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| DELPHIC HOLDINGS LIMITED |
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| Annual Report and Accounts |
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| For the year to |
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| 30 November 2014 |
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Company Number 0525778 in England |
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DELPHIC HOLDINGS LIMITED |
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DIRECTORS |
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A J Smith |
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A C Smith |
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SECRETARY |
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Mrs P J Smith |
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REGISTERED OFFICE |
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7 Avon Grove |
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Bristol BS9 1PJ |
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DELPHIC HOLDINGS LIMITED |
Company Number 0525778 in England |
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DIRECTORS' REPORT |
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The Directors present their report and accounts of the company for the year to |
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30 November 2014. |
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Principal activity |
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The principal activity of the company is property investment. |
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Directors |
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The following directors served throughout the year: |
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A J Smith |
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A C Smith |
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SMALL COMPANY |
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The above report has been prepared in accordance with the special provisions relating to |
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small companies within Part 15 of the Companies Act 2006. |
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By order of the board |
A C Smith |
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Director |
Date:………………. |
23/12/14 |
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DELPHIC HOLDINGS LIMITED |
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PROFIT AND LOSS ACCOUNT |
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For the year to 30 November 2014 |
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2014 |
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2013 |
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£ |
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£ |
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NOTES |
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TURNOVER |
(1) |
533,512 |
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546,886 |
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Cost of sales |
38,289 |
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6,686 |
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GROSS PROFIT |
495,223 |
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540,200 |
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Administrative expenses |
1,601 |
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22,867 |
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OPERATING PROFIT |
493,622 |
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517,333 |
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Interest receivable and similar income |
391 |
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276 |
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Interest payable and similar charges |
(3) |
110,475 |
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112,062 |
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PROFIT ON ORDINARY ACTIVITIES BEFORE |
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TAXATION |
383,538 |
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405,547 |
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Taxation |
(4) |
81,510 |
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91,670 |
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PROFIT FOR THE FINANCIAL YEAR AFTER |
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TAXATION |
(10) |
302,028 |
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313,877 |
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STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES |
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Profit for the financial year after taxation |
302,028 |
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313,877 |
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Unrealised loss on revaluation of properties. |
(50,000) |
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(250,000) |
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TOTAL RECOGNISED GAINS AND LOSSES |
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RELATING TO THE YEAR |
£ |
252,028 |
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63,877 |
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All the operating profit arises as a result of continuing activities. |
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DELPHIC HOLDINGS LIMITED |
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BALANCE SHEET as at 30 November 2014 |
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2014 |
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2013 |
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NOTES |
£ |
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£ |
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FIXED ASSETS |
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Tangible assets |
(5) |
6,020,000 |
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6,070,000 |
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Investments |
(6) |
29,013 |
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29,013 |
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6,049,013 |
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6,099,013 |
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CURRENT ASSETS |
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Trade debtors |
36,720 |
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39,363 |
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Cash at bank |
274,821 |
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413,194 |
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311,541 |
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452,557 |
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CREDITORS: Amounts falling due within one |
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year |
(7) |
2,777,013 |
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3,019,557 |
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NET CURRENT LIABILITIES |
2,465,472 |
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2,567,000 |
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NET ASSETS |
£ |
3,583,541 |
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3,532,013 |
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CAPITAL AND RESERVES |
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Called up share capital |
(8) |
40,100 |
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40,100 |
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Property revaluation reserve |
(9) |
581,045 |
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631,045 |
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Profit and loss account |
(10) |
2,962,396 |
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2,860,868 |
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SHAREHOLDERS' FUNDS |
£ |
3,583,541 |
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3,532,013 |
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The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
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Members have not required the company to obtain an audit in accordance with section 476 of the Act. |
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The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
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The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime. |
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Signed on behalf of |
AC Smith |
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the board of directors |
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Director |
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Approved by the Board on:………………….Date:………….. |
23/12/14 |
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DELPHIC HOLDINGS LIMITED |
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NOTES TO THE ACCOUNTS |
30 November 2014 |
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1 |
ACCOUNTING POLICIES |
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Basis of accounting |
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The accounts have been prepared under the historical cost convention as modified by the revaluation of fixed assets held as investments and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008). |
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Turnover |
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Turnover represents rental income in the period it is earned excluding VAT. |
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Fixed Assets - Investment properties |
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Investment property is revalued annually at open market value, in accordance with the |
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FRSSE - accounting for investment properties.The surplus or deficit on book value is |
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transferred to the revaluation reserve, unless a deficit (or its reversal) is expected to be |
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permanent in which case it is charged (or credited) to the Profit & Loss account. |
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No depreciation is provided on investment properties, which is a departure from the |
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requirements of the Companies Act 2006. In the opinion of the directors these properties |
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are held primarily for their investment potential and so their current value is of more |
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significance then any measure of consumption and to depreciate them would not give |
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a true and fair view. The provisions of the FRSSE in respect of investment properties |
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have therefore been adopted in order to give a true and fair view. If this departure from |
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the Companies Act 2006 had not been made, the Profit & Loss account for the year would |
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have been reduced by depreciation, however the amount of depreciation cannot be |
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quantified. |
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Office Equipment |
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Small items of office equipment are written off to profit & loss account in the year of purchase. |
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Taxation |
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Corporation tax is provided on taxable profits at the current rate. |
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Deferred tax is not provided on timing differences arising from the revaluation of fixed |
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assets where there is no commitment to sell the asset. |
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2 |
PROFIT ON ORDINARY ACTIVITIES |
2014 |
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2013 |
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The operating profit is stated after charging: |
£ |
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£ |
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Directors remuneration |
- |
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- |
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Depreciation |
- |
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- |
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3 |
INTEREST PAYABLE |
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Directors' loans |
24,231 |
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26,997 |
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Delphic Properties Ltd |
86,244 |
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85,065 |
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110,475 |
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112,062 |
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4 |
TAXATION |
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The tax charge comprises |
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UK corporation tax |
81,562 |
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91,751 |
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Interest |
(52) |
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(81) |
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Current tax charge |
81,510 |
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91,670 |
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DELPHIC HOLDINGS LIMITED |
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NOTES TO THE ACCOUNTS |
30 November 2014 |
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5 |
TANGIBLE FIXED ASSETS |
2014 |
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2013 |
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Land & Buildings |
£ |
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£ |
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At valuation |
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As at 1 December 2013 |
6,070,000 |
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6,320,000 |
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Less revaluation in the year |
(50,000) |
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(250,000) |
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As at 30 November 2014 |
6,020,000 |
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6,070,000 |
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The historical cost of land & buildings included above at a valuation of £6,020,000 was |
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£5,438,955 2013 - £5,438,955 |
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6 |
INVESTMENTS - SUBSIDIARY COMPANY |
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Cost |
29,013 |
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29,013 |
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The company's investment in its subsidiary represents the cost of acquisition of the whole |
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share capital of Delphic Properties Ltd which invests in property. |
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At 30 November 2014, the aggregate of the net assets of Delphic Properties Ltd |
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amounted to £3,720,638 and the profit for the year to that date was £125,330. |
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7 |
CREDITORS - Amounts falling due within one year |
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Payments received in advance |
44,377 |
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63,197 |
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Trade creditors |
375 |
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10,834 |
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Interest payable |
- |
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5,399 |
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Loans from directors |
390,000 |
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669,411 |
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Loan from subsidiary |
2,240,546 |
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2,156,701 |
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Corporation tax |
81,562 |
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91,751 |
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Taxation & social security (vat) |
20,153 |
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22,264 |
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2,777,013 |
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3,019,557 |
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8 |
CALLED UP SHARE CAPITAL |
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Authorised,allotted, called and fully paid: |
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Each |
No |
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ordinary shares |
£1 |
100 |
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100 |
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100 |
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"A" ordinary shares |
£1 |
40,000 |
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40,000 |
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40,000 |
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40,100 |
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40,100 |
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9 |
PROPERTY REVALUATION RESERVE |
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At 1.12.13 |
631,045 |
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881,045 |
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Revaluation of property at year end |
(50,000) |
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250,000 |
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At 30.11.14 |
581,045 |
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631,045 |
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DELPHIC HOLDINGS LIMITED |
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NOTES TO THE ACCOUNTS |
30 November 2014 |
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10 |
MOVEMENTS ON PROFIT & LOSS ACCOUNT |
2014 |
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2013 |
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£ |
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£ |
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Retained profit brought forward |
2,860,868 |
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2,747,491 |
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Profit for the year after tax |
302,028 |
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313,877 |
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Dividends paid on ordinary shares |
(200,500) |
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(200,500) |
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Retained profit carried forward |
2,962,396 |
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2,860,868 |
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11 |
RELATED PARTY TRANSACTIONS |
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Delphic Properties Limited |
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Subsidiary company |
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Loan from subsidiary. The interest paid on the loan due to the subsidiary is shown in note 3. There are no repayment terms. |
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The amount of the loan due at the year end |
2,240,546 |
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2,156,701 |
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AJ & AC Smith |
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Directors & shareholders |
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Directors have lent amounts to the company, and interest is paid as shown in note 3 |
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The amount due on the loans at the year end |
390,000 |
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669,411 |
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12 |
CONTROLLING PARTY |
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The company is controlled by the directors who hold all the shares except for two. |
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DELPHIC HOLDINGS LIMITED |
30 November 2014 |
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Detailed Profit & Loss Account |
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2014 |
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2013 |
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£ |
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£ |
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Rental income |
533,512 |
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546,886 |
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Total Turnover |
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Cost of sales |
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Rental property-repairs & maintenance |
16,091 |
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(16,943) |
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Rental property-professional fees |
21,195 |
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22,743 |
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Insurances |
789 |
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886 |
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Miscellaneous |
214 |
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- |
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Total cost of sales |
38,289 |
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6,686 |
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Gross Profit |
495,223 |
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540,200 |
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Administration costs |
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Sponsorship |
- |
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22,091 |
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Travel |
- |
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152 |
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Professional fees |
340 |
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355 |
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Miscellaneous |
1,261 |
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269 |
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Total Administration costs |
1,601 |
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22,867 |
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NET PROFIT |
493,622 |
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517,333 |
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Total interest received and similar income |
391 |
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276 |
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Total interest payable |
(110,475) |
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(112,062) |
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OPERATING PROFIT |
£ |
383,538 |
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405,547 |
