity or profit or loss for the year.