Company Registration No. 05244374 (England and Wales)
BELVEDERE D.W.S. LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2017
PAGES FOR FILING WITH REGISTRAR
BELVEDERE D.W.S. LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
BELVEDERE D.W.S. LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2017
30 November 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
3
2,006
17,092
Current assets
Debtors
4
61,515
464,338
Cash at bank and in hand
20,021
8,658
81,536
472,996
Creditors: amounts falling due within one year
5
(232,410)
(818,876)
Net current liabilities
(150,874)
(345,880)
Total assets less current liabilities
(148,868)
(328,788)
Provisions for liabilities
(341)
(1,603)
Net liabilities
(149,209)
(330,391)
Capital and reserves
Called up share capital
6
270
270
Profit and loss reserves
(149,479)
(330,661)
Total equity
(149,209)
(330,391)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period 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.
BELVEDERE D.W.S. LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2017
30 November 2017
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 20 March 2018 and are signed on its behalf by:
Mr K B Da Costa
Director
Company Registration No. 05244374
BELVEDERE D.W.S. LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2017
- 3 -
1
Accounting policies
Company information
Belvedere D.W.S. Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Lane House Cottage, Church Road, Penn, Bucks, HP10 8NX.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
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.
1.3
Reporting period
The current financial reporting period was reduced from 31 December 2017 to 30 November 2017 in order to simplify the administration of the company.
As a result, amounts presented in the financial statements and the related notes are not entirely comparable.
1.4
Turnover
Turnover comprises amount invoiced for the sale of properties and
building
services performed, net of VAT.
Turnover and profits on disposal of properties are taken
recognised
on the completion of contract.
Turnover in relation to building services is recognised in the period to which the services relate.
1.5
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.
BELVEDERE D.W.S. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2017
1
Accounting policies
(Continued)
- 4 -
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:
Plant and machinery
25% Reducing balance method
Fixtures, fittings and equipment
15% / 30% Reducing balance method
Motor vehicles
25% Reducing balance method
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
.
1.6
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.
1.7
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.
Basic financial assets
Basic financial assets, which include debtors 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.
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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.
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.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
BELVEDERE D.W.S. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2017
1
Accounting policies
(Continued)
- 5 -
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.
1.9
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.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
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
Employees
The average monthly number of persons (including directors) employed by the company during the period was 1 (2016: 2).
BELVEDERE D.W.S. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2017
- 6 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2017
78,981
Additions
1,366
Disposals
(74,453)
At 30 November 2017
5,894
Depreciation and impairment
At 1 January 2017
61,888
Depreciation charged in the period
725
Eliminated in respect of disposals
(58,725)
At 30 November 2017
3,888
Carrying amount
At 30 November 2017
2,006
At 31 December 2016
17,092
4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
2,911
418,742
Other debtors
58,604
45,596
61,515
464,338
5
Creditors: amounts falling due within one year
2017
2016
£
£
Bank loans and overdrafts
22,530
210,355
Trade creditors
118,039
103,065
Corporation tax
25,672
-
Other taxation and social security
14,905
47,580
Other creditors
51,264
457,876
232,410
818,876
The aggregate amount of creditors for which security has been given amounted to £
22,530
(2016 :
£210,355
).
BELVEDERE D.W.S. LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2017
- 7 -
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
170 Ordinary shares of £1 each
170
170
50 Ordinary A shares of £1 each
50
50
50 Ordinary C shares of £1 each
50
50
270
270
Ordinary A shares and Ordinary C shares rank parri passu with Ordinary shares in all respects save that
Ordinary A shares and Ordinary C shares
are
non-voting.
7
Events after the reporting date
The directors have indefinitely suspended the company from trading with effect from 30 November 2017 in light of the claim being brought against the company as disclosed in note 10.
8
Parent company
The parent company of Belvedere D.W.S Limited is NCTM Holdings Limited. The registered office for NCTM Holdings Limited is Lane House Cottage, Church Road, Penn, Bucks, HP10 8NX.
9
Joint arrangements loans
The company has received loans from a number of lenders in order to finance the construction of various properties. At the balance sheet date the amount invested by these lenders amounted to £nil (2016: £200,000) (see note 5).
Under the terms of the loan agreements, lenders will recover a predetermined percentage of any profits/losses in relation to their profit/loss sharing percentage. The amount of the loss attributable to each lender is capped at the amount initially lent to the company. The payment of the profit share to the lenders will be in the form of interest payable on these loans. These loans are unsecured.
The amount of profit or loss share attributable to each lender can only be determined on the disposal of each property therefore, no interest on these loans is recognised until the disposal of each property.
10
Contingent liability
There is a claim in progress by the purchaser of a property built by the company in 2010 and sold in 2011 wherein it is alleged there are defects. The directors of the company and NHBC (who insure the build through their Buildmark Policy) are contesting the claim and believe it to have no merit. No liability has been recognised in these financial statements with respect to this claim as it is currently not probable that the company will be required to transfer resources embodying economic benefits in settlement nor can any potential settlement amount be measured reliably.