Dovepark Estates Limited - Period Ending 2017-03-31

Registration number: 04576506

Dovepark Estates Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

Dovepark Estates Limited

(Registration number: 04576506)
Balance Sheet as at 31 March 2017

	Note	2017  £	2016  £
Fixed assets
Tangible assets	4	4,227	4,987
Current assets
Debtors	5	576	768
Cash at bank and in hand		1,382	-
		1,958	768
Creditors: Amounts falling due within one year	6	(218,676)	(201,284)
Net current liabilities		(216,718)	(200,516)
Total assets less current liabilities		(212,491)	(195,529)
Creditors: Amounts falling due after more than one year	6	(26,808)	(38,028)
Net liabilities		(239,299)	(233,557)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(239,399)	(233,657)
Total equity		(239,299)	(233,557)

For the financial 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.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 6 December 2017
 

 

Mrs L C Zijlmans

Director

The notes on pages 2 to 5 form an integral part of these financial statements.
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Dovepark Estates Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

1

General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
Windsor House
Bayshill Road
Cheltenham
GL51 5RA

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	20% on reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for the hire of equipment.

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Dovepark Estates Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.
 

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Dovepark Estates Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was as follows:

	2017  No.	2016  No.
Average number of employees	2	2

4

Tangible assets

	Fixtures and fittings £
Cost
At 1 April 2016	6,470
Additions	1,295
Disposals	(1,264)
At 31 March 2017	6,501
Depreciation
At 1 April 2016	1,483
Charge for the year	1,055
Eliminated on disposal	(264)
At 31 March 2017	2,274
Carrying amount
At 31 March 2017	4,227
At 31 March 2016	4,987

5

Debtors

	2017  £	2016  £
Trade debtors	-	288
Other debtors	576	480
	576	768

6

Creditors

	Note	2017  £	2016  £
Due within one year
Loans and borrowings	7	217,975	199,737
Accrued expenses		701	1,547
		218,676	201,284
Due after one year
Loans and borrowings	7	26,808	38,028

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Dovepark Estates Limited

Notes to the Financial Statements for the Year Ended 31 March 2017

7

Loans and borrowings

	2017 £	2016 £
Current loans and borrowings
Bank borrowings	11,220	9,436
Bank overdrafts	-	968
Director's loan account	206,755	189,333
	217,975	199,737

	2017 £	2016 £
Non-current loans and borrowings
Bank borrowings	26,808	38,028

8

Related party transactions

At the year end, the company owed the director Mrs L C Zijlmans £206,755 (2016: £189,333) in the form of a director's loan account. The loan is interest free, unsecured and repayable on demand.

9

Transition to FRS 102

This is the first period that the company has presented its financial statements under Financial Reporting Standard 102 (FRS 102) issued by the Financial Reporting Council. The last financial statements under previous UK GAAP were for the period from 1 April 2015 to 31 March 2016 and the date of transition to FRS 102 was therefore 1 April 2015. There are no transitional adjustments as a result of adopting FRS 102 for the first time.
 

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