|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 |
|
FOR |
|
THE DAVENTRY ESTATE COMPANY LIMITED |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 |
|
FOR |
|
THE DAVENTRY ESTATE COMPANY LIMITED |
THE DAVENTRY ESTATE COMPANY LIMITED (REGISTERED NUMBER: 08299002) |
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Statement of Financial Position | 2 |
|
Notes to the Financial Statements | 3 |
|
THE DAVENTRY ESTATE COMPANY LIMITED |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2019 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
AUDITORS: |
|
Eagle House |
28 Billing Road |
Northampton |
NN1 5AJ |
THE DAVENTRY ESTATE COMPANY LIMITED (REGISTERED NUMBER: 08299002) |
|
STATEMENT OF FINANCIAL POSITION |
31 MARCH 2019 |
|
2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investment property | 3 |
|
|
|
CURRENT ASSETS |
Debtors | 4 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 5 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
6 |
( |
) |
( |
) |
|
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Investment property reserve | 7 |
|
|
Retained earnings | 7 |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
|
The financial statements were approved by the Board of Directors on
behalf by: |
|
|
|
|
|
|
|
THE DAVENTRY ESTATE COMPANY LIMITED (REGISTERED NUMBER: 08299002) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2019 |
|
|
1. | STATUTORY INFORMATION |
|
The Daventry Estate Company Limited is a
|
and Wales. The company's registered number and registered office address can be found on the |
Company Information page. |
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Significant judgements and estimates |
The preparation of financial statements requires the use of certain critical accounting estimates. It also |
requires management to exercise its judgement in the process of applying the company accounting |
policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions |
and estimates are significant to the financial statements are disclosed within the individual accounting |
policies below. |
|
Turnover |
Turnover represents rental income from investment properties. |
|
Investment property |
Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising |
from changes in fair value is recognised in the Statement of Comprehensive Income. The fair value is |
stated on the basis that the properties are valued on an individual basis, rather than collectively. |
|
Financial instruments |
Cash and cash equivalents in the balance sheet comprise cash at bank and in hand and short term |
deposits with an original maturity date of three months or less. |
|
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. |
|
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. |
|
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. |
|
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. |
|
THE DAVENTRY ESTATE COMPANY LIMITED (REGISTERED NUMBER: 08299002) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
|
|
2. | ACCOUNTING POLICIES - continued |
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. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
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. |
|
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. |
|
Deferred tax is recognised on fair value gains on investment properties. |
|
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. |
|
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. |
|
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. |
|
3. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2018 |
|
Revaluations |
|
At 31 March 2019 |
|
NET BOOK VALUE |
At 31 March 2019 |
|
At 31 March 2018 |
|
|
The investment properties were valued on a fair value basis on 19 March 2019 by James Ring MRICS, |
an employee of Daventry District Council. |
|
The constitution of Daventry District Council states that, in the absence of specific alternative |
objectives, any disposal shall have the objective of securing the best financial return for the council. |
Consequently any future disposal would be undertaken by means of individual property disposal. |
Therefore open market value represents fair value for the company. |
|
If the properties were to be sold as one investment portfolio the RICS guidance note 'Valuing |
Residential Property purpose built for renting' would be followed. On that basis the value of the |
properties would be £4.1m. |
THE DAVENTRY ESTATE COMPANY LIMITED (REGISTERED NUMBER: 08299002) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
|
|
3. | INVESTMENT PROPERTY - continued |
|
The investment properties were all held under finance leases. The fair value of these assets is as |
stated above. |
|
4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
|
|
Prepayments and accrued income |
|
|
|
|
|
5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Finance leases |
|
|
Amounts owed to group undertakings |
|
|
Tax |
|
|
Accruals and deferred income |
|
|
|
|
|
6. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2019 | 2018 |
£ | £ |
Finance leases |
|
|
Amounts owed to group undertakings |
|
|
|
|
|
Amounts falling due in more than five years: |
|
Repayable by instalments |
Finance leases | 5,918,711 | 5,918,958 |
|
7. | RESERVES |
Investment |
Retained | property |
earnings | reserve | Totals |
£ | £ | £ |
|
At 1 April 2018 |
|
|
890,541 |
Profit for the year |
|
|
Dividends | ( |
) | ( |
) |
Reserves transfer | (93,554 | ) | 93,554 | - |
At 31 March 2019 |
|
|
984,424 |
THE DAVENTRY ESTATE COMPANY LIMITED (REGISTERED NUMBER: 08299002) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
|
|
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
|
The Report of the Auditors was unqualified. |
|
|
for and on behalf of
|
|
9. | RELATED PARTY DISCLOSURES |
|
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 other members of the group. |
|
10. | CONTROLLING PARTY |
|
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. |
|
DDC can be contacted at Lodge Road, Daventry, Northamptonshire, NN11 4FP. |