Deminico Limited - Accounts to registrar (filleted) - small 18.1
Deminico Limited - Accounts to registrar (filleted) - small 18.1
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31st August 2017 |
for |
Deminico Limited |
Deminico Limited (Registered number: 04424665) |
Contents of the Financial Statements |
for the year ended 31st August 2017 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Deminico Limited |
Company Information |
for the year ended 31st August 2017 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Accountants and Tax Advisers |
2nd Floor |
Katherine House |
11 Wyllyotts Place |
Potters Bar |
Hertfordshire |
EN6 2JD |
Deminico Limited (Registered number: 04424665) |
Balance Sheet |
31st August 2017 |
31.8.17 | 31.8.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | 12 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Retained earnings | 14 |
SHAREHOLDERS' FUNDS |
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. |
Deminico Limited (Registered number: 04424665) |
Balance Sheet - continued |
31st August 2017 |
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 |
Deminico Limited (Registered number: 04424665) |
Notes to the Financial Statements |
for the year ended 31st August 2017 |
1. | STATUTORY INFORMATION |
Deminico Limited is a |
registered number and registered office address can be found on the Company Information page. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements have been prepared on the going concern basis which assumes the company will |
continue in operational existence for the foreseeable future. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
Goodwill |
Goodwill, being the amount paid in connection with the transfer of the business from the director Mr K Pourikou |
to the company on 1 September 2002 is being written off evenly over its estimated useful life of ten years. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
less any accumulated amortisation and any accumulated impairment losses. |
Tangible fixed assets |
Short leasehold | - |
Fixtures and fittings | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
Financial instruments |
Financial assets and financial liabilities are recognised in the company's balance sheet when the company |
becomes a party to the contractual provisions of instrument. |
Basic financial assets |
Basic financial assets, which include trade and other receivables, cash and bank balances are initially measured |
at transaction price including transaction cost and are subsequently carried at amortised cost using the effective |
interest method. |
Impairment |
Assets not measured at fair value are reviewed for any indications that the asset may be impaired at each balance |
sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is |
estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an |
impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the |
impairment loss is a revaluation decrease. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, |
the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the |
currying amount would have been, had the impairment not previously been recognised.The impairment reversal |
is recognised in profit or loss. |
Deminico Limited (Registered number: 04424665) |
Notes to the Financial Statements - continued |
for the year ended 31st August 2017 |
2. | ACCOUNTING POLICIES - continued |
Classification of financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences residual interest in the assets of |
the company after deducting all of its liabilities. |
Basic financial liabilities, including trade and other payables and bank loans, are initially recognised at |
transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is |
measured at the present value of the future payments discounted at the market rate of interest. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of |
business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or |
less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction |
price and subsequently measured at amortised cost using the effective interest method. |
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. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
lease. |
Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past |
event, it is probable that an outflow of economic benefits will be required in settlement and the account can be |
reliably estimated. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
Deminico Limited (Registered number: 04424665) |
Notes to the Financial Statements - continued |
for the year ended 31st August 2017 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1st September 2016 |
and 31st August 2017 |
AMORTISATION |
At 1st September 2016 |
and 31st August 2017 |
NET BOOK VALUE |
At 31st August 2017 |
At 31st August 2016 |
5. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | and | Computer |
leasehold | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1st September 2016 |
Additions |
At 31st August 2017 |
DEPRECIATION |
At 1st September 2016 |
Charge for year |
At 31st August 2017 |
NET BOOK VALUE |
At 31st August 2017 |
At 31st August 2016 |
6. | STOCKS |
31.8.17 | 31.8.16 |
£ | £ |
Stocks |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.17 | 31.8.16 |
£ | £ |
Other debtors |
Deminico Limited (Registered number: 04424665) |
Notes to the Financial Statements - continued |
for the year ended 31st August 2017 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.17 | 31.8.16 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.8.17 | 31.8.16 |
£ | £ |
Other creditors |
10. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.8.17 | 31.8.16 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.8.17 | 31.8.16 |
£ | £ |
Bank overdrafts |
The Company's Bank overdraft facility is secured on its assets. |
12. | PROVISIONS FOR LIABILITIES |
31.8.17 | 31.8.16 |
£ | £ |
Deferred tax | 3,054 | 2,117 |
Deferred |
tax |
£ |
Balance at 1st September 2016 |
Accelerated capital allowances | 937 |
Balance at 31st August 2017 |
Deminico Limited (Registered number: 04424665) |
Notes to the Financial Statements - continued |
for the year ended 31st August 2017 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.8.17 | 31.8.16 |
value: | £ | £ |
ordinary shares | £1 | 100 | 100 |
14. | RESERVES |
Retained |
earnings |
£ |
At 1st September 2016 |
Profit for the year |
At 31st August 2017 |
15. | RELATED PARTY DISCLOSURES |
Other creditors in Note 9 and Note 10 of the financial statements include a loan to the company by the directors |
Mrs K Pourikou and Mr K Pourikou of £106,433 (2016 - £125,734). A total of £100,000 of the balance owed |
by the company to its directors is falling due after more than one year. No interest is charged on this loan. |
The company's bank overdraft facility is secured by way of a personal guarantee given by the two directors. |