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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017 |
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DELL GRANT INVESTMENTS 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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FOR |
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DELL GRANT INVESTMENTS LIMITED |
DELL GRANT INVESTMENTS LIMITED (REGISTERED NUMBER: 04189711) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 4 |
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DELL GRANT INVESTMENTS LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2017 |
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DIRECTOR: |
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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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20 Harcourt Street |
London |
W1H 4HG |
DELL GRANT INVESTMENTS LIMITED (REGISTERED NUMBER: 04189711) |
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STATEMENT OF FINANCIAL POSITION |
31 MARCH 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 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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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | 11 |
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SHAREHOLDERS' FUNDS |
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The director acknowledges his 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. |
DELL GRANT INVESTMENTS LIMITED (REGISTERED NUMBER: 04189711) |
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STATEMENT OF FINANCIAL POSITION - 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 director on
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DELL GRANT INVESTMENTS LIMITED (REGISTERED NUMBER: 04189711) |
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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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Dell Grant Investments 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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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents rent receivable and recharges to tenants. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Investment properties |
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at fair value at |
each reporting date with changes in fair value recognized in profit and loss account. |
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The method and significant assumptions used to ascertain the fair value at the balance sheet date and fair value movement |
included in the profit for the year are as follows: |
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Properties are valued by the director in consultation with estate agents Property Bank. |
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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 statement of financial position 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 statement of financial |
position 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. |
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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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DELL GRANT INVESTMENTS LIMITED (REGISTERED NUMBER: 04189711) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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4. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
machinery |
etc |
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COST |
At 1 April 2016 |
and 31 March 2017 |
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DEPRECIATION |
At 1 April 2016 |
and 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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Depreciation (other than investment properties) is provided at 15% on cost in order to write off each asset over its estimated life. |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 April 2016 |
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Revaluations | 223,562 |
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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Cost or valuation at 31 March 2017 is represented by: |
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Valuation in 2015 | 194,470 |
Valuation in 2017 | 223,562 |
Cost | 571,968 |
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Investment properties were valued on an open market basis on 7 June 2017 by by Director . |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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DELL GRANT INVESTMENTS LIMITED (REGISTERED NUMBER: 04189711) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Taxation and social security |
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Other creditors |
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8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more 5 yr by instal |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2017 | 2016 |
£ | £ |
Bank loans |
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The bank loan is secured by a fixed and floating charge over the company's assets. |
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10. | FINANCIAL INSTRUMENTS |
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Financial liabilities are obligations to pay cash and are recognized when the company becomes party to the contractual provisions |
of the instrument. |
All financial liabilities are recorded initially at fair value, net of direct issue costs and subsequently measured at amortized cost |
using the effective interest method. Interest related charges are recognized as an expense in the finance cost of the income |
statement. |
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11. | RESERVES |
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The profit and loss reserves include fair value gains on investment property. These amounts are non distributable and as at 31 |
March 2017 these stood at £334,425 (2016: £155,576). |
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12. | RELATED PARTY DISCLOSURES |
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Mr A. K. Verma is a director and shareholder of the company and has provided a loan to the company which bears no interest |
and is repayable on demand. The amount outstanding as at 31 March 2017 was £320,657. (2016: £325,397). |
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Transactions with Related Party |
During the year the net movement on directors loan amounted to repayments in the sum of £4,740. |
DELL GRANT INVESTMENTS LIMITED (REGISTERED NUMBER: 04189711) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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13. | POST BALANCE SHEET EVENTS |
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Consequential Loss Claim |
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Following review of interest rate hedging products under the guidelines set by Financial Conduct Authority (FCA), the company |
received a provisional consequential loss redress determination in 2014 in the sum of £204,002 was included in the financial |
statements for the year ended 31 March 2014. |
The company has requested the bank to reassess the consequential loss redress determination based on additional information |
provided to the bank,which may have a bearing on total amount the company may receive for consequential loss redress |
determination. |
As at balance sheet date, the company has not been able to agree the additional amount due for consequential loss and is |
currently in discussions with the bank to determine the additional sums due under the heading of consequential loss. Accordingly, |
no additional provision has been made in the financial statements. |
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14. | ULTIMATE CONTROLLING PARTY |
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By virtue of the his beneficial interest in the issued share capital of the company Mr A K Verma is the Ultimate Controlling |
Party. |
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15. | GOING CONCERN |
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The company's accounts have been prepared on the assumption that the company is able to carry on business on a going concern |
basis, which the director considers is appropriate, having regard to the following circumstances: |
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The rent roll suggests that the company will generate sufficient cash flow to meet its operating commitments for the next twelve |
months. However, it is dependant on the financial support from the director. This support is expected to continue for the next |
twelve months. |
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The open market valuation of the properties held by the company is estimated by the director to be in excess of amounts owed to |
discharge bank indebtedness and other liabilities shown in the financial statements. |