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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2017 |
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DAVID WILLIAMSON PROPERTY LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2017 |
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FOR |
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DAVID WILLIAMSON PROPERTY LIMITED |
DAVID WILLIAMSON PROPERTY LIMITED (REGISTERED NUMBER: 04521216) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 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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DAVID WILLIAMSON PROPERTY LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 28 FEBRUARY 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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36 High Street |
Cleethorpes |
North East Lincs |
DN35 8JN |
DAVID WILLIAMSON PROPERTY LIMITED (REGISTERED NUMBER: 04521216) |
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STATEMENT OF FINANCIAL POSITION |
28 FEBRUARY 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
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Investment property | 4 |
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CURRENT ASSETS |
Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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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 |
6 |
( |
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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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Fair value reserve | 8 |
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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. |
DAVID WILLIAMSON PROPERTY LIMITED (REGISTERED NUMBER: 04521216) |
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STATEMENT OF FINANCIAL POSITION - continued |
28 FEBRUARY 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
behalf by: |
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DAVID WILLIAMSON PROPERTY LIMITED (REGISTERED NUMBER: 04521216) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 28 FEBRUARY 2017 |
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1. | STATUTORY INFORMATION |
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David Williamson Property Limited is a
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Wales. The company's 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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Fixtures and fittings | - |
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Investment property |
Investment properties are shown at their most recent valuation. Any surplus or deficit arising from |
changes in market value is transferred to a revaluation reserve, except that a deficit which is expected |
to be permanent and which is in excess of any previously recognised surplus over cost relating to the |
same property, or the reversal of such deficit, is charged (or credited) to the profit and loss account. |
Depreciation is not provided in respect of freehold investment properties or in respect of leasehold |
investment properties where the unexpired term of the lease is more than twenty years. The directors |
consider that this policy which represents a departure from the statutory accounting rules, is |
necessary to provide a true and fair view as required under SSAP 19 " Accounting for investment |
properties". The financial effect of the departure from the statutory accounting rules is not material. |
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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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DAVID WILLIAMSON PROPERTY LIMITED (REGISTERED NUMBER: 04521216) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2017 |
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2. | ACCOUNTING POLICIES - continued |
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. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 29 February 2016 |
and 28 February 2017 |
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DEPRECIATION |
At 29 February 2016 |
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Charge for year |
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At 28 February 2017 |
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NET BOOK VALUE |
At 28 February 2017 |
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At 28 February 2016 |
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4. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 29 February 2016 |
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Disposals | ( |
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At 28 February 2017 |
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NET BOOK VALUE |
At 28 February 2017 |
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At 28 February 2016 |
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DAVID WILLIAMSON PROPERTY LIMITED (REGISTERED NUMBER: 04521216) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2017 |
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4. | INVESTMENT PROPERTY - continued |
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Cost or valuation at 28 February 2017 is represented by: |
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£ |
Valuation in 2012 | 53,468 |
Valuation in 2013 | (51,000 | ) |
Valuation in 2015 | 31,796 |
Valuation in 2017 | 18,275 |
Cost | 1,620,961 |
1,673,500 |
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As at the 28th February 2017, the investment properties were valued by Mr D Williamson who is a |
director of the company. His open market valuation of the Investment Properties was £1,673,500. |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Tax |
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Accrued expenses |
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6. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Bank loans | 1,036,829 | 1,451,697 |
Directors loan account |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans | 1,036,829 | 1,451,697 |
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7. | 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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DAVID WILLIAMSON PROPERTY LIMITED (REGISTERED NUMBER: 04521216) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 28 FEBRUARY 2017 |
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8. | RESERVES |
Fair |
value |
reserve |
£ |
At 29 February 2016 |
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Disposal | 14,620 |
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At 28 February 2017 |
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9. | RELATED PARTY DISCLOSURES |
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At the 28th February 2017, Mr and Mrs Williamson were owed £216,593 by the company. ( 28th |
February 2016 : £242,634). No interest is payable on this loan. |
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During the year dividends of £10,000, (2016 : £44,000) were paid to Mr and Mrs Williamson. |
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10. | ULTIMATE CONTROLLING PARTY |
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Mr and Mrs Williamson own the entire share capital of the company and therefore have ultimate |
control. |