DLR Property Development Limited Filleted accounts for Companies House (small and micro)

DLR PROPERTY DEVELOPMENT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 09132634

DLR Property Development Limited

Filleted Unaudited Financial Statements

31 May 2017

DLR Property Development Limited

Statement of Financial Position

31 May 2017

	31 May 17		31 Jul 16
Note	£	£	£

Current assets

Stocks		2,944,217	5,267,676
Debtors	5	570,694	6,291
Investments	6	100	–
Cash at bank and in hand		66,315	70,850
		------------	------------
		3,581,326	5,344,817

Creditors: amounts falling due within one year	7	3,532,357		5,949,890
		------------		------------
Net current assets/(liabilities)			48,969	( 605,073)
			--------	---------
Total assets less current liabilities			48,969	( 605,073)
			--------	---------
Net assets/(liabilities)			48,969	( 605,073)
			--------	---------

Capital and reserves

Called up share capital	10	10
Profit and loss account	48,959	( 605,083)
	--------	---------
Shareholders funds/(deficit)	48,969	( 605,073)
	--------	---------

These 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 statement of comprehensive income has not been delivered.

For the period ending 31 May 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 financial statements for the period 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 financial statements .

These financial statements were approved by the board of directors and authorised for issue on 27 April 2018 , and are signed on behalf of the board by:

Miss L A Cox

Director

Company registration number: 09132634

DLR Property Development Limited

Notes to the Financial Statements

Period from 1 August 2016 to 31 May 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 99 Kenton Road, Kenton, Harrow, Middlesex, HA3 0AN.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. The financial statements have been prepared for a 10 month period ending on 31 May 2017. The management decided to shorten the accounting period to a shorter period for commercial reasons. The comparative period is not entirely comparable as it is a longer period than the current period.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 August 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

Consolidation

The entity has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the entity and its subsidiary undertakings comprise a small group.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Stocks

Stocks represents the cost of land, buildings and all direct expenditure relating to the development of unsold dwellings but excluding administrative, other overheads and interest charges. Stock is stated at lower of cost and net realisable value.

Financial instruments

A financial asset or a financial liability is recognised only when the entity 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.

4. Employee numbers

The average number of persons employed by the company during the period amounted to 3 (2016: 3 ).

5. Debtors

	31 May 17	31 Jul 16
	£	£
Trade debtors	497,078	–
Other debtors	73,616	6,291
	---------	-------
	570,694	6,291
	---------	-------

6. Investments

	31 May 17	31 Jul 16
	£	£
Investments in group undertakings	100	–
	----	----

7. Creditors: amounts falling due within one year

	31 May 17	31 Jul 16
	£	£
Trade creditors	80,469	253,139
Amounts owed to group undertakings and undertakings in which the company has a participating interest	68,950	–
Social security and other taxes	1,240	5,100
Deposits on flats	14,000	189,000
Loans	2,292,732	3,129,548
Other creditors	1,074,966	2,373,103
	------------	------------
	3,532,357	5,949,890
	------------	------------

The loans are secured by first legal charge on the company's assets.

8. Related party transactions

The company was not under the control of any one person throughout the current period. The company has taken advantage of the exemption conferred by FRS 102 from disclosing details of transactions with wholly owned group company.

9. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 August 2015.

No transitional adjustments were required in equity or profit or loss for the year.