ACCOUNTS - Final Accounts preparation

DVL LTD - Company Information

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Registered number: 10822339

DVL Ltd

Unaudited

Financial statements

Information for filing with the registrar

For the period ended 31 March 2018

DVL Ltd

Company Information

Directors	D A Lawrence (appointed 16 June 2017)
	V J Lawrence (appointed 16 June 2017)
	S B Veizaga (appointed 2 November 2017)


Registered number	10822339


Registered office	37 St Margaret's Street
	Canterbury
	Kent
	CT1 2TU


Accountants	Kreston Reeves LLP
	Chartered Accountants
	37 St Margaret's Street
	Canterbury
	Kent
	CT1 2TU

DVL Ltd

Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of DVL Ltd for the period ended 31 March 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 DVL Ltd for the period ended 31 March 2018 which comprise the Balance sheet, the Statement of changes in equity 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 http://www.icaew.com/en/ members/regulations-standards-and-guidance/.

This report is made solely to the Board of directors of DVL Ltd, as a body, in accordance with the terms of our engagement letter dated 17 August 2017. Our work has been undertaken solely to prepare for your approval the financial statements of DVL Ltd and state those matters that we have agreed to state to the Board of directors of DVL Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than DVL Ltd and its Board of directors, as a body, for our work or for this report.

It is your duty to ensure that DVL Ltd 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 or loss of DVL Ltd. You consider that DVL Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or review of the financial statements of DVL Ltd. 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.

Kreston Reeves LLP

Chartered Accountants

Canterbury

11 December 2018

Page 1

DVL Ltd

Registered number: 10822339

Balance sheet

As at 31 March 2018

		2018
Note		£

Fixed assets
Tangible assets	4		880
Investment property	5		3,000,000
Current assets
Debtors: amounts falling due within one year	6	60,455
Cash at bank and in hand		161,808
		222,263
Creditors: amounts falling due within one year	7	(207,024)
Net current assets			15,239
Total assets less current liabilities			3,016,119

Net assets			3,016,119

Capital and reserves
Called up share capital	8	1
Capital reserve	9	3,000,000
Profit and loss account	9	16,118
		3,016,119

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 December 2018.

V J Lawrence

Director

The notes on pages 4 to 8 form part of these financial statements.

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DVL Ltd

Statement of changes in equity

For the period ended 31 March 2018

	Called up share capital	Capital reserve	Profit and loss account	Total equity
	£	£	£	£
Comprehensive income for the period
Profit for the period	-	-	26,118	26,118
Contributions by and distributions to owners
Dividends: Equity capital	-	-	(10,000)	(10,000)
Shares issued during the period	1	-	-	1
Investment property additions	-	3,000,000	-	3,000,000
At 31 March 2018	1	3,000,000	16,118	3,016,119

The notes on pages 4 to 8 form part of these financial statements.

Page 3

DVL Ltd

Notes to the financial statements

For the period ended 31 March 2018

1.	General information

DVL Ltd is a private company limited by shares which was incorporated in England and Wales, with the registration number 10822339.
The company's registered office is 37 St Margaret's Street, Canterbury, Kent, CT1 2TU.
The financial statements are presented in pound Sterling, and rounded to the nearest pound.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of property rental
Revenue from a contract to rent the investment property is recognised in the period in which the property is provided, this in accordance with the contract when all of the following conditions are satisfied:
- the amount of revenue can be measured reliably; and
- it is probable that the Company will receive the consideration due under the contract.

2.3

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

DVL Ltd

Notes to the financial statements

For the period ended 31 March 2018

2.Accounting policies (continued)

2.4

Taxation

Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model, other than investment properties, are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment

33%

Straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

2.6

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

2.7

Debtors

Short term debtors are measured at transaction price, less any impairment.

Page 5

DVL Ltd

Notes to the financial statements

For the period ended 31 March 2018

2.Accounting policies (continued)

2.8

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

2.9

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the period was 2.

4.	Tangible fixed assets

		Office equipment
		£
	Cost
	Additions	1,055
	At 31 March 2018	1,055
	Depreciation
	Charge for the period on owned assets	175
	At 31 March 2018	175
	Net book value
	At 31 March 2018	880

Page 6

DVL Ltd

Notes to the financial statements

For the period ended 31 March 2018

5.	Investment property

		Freehold investment property
		£
	Valuation
	Additions at cost	3,000,000
	At 31 March 2018	3,000,000

It was deemed that there was no material change in property value over the course of the period, and as such the properties were not revalued.

Debtors

					2018
					£


	Trade debtors	60,000
	Prepayments and accrued income	455
		60,455

7.	Creditors: Amounts falling due within one year
		2018
		£

	Trade creditors	1,095
	Amounts owed to group undertakings	10,000
	Corporation tax	6,025
	Other taxation and social security	9,010
	Other creditors	100,686
	Accruals and deferred income	80,208
		207,024

Page 7

DVL Ltd

Notes to the financial statements

For the period ended 31 March 2018

8.	Share capital
		2018
		£

		Allotted, called up and fully paid

		100 Ordinary shares of £0.01 each	1

During the period 100 ordinary shares of £0.01 each were issued, all of which were fully paid.

Reserves

Other reserves

The capital reserve represents the valuation of the properties transferred to the company following its incorporation. It is not considered to be distributable.

Profit and loss account

This reserve comprises all current period retained profits after deducing any distributions made to the company's shareholders.

10.	Related party transactions
	Included within other creditors are balances owed to the directors in the sum of £100,686. The loans outstanding are interest free and repayable on demand. All directors' remuneration and other transactions with related parties paid by the company during the year, aside from the above, were done so under normal market conditions.

11.	Controlling party

The company is a wholly owned subsidiary of DVL (Holdings) Limited.

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