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Unaudited Financial Statements for the Year Ended 31 March 2017 |
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Dragwood Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 March 2017 |
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Dragwood Limited |
Dragwood Limited (Registered number: 04092994) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Dragwood Limited |
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Company Information |
for the Year Ended 31 March 2017 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Elm House, Tanshire Park |
Shackleford Road, Elstead |
Godalming |
Surrey |
GU8 6LB |
Dragwood Limited (Registered number: 04092994) |
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Balance Sheet |
31 March 2017 |
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31.3.17 | 31.3.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Revaluation reserve | 9 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Dragwood Limited (Registered number: 04092994) |
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Balance Sheet - continued |
31 March 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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Dragwood Limited (Registered number: 04092994) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2017 |
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1. | STATUTORY INFORMATION |
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Dragwood Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Investment property |
Certain of the company's properties are held for long-term investment. Investment properties are accounted for in |
accordance with the FRSSE, as follows: |
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No depreciation is provided in respect of the investment properties and they are revalued annually. The surplus |
or deficit on revaluation in transferred to the revaluation reserve unless a deficit below original costs, or it's |
reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the |
profit and loss account for the year. |
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This treatment as regards the company's investment properties may be a departure from the requirements of the |
Companies Act concerning the depreciation of fixed assets. However, these properties are not held for |
consumption but for investment and the directors consider the systematic annual depreciation would be |
inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true |
and fair view. Depreciation or amortisation is only one of the many factors reflected in the annual valuation and |
the amount which might otherwise have been shown cannot be separately identified or quantified. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Dragwood Limited (Registered number: 04092994) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 April 2016 |
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Additions |
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At 31 March 2017 |
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DEPRECIATION |
At 1 April 2016 |
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Charge for year |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 April 2016 |
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Additions |
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Revaluations | 221,667 |
At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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Fair value at 31 March 2017 is represented by: |
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£ |
Valuation in 2011 | 125,000 |
Valuation in 2014 | 100,000 |
Valuation in 2015 | 400,000 |
Valuation in 2016 | 329,396 |
Valuation in 2017 | 221,667 |
Cost | 1,298,937 |
2,475,000 |
Dragwood Limited (Registered number: 04092994) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.17 | 31.3.16 |
£ | £ |
Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.17 | 31.3.16 |
£ | £ |
Tax |
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Other creditors |
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Accruals and deferred income |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.3.17 | 31.3.16 |
£ | £ |
Other creditors |
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9. | RESERVES |
Revaluation |
reserve |
£ |
At 1 April 2016 |
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Revaluation in year | 221,667 |
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At 31 March 2017 |
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10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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Mrs M Crump |
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During the current and in previous years loans have been made to the company by Mrs M Crump and Mr N |
Crump (a shareholder), the balances of which are shown within notes 8 and 9. The total balance at the year end |
was £658,928 (2016: £465,738). It was unsecured and interest free. In addition, at 31 March 2017 an amount of |
£15,992 (2016: £13,996) was owed to Mrs M Crump in relation to a property owned by her personally. |
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Mr T Crump |
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The company owed Mr Crump £251,250 (2016: £251,250), on which no interest is payable. |
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Miss Y Crump |
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The company owes Miss Crump £251,250 (2016: £251,250), on which no interest is payable. |
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11. | ULTIMATE CONTROLLING PARTY |
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The company is controlled by the directors who own 75% of the called up share capital. |