David Limited |
Accountants' Report |
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Accountants' report to the director of |
David Limited |
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You consider that the company is exempt from an audit for the year ended 31 July 2015. You have acknowledged, on the balance sheet, your responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. These responsibilities include preparing accounts that give a true and fair view of the state of affairs of the company at the end of the financial year and of its profit or loss for the financial year. |
In accordance with your instructions, we have prepared the accounts which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the accounting records of the company and on the basis of information and explanations you have given to us. |
We have not carried out an audit or any other review, and consequently we do not express any opinion on these accounts. |
|
Carrington Corporate Services Limited |
Accountants |
|
Birchin Court |
20 Birchin Lane |
London |
EC3V 9DU |
|
19 May 2016 |
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David Limited
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Balance Sheet |
as at 31 July 2015
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Notes |
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2015 |
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|
2014 |
£ |
£ |
Fixed assets |
Tangible assets |
5 |
|
|
915,837 |
|
|
937,613 |
|
Current assets |
Debtors |
6 |
|
30,990 |
|
|
14,490 |
Cash at bank and in hand |
|
|
2,731 |
|
|
9,381 |
|
|
|
33,721 |
|
|
23,871 |
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Creditors: amounts falling due within one year |
7 |
|
(69,573) |
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|
(62,690) |
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Net current liabilities |
|
|
|
(35,852) |
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|
(38,819) |
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Total assets less current liabilities |
|
|
|
879,985 |
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|
898,794 |
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Creditors: amounts falling due after more than one year |
8 |
|
|
(442,678) |
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(469,182) |
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Net assets |
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|
|
437,307 |
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429,612 |
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|
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Capital and reserves |
Called up share capital |
10 |
|
|
12 |
|
|
12 |
Profit and loss account |
11 |
|
|
437,295 |
|
|
429,600 |
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Shareholder's funds |
|
|
|
437,307 |
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|
429,612 |
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|
|
|
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The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
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The member has not required the company to obtain an audit in accordance with section 476 of the Act.
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The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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The accounts have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
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David Lim |
Director |
Approved by the board on 19 May 2016
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David Limited
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Notes to the Accounts |
for the year ended 31 July 2015
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
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Turnover |
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Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
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Depreciation |
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Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
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Plant and machinery |
25% reducing value
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Land and buildings |
2% straight line
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Foreign currencies |
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Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account. |
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2 |
Operating profit |
2015 |
|
2014 |
£ |
£ |
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This is stated after charging: |
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Depreciation of owned fixed assets |
21,776 |
|
22,078 |
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Directors' remuneration |
13,249 |
|
13,453 |
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3 |
Interest payable |
2015 |
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2014 |
£ |
£ |
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Interest payable |
21,576 |
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25,954 |
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|
|
|
|
|
|
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4 |
Taxation |
2015 |
|
2014 |
£ |
£ |
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UK corporation tax |
22,839 |
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18,641 |
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|
|
|
|
|
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5 |
Tangible fixed assets |
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|
|
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Land and buildings |
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Plant and machinery etc |
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Total |
£ |
£ |
£ |
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Cost |
|
At 1 August 2014 |
1,043,449 |
|
30,991 |
|
1,074,440 |
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At 31 July 2015 |
1,043,449 |
|
30,991 |
|
1,074,440 |
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|
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Depreciation |
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At 1 August 2014 |
109,462 |
|
27,365 |
|
136,827 |
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Charge for the year |
20,869 |
|
907 |
|
21,776 |
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At 31 July 2015 |
130,331 |
|
28,272 |
|
158,603 |
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Net book value |
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At 31 July 2015 |
913,118 |
|
2,719 |
|
915,837 |
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At 31 July 2014 |
933,987 |
|
3,626 |
|
937,613 |
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|
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|
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6 |
Debtors |
2015 |
|
2014 |
£ |
£ |
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Trade debtors |
30,990 |
|
14,490 |
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|
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7 |
Creditors: amounts falling due within one year |
2015 |
|
2014 |
£ |
£ |
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Bank loans and overdrafts |
22,842 |
|
17,579 |
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VAT creditor |
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|
|
|
2,122 |
|
3,232 |
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Corporation tax |
41,709 |
|
39,518 |
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Other taxes and social security costs |
1,977 |
|
1,482 |
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Director's loan |
155 |
|
111 |
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Other creditors |
768 |
|
768 |
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|
|
|
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|
69,573 |
|
62,690 |
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|
|
|
|
|
|
|
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8 |
Creditors: amounts falling due after one year |
2015 |
|
2014 |
£ |
£ |
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Bank loans |
442,678 |
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469,182 |
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9 |
Loans |
2015 |
|
2014 |
£ |
£ |
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Creditors include: |
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Secured bank loans |
465,520 |
|
486,761 |
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10 |
Share capital |
Nominal |
|
2015 |
|
2015 |
|
2014 |
value |
Number |
£ |
£ |
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Allotted, called up and fully paid: |
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Ordinary shares
|
£1 each |
|
12 |
|
12 |
|
12 |
|
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11 |
Profit and loss account |
2015 |
£ |
|
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At 1 August 2014 |
429,600 |
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Profit for the year |
67,695 |
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Dividends |
(60,000) |
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At 31 July 2015 |
437,295 |
|
|
|
|
|
|
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12 |
Dividends |
2015 |
|
2014 |
£ |
£ |
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Dividends for which the company became liable during the year: |
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Dividends paid |
60,000 |
|
41,280 |
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13 |
Loans to directors |
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Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
£ |
£ |
£ |
£ |
|
David Lim
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Director's loan
|
(111) |
|
59,956 |
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(60,000) |
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(155) |
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(111) |
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59,956 |
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(60,000) |
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(155) |
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Interest was charged at the official rate on all advances during the year. |
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14 |
Transactions with Director |
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The company continues to own property in Canada. The property is held in trust for the company by the Director, David Lim and his wife, Vanessa Lim. The purchase was financed partly by a mortgage of £288,171, which is secured on the property and guaranteed by David and Vanessa Lim. |
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15 |
Ultimate controlling party |
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The Director, David Lim, controls the company by virtue of his shareholding and Directorship.
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