Company registration number:
for the Year Ended
Donaldson Creative Limited
Contents
Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Donaldson Creative Limited
(Registration number: 07120506)
Balance Sheet as at 31 January 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss reserve |
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Total equity |
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For the financial year ending 31 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.
Approved and authorised by the
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Page 1
Donaldson Creative Limited
Statement of Changes in Equity
for the Year Ended 31 January 2017
Share capital |
Profit and loss reserve |
Total |
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At 1 February 2016 |
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Movement in year : |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
Total movement for the year |
- |
469,938 |
469,938 |
At 31 January 2017 |
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Share capital |
Profit and loss reserve |
Total |
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At 1 February 2015 |
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Movement in year : |
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Profit for the year |
- |
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Total comprehensive income |
- |
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Dividends |
- |
( |
( |
Total movement for the year |
- |
186,420 |
186,420 |
At 31 January 2016 |
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Page 2
Donaldson Creative Limited
Notes to the Financial Statements
for the Year Ended 31 January 2017
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements were prepared in accordance with Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’. This is the first year in which the financial statements have been prepared under FRS 102. There were no restatements required to the prior year as a result of transition to FRS 102.
Basis of preparation
These financial statements are presented in Sterling (£) and have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Turnover recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Page 3
Donaldson Creative Limited
Notes to the Financial Statements
for the Year Ended 31 January 2017
Tangible assets
Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
25% Straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Debtors
Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
Page 4
Donaldson Creative Limited
Notes to the Financial Statements
for the Year Ended 31 January 2017
Defined contribution pension obligation
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payments obligations.
The contributions are recognised as an expense in the profit and loss account when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 5
Donaldson Creative Limited
Notes to the Financial Statements
for the Year Ended 31 January 2017
Tangible assets |
Office equipment |
Total |
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Cost or valuation |
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At 1 February 2016 |
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Disposals |
( |
( |
At 31 January 2017 |
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Depreciation |
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At 1 February 2016 |
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Charge for the year |
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At 31 January 2017 |
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Carrying amount |
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At 31 January 2017 |
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At 31 January 2016 |
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Debtors |
2017 |
2016 |
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Trade debtors |
- |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
2017 |
2016 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Corporation tax |
132,757 |
173,894 |
Other creditors |
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Page 6
Donaldson Creative Limited
Notes to the Financial Statements
for the Year Ended 31 January 2017
Dividends |
Interim dividends paid
2017 |
2016 |
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Interim dividend of £
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Related party transactions |
Transactions with directors |
2017 |
At 1 February 2016 |
Advances to directors |
Re- payments by director |
Other payments made to company by director |
Written off |
Waived |
At 31 January 2017 |
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S J Donaldson OBE |
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Interest free loan repayable on demand |
374 |
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( |
- |
- |
- |
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2016 |
At 1 February 2015 |
Advances to directors |
Re- payments by director |
Other payments made to company by director |
Written off |
Waived |
At 31 January 2016 |
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S J Donaldson OBE |
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Interest free loan repayable on demand |
- |
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- |
- |
- |
- |
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Page 7
Donaldson Creative Limited
Notes to the Financial Statements
for the Year Ended 31 January 2017
Other transactions with directors |
During the year S J Donaldson, a director of the company, received dividends totalling £51,792 (2016: £505,752) and maintained an interest free current account with the company which is repayable on demand. At the balance sheet date the amount due from S J Donaldson was £30,000 (2016: £374).
Summary of transactions with other related parties
Page 8