Drogan Limited,Ltd - AccountsLtd - Accounts

Drogan Limited,Ltd - AccountsLtd - Accounts

DROGAN LIMITED - Company Information

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2016-04-01 02158975 2017-03-31 02158975 2016-04-01 2017-03-31 02158975 2016-03-31 02158975 2015-04-01 2016-03-31 02158975 uk-core:WithinOneYear 2016-03-31 02158975 uk-core:WithinOneYear 2017-03-31 02158975 uk-core:AfterOneYear 2016-03-31 02158975 uk-core:AfterOneYear 2017-03-31 02158975 uk-core:ShareCapital 2017-03-31 02158975 uk-core:ShareCapital 2016-03-31 02158975 uk-core:RevaluationReserve 2017-03-31 02158975 uk-core:RevaluationReserve 2016-03-31 02158975 uk-core:RetainedEarningsAccumulatedLosses 2017-03-31 02158975 uk-core:RetainedEarningsAccumulatedLosses 2016-03-31 02158975 uk-bus:Director1 2016-04-01 2017-03-31 02158975 uk-core:ToolsEquipment 2016-04-01 2017-03-31 02158975 uk-core:ToolsEquipment 2016-03-31 02158975 uk-core:FurnitureFittings 2016-03-31 02158975 uk-core:InvestmentPropertyIncludedWithinPPE 2016-03-31 02158975 uk-core:FurnitureFittings 2016-04-01 2017-03-31 02158975 uk-core:InvestmentPropertyIncludedWithinPPE 2016-04-01 2017-03-31 02158975 uk-core:InvestmentPropertyIncludedWithinPPE 2017-03-31 02158975 uk-core:FurnitureFittings 2017-03-31 02158975 uk-core:ToolsEquipment 2017-03-31 02158975 uk-core:WithinOneYear 2017-03-31 02158975 uk-core:WithinOneYear 2016-03-31 iso4217:GBP 02158975 uk-bus:AuditExemptWithAccountantsReport 2016-04-01 2017-03-31 02158975 uk-bus:FRS102 2016-04-01 2017-03-31 02158975 uk-bus:FullAccounts 2016-04-01 2017-03-31 02158975 uk-bus:PrivateLimitedCompanyLtd 2016-04-01 2017-03-31
Drogan Limited
Registered Number:02158975
For the year ended 31 March 2017
England and Wales
Unaudited Financial Statements
2
For the year ended 31 March 2017
Drogan Limited
Contents Page
1
Statement of Financial Position
2 to 5
Notes to the Financial Statements
3
As at 31 March 2017
Drogan Limited
Statement of Financial Position
Registered Number :
02158975
£
£
2016
2017
Notes
Fixed assets
Property, plant and equipment
845,000
850,000
2
845,000
850,000
Current assets
Trade and other receivables
-
1,326
3
1,326
-
Trade and other payables: amounts falling due within one
year
(133,479)
(145,348)
4
(133,479)
(144,022)
Net current liabilities
Total assets less current liabilities
700,978
716,521
Trade and other payables: amounts falling due after more
than one year
(157,457)
(143,021)
5
(52,089)
(53,089)
Provisions for liabilities
505,868
Net assets
505,975
Capital and reserves
Called up share capital
15
15
Revaluation reserve
335,871
339,871
6
Retained earnings
169,982
166,089
505,868
505,975
Shareholders' funds
For the year ended 31 March 2017 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section
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 have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.
Mr Michael Thomas Huxtable Director
These financial statements were approved and authorised for issue by the Board on 30 November 2017 and were signed by:
1 of 5
4
For the year ended 31 March 2017
Drogan Limited
Statement of Financial Position Continued
The notes form part of these financial statements
2 of 5
5
For the year ended 31 March 2017
Drogan Limited
Notes to the Financial Statements
Statutory Information
Drogan Limited is a private limited company, limited by shares, domiciled in England and Wales, registration number
02158975.
Registered address:
The Cedars
Exeter Road
Honiton
Devon
EX14 1AN
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A 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 costs convention as
modified by the revaluation of certain assets.
Revenue recognition
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Property, plant and equipment
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
33.3% Straight line
Computer equipment
No depreciation is provided on the company''s freehold properties since in the opinion of the directors the expected
useful lives are sufficiently long and the estimated residual values are sufficiently high that any such depreciation
would be immaterial. The directors undertake an annual impairment review of these properties.
Investment property
Investment properties are included in the balance sheet at their open market value at the balance sheet date. The resulting aggregate surplus or deficit is transferred to a revaluation reserve. Depreciation is provided only on those investment properties which are leasehold and where the unexpired lease term is less than 20 years. Although this accounting policy is in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015), it is a departure from the general requirement 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. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount of this which might otherwise have been charged cannot be separately identified or quantified.
Hire purchase and leasing commitments
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
3 of 5
6
For the year ended 31 March 2017
Drogan Limited
Notes to the Financial Statements Continued
2. Property, plant and equipment
Total
Computer
equipment
Fixtures and
fittings
Land and
buildings
£
£
£
£
Cost or
valuation
At 01 April 2016
860,678
2,650
8,028
850,000
(5,000)
-
-
(5,000)
Revaluations
At 31 March 2017
845,000
8,028
2,650
855,678
Provision for depreciation and impairment
At 01 April 2016
10,678
2,650
8,028
-
At 31 March 2017
10,678
2,650
8,028
-
At 31 March 2017
Net book value
845,000
-
-
845,000
At 31 March 2016
850,000
-
-
850,000
3. Trade and other receivables
2016
2017
£
£
Trade debtors
1,326
-
4. Trade and other payables: amounts falling due within one year
2016
2017
£
£
Bank loans and overdraft
31,618
30,324
Trade creditors
817
2,321
Amounts owed to group undertaking and undertaking in which the
company has a participating interest
4,250
-
Taxation and social security
3,473
192
Other creditors
105,190
100,642
145,348
133,479
5. Trade and other payables: amounts falling due after more than one year
2016
2017
£
£
Bank loans and overdraft (secured)
129,423
143,859
Other creditors
13,598
13,598
143,021
157,457
4 of 5
7
For the year ended 31 March 2017
Drogan Limited
Notes to the Financial Statements Continued
6. Reserves
Total
£
Revaluation reserve at 01 April 2016
339,871
Revaluation of fixed assets
(4,000)
335,871
Revaluation reserve at 31 March 2017
5 of 5