Desiva Investments Limited - Period Ending 2018-08-31

Registration number: 03817866

Desiva Investments Limited

Filleted Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2018

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

Desiva Investments Limited

Contents

Company Information	1
Accountants' Report	2
Balance Sheet	3 to 4
Statement of Changes in Equity	5
Notes to the Financial Statements	6 to 10

Desiva Investments Limited

Company Information

 

Directors

Mr S Sibley Mr D Sibley

Registered office

Severn House Hazell Drive Newport South Wales NP10 8FY

Accountants

HSJ Accountants Ltd Severn House Hazell Drive Newport South Wales NP10 8FY

Page 1

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Desiva Investments Limited
for the Year Ended 31 August 2018

As described on the balance sheet you are responsible for the compilation of the accounts for the year ended 31 August 2018, as set out on pages 3 to 10, and you consider that the company is exempt from an audit. In accordance with your instructions we have compiled the unaudited accounts from the accounting records and from information and explanations supplied to us.

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

31 October 2018

Page 2

Desiva Investments Limited

(Registration number: 03817866)
Balance Sheet as at 31 August 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	473	591
Investment property	5	880,000	845,805
		880,473	846,396
Current assets
Debtors	6	320	320
Cash at bank and in hand		6,623	33,765
		6,943	34,085
Creditors: Amounts falling due within one year	7	(63,520)	(59,783)
Net current liabilities		(56,577)	(25,698)
Total assets less current liabilities		823,896	820,698
Creditors: Amounts falling due after more than one year	7	(502,677)	(515,596)
Provisions for liabilities		(34,915)	(35,404)
Net assets		286,304	269,698
Capital and reserves
Called up share capital	9	106	106
Other reserves		204,911	207,667
Profit and loss account		81,287	61,925
Total equity		286,304	269,698

The notes on pages 6 to 10 form an integral part of these financial statements.

Page 3

Desiva Investments Limited

(Registration number: 03817866)
Balance Sheet as at 31 August 2018

For the financial year ending 31 August 2018 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.

Approved and authorised by the Board on 31 October 2018 and signed on its behalf by:

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

Mr D Sibley

Director

The notes on pages 6 to 10 form an integral part of these financial statements.

Page 4

Desiva Investments Limited

Statement of Changes in Equity for the Year Ended 31 August 2018

	Share capital £	Non-distributable reserve £	Profit and loss account £	Total £
At 1 September 2017	106	207,667	61,925	269,698
Profit for the year	-	-	16,606	16,606
Fair value adjustment to investment properties	-	(2,756)	2,756	-
Total comprehensive income	-	(2,756)	19,362	16,606
At 31 August 2018	106	204,911	81,287	286,304

	Share capital £	Non-distributable reserve £	Profit and loss account £	Total £
At 1 September 2016	106	207,667	48,800	256,573
Profit for the year	-	-	13,125	13,125
Total comprehensive income	-	-	13,125	13,125
At 31 August 2017	106	207,667	61,925	269,698

The notes on pages 6 to 10 form an integral part of these financial statements.

Page 5

Desiva Investments Limited

Notes to the Financial Statements for the Year Ended 31 August 2018

1	General information

The company registration number is: 03817866

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

The address of its registered office is:
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

The principal place of business is:
Ty Isaf
Cowbridge Road
Talygarn
Pontyclun
CF72 9JU

These financial statements were authorised for issue by the Board on 31 October 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Fixtures and fittings	20% Reducing Balance

Page 6

Desiva Investments Limited

Notes to the Financial Statements for the Year Ended 31 August 2018

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.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2017 - 2).

Page 7

Desiva Investments Limited

Notes to the Financial Statements for the Year Ended 31 August 2018

4	Tangible assets

	Fixtures and fittings  £	Total £
Cost or valuation
At 1 September 2017	9,438	9,438
At 31 August 2018	9,438	9,438
Depreciation
At 1 September 2017	8,847	8,847
Charge for the year	118	118
At 31 August 2018	8,965	8,965
Carrying amount
At 31 August 2018	473	473
At 31 August 2017	591	591

5	Investment properties

	2018 £
At 1 September 2016	845,805
Investment property additions	36,951
Fair value adjustments	(2,756)
At 31 August 2017	880,000

The directors believe that the investment properties are stated at a fair value.

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

6

Debtors

	2018 £	2017 £
Other debtors	320	320

Page 8

Desiva Investments Limited

Notes to the Financial Statements for the Year Ended 31 August 2018

7

Creditors

	Note	2018 £	2017 £
Due within one year
Bank loans	8	11,499	11,023
Trade creditors		97	97
Other creditors		51,924	48,663
		63,520	59,783
Due after one year
Loans and borrowings	8	502,677	515,596

	2018 £	2017 £
After more than five years by instalments	274,546	299,447

8	Loans and borrowings

	2018 £	2017 £
Non-current loans and borrowings
Bank borrowings	320,543	332,517
Director's loan account	182,134	183,079
	502,677	515,596

	2018 £	2017 £
Current loans and borrowings
Bank borrowings	11,499	11,023

Bank borrowings

Mortgage is denominated in £ with a nominal interest rate of various interest rates. The carrying amount at year end is £332,042 (2017 - £343,540). Each separate mortgage is secured against the relevant property.

Page 9

Desiva Investments Limited

Notes to the Financial Statements for the Year Ended 31 August 2018

9	Share capital

Allotted, called up and fully paid shares

	2018		2017
	No.	£	No.	£
Ordinary of £1 each	106	106	106	106

10	Related party transactions

Key management personnel

Relationship: Directors

Summary of transactions with key management

The directors, made interest free, unsecured, repayable on demand loans during the year to the company. At the balance sheet date the amount due to the directors was £182,134 (2017 - £183,079).
 

Summary of transactions with other related parties

Relationship: Common directors
 
Beddau Developments Ltd

During the year Desiva Investments Ltd paid for goods for Beddau Developments Ltd totalling £nil (2017 - £nil). At the balance sheet date the amount due to Beddau Developments Ltd was £36,397 (2017 - £36,397).

Sivade Limited

During the year Desiva Investments Ltd paid for goods for Sivade Limited totalling £nil (2017 - £nil). At the balance sheet date the amount due from Sivade Limited was £320 (2017 - £320).


 

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