Registration number:
Dynacourt Limited
for the Year Ended 31 January 2020
Dynacourt Limited
(Registration number: 01345819)
Balance Sheet as at 31 January 2020
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2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 January 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Directors' Report and the Profit and Loss Account has been taken.
Dynacourt Limited
(Registration number: 01345819)
Balance Sheet as at 31 January 2020
Approved and authorised by the
.........................................
Company secretary and director
Dynacourt Limited
Notes to the Financial Statements for the Year Ended 31 January 2020
General information |
The company is a private company limited by share capital, incorporated and domiciled in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The growth of the Coronavirus Covid-19 pandemic across the world has had an inevitable impact on the company’s trading outlook. The pandemic has impacted on the company’s sole tenant, who has gone into liquidation after 31 January 2020. The directors are actively seeking a new tenant to take on the lease of the investment property.
Despite the loss of its current tenant, the directors have reviewed the capital resources available and consider that the company has adequate resources in place to continue trading for the next twelve months. Therefore the accounts have been prepared on the going concern basis.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales tax, returns, rebates and discounts.
The company recognises revenue when:
- the amount of revenue can be reliably measured;
- the costs incurred or to be incurred in respect of the transaction can be reliably measured;
- it is probable that future economic benefits will flow to the entity; and
- specific criteria have been met for each of the company's activities.
Rental income is included on a straight line basis over the life of the lease. The current lease included an initial rent free period this is also recognised over the life of the lease.
Finance income and costs policy
Interest income and expenses are recognised using the effective interest rate method.
Dynacourt Limited
Notes to the Financial Statements for the Year Ended 31 January 2020
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company.
Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture, fittings and equipment |
25% straight line |
Investment property
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for services performed in the ordinary course of business.
Trade debtors are recognised in trading at the transaction price. They are subsequently measured at amortised cost using the effective interest method less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect amounts due to the original term of the revenue.
Dynacourt Limited
Notes to the Financial Statements for the Year Ended 31 January 2020
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Staff numbers |
The average number of persons employed by the company (including directors) during the year was
Tangible assets |
Investment properties |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 February 2019 |
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At 31 January 2020 |
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Depreciation |
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At 1 February 2019 |
- |
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Charge for the year |
- |
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At 31 January 2020 |
- |
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Carrying amount |
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At 31 January 2020 |
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At 31 January 2019 |
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Dynacourt Limited
Notes to the Financial Statements for the Year Ended 31 January 2020
The fair value of the company's freehold investment properties was last revalued on 9 May 2016 on an open market basis. The directors do not believe that the market value of the investment property would be materially different from this date.
Debtors |
2020 |
2019 |
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Trade debtors |
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Prepayments and accrued income |
12,378 |
17,878 |
Total current trade and other debtors |
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Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
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Due within one year |
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Trade creditors |
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Amounts owed to related parties |
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Taxation and social security |
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Accruals and deferred income |
11,627 |
11,709 |
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Related party transactions |
Loans from related parties
2020 |
Key management |
At start and end of period |
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2019 |
Key management |
At start of period |
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Repaid |
( |
At end of period |
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Terms of loans from related parties