Registration number:
Doonbeg Holdings Ltd
for the Year Ended 31 December 2017
Belfry House
Champions Way
Hendon
London
NW4 1PX
Doonbeg Holdings Ltd
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Doonbeg Holdings Ltd
Company Information
Director |
Mr B Chandaria |
Company secretary |
Mr K Chandaria |
Registered office |
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Accountants |
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Page 1 |
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of
Doonbeg Holdings Ltd
for the Year Ended 31 December 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Doonbeg Holdings Ltd for the year ended 31 December 2017 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the director of Doonbeg Holdings Ltd, as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Doonbeg Holdings Ltd and state those matters that we have agreed to state to the director of Doonbeg Holdings Ltd, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Doonbeg Holdings Ltd and its director for our work or for this report.
It is your duty to ensure that Doonbeg Holdings Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Doonbeg Holdings Ltd. You consider that Doonbeg Holdings Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Doonbeg Holdings Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
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Champions Way
Hendon
London
NW4 1PX
Page 2 |
Doonbeg Holdings Ltd
(Registration number: 07167843)
Balance Sheet as at 31 December 2017
Note |
2017 |
2016 |
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Fixed assets |
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Investments |
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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 liabilities |
( |
( |
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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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Retained earnings |
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Shareholders' funds |
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For the financial year ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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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. |
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 statement of income and the director's report are not delivered to the Registrar of Companies in accordance with the special provisions applicable to companies subject to the small companies regime.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income has been taken.
Approved and authorised for issue by the
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Mr B Chandaria
Director
Page 3 |
Doonbeg Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 December 2017
General information |
The company is a private company limited by share capital incorporated in England. The registered office is shown on page 1.
The principal place of business is:
Unitec House
2 Albert Place
London
N3 1QB
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A Small Entities and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except where otherwise disclosed in these accounting policies certain items are shown at fair value.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
Exemption from preparing group accounts
Going concern
The financial statements have been prepared on a going concern basis.
The director has considered in detail the company's forecast performance, as well as its capital and liquidity resources. On this basis the director has a reasonable expectation that, despite uncertain market conditions, the company has sufficient funding and liquidity facilities to ensure that the company will continue in operational existence for the foreseeable future. Accordingly the director of the company has adopted the going concern basis in the preparation of these financial statements.
Summary of significant accounting policies
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.
Tax
The tax expense for the period comprises current and, where applicable, deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The company's liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.
Page 4 |
Doonbeg Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 December 2017
Deferred tax is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against suitable future taxable profits.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Current and deferred tax assets and liabilities are not discounted.
Cash and cash equivalents
Cash comprises cash at bank and in hand and includes deposits repayable on demand.
Investment in Subsidiary
Fixed asset investment in subsidiary is stated at cost less any provision for impairment. Any impairment in value is written off to the statement of income.
Financial instruments and fixed asset investments
The company's cash at bank and in hand, other debtors and other creditors are measured initially at transaction price, and subsequently at amortised cost using the effective interest method.
Trade debtors
Trade debtors are amounts due from customers for facilities provided in the ordinary course of business.
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.
Trade 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.
Investments held as fixed assets |
2017 |
2016 |
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Shares in subsidiary undertaking |
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Page 5 |
Doonbeg Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 December 2017
Shares in subsidiary undertaking |
Subsidiary undertaking |
Cost |
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At 1 January 2017 |
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At 31 December 2017 |
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Carrying amount |
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At 31 December 2017 |
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At 31 December 2016 |
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Details of subsidiary undertaking
Subsidiary undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2017 |
2016 |
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Belfry House
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Ordinary share capital |
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England |
The principal activity of Innovation Finance Ltd is |
Debtors |
2017 |
2016 |
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Loan to subsidiary undertaking |
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£949,306 (2016 - £949,306) of the loan to subsidiary undertaking is due after more than one year. The loan is at arm's length on normal commercial terms.
Page 6 |
Doonbeg Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 December 2017
Creditors |
2017 |
2016 |
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Due within one year |
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Amounts owed to group undertakings |
- |
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Shareholders' loans |
746,900 |
- |
Corporation tax |
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Other creditors |
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Accruals and deferred income |
2,000 |
2,501 |
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Related party transactions |
Loans from related parties
2017 |
Parent company |
Shareholders |
At start of period |
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- |
Advanced |
- |
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Repaid |
( |
- |
At end of period |
- |
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2016 |
Parent company |
At start of period |
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Repaid |
( |
At end of period |
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Terms of loans from related parties
Control |
Employee information |
The company had no employees, excluding the director, in the year. The director did not receive any remuneration from the company in the year.
Page 7 |
Doonbeg Holdings Ltd
Notes to the Financial Statements for the Year Ended 31 December 2017
Transition to FRS 102 |
Page 8 |