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Unaudited Financial Statements for the Year Ended 31 March 2021 |
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Daffodil Developments Limited |
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Unaudited Financial Statements for the Year Ended 31 March 2021 |
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Daffodil Developments Limited |
Daffodil Developments Limited (Registered number: 07115620) |
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Contents of the Financial Statements |
for the Year Ended 31 March 2021 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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Daffodil Developments Limited |
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Company Information |
for the Year Ended 31 March 2021 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Suite 10, Mayden House |
Long Bennington Busn Park |
Main Road, Long Bennington |
Newark |
Nottinghamshire |
NG23 5DJ |
Daffodil Developments Limited (Registered number: 07115620) |
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Balance Sheet |
31 March 2021 |
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31.3.21 | 31.3.20 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks | 5 |
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Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Capital redemption reserve |
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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. |
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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 and authorised for issue on
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Daffodil Developments Limited (Registered number: 07115620) |
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Notes to the Financial Statements |
for the Year Ended 31 March 2021 |
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1. | STATUTORY INFORMATION |
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Daffodil Developments Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents proceeds of sale from development properties. Income from funded development is included in the profit and loss account when the completion criteria from the funder have been met and also, having regard to work done, income from the sale of trading properties is included when a binding contract of sale exists. |
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Stocks |
Stock comprises work in progress on development properties owned by the company. Work in progress in respect of any development property in the course of construction is stated at the lower of cost and net realisable value. Cost comprises direct materials and payments to contractors, attributable interest and an appropriate proportion of overheads in respect of site supervision. |
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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 balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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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Profit recognition |
Profit, if any, is recognised on developments on exchange of contracts having regard to work done and the foreseeable outcome of the contract. Guarantees and other warranties given are taken into account in assessing the profit or loss to be provided in respect of such contracts. On long term contract accounting, profits are recognised on a percentage completion basis over the life of the contract when a profitable outcome is considered likely. Any foreseen losses are recognised in full immediately. |
Daffodil Developments Limited (Registered number: 07115620) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 March 2021 |
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4. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2020 - NIL). |
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5. | STOCKS |
31.3.21 | 31.3.20 |
£ | £ |
Development work-in-progress |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.21 | 31.3.20 |
£ | £ |
Trade debtors |
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Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.21 | 31.3.20 |
£ | £ |
Trade creditors |
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Other creditors |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.3.21 | 31.3.20 |
value: | £ | £ |
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Ordinary | 1 | 698,621 | 698,621 |
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9. | ULTIMATE CONTROLLING PARTY |
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The directors consider that there is no ultimate controlling party. |