Company Registration No. 00661782 (England and Wales)
DAVSTONE (HOLDINGS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
DAVSTONE (HOLDINGS) LIMITED
CONTENTS
Page
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
DAVSTONE (HOLDINGS) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2017
- 1 -
2017
2016
£
£
Profit for the year
3,098,734
103,551
Other comprehensive income
Revaluation of tangible fixed assets
(3,296,470)
(356,615)
Total comprehensive income for the year
(197,736)
(253,064)
DAVSTONE (HOLDINGS) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2017
31 December 2017
- 2 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,101,663
9,152,675
Investments
4
-
2
2,101,663
9,152,677
Current assets
Debtors
5
30,340
-
Cash at bank and in hand
738,316
41,065
768,656
41,065
Creditors: amounts falling due within one year
6
(3,173,702)
(6,251,933)
Net current liabilities
(2,405,046)
(6,210,868)
Total assets less current liabilities
(303,383)
2,941,809
Creditors: amounts falling due after more than one year
7
(882,544)
(3,930,000)
Net liabilities
(1,185,927)
(988,191)
Capital and reserves
Called up share capital
8
300,000
300,000
Revaluation reserve
9
-
3,296,470
Profit and loss reserves
(1,485,927)
(4,584,661)
Total equity
(1,185,927)
(988,191)
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 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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
.
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 2017
31 December 2017
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 5 July 2018 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 2017
- 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.
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.
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 less depreciation. Depreciation is provided at rates calculated to write off the cost 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
.
1.5
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.
DAVSTONE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 5 -
1.6
Cash and cash equivalents
Cash at bank and in hand
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.
1.7
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.
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.
1.8
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2016 - 3).
DAVSTONE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2017
9,150,000
121,384
9,271,384
Additions
2,100,902
-
2,100,902
Disposals
(9,150,000)
-
(9,150,000)
At 31 December 2017
2,100,902
121,384
2,222,286
Depreciation and impairment
At 1 January 2017
-
118,709
118,709
Depreciation charged in the year
-
1,914
1,914
At 31 December 2017
-
120,623
120,623
Carrying amount
At 31 December 2017
2,100,902
761
2,101,663
At 31 December 2016
9,150,000
2,675
9,152,675
4
Fixed asset investments
2017
2016
£
£
Investments
-
2
Davstone (Investments) Limited was dissolved during the year.
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
28,804
-
Other debtors
1,536
-
30,340
-
DAVSTONE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 7 -
6
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
-
98,307
Other taxation and social security
16,636
4,455
Other creditors
3,157,066
6,149,171
3,173,702
6,251,933
Other creditors includes a shareholders' loan of £3,082,648 (2016: £4,715,426 ) and a loan from a related party trust of £ Nil (2016: £568,710).
7
Creditors: amounts falling due after more than one year
2017
2016
£
£
Bank loans and overdrafts
-
3,930,000
Other creditors
882,544
-
882,544
3,930,000
8
Called up share capital
2017
2016
£
£
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
9
Revaluation reserve
2017
2016
£
£
At beginning of year
3,296,470
3,653,085
Revaluation surplus arising in the year
(3,296,470)
(356,615)
At end of year
-
3,296,470
10
Related party transactions
DAVSTONE (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
10
Related party transactions
(Continued)
- 8 -
Davstone (Investments) Ltd is a wholly owned subsidiary of the company. During the year the company paid expenses of £485 (2016 : £485) on behalf of the subsidiary. At the year end the subsidiary owed £ Nil (2016: £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 £3,032,648 (2016: £4,715,426) (Note 9 refers).
The loan of £ Nil (2016: £568,710) from D.J. Goldstone 2005 Trust which was set up by D.J. Goldstone (Note 9). The company paid interest of £ Nil (2016: £14,218).
At the year end D.J. Goldstone has a current account owed to him of £ Nil (2016: £834,816).
D.J. Goldstone has given guarantees and assignment of a £250,000 & £255,000 bonds for the bank loans totalling £6,030,000 plus interest and other liabilities as detailed in the Bank Facility Agreement.
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D. A. Riza
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