Company Registration No. 05244374 (England and Wales)
BELVEDERE D.W.S. LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2014
BELVEDERE D.W.S. LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 5
BELVEDERE D.W.S. LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 DECEMBER 2014
31 December 2014
- 1 -
2014
2013
Notes
£
£
£
£
Fixed assets
Intangible assets
2
-
1,466
Tangible assets
2
58,788
65,502
58,788
66,968
Current assets
Stocks
2,650,981
1,530,864
Debtors
3
1,032,812
516,551
Cash at bank and in hand
91,625
650,225
3,775,418
2,697,640
Creditors: amounts falling due within one year
4
(3,824,048)
(2,315,228)
Net current (liabilities)/assets
(48,630)
382,412
Total assets less current liabilities
10,158
449,380
Creditors: amounts falling due after more than one year
(343)
(434,574)
Provisions for liabilities
(7,439)
(8,788)
2,376
6,018
Capital and reserves
Called up share capital
5
221
270
Profit and loss account
2,155
5,748
Shareholders' funds
2,376
6,018
BELVEDERE D.W.S. LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2014
31 December 2014
- 2 -
For the financial year ended 31 December 2014 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.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 14 September 2015
Mr K B Da Costa
Director
Company Registration No. 05244374
BELVEDERE D.W.S. LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 DECEMBER 2014
- 3 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
These financial statements have been prepared on the assumption that the company will continue in
operational existence for the foreseeable future.
The validity of this assumption depends on the continuing support of the company's directors, creditors
and shareholders.
If the company were unable to continue in existence for the foreseeable future, adjustments would be
necessary to reduce the balance sheet values of assets to their recoverable amounts, to reclassify fixed
assets as current assets and long-term liabilities as
current liabilities and to provide for further liabilities
which might arise.
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover comprises amount invoiced for the sale of properties and services performed, net of VAT. Turnover and profits on disposal of dealing properties are taken into account on the completion of contract and receipt of cash.
1.4
Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of 20 years.
1.5
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Land and buildings Leasehold
Over the term of the lease of 12 years
Plant and machinery
25% Reducing balance method
Fixtures, fittings and equipment
15% / 30% Reducing balance method
Motor vehicles
25% Reducing balance method
1.6
Stock and work in progress
These assets are included in the financial statements at the lower of cost and net realisable value. Cost for this purpose comprises land and buildings development expenditure and attributable interest and overheads.
Additions to development properties include the cost of finance charges less any income attributable to the property. For this purpose the interest rate is either the actual rate payable on specific borrowings to fund the project or, if financed out of general funds, the average interest rate payable on net borrowings in the period.
1.7
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
BELVEDERE D.W.S. LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2014
1
Accounting policies
(Continued)
- 4 -
1.8
Deferred taxation
Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted.
1.9
Joint arrangement loans
The company has entered into a number of joint arrangement loans in order to finance the construction of various properties. The provision for interest payable on these loans is not recognised until the disposal of each property.
2
Fixed assets
Intangible assets
Tangible assets
Total
£
£
£
Cost
At 1 January 2014
2,000
158,861
160,861
Additions
-
30,411
30,411
Disposals
(2,000)
(61,197)
(63,197)
At 31 December 2014
-
128,075
128,075
Depreciation
At 1 January 2014
534
93,359
93,893
On disposals
(534)
(45,172)
(45,706)
Charge for the year
-
21,100
21,100
At 31 December 2014
-
69,287
69,287
Net book value
At 31 December 2014
-
58,788
58,788
At 31 December 2013
1,466
65,502
66,968
3
Debtors
Debtors include an amount of £5770 (2013 - £5,770) which is due after more than one year.
4
Creditors: amounts falling due within one year
The aggregate amount of creditors for which security has been given amounted to £1,567,059 (2013 - £483,069).
BELVEDERE D.W.S. LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2014
- 5 -
5
Share capital
2014
2013
£
£
Allotted, called up and fully paid
170 Ordinary shares of £1 each
170
170
50 Ordinary A shares of £1 each
50
50
0 Ordinary B shares of £1 each
-
50
1 Ordinary C share of £1 each
1
-
221
270
Ordinary A shares and Ordinary C shares rank parri passu with Ordinary shares in all respects save that they are non-voting shares.
During the year, the company purchased 50 Ordinary B shares of £1 each at par. The company agreed to buy back the shares because it was expedient for the company to do so at the time due to differences in opinion which could have adversely affected the trading of the company if not resolved in this way. The 50 shares bought back represented 19% of the called up share capital at the time of purchase.
During the year the company issued 1 Ordinary C share of £1 in order to provide the company with additional working capital.