Delphic Holdings Limited - Period Ending 2017-11-30

Registration number: 00525778

Delphic Holdings Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2017

Henry and Banwell Limited
Chartered Accountants
26 Berkeley Square
Clifton
Bristol
BS8 1HP

Delphic Holdings Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Notes to the Financial Statements	5 to 11

Delphic Holdings Limited

Company Information

Directors

Mr A C Smith Mr A J Smith

Company secretary

Mrs P J Smith

Registered office

7 Avon Grove Sneyd Park Bristol BS9 1PJ

Accountants

Henry and Banwell Limited Chartered Accountants 26 Berkeley Square Clifton Bristol BS8 1HP

Page 1

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Delphic Holdings Limited
for the Year Ended 30 November 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Delphic Holdings Limited for the year ended 30 November 2017 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Delphic Holdings Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Delphic Holdings Limited and state those matters that we have agreed to state to the Board of Directors of Delphic Holdings Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Delphic Holdings Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Delphic Holdings Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Delphic Holdings Limited. You consider that Delphic Holdings Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Delphic Holdings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Henry and Banwell Limited
Chartered Accountants
26 Berkeley Square
Clifton
Bristol
BS8 1HP

11 April 2018

Page 2

Delphic Holdings Limited

(Registration number: 00525778)
Balance Sheet as at 30 November 2017

	Note	2017 £	2016 £
Fixed assets
Investment property	3	6,256,595	6,230,000
Investments		29,013	29,013
		6,285,608	6,259,013
Current assets
Debtors	5	32,377	32,889
Cash at bank and in hand		718,577	578,166
		750,954	611,055
Creditors: Amounts falling due within one year	6	(479,029)	(499,555)
Net current assets		271,925	111,500
Net assets		6,557,533	6,370,513
Capital and reserves
Called up share capital		40,100	40,100
Other reserves		791,045	791,045
Profit and loss account		5,726,388	5,539,368
Total equity		6,557,533	6,370,513

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their 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.

The notes on pages 5 to 11 form an integral part of these financial statements.

Page 3

Delphic Holdings Limited

(Registration number: 00525778)
Balance Sheet as at 30 November 2017

Approved and authorised by the Board on 11 April 2018 and signed on its behalf by:
 

.........................................

Mr A J Smith

Director

The notes on pages 5 to 11 form an integral part of these financial statements.

Page 4

Delphic Holdings Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

1	General information

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

The address of its registered office is:
7 Avon Grove
Sneyd Park
Bristol
BS9 1PJ

These financial statements were authorised for issue by the Board on 11 April 2018.

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.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Page 5

Delphic Holdings Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

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 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.

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.

3	Investment properties

	2017 £
At 1 December	6,230,000
Additions	26,595
At 30 November	6,256,595

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

4	Investments

	2017 £	2016 £
Investments in subsidiaries	29,013	29,013

Page 6

Delphic Holdings Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

Subsidiaries	£
Cost or valuation
At 1 December 2016	29,013
Provision
Carrying amount
At 30 November 2017	29,013
At 30 November 2016	29,013

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2017	2016
Subsidiary undertakings
Delphic Properties Ltd	7 Avon Grove Bristol BS9 1PJ	10,000 Ordinary shares and 20,000 6% non-cumulative preference shares	100%	100%
	England

The principal activity of Delphic Properties Ltd is Property investment

5

Debtors

	2017 £	2016 £
Trade debtors	32,377	32,889
Total current trade and other debtors	32,377	32,889

6

Creditors

Page 7

Delphic Holdings Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

	Note	2017 £	2016 £
Due within one year
Trade creditors		3,081	375
Taxation and social security		23,543	21,963
Other creditors		452,405	477,217
		479,029	499,555

Page 8

Delphic Holdings Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

7	Related party transactions

Loans from related parties

2017	Key management £
At start of period	340,000
Advanced	200,490
Repaid	(237,110)
Interest transactions	11,620
At end of period	315,000

2016	Key management £
At start of period	370,000
Advanced	200,490
Repaid	(242,013)
Interest transactions	11,523
At end of period	340,000

Terms of loans from related parties

The directors have advanced funds to the company which is repayable on demand. Interest is payable on the outstanding balance.
 

8	Transition to FRS 102

On transition to FRS 102 there was a change in the way the revaluation of investment properties is presented in the accounts. The revaluations were previously shown in a revaluation reserve but on transition this was moved to the profit and loss reserve and all fair value movements were reflected through the profit & loss. The company has opted to record the gains/losses in an non-distributable reserve in order to make it clear the profits that are available for distribution as dividends. The opening prior year balance saw the revaluation reserve decreased and the non-distributable reserve increased by £581,045. The prior year balance sheet saw the revaluation reserve decreased and the non-distributable reserve increased by £791,045. The fair value movement in the prior year has been moved to the profit and loss increasing profit in last year by £210,000.

Page 9

Delphic Holdings Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

Balance Sheet at 1 December 2015
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Investment property		6,020,000	-	-	6,020,000
Investments		29,013	-	-	29,013
		6,049,013	-	-	6,049,013
Current assets
Debtors		48,786	-	-	48,786
Cash at bank and in hand		408,263	-	-	408,263
		457,049	-	-	457,049
Creditors: Amounts falling due within one year		(524,676)	-	-	(524,676)
Net current liabilities		(67,627)	-	-	(67,627)
Net assets		5,981,386	-	-	5,981,386
Capital and reserves
Called up share capital		(40,100)	-	-	(40,100)
Revaluation reserve		(581,045)	581,045	-	-
Other reserves		-	(581,045)	-	(581,045)
Profit and loss account		(5,360,241)	-	-	(5,360,241)
Total equity		(5,981,386)	-	-	(5,981,386)

Page 10

Delphic Holdings Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

Balance Sheet at 30 November 2016
 

	Note	As originally reported £	Reclassification £	Remeasurement £	As restated £
Fixed assets
Investment property		6,230,000	-	-	6,230,000
Investments		29,013	-	-	29,013
		6,259,013	-	-	6,259,013
Current assets
Debtors		32,889	-	-	32,889
Cash at bank and in hand		578,166	-	-	578,166
		611,055	-	-	611,055
Creditors: Amounts falling due within one year		(499,555)	-	-	(499,555)
Net current assets		111,500	-	-	111,500
Net assets		6,370,513	-	-	6,370,513
Capital and reserves
Called up share capital		(40,100)	-	-	(40,100)
Revaluation reserve		(791,045)	791,045	-	-
Other reserves		-	(791,045)	-	(791,045)
Profit and loss account		(5,539,368)	-	-	(5,539,368)
Total equity		(6,370,513)	-	-	(6,370,513)

Page 11