Company Registration No. 00661782 (England and Wales)
DAVSTONE (HOLDINGS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
PAGES FOR FILING WITH REGISTRAR
DAVSTONE (HOLDINGS) LIMITED
COMPANY INFORMATION
Directors
D.J. Goldstone
J. L. Goldstone
D. A. Riza
I. I. C. Goldstone
K.E. Dewar
Company number
00661782
Registered office
4 Grosvenor Hill Court
15 Bourdon Street
London
W1K 3PX
Accountants
Westbury
2nd Floor
145-157 St John Street
London
EC1V 4PY
DAVSTONE (HOLDINGS) LIMITED
CONTENTS
Page
Statement of comprehensive income
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
DAVSTONE (HOLDINGS) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2016
- 1 -
2016
2015
£
£
Profit/(loss) for the year
103,551
(234,743)
Other comprehensive income
Revaluation of tangible fixed assets
(356,615)
-
Total comprehensive income for the year
(253,064)
(234,743)
DAVSTONE (HOLDINGS) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2016
31 December 2016
- 2 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,152,675
11,132,065
Investments
4
2
2
9,152,677
11,132,067
Current assets
Debtors
6
-
7,097
Cash at bank and in hand
41,065
272,940
41,065
280,037
Creditors: amounts falling due within one year
7
(6,251,933)
(8,217,232)
Net current liabilities
(6,210,868)
(7,937,195)
Total assets less current liabilities
2,941,809
3,194,872
Creditors: amounts falling due after more than one year
8
(3,930,000)
(3,930,000)
Net liabilities
(988,191)
(735,128)
Capital and reserves
Called up share capital
9
300,000
300,000
Revaluation reserve
10
3,296,470
3,653,085
Profit and loss reserves
(4,584,661)
(4,688,213)
Total equity
(988,191)
(735,128)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
T he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 .
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
DAVSTONE (HOLDINGS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2016
31 December 2016
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 28 July 2017 and are signed on its behalf by:
D.J. Goldstone
Director
Company Registration No. 00661782
DAVSTONE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2016
- 4 -
1
Accounting policies
Company information
Davstone (Holdings) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
4 Grosvenor Hill Court, 15 Bourdon Street, London, W1K 3PX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 December 2016
are the
first
financial statements of Davstone (Holdings) Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Going concern
Due to the continuing support of the directors and shareholders, the directors believe that it is appropriate to prepare these accounts on a going concern basis.
1.3
Turnover
Turnover represents rent receivable less expenses.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Tangible fixed assets include investment properties valued by the directors, on an existing use open market value basis. Other tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided at rates calculated to write off the cost or valuation less estimated residual value of each asset over its expected useful life, as follows:
Investment properties
Fixtures, fittings & equipment
25% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
DAVSTONE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 5 -
1.5
Fixed asset investments
Fixed asset investments are stated at cost less provision for diminution in value.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
DAVSTONE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
1
Accounting policies
(Continued)
- 6 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 3 (2015 - 2).
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2016
11,125,000
164,361
11,289,361
Additions
-
1,523
1,523
Disposals
(1,975,000)
(44,500)
(2,019,500)
At 31 December 2016
9,150,000
121,384
9,271,384
Depreciation and impairment
At 1 January 2016
-
157,296
157,296
Depreciation charged in the year
-
5,913
5,913
Eliminated in respect of disposals
-
(44,500)
(44,500)
At 31 December 2016
-
118,709
118,709
Carrying amount
At 31 December 2016
9,150,000
2,675
9,152,675
At 31 December 2015
11,125,000
7,065
11,132,065
4
Fixed asset investments
2016
2015
£
£
Investments
2
2
DAVSTONE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
4
Fixed asset investments
(Continued)
- 7 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2016 & 31 December 2016
2
Carrying amount
At 31 December 2016
2
At 31 December 2015
2
5
Subsidiaries
Details of the company's subsidiaries at 31 December 2016 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Davstone (Investments) Ltd
England
Dormant
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Davstone (Investments) Ltd
(485)
(1,801,982)
6
Debtors
2016
2015
Amounts falling due within one year:
£
£
Other debtors
-
7,097
DAVSTONE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
- 8 -
7
Creditors: amounts falling due within one year
2016
2015
£
£
Bank loans and overdrafts
98,307
2,105,253
Other taxation and social security
4,455
4,466
Other creditors
6,149,171
6,107,513
6,251,933
8,217,232
Other creditors includes a shareholders' loan of £4,715,426 (2015: £4,715,426 ) and a loan from a related party trust of £568,710 (2015: £568,710 ).
The bank loans are secured by a first legal charge over the investment property and by a floating charge over the assets and a guarantee by the director, D.J. Goldstone.
8
Creditors: amounts falling due after more than one year
2016
2015
£
£
Bank loans and overdrafts
3,930,000
3,930,000
9
Called up share capital
2016
2015
£
£
Ordinary share capital
Issued and fully paid
1,500,000 Ordinary Shares of 10p each
150,000
150,000
1,500,000 Deferred Ordinary Shares of 10p each
150,000
150,000
300,000
300,000
10
Revaluation reserve
2016
2015
£
£
At beginning of year
3,653,085
3,653,085
Revaluation surplus arising in the year
(356,615)
-
At end of year
3,296,470
3,653,085
11
Related party transactions
DAVSTONE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2016
11
Related party transactions
(Continued)
- 9 -
Davstone (Investments) Ltd is a wholly owned subsidiary of the company. During the year the company paid expenses of £485 (2015 : £485) on behalf of the subsidiary. At the year end the subsidiary owed £1,801,983(2015: £1,801,498 ) to the company. Full provision has been made in the company's accounts against this debt.
As part of the bank loan facility, the company's bank borrowings totalling £4,333,260 were transferred for £1 to the shareholders in 1997. In 2001 further bank borrowings of £382,166 were transferred to the shareholders for £1, bringing the shareholders' loan to a total of £4,715,426 (Note 9 refers).
The loan of £568,710 (2015: £568,710) from D.J. Goldstone 2005 Trust which was set up by D.J. Goldstone (Note 9). The company paid interest of £14,218 (2015: £14,218).
At the year end D.J. Goldstone has a current account owed to him of £834,816 (2015: £771,596).
D.J. Goldstone has given guarantees and assignment of a £250,000 bond for the bank loans totalling £6,030,000 plus interest and other liabilities as detailed in the Bank Facility Agreement.
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