D M W DEVELOPMENTS LIMITED
REGISTERED NUMBER:
05054429
BALANCE SHEET
AS AT
29 FEBRUARY 2020
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 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.
The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 2 to 4 form part of these financial statements.
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D M W DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2020
DMW Developments Limited is a private limited company, limited by shares, incorporated in England and Wales. The address of the registered office is 6th Floor Design Centre East, Chelsea Harbour, London, SW10 0XF.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The Company ceased trading in 2015 and it is the intention of the director to wind up the Company should the Company not be able to find new trades which the Director continues to review opportunities that may be relevant for the business. Accordingly, the going concern basis of accounting is no longer appropriate as at 28 February 2017. The accounts for the year ended 29 February 2020 are therefore prepared on a liquidation basis. Adjustments were made to reclassify long term liabilities to current liabilities as a result of the decision to cease trading.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the Balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the Balance sheet date.
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D M W DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2020
2.
Accounting policies (continued)
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank.
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.
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Judgments in applying accounting policies and key sources of estimation uncertainty
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No significant judgements have been made by the director in preparing these financial statements.
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The average monthly number of employees, including directors, during the year was
1
(2019 -
1
)
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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D M W DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2020
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Related party transactions
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As at the year end, an amount of £14,744,478 (2019: £14,738,794) was owed to Mr G Mackay. This loan was unsecured and interest free.
As at the year end, an amount of £1,080,425 (2019: £1,080,425) was owed to Mr P Daniel and an amount of £6,070 (2019: £6,070) was owed to Mr S West, both former directors and current shareholders of the Company. These loans were unsecured and interest free.
As at the year end, amounts owed to the Company in respect of unpaid share capital were as follows: an amount of £1 (2019: £1) owed by Mr G Mackay, an amount of £1 (2019: £1) owed by Mr P Daniel and an amount of £1 (2019: £1) owed by Mr S West.
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The Company is controlled by Mr G Mackay, the director of the Company.
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