Company Registration No. 01379306 (England and Wales)
DAWNDALE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
PAGES FOR FILING WITH REGISTRAR
DAWNDALE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
DAWNDALE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2021
31 March 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Investment properties
3
3,400,000
3,400,000
Current assets
Debtors
4
1,010,489
971,692
Cash at bank and in hand
228,816
98,350
1,239,305
1,070,042
Creditors: amounts falling due within one year
5
(101,607)
(88,498)
Net current assets
1,137,698
981,544
Total assets less current liabilities
4,537,698
4,381,544
Provisions for liabilities
(346,665)
(346,665)
Net assets
4,191,033
4,034,879
Capital and reserves
Called up share capital
6
500
500
Profit and loss reserves
4,190,533
4,034,379
Total equity
4,191,033
4,034,879
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has 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
and with FRS 102 Section 1A.
The financial statements were approved and signed by the director and authorised for issue on 15 November 2021
Mr A E V Hall
Director
Company Registration No. 01379306
DAWNDALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2021
- 2 -
1
Accounting policies
Company information
Dawndale Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
17 Market Place, Devizes, Wiltshire, SN10 1BA.
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 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
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. The directors are however mindful that these financial statements have been approved at a time when the coronavirus pandemic is affecting many businesses.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue
is
recognised when the amount can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the
company
and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value
, as estimated by the directors,
a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
1.5
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.
1.6
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.
DAWNDALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
1
Accounting policies
(Continued)
- 3 -
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.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised
.
DAWNDALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1
(20
20
-
1
).
3
Investment property
2021
£
Fair value
At 1 April 2020 and 31 March 2021
3,400,000
Investment property comprises the freehold property at 60 High Street, Wimbledon. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 26 February 2020 by Crump Winter Limited, Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
The company's bankers, C Hoare & Co, have a fixed charge over the the investment property in Dawndale Limited. As at 31 March 20
21
there were no borrowings against this facility by the company, nor by other companies in the group.
4
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
8,000
8,000
Amounts owed by group undertakings
1,002,489
963,692
1,010,489
971,692
5
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
3,250
113
Corporation tax
36,629
24,642
Other creditors
61,728
63,743
101,607
88,498
6
Called up share capital
2021
2020
2021
2020
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
500
500
500
500
DAWNDALE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2021
- 5 -
7
Parent company
The company is a wholly owned subsidiary of Springvale Properties Limited, incorporated in England and Wales.
The registered office of Springvale Properties Limited is 17 Market Place, Devizes, Wiltshire, SN10 1BA.
The ultimate controlling parties are now regarded as the following:
- Mr A E V Hall by virtue of the fact he directly owns more than 25% of the shares in the company and that he holds more than 50% of the voting rights in the company
- Mr J F Clarkson by virtue of the fact he holds, as Trustee, more than 25% of the voting rights in the company
- Mrs C E Eames by virtue of the fact she directly owns more than 25% of the shares in the company
- Miss F L I Hall by virtue of the fact she directly owns more than 25% of the shares in the company