Company Registration No. 04378989 (England and Wales)
DAWNUS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
DAWNUS LIMITED
COMPANY INFORMATION
Directors
Mr T A Lowe
Mr N C Down
(Appointed 12 March 2018)
Secretary
Mr T A Lowe
Company number
04378989
Registered office
7 Dyffryn Court
Riverside Business Park
Swansea Vale
SWANSEA
UK
SA7 0AP
Auditor
MHA Broomfield Alexander
Charter Court
Phoenix Way
Enterprise Park
SWANSEA
UK
SA7 9FS
DAWNUS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 5
Statement of total comprehensive income
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 17
DAWNUS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2017
- 1 -
The directors present the strategic report for the year ended 31 December 2017.
Review of Buiness
The trading results for the year are set out in the annexed financial statements.
The directors were pleased with the performance of the business during the period given the challenging economic conditions prevailing throughout the UK.
Whilst trading conditions are expected to remain challenging throughout FY'18, the board consider the company to be well positioned to manage and take on this challenge.
Given the nature of the business, the company's directors are of the opinion that detailed analysis using KPIs is not necessary for an understanding of the development, performance and position of the business.
The management of the business and the execution of the company's strategy are subject to a number of risks.
Overall demand for the company’s services is dependent upon general economic conditions, perceived confidence in the future and financial interest rates. Each of the aforementioned factors is outside of the company’s control. The directors seek to mitigate these general risks by constantly assessing the sectors in which the company operates, investing in a quality labour force and by striving to control quality. The company continues to develop business systems and new technology aimed at improving procedures and overall financial management.
Principle Risks and Uncertainties
Given the size of the company, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the company's finance department.
Liquidity risk
The company actively maintains a mixture of long term and short term debt finance that is designed to ensure that the company has sufficient funds for operations and planned expansions.
Interest rate cash flow risk
The company has both interest bearing assets and interest bearing liabilities. Interest bearing assets comprise only cash balances, which earn interest at floating rates. The company has a policy of maintaining debt at floating rates. The directors will revisit the appropriateness of this policy should the company's operations change in size or nature.
Credit risk
The company is not exposed to any significant credit risk.
Price risk
The company is exposed to not exposed to significant price risk.
Mr N C Down
Director
27 June 2018
DAWNUS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2017
- 2 -
The directors present their annual report and financial statements for the year ended 31 December 2017.
Principal activities
The principal activity of the company in the year under review was that of an employee payroll company and asset holding company for the Dawnus Limited Group.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr R Jones
(Retired 12 March 2018)
Mr T A Lowe
Mr N C Down
(Appointed 12 March 2018)
Results and dividends
The results for the year are set out on page 6.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Future developments
The strategy and future developments of the business have been set out in the Strategic Report.
Auditor
The auditor, MHA Broomfield Alexander, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements;
-
notify its shareholders in writing about the use of disclosure exemptions, if any, of FRS 102 used in the preparation of financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
DAWNUS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 3 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr N C Down
Director
27 June 2018
DAWNUS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DAWNUS LIMITED
- 4 -
Opinion
We have audited the financial statements of Dawnus Limited
(the 'company')
for the year ended 31 December 2017 which comprise
the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and notes to the financial statements, including a summary of significant accounting policies
. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 December 2017 and of its result for the year then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
-
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the company’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue
.
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the
financial statements
does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
DAWNUS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DAWNUS LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the Strategic Report and the Directors' Report
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors' remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities
.
This description forms part of our auditor’s report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
James Edward Dobson BSc(Hons) FCA (Senior Statutory Auditor)
for and on behalf of MHA Broomfield Alexander
27 June 2018
Chartered Accountants
Statutory Auditor
Charter Court
Phoenix Way
Enterprise Park
SWANSEA
UK
SA7 9FS
DAWNUS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2017
- 6 -
2017
2016
Notes
£'000
£'000
Turnover
3
31,287
32,458
Cost of sales
(30,819)
(32,052)
Gross profit
468
406
Administrative expenses
(394)
(323)
Operating profit
4
74
83
Interest payable and similar expenses
8
(74)
(80)
Profit before taxation
-
3
Tax on profit
9
-
24
Profit for the financial year
-
27
Other comprehensive income
-
-
Total comprehensive income for the year
-
27
The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.
DAWNUS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2017
31 December 2017
- 7 -
2017
2016
Notes
£'000
£'000
£'000
£'000
Fixed assets
Tangible assets
10
3,412
3,541
Current assets
Debtors
11
662
1,748
Creditors: amounts falling due within one year
12
(2,586)
(3,608)
Net current liabilities
(1,924)
(1,860)
Total assets less current liabilities
1,488
1,681
Creditors: amounts falling due after more than one year
13
(1,299)
(1,492)
Net assets
189
189
Capital and reserves
Called up share capital
16
100
100
Profit and loss reserves
89
89
Total equity
189
189
The financial statements were approved by the board of directors and authorised for issue on 27 June 2018 and are signed on its behalf by:
Mr N C Down
Director
Company Registration No. 04378989
DAWNUS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2017
- 8 -
Share capital
Profit and loss reserves
Total
£'000
£'000
£'000
Balance at 1 January 2016
100
62
162
Year ended 31 December 2016:
Profit and total comprehensive income for the year
-
27
27
Balance at 31 December 2016
100
89
189
Year ended 31 December 2017:
Profit and total comprehensive income for the year
-
-
-
Balance at 31 December 2017
100
89
189
DAWNUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 9 -
1
Accounting policies
Company information
Dawnus Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
7 Dyffryn Court, Riverside Business Park, Swansea Vale, SWANSEA, UK, SA7 0AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £'000.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares
;
-
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash
f
low and related notes and disclosures
;
-
Section 33 ‘Related Party Disclosures’ – Compensation for key management personnel
.
The financial statements of the company are consolidated in the financial statements of
Dawnus Group Limited
. These consolidated financial statements are available from its registered office,
- Unit 7, Dyffryn Court, Riverside Business Park, Swansea Vale, Swansea
.
SA7 0AP.
1.3
Going concern
A
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is
measured
at the fair value of the consideration received or receivable
excluding discounts, rebate, value added tax and other sales tax.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Long leasehold
Straight line over the life of the lease
Fixtures and fittings
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
DAWNUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies (Continued)
- 10 -
1.2
Cash and cash equivalents
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
loans from fellow group companies
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those
held
at
fair value through profit and loss
, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected.
If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when
the company
transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
DAWNUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies (Continued)
- 11 -
Basic financial liabilities, including creditors and loans from
fellow group companies are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations
expire or are discharged or cancelled.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
DAWNUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies (Continued)
- 12 -
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
1.10
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares are shown in equity as a deduction, net of tax, from the proceeds.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2017
2016
£'000
£'000
Turnover analysed by class of business
Rendering of services
31,287
32,458
4
Operating profit
2017
2016
Operating profit for the year is stated after charging/(crediting):
£'000
£'000
Depreciation of owned tangible fixed assets
322
322
DAWNUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 13 -
5
Auditor's remuneration
2017
2016
Fees payable to the company's auditor and associates:
£'000
£'000
For audit services
Audit of the financial statements of the company
4
4
For other services
Other taxation services
5
5
All other non-audit services
5
5
10
10
6
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2017
2016
Number
Number
Construction
496
485
Their aggregate remuneration comprised:
2017
2016
£'000
£'000
Wages and salaries
26,151
25,864
Social security costs
2,637
2,578
Pension costs
1,514
1,663
30,302
30,105
7
Directors' remuneration
2017
2016
£'000
£'000
Remuneration for qualifying services
401
381
Company pension contributions to defined contribution schemes
29
88
Compensation for loss of office
30
-
460
469
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2016 - 2).
DAWNUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
7
Directors' remuneration (Continued)
- 14 -
Remuneration disclosed above include the following amounts paid to the highest paid director:
2017
2016
£'000
£'000
Remuneration for qualifying services
222
196
Company pension contributions to defined contribution schemes
10
22
8
Interest payable and similar expenses
2017
2016
£'000
£'000
Interest on bank overdrafts and loans
74
80
9
Taxation
2017
2016
£'000
£'000
Deferred tax
Origination and reversal of timing differences
-
(24)
The actual charge/(credit) for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:
2017
2016
£'000
£'000
Profit before taxation
-
3
Expected tax charge based on the standard rate of corporation tax in the UK of 19.25% (2016: 20.00%)
-
1
Tax effect of expenses that are not deductible in determining taxable profit
-
5
Effect of change in corporation tax rate
-
1
Group relief
-
(31)
Taxation charge/(credit) for the year
-
(24)
DAWNUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 15 -
10
Tangible fixed assets
Long leasehold
Fixtures and fittings
Total
£'000
£'000
£'000
Cost
At 1 January 2017
2,814
2,947
5,761
Additions
-
48
48
At 31 December 2017
2,814
2,995
5,809
Depreciation and impairment
At 1 January 2017
201
2,019
2,220
Depreciation charged in the year
23
154
177
At 31 December 2017
224
2,173
2,397
Carrying amount
At 31 December 2017
2,590
822
3,412
At 31 December 2016
2,613
928
3,541
11
Debtors
2017
2016
Amounts falling due within one year:
£'000
£'000
Amounts owed by group undertakings
586
1,657
Other debtors
32
47
618
1,704
Deferred tax asset (note 15)
44
44
662
1,748
12
Creditors: amounts falling due within one year
2017
2016
Notes
£'000
£'000
Bank loans and overdrafts
14
197
193
Trade creditors
5
-
Amounts due to group undertakings
1,338
2,410
Other taxation and social security
660
703
Other creditors
-
302
Accruals and deferred income
386
-
2,586
3,608
DAWNUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 16 -
13
Creditors: amounts falling due after more than one year
2017
2016
Notes
£'000
£'000
Bank loans and overdrafts
14
1,299
1,492
Amounts included above which fall due after five years are as follows:
Payable by instalments
529
722
14
Loans and overdrafts
2017
2016
£'000
£'000
Bank loans
1,492
1,685
Bank overdrafts
4
-
1,496
1,685
Payable within one year
197
193
Payable after one year
1,299
1,492
Bank borrowings are secured by a first legal mortgage over long leasehold office premises and on debentures over the company's assets. In addition, the bank borrowings are secured by a cross guarantee given by other group companies.
The bank loan is repayable over 15 years by monthly instalments at 1.45% over bank base rate.
15
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Assets
Assets
2017
2016
Balances:
£'000
£'000
Short term timing differences
44
44
There were no deferred tax movements in the year.
The deferred tax asset is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits.
DAWNUS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 17 -
16
Share capital
2017
2016
£'000
£'000
Ordinary share capital
Issued and fully paid
100,000 Ordinary shares of £1 each
100
100
17
Financial commitments, guarantees and contingent liabilities
The company has guaranteed the bank borrowings of a fellow group company amounting to £5,518,000 (2016: £5,661,000).
18
Controlling party
The immediate parent company is Dawnus Developments Limited, which is 100% owned by Dawnus Group Limited.
The parent company and controlling party is Dawnus Group Limited which is the parent company of the largest and smallest group to consolidate these financial statements.
The directors do consider there to be an ultimate controlling party of the group.
Copies of the Dawnus Group consolidated financial statements can be obtained from the company's registered office - Unit 7, Dyffryn Court, Riverside Business Park, Swansea Vale, Swansea. SA7 0AP.
2017-12-31
2017-01-01
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CCH Software
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