Company Registration No. 03111025 (England and Wales)
DEXTER PAINTS HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2018
PAGES FOR FILING WITH REGISTRAR
DEXTER PAINTS HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
DEXTER PAINTS HOLDINGS LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2018
30 November 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
457,842
471,141
Investments
4
1
1
457,843
471,142
Current assets
Debtors
6
575,531
343,900
Cash at bank and in hand
33,366
49,093
608,897
392,993
Creditors: amounts falling due within one year
7
(276,485)
(94,236)
Net current assets
332,412
298,757
Total assets less current liabilities
790,255
769,899
Capital and reserves
Called up share capital
8
1,042
1,042
Profit and loss reserves
789,213
768,857
Total equity
790,255
769,899
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 30 November 2018 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 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.
The financial statements were approved and signed by the director and authorised for issue on 14 March 2019
Mr N R Eatough
Director
Company Registration No. 03111025
DEXTER PAINTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2018
- 2 -
1
Accounting policies
Company information
Dexter Paints Holdings Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
36 Shaftesbury Avenue, Burnley, Lancashire, BB11 2PP.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
The director is not aware of any material uncertainties affecting the company and considers that the company will have sufficient resources to continue trading for the foreseeable future. As a result the director has continued to adopt the going concern basis in preparing the financial statements.
1.3
Turnover
Turnover represents rental income and service charges net of VAT.
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 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:
Freehold land and buildings
2% straight line
Plant and machinery
25% reducing balance
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
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled 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.
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.
DEXTER PAINTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2018
1
Accounting policies
(Continued)
- 3 -
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.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
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.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash at bank and in hand
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.
1.8
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.
1.9
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.
DEXTER PAINTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2018
1
Accounting policies
(Continued)
- 4 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2017 - 1).
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 December 2017 and 30 November 2018
671,394
898
672,292
Depreciation and impairment
At 1 December 2017
200,335
816
201,151
Depreciation charged in the year
13,278
21
13,299
At 30 November 2018
213,613
837
214,450
Carrying amount
At 30 November 2018
457,781
61
457,842
At 30 November 2017
471,059
82
471,141
4
Fixed asset investments
2018
2017
£
£
Investments
1
1
DEXTER PAINTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2018
4
Fixed asset investments
(Continued)
- 5 -
Movements in fixed asset investments
Shares in group undertakings and participating interests
£
Cost or valuation
At 1 December 2017 & 30 November 2018
1
Carrying amount
At 30 November 2018
1
At 30 November 2017
1
5
Associates
Details of the company's associates at 30 November 2018 are as follows:
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
DLP North West Limited
Cunliffe House, Longisight Road, Langho, Blackburn, Lancashire BB6 8AD
Property construction
Ordinary
25
6
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
571
241
Other debtors
574,960
343,659
575,531
343,900
DEXTER PAINTS HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2018
- 6 -
7
Creditors: amounts falling due within one year
2018
2017
£
£
Taxation and social security
54,466
54,626
Other creditors
222,019
39,610
276,485
94,236
Other creditors includes amounts due to connected parties of £131,797 (2017: £848).
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
10,420 Ordinary shares of 10p each
1,042
1,042
1,042
1,042
9
Related party transactions
As at 30 November 2018 the company was owed £533,183 (2017 - £303,925) by DLP North West Limited. This amount is included in other debtors.