Dynamic Storage (Property) Limited - Period Ending 2017-10-31

Registration number: 02636933

Dynamic Storage (Property) Limited

Annual Report and Unaudited Financial Statements (Filleted)

for the Year Ended 31 October 2017

Dynamic Storage (Property) Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 7

Dynamic Storage (Property) Limited

(Registration number: 02636933)
Balance Sheet
31 October 2017

	Note	2017 £	2016 £
Fixed assets
Investment property	3	3,250,000	3,000,000
Current assets
Debtors	4	63,753	154,246
Cash at bank and in hand		57,592	64,849
		121,345	219,095
Creditors: Amounts falling due within one year	5	(76,315)	(75,326)
Net current assets		45,030	143,769
Total assets less current liabilities		3,295,030	3,143,769
Creditors: Amounts falling due after more than one year	5	(1,327,824)	(1,398,435)
Provisions for liabilities		(190,000)	(142,500)
Net assets		1,777,206	1,602,834
Capital and reserves
Called up share capital		25,090	25,090
Profit and loss account		1,752,116	1,577,744
Total equity		1,777,206	1,602,834

The notes on pages 3 to 7 form an integral part of these financial statements.

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1

Dynamic Storage (Property) Limited

(Registration number: 02636933)
Balance Sheet
31 October 2017

For the financial year ending 31 October 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 his 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 9 February 2018
 

S J Barratt

Director

The notes on pages 3 to 7 form an integral part of these financial statements.

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2

Dynamic Storage (Property) Limited

Notes to the Financial Statements
Year Ended 31 October 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:
Dynamic House
Stover Road
Yate
Bristol
BS37 5JN

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 that as disclosed in the accounting policies certain items are shown at fair value.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

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3

Dynamic Storage (Property) Limited

Notes to the Financial Statements
Year Ended 31 October 2017

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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 subsequently measured at amortised cost using the effective interest method.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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4

Dynamic Storage (Property) Limited

Notes to the Financial Statements
Year Ended 31 October 2017

3	Investment properties

	2017 £
At 1 November	3,000,000
Fair value adjustments	250,000
At 31 October	3,250,000

There has been no valuation of investment property by an independent valuer.

4

Debtors

	Note	2017 £	2016 £
Amounts owed by group undertakings and undertakings in which the company has a participating interest	7	63,753	154,246
Total current trade and other debtors		63,753	154,246

5

Creditors

	Note	2017 £	2016 £
Due within one year
Loans and borrowings	6	68,826	73,725
Other creditors		1,073	1,601
Corporation tax liability		6,416	-
		76,315	75,326
Due after one year
Loans and borrowings	6	1,327,824	1,398,435

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5

Dynamic Storage (Property) Limited

Notes to the Financial Statements
Year Ended 31 October 2017

6	Loans and borrowings

	2017 £	2016 £
Non-current loans and borrowings
Bank borrowings	1,327,824	1,398,435

	2017 £	2016 £
Current loans and borrowings
Bank borrowings	68,826	73,725

Bank Borrowings

Santander UK plc holds a fixed and floating charge over all property or undertaking of the company.

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6

Dynamic Storage (Property) Limited

Notes to the Financial Statements
Year Ended 31 October 2017

7	Related party transactions

Summary of transactions with entities with joint control or significant interest

.
 These loans are repayable on demand
 

Loans to related parties

2017	Entities with joint control or significant influence £
At start of period	154,246
Repaid	(90,493)
At end of period	63,753

2016	Entities with joint control or significant influence £
At start of period	272,794
Repaid	(118,548)
At end of period	154,246

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