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REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017 |
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THE DAVENTRY ESTATE COMPANY LIMITED |
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REGISTERED NUMBER:
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017 |
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FOR |
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THE DAVENTRY ESTATE COMPANY LIMITED |
THE DAVENTRY ESTATE COMPANY LIMITED (REGISTERED NUMBER: 08299002) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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Company Information | 1 |
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Statement of Financial Position | 2 |
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Notes to the Financial Statements | 3 |
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THE DAVENTRY ESTATE COMPANY LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2017 |
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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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AUDITORS: |
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Chartered Accountants |
and Statutory Auditor |
Eagle House |
28 Billing Road |
Northampton |
Northamptonshire |
NN1 5AJ |
THE DAVENTRY ESTATE COMPANY LIMITED (REGISTERED NUMBER: 08299002) |
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STATEMENT OF FINANCIAL POSITION |
31 MARCH 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 3 |
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CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
6 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Investment property reserve | 7 |
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Retained earnings | 7 |
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SHAREHOLDERS' FUNDS |
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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 on
its behalf by: |
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THE DAVENTRY ESTATE COMPANY LIMITED (REGISTERED NUMBER: 08299002) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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1. | STATUTORY INFORMATION |
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The Daventry Estate Company Limited is a
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and Wales. The company's registered number and registered office address can be found on the |
Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents rental income from investment properties. |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from |
changes in fair value is recognised in profit or loss. |
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Financial instruments |
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term |
deposits with an original maturity date of three months or less. |
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Debtors and creditors with no stated interest rate and receivable or payable within one year are |
recorded at transaction price. Any losses arising from impairment are recognised in the statement of |
comprehensive income under administrative expenses. |
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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 entity after deducting all of its financial liabilities. |
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Where the contractual obligations of financial instruments (including share capital) are equivalent to a |
similar debt instrument, those financial instruments are classed as financial liabilities. Financial |
liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to |
financial liabilities are included in the profit and loss account. Finance costs are calculated so as to |
produce a constant rate of return on the outstanding liability. |
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Where the contractual terms of share capital do not have any terms meeting the definition of a |
financial liability then this is classed as an equity instrument. Dividends and distributions relating to |
equity instruments are debited direct to equity. |
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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 statement of financial position date. |
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THE DAVENTRY ESTATE COMPANY LIMITED (REGISTERED NUMBER: 08299002) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the statement of financial position 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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Finance leases |
Assets held under finance leases are capitalised in the balance sheet. The interest element of these |
obligations is charged to the statement of comprehensive income over the relevant period. The capital |
element of future payments is treated as a liability. |
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3. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 April 2016 |
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Revaluations | (304,500 | ) |
At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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Cost or valuation at 31 March 2017 is represented by: |
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£ |
Valuation in 2015 | 290,127 |
Valuation in 2016 | 537,000 |
Valuation in 2017 | (304,500 | ) |
Cost | 6,212,873 |
6,735,500 |
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If Investment property had not been revalued it would have been included at the following historical |
cost: |
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2017 | 2016 |
£ | £ |
Cost | 6,212,873 | 6,212,873 |
Aggregate depreciation | (364,072 | ) | (239,815 | ) |
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The investment properties were valued on a fair value basis on 31 March 2017 by Jason Low BSc |
MRICS MBA, an employee of Daventry District Council. |
THE DAVENTRY ESTATE COMPANY LIMITED (REGISTERED NUMBER: 08299002) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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3. | INVESTMENT PROPERTY - continued |
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The investment properties were all held under finance leases. The fair value of these assets is as |
stated above. |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Prepayments and accrued income |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Finance leases |
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Amounts owed to group undertakings |
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Tax |
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Accruals and deferred income |
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6. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2017 | 2016 |
£ | £ |
Finance leases |
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Amounts owed to group undertakings |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Finance leases | 6,209,339 | 6,209,810 |
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7. | RESERVES |
Investment |
Retained | property |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 April 2016 |
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738,008 |
Deficit for the year | ( |
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Dividends | ( |
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Reserves transfer | 203,836 | (203,836 | ) | - |
At 31 March 2017 |
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575,756 |
THE DAVENTRY ESTATE COMPANY LIMITED (REGISTERED NUMBER: 08299002) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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9. | RELATED PARTY DISCLOSURES |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 |
'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related |
party transactions with wholly owned subsidiaries within the group. |
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10. | CONTROLLING PARTY |
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The Directors consider that The Daventry Estate Company Limited (TDECL) is a "controlled" company |
under the terms of the Local Government and Housing Act 1989 and the Local Authorities |
(Companies) Order 1995. This is because Daventry District Council (DDC) is the sole shareholder of |
the company. As such DDC has 100% of the voting rights at general meetings and has the sole right to |
appoint and remove directors. |
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DDC can be contacted at Lodge Road, Daventry, Northamptonshire, NN11 4FP. |
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11. | FIRST YEAR ADOPTION |
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This is the first year in which the financial statements have been produced under FRS 102 (1A). |
Transition to FRS 102 has resulted in a change in accounting policy for deferred tax. Deferred tax is |
now provided on revalued properties. Refer to pages 13 -15 for the impact of these changes. |
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