Company Registration No. 04596470 (England and Wales)
DRAGONSPHERE PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
DRAGONSPHERE PROPERTIES LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
DRAGONSPHERE PROPERTIES LTD
BALANCE SHEET
AS AT
31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
620,000
620,000
Current assets
Debtors
4
879
-
Creditors: amounts falling due within one year
5
(284,218)
(261,774)
Net current liabilities
(283,339)
(261,774)
Total assets less current liabilities
336,661
358,226
Creditors: amounts falling due after more than one year
6
(259,562)
(320,564)
Provisions for liabilities
(1,064)
(1,120)
Net assets
76,035
36,542
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
8
75,935
36,442
Total equity
76,035
36,542
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
The notes on pages 3 - 6 form an integral part of these financial statements.
For the financial year ended 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime
and FRS102 Section 1A.
DRAGONSPHERE PROPERTIES LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2018
31 March 2018
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 16 October 2018
R Davis
Director
Company Registration No. 04596470
DRAGONSPHERE PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -
1
Accounting policies
Company information
Dragonsphere Properties Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
62 Worple Road, Epsom, Surrey, KT18 7AG.
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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
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 £.
The financial statements have been prepared under the historical cost convention. The principal
accounting policies adopted are set out below.
1.2
Going concern
A
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future.
The director has made loans to the company totalling £
216,074
at the balance sheet date and does not intend to withdraw these until the company has the available cash flow to do so.
Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the
rent
received or
receivable
provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
Rent received
is recognised when
the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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:
Land and buildings Leasehold
no depreciation due to fair value adjustment
1.5
Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed
at the balance sheet date.
DRAGONSPHERE PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 4 -
1.6
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2017 - 2).
2018
2017
Number
Number
Directors
2
2
2
2
3
Tangible fixed assets
Land and buildings Leasehold
£
Cost
At 1 April 2017 and 31 March 2018
620,000
Depreciation and impairment
At 1 April 2017 and 31 March 2018
-
Carrying amount
At 31 March 2018
620,000
At 31 March 2017
620,000
The leasehold property at 11 Imperial Way is held as an investment property. The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors at the balance sheet date and in their opinion the valuation is based on an open market value basis by reference to market evidence of transaction prices for similar properties. Due to the revaluation the depreciation charges previously made in the financial statements have been eliminated.
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Prepayments and accrued income
879
-
DRAGONSPHERE PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
4
Debtors
(Continued)
- 5 -
The director considers considers the carrying value of trade and other receivables approximate to their fair value.
5
Creditors: amounts falling due within one year
2018
2017
Notes
£
£
Bank loans and overdrafts
38,981
11,218
Corporation tax
9,220
6,570
Other taxation and social security
348
20,270
Other creditors
234,982
210,626
Accruals and deferred income
687
13,090
284,218
261,774
The director considers the carrying amounts of current liabilities approximate to their fair values.
6
Creditors: amounts falling due after more than one year
2018
2017
Notes
£
£
Bank loans and overdrafts
259,562
320,564
The director considers the carrying amounts of long term liabilities approximate to their fair values.
The loan with NatWest bank plc is secured on the property - 11 Imperial Way.
7
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
8
Profit and loss reserves
DRAGONSPHERE PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
8
Profit and loss reserves
(Continued)
- 6 -
Retained earnings consist of fair value adjustments and deferred tax in relation to the leasehold investment property held by the company.
At the balance sheet date the reserves therefore comprise of the following:
Distributable reserves £
71,399
Non Distributable reserves £4,
536
(relating to fair value adjustments to the investment property of £5,600 after eliminating depreciation previously charged less deferred tax calculated at £1,
064
of the revalued amount.)
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2018
2017
£
£
Within one year
4,991
-
Between two and five years
14,974
-
19,965
-
10
Related party transactions
At the balance sheet date, included in other creditors, are amounts due to the director
R Davis
of £
216,074
(2017 - £
186,718
).
11
Controlling Party
The ultimate controlling party is
R. Davis
by virtue of his holding 100% of the issued
share capital.