Dreamcatcher London Limited Company accounts

Dreamcatcher London Limited Company accounts

DREAMCATCHER LONDON LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 05683590
Dreamcatcher London Limited
Unaudited Financial Statements
31 May 2018
Dreamcatcher London Limited
Financial Statements
Year ended 31 May 2018
Contents
Page
Director's report
1
Statement of income and retained earnings
2
Statement of financial position
3
Notes to the financial statements
5
The following pages do not form part of the financial statements
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
10
Dreamcatcher London Limited
Director's Report
Year ended 31 May 2018
The director presents his report and the unaudited financial statements of the company for the year ended 31 May 2018 .
Principal activities
The principal activity of the company during period was that of medical diagnostics reporting.
Director
The director who served the company during the year was as follows:
Dr S Chawda
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 9 November 2018 and signed on behalf of the board by:
Dr S Chawda
Mrs Bhavna Chawda
Director
Company Secretary
Registered office:
29 Beechcroft Road
Bushey
WD23 2JU
Dreamcatcher London Limited
Statement of Income and Retained Earnings
Year ended 31 May 2018
2018
2017
Note
£
£
Turnover
285,959
271,063
Cost of sales
–
526
---------
---------
Gross profit
285,959
270,537
Administrative expenses
110,823
106,553
---------
---------
Operating profit
175,136
163,984
Other interest receivable and similar income
5,946
4,936
---------
---------
Profit before taxation
5
181,082
168,920
Tax on profit
36,004
35,276
---------
---------
Profit for the financial year and total comprehensive income
145,078
133,644
---------
---------
Retained earnings at the start of the year
504,239
370,595
---------
---------
Retained earnings at the end of the year
649,317
504,239
---------
---------
All the activities of the company are from continuing operations.
Dreamcatcher London Limited
Statement of Financial Position
31 May 2018
2018
2017
Note
£
£
£
Fixed assets
Intangible assets
6
10,000
18,000
Tangible assets
7
3,887
3,732
--------
--------
13,887
21,732
Current assets
Debtors
8
628,408
604,519
Cash at bank and in hand
68,899
48,123
---------
---------
697,307
652,642
Creditors: amounts falling due within one year
9
60,138
168,463
---------
---------
Net current assets
637,169
484,179
---------
---------
Total assets less current liabilities
651,056
505,911
Provisions
Taxation including deferred tax
739
672
---------
---------
Net assets
650,317
505,239
---------
---------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
649,317
504,239
---------
---------
Shareholders funds
650,317
505,239
---------
---------
These financial statements have been prepared 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'.
For the year ending 31 May 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Dreamcatcher London Limited
Statement of Financial Position (continued)
31 May 2018
These financial statements were approved by the board of directors and authorised for issue on 9 November 2018 , and are signed on behalf of the board by:
Dr S Chawda
Director
Company registration number: 05683590
Dreamcatcher London Limited
Notes to the Financial Statements
Year ended 31 May 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 29 Beechcroft Road, Bushey, WD23 2JU.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due.
Income tax
Taxation represents the sum of tax currently payable and deferred tax. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
The company operates a defined contribution scheme for the benefit of its employees. The pension charges represents the amounts payable by the company to the fund in respect of the year.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2017: 3 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2018
2017
£
£
Amortisation of intangible assets
8,000
8,000
Depreciation of tangible assets
3,879
1,243
------
------
6. Intangible assets
Goodwill
£
Cost
At 1 June 2017 and 31 May 2018
40,000
--------
Amortisation
At 1 June 2017
22,000
Charge for the year
8,000
--------
At 31 May 2018
30,000
--------
Carrying amount
At 31 May 2018
10,000
--------
At 31 May 2017
18,000
--------
7. Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 June 2017
12,272
12,272
Additions
4,034
4,034
--------
--------
At 31 May 2018
16,306
16,306
--------
--------
Depreciation
At 1 June 2017
8,540
8,540
Charge for the year
3,879
3,879
--------
--------
At 31 May 2018
12,419
12,419
--------
--------
Carrying amount
At 31 May 2018
3,887
3,887
--------
--------
At 31 May 2017
3,732
3,732
--------
--------
8. Debtors
2018
2017
£
£
Trade debtors
26,326
7,860
Amounts owed by group undertakings and undertakings in which the company has a participating interest
600,506
594,561
Other debtors
1,576
2,098
---------
---------
628,408
604,519
---------
---------
9. Creditors: amounts falling due within one year
2018
2017
£
£
Corporation tax
36,499
35,829
Other creditors
23,639
132,634
--------
---------
60,138
168,463
--------
---------
10. Director's advances, credits and guarantees
The directors loan account is not disclosed as permitted under Section 1A of FRS 102.
11. Related party transactions
The company charged interest of £5,946 during the year to its associate Dreamcatcher Spice Limited. The company is associated by virtue of Dr S Chawda 's shareholidng in the company. The amount due from the associate at the year end was £ 600,506 .
Dreamcatcher London Limited
Management Information
Year ended 31 May 2018
The following pages do not form part of the financial statements.
Dreamcatcher London Limited
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Dreamcatcher London Limited
Year ended 31 May 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Dreamcatcher London Limited for the year ended 31 May 2018, which comprise the statement of income and retained earnings, statement of financial position 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 at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Dreamcatcher London Limited in accordance with the terms of our engagement letter dated 4 October 2017. Our work has been undertaken solely to prepare for your approval the financial statements of Dreamcatcher London Limited and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dreamcatcher London Limited and its director for our work or for this report.
It is your duty to ensure that Dreamcatcher London 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 Dreamcatcher London Limited. You consider that Dreamcatcher London 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 Dreamcatcher London 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.
HADLEIGHS Chartered accountants
27 Beechcroft Road Bushey Hertfordshire WD23 2JU
9 November 2018