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No description of principal activity
2019-01-01
Sage Accounts Production Advanced 2020 - FRS102_2019
10,300,000
205,930
41,186
247,116
10,052,884
10,094,070
4,250,000
4,250,000
4,250,000
xbrli:pure
xbrli:shares
iso4217:GBP
04371943
2019-01-01
2019-12-31
04371943
2019-12-31
04371943
2018-12-31
04371943
2018-12-31
04371943
core:LandBuildings
core:OwnedOrFreeholdAssets
2019-01-01
2019-12-31
04371943
bus:Director2
2019-01-01
2019-12-31
04371943
core:LandBuildings
core:OwnedOrFreeholdAssets
2018-12-31
04371943
core:LandBuildings
core:OwnedOrFreeholdAssets
2019-12-31
04371943
core:WithinOneYear
2019-12-31
04371943
core:RestatedAmount
core:WithinOneYear
2018-12-31
04371943
core:WithinOneYear
2018-12-31
04371943
core:AfterOneYear
2019-12-31
04371943
core:AfterOneYear
2018-12-31
04371943
core:RestatedAmount
2018-12-31
04371943
core:ShareCapital
2019-12-31
04371943
core:ShareCapital
2018-12-31
04371943
core:RetainedEarningsAccumulatedLosses
2019-12-31
04371943
core:RestatedAmount
core:RetainedEarningsAccumulatedLosses
2018-12-31
04371943
core:CostValuation
core:Non-currentFinancialInstruments
2019-12-31
04371943
core:Non-currentFinancialInstruments
2019-12-31
04371943
core:Non-currentFinancialInstruments
2018-12-31
04371943
core:RevaluationInvestmentPropertyDeferredTax
2019-12-31
04371943
core:RevaluationInvestmentPropertyDeferredTax
2018-12-31
04371943
core:LandBuildings
core:OwnedOrFreeholdAssets
2018-12-31
04371943
bus:SmallEntities
2019-01-01
2019-12-31
04371943
bus:AuditExemptWithAccountantsReport
2019-01-01
2019-12-31
04371943
bus:FullAccounts
2019-01-01
2019-12-31
04371943
bus:SmallCompaniesRegimeForAccounts
2019-01-01
2019-12-31
04371943
bus:PrivateLimitedCompanyLtd
2019-01-01
2019-12-31
04371943
core:AfterOneYear
2019-01-01
2019-12-31
COMPANY REGISTRATION NUMBER:
04371943
Dovedale Associates Limited
|
|
Filleted Unaudited Financial Statements
|
|
Dovedale Associates Limited
|
|
Year ended 31 December 2019
Statement of financial position
|
1
|
|
|
Notes to the financial statements
|
3
|
|
|
Dovedale Associates Limited
|
|
Statement of Financial Position
|
|
31 December 2019
|
2019
|
2018
|
|
|
|
(restated)
|
Note
|
£
|
£
|
£
|
|
|
|
|
Fixed assets
Tangible assets
|
5
|
|
10,052,884
|
10,094,070
|
Investments
|
6
|
|
4,250,000
|
4,250,000
|
|
|
-------------
|
-------------
|
|
|
14,302,884
|
14,344,070
|
|
|
|
|
|
Current assets
Debtors
|
7
|
2,317,262
|
|
2,317,262
|
Cash at bank and in hand
|
90,765
|
|
242,151
|
|
------------
|
|
------------
|
|
2,408,027
|
|
2,559,413
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
8
|
1,722,768
|
|
1,631,017
|
|
------------
|
|
------------
|
Net current assets
|
|
685,259
|
928,396
|
|
|
-------------
|
-------------
|
Total assets less current liabilities
|
|
14,988,143
|
15,272,466
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
9
|
|
3,065,313
|
3,297,282
|
|
|
|
|
|
Provisions
Taxation including deferred tax
|
|
753,548
|
674,227
|
|
|
-------------
|
-------------
|
Net assets
|
|
11,169,282
|
11,300,957
|
|
|
-------------
|
-------------
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
1,367,660
|
1,367,660
|
Profit and loss account
|
|
9,801,622
|
9,933,297
|
|
|
-------------
|
-------------
|
Shareholders funds
|
|
11,169,282
|
11,300,957
|
|
|
-------------
|
-------------
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
Dovedale Associates Limited
|
|
Statement of Financial Position (continued)
|
|
31 December 2019
These financial statements were approved by the
board of directors
and authorised for issue on
16 April 2021
, and are signed on behalf of the board by:
Company registration number:
04371943
Dovedale Associates Limited
|
|
Notes to the Financial Statements
|
|
Year ended 31 December 2019
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Vinters Park, Maidstone, Kent, ME14 5NZ.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Group accounts
The directors have taken advantage of the exemption conferred by Section 398 of the Companies Act 2006 from the requirement to prepare group accounts accordingly the financial statements present information about the company and not its group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
The freehold land and building is included at its revalued amount.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
Land and buildings
|
-
|
2% straight line
|
|
|
|
|
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2018: 3).
5.
Tangible assets
|
Land and buildings
|
|
£
|
Cost
|
|
At 1 January 2019 (as restated) and 31 December 2019
|
10,300,000
|
|
-------------
|
Depreciation
|
|
At 1 January 2019
|
205,930
|
Charge for the year
|
41,186
|
|
-------------
|
At 31 December 2019
|
247,116
|
|
-------------
|
Carrying amount
|
|
At 31 December 2019
|
10,052,884
|
|
-------------
|
At 31 December 2018
|
10,094,070
|
|
-------------
|
|
|
Land and buildings include properties revalued to open market value in May 2014 by Strutt & Parker LLP, Estate Agents & Chartered Surveyors. The directors consider this valuation to be an accurate reflection of the current value of these properties. Within the total Land and buildings of £10,300,000 there is £8,240,712 which is attributable to land that is not being depreciated.
6.
Investments
|
Shares in group undertakings
|
|
£
|
Cost
|
|
At 1 January 2019 as restated and 31 December 2019
|
4,250,000
|
|
------------
|
Impairment
|
|
At 1 January 2019 as restated and 31 December 2019
|
–
|
|
------------
|
|
|
Carrying amount
|
|
At 31 December 2019
|
4,250,000
|
|
------------
|
At 31 December 2018
|
4,250,000
|
|
------------
|
|
|
The company owns 100% of the issued share capital of Maidstone Studios Limited, a company incorporated in England and Wales.
7.
Debtors
|
2019
|
2018
|
|
|
(restated)
|
|
£
|
£
|
Other debtors
|
2,317,262
|
2,317,262
|
|
------------
|
------------
|
|
|
|
8.
Creditors:
amounts falling due within one year
|
2019
|
2018
|
|
|
(restated)
|
|
£
|
£
|
Bank loans and overdrafts
|
231,969
|
224,205
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest
|
1,381,339
|
1,400,566
|
Corporation tax
|
25,190
|
2,476
|
Other creditors
|
84,270
|
3,770
|
|
------------
|
------------
|
|
1,722,768
|
1,631,017
|
|
------------
|
------------
|
|
|
|
Bank loans and overdrafts are secured over the company's assets and undertakings.
9.
Creditors:
amounts falling due after more than one year
|
2019
|
2018
|
|
|
(restated)
|
|
£
|
£
|
Bank loans and overdrafts
|
3,065,313
|
3,297,282
|
|
------------
|
------------
|
|
|
|
Bank loans and overdrafts are secured over the company's assets and undertakings.
10.
Deferred tax
The deferred tax included in the statement of financial position is as follows:
|
2019
|
2018
|
|
|
(restated)
|
|
£
|
£
|
Included in provisions
|
753,548
|
674,227
|
|
---------
|
---------
|
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2019
|
2018
|
|
|
(restated)
|
|
£
|
£
|
Fair value adjustment of investment property
|
753,548
|
674,227
|
|
---------
|
---------
|
|
|
|
11.
Prior period errors
In the prior years financial statements Corporation tax was understated by £2,476 due to amendments in group company accounts, which resulted in lower group loss relief available. These amendments also adjusted the group intercompany balances and other debtors by £3,433.
12.
Related party transactions
At the year end the company owed £1,381,339 (2018: £1,400,566) to a group company. During the year the company charged rent of £250,000 (2018: £250,000) to a group company. At the year end the company was owed £2,319,988 (2018: £2,319,988) by companies under common control. At the year end the company owed a director £82,641 (2018: £2,641). At the year end the company owed a director £128 (2018: £128). During the year dividends of £108,000 (2018: £208,000) were paid to the directors.