Dakota Developments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04887742 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2017

for

DAKOTA DEVELOPMENTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

Director:

G D Wick

Registered office:

Aissela

46 High Street

Esher

Surrey

KT10 9QY

Registered number:

04887742 (England and Wales)

Accountants:

Haines Watts

Chartered Accountants

Aissela

46 High Street

Esher

Surrey

KT10 9QY

Fixed assets

Tangible assets

3

-

376

Investment property

4

4,972,000

5,172,000

4,972,000

5,172,376

Current assets

Debtors

5

95,470

94,795

Cash at bank

62,300

45,893

157,770

140,688

Creditors

Amounts falling due within one year

6

256,783

232,045

Net current liabilities

(99,013

)

(91,357

)

Total assets less current liabilities

4,872,987

5,081,019

Creditors

Amounts falling due after more than one year

7

(578,380

)

(613,759

)

Provisions for liabilities

-

(47,000

)

Net assets

4,294,607

4,420,260

Capital and reserves

Called up share capital

9

100

100

Share premium

10

947,560

947,560

Retained earnings

10

3,346,947

3,472,600

Shareholders' funds

4,294,607

4,420,260

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 15 September 2018 and were signed by:

G D Wick - Director

1.	Statutory information

Dakota Developments Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information page.

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates

Provisions are recognised when the company has a present legal or constructive obligation arising as a result

of a past event, it is probable that an outflow of economic benefit will be required to settle the obligation and a

reliable estimate can be made. Provisions are measured at the present value of the expenditures expected to be

required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value

of money and the risks specific to the obligation.

In the application of the Company's accounting policies management is required to make judgements,

estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from

other sources. The estimates and underlying assumptions are based on historical experience and other factors

that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying

assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period

in which the estimate is revised if the revision affects both current and future periods.

Turnover

Turnover represents rents receivable net of VAT.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

10% on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes

in fair value is recognised in profit or loss.

Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial

assets and liabilities like trade and other other accounts receivable and payable, loans from banks and other

third parties, loans to related parties and investments in non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other

accounts receivable and payable, are initially measured at present value of the future cash flows and

subsequently at amortised cost using the effective interest method. Debt instruments that are payable or

receivable in within one year, typically trade payables or receivables, are measured, initially and subsequently,

at an undiscounted amount of cash or other consideration, expected to be paid or received. However if the

arrangements of a short-term instrument constitute a financing transaction, like a payment of a trade debt

deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of

an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at teh

present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and

subsequently at amortised cost.

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.

3.	Tangible fixed assets

Plant and

machinery

etc

£

Cost

At 1 January 2017

and 31 December 2017

3,765

Depreciation

At 1 January 2017

3,389

Charge for year

376

At 31 December 2017

3,765

Net book value

At 31 December 2017

-

At 31 December 2016

376

4.	Investment property

Total

£

Fair value

At 1 January 2017

5,172,000

Revaluations

(200,000

)

At 31 December 2017

4,972,000

Net book value

At 31 December 2017

4,972,000

At 31 December 2016

5,172,000

Fair value at 31 December 2017 is represented by:

£

Valuation in 2011

(362,485

)

Valuation in 2012

(47,657

)

Valuation in 2013

(47,657

)

Valuation in 2016

1,774,965

Valuation in 2017

(200,000

)

Cost

3,854,834

4,972,000

If investment property had not been revalued they would have been included at the following historical cost:

2017

2016

£

£

Cost

3,854,834

3,854,834

Investment property was valued on at fair value basis on 31 December 2017 by the director .

5.

Debtors: amounts falling due within one year

2017

2016

£

£

Trade debtors

94,349

87,327

Prepayments and accrued income

1,121

7,468

95,470

94,795

6.

Creditors: amounts falling due within one year

2017

2016

£

£

Bank loans and overdrafts

37,538

38,589

Trade creditors

-

367

Tax

58,586

50,176

Other creditors

38,116

26,934

Directors' loan accounts

16,612

16,612

Accruals and deferred income

105,931

99,367

256,783

232,045

7.

Creditors: amounts falling due after more than one year

2017

2016

£

£

Bank loans - 2-5 years

160,758

156,412

Bank loans more 5 yr by instal

417,622

457,347

578,380

613,759

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

417,622

457,347

8.	Secured debts

The following secured debts are included within creditors:

2017

2016

£

£

Bank loans

615,891

652,348

The bank loans are secured on the properties of the company.

9.	Called up share capital

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

100

Ordinary

£1

100

100

10.

Reserves

Retained

Share

earnings

premium

Totals

£

£

£

At 1 January 2017

3,472,600

947,560

4,420,160

Profit for the year

98,347

98,347

Dividends

(224,000

)

(224,000

)

At 31 December 2017

3,346,947

947,560

4,294,507

Included in retained earnings is £1,117,166 (2016: £1,317,166) of fair value uplift less a £nil (2016: £47,000)

deferred tax charge, which are not available for distribution as they are unrealised.

11.	Related party disclosures

As at 31 December 2017, Dakota Developments Limited owed £38,116 (2016: £26,934) to FT International

Limited, a company controlled by G D Wick.

As at 31 December 2017, the company owned G D Wick £16,612 (2016: £16,612). This balance is included

within other creditors, is repayable on demand and interest free.

During the year the company paid rent of £12,002 (2016: £17,674) on behalf of Holly's House Limited, a

business owned by H Vaughan, the daughter of G D Wick. At 31 December 2017 the company was owed £nil

(2016: £nil) by Holly's House Limited following a write off of the loan for a value of £12,002 (2016: £30,285).

The following reproduces the text of the report prepared for the director in respect of the company's annual

unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to

file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements

and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Dakota Developments Limited for the year ended 31 December 2017 which comprise the

Income Statement, Balance Sheet and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

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

It is your duty to ensure that Dakota Developments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Dakota Developments Limited. You consider that Dakota Developments 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 financial statements of Dakota Developments 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 financial statements.

Haines Watts

Chartered Accountants

Aissela

46 High Street

Esher

Surrey

KT10 9QY

26 September 2018