Company Registration No. 01619183 (England and Wales)
DOVER HOUSE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2018
PAGES FOR FILING WITH REGISTRAR
DOVER HOUSE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
DOVER HOUSE LIMITED
BALANCE SHEET
AS AT
30 APRIL 2018
30 April 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
2
8,829
11,036
Investment properties
3
1,261,497
1,261,497
Investments
4
1,265,795
1,201,716
2,536,121
2,474,249
Current assets
Debtors
5
320,518
320,493
Cash at bank and in hand
30,747
42,165
351,265
362,658
Creditors: amounts falling due within one year
6
(137,793)
(138,524)
Net current assets
213,472
224,134
Total assets less current liabilities
2,749,593
2,698,383
Provisions for liabilities
(43,072)
(37,961)
Net assets
2,706,521
2,660,422
Capital and reserves
Called up share capital
7
4,545
4,545
Share premium account
680,249
680,249
Capital redemption reserve
4,545
4,545
Profit and loss reserves
2,017,182
1,971,083
Total equity
2,706,521
2,660,422
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 30 April 2018 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.
DOVER HOUSE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2018
30 April 2018
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 7 December 2018 and are signed on its behalf by:
S M Noble
Director
Company Registration No. 01619183
DOVER HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2018
- 3 -
1
Accounting policies
Company information
Dover House Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Second Floor, 3 Liverpool Gardens, Worthing, West Sussex, BN11 1TF.
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
Turnover
Turnover is recognised at the fair value of the consideration received or receivable
from the letting of properties, stated net of VAT, and dividend and interest income from its investments.
1.3
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.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% reducing balance basis per annum
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
.
1.4
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 a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.5
Fixed asset investments
Interests in associated entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
DOVER HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
1
Accounting policies
(Continued)
- 4 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
DOVER HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
- 5 -
2
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 May 2017 and 30 April 2018
13,322
Depreciation and impairment
At 1 May 2017
2,286
Depreciation charged in the year
2,207
At 30 April 2018
4,493
Carrying amount
At 30 April 2018
8,829
At 30 April 2017
11,036
3
Investment property
2018
£
Fair value
At 1 May 2017 and 30 April 2018
1,261,497
The directors are of the opinion that the investment proper
ty
held at cost at the balance sheet date are fairly stated at their current market value.
4
Fixed asset investments
2018
2017
£
£
Investments
1,265,795
1,201,716
Fixed asset investments revalued
The historical cost of other investments other than loans was £84
7,055
(201
7
- £
846,541
) at the balance sheet date.
DOVER HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
4
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in group undertakings and participating interests
Other investments other than loans
Total
£
£
£
Cost or valuation
At 1 May 2017
100,000
1,101,716
1,201,716
Additions
-
514
514
Valuation changes
-
63,565
63,565
At 30 April 2018
100,000
1,165,795
1,265,795
Carrying amount
At 30 April 2018
100,000
1,165,795
1,265,795
At 30 April 2017
100,000
1,101,716
1,201,716
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Corporation tax recoverable
63,071
62,500
Amounts owed by group undertakings
-
413
Other debtors
257,447
257,580
320,518
320,493
Included within other debtors, above, is £312,500 (2017 - £312,500) which falls due after more than one year from the balance sheet date. This amount includes £62,500 (2017 - £62,500) which relates to S455 tax, which will be repaid to the company upon repayment of the connected party loan.
6
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
-
315
Amounts owed to group undertakings and undertakings in which the company has a participating interest
529
-
Corporation tax
-
2,191
Other creditors
137,264
136,018
137,793
138,524
DOVER HOUSE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2018
- 7 -
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
4,545 Ordinary shares of £1 each
4,545
4,545
4,545
4,545
8
Related party transactions
Transactions with related parties
As at 30 April 201
8
the company was owed £250,000 (201
7
- £250,000) in respect of an unsecured commercial loan to the son and daughter of the directors. The loan has been advanced on an interest only basis with a rate of interest being applied at 3.5% and with no fixed repayment term. Loan interest of £
8,748
(201
7
- £
9,112
) was received during the year in respect of this loan.
During the year the company received an interest free loan from a company in which it has a participating interest. At 30 April 2018 £529 (2017 - £nil) was outstanding. The loan has been provided without any formal repayment terms.