Registration number:
Deanway Properties (Brunswick) Limited
for the Year Ended 31 March 2017
Chartered Accountants
Maria House
35 Millers Road
Brighton
East Sussex
BN1 5NP
Deanway Properties (Brunswick) Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Deanway Properties (Brunswick) Limited
Company Information
Directors |
Mr R Bloom Mr LP Pattenden |
Registered office |
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Accountants |
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Page 1 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Deanway Properties (Brunswick) Limited
for the Year Ended 31 March 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Deanway Properties (Brunswick) Limited for the year ended 31 March 2017 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Deanway Properties (Brunswick) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Deanway Properties (Brunswick) Limited and state those matters that we have agreed to state to the Board of Directors of Deanway Properties (Brunswick) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Deanway Properties (Brunswick) Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Deanway Properties (Brunswick) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Deanway Properties (Brunswick) Limited. You consider that Deanway Properties (Brunswick) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Deanway Properties (Brunswick) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
Chartered Accountants
35 Millers Road
Brighton
East Sussex
BN1 5NP
Page 2 |
Deanway Properties (Brunswick) Limited
(Registration number: 03737966)
Balance Sheet as at 31 March 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Investment property |
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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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( |
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Net current liabilities |
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( |
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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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Other reserves |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 March 2017 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 Profit and Loss Account has been taken.
Page 3 |
Deanway Properties (Brunswick) Limited
(Registration number: 03737966)
Balance Sheet as at 31 March 2017
Approved and authorised by the
.........................................
Mr R Bloom
Director
Page 4 |
Deanway Properties (Brunswick) Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
General information |
The company is a private company limited by share capital incorporated in Other.
The address of its registered office is:
England
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.
Tangible assets
Tangible assets are stated in the statement of financial position 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, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office Equipment |
Reducing Balance- 25% |
Investment property
Page 5 |
Deanway Properties (Brunswick) Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
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.
Non-distributable reserve
The aggregate fair value adjustments relating to movements in the value of the company's investment properties are transferred at the end of each period, net of deferred tax, from the profit and loss reserve to the non-distributable reserve.
On the disposal of investment property the aggregate fair value adjustment is transferred back to profit and loss reserves and the deferred tax provision is transferred to current tax liabilities.
Page 6 |
Deanway Properties (Brunswick) Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Tangible assets |
Other property, plant and equipment |
Total |
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Cost or valuation |
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At 1 April 2016 |
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At 31 March 2017 |
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Depreciation |
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At 1 April 2016 |
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Charge for the year |
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At 31 March 2017 |
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Carrying amount |
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At 31 March 2017 |
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At 31 March 2016 |
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Investment properties |
2017 |
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At 1 April |
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Additions |
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At 31 March |
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Debtors |
2017 |
2016 |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Page 7 |
Deanway Properties (Brunswick) Limited
Notes to the Financial Statements for the Year Ended 31 March 2017
Note |
2017 |
2016 |
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Due within one year |
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Trade creditors |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Other creditors |
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Related party transactions |
Summary of transactions with other related parties
Mr R Bloom and Mr L Pattenden are directors of both companies.
At the balance sheet date, the amount due from the related party was £417,745 (2016: £417,745).
Abbingsworth Properties Limited
Mr R Bloom is a director of both companies.
At the balance sheet date, the amount due to the related party was £881,640 (2016: £881,640).
Deanway Properties (Sussex) Limited
Mr R Bloom and Mr L Pattenden are directors of both companies.
At the balance sheet date, the amount due to the related party was £193,629 (2016: £193,082).
Transition to FRS 102 |
The investment properties were previously accounted for under FRSSE (effective January 2015), which required gains and losses on the properties open market value to be taken to a revaluation reserve in equity. The property is being measured at fair value under FRS102 and fair value gains and losses are reported in profit or loss.
FRS102 also requires deferred tax to be accounted for on assets that are subject to revaluation. Consequently, additional deferred tax of £53,320 was recognised on 1 April 2016 reflecting the provisions of FRS102. The revaluation reserve of £911,812 was also moved to non distributable reserves on 1 April 2015.
The effect of adopting FRS102 part 1A on reserves was a nil on transition and £53,320 as at 1 April 2016.
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