Registered number:
08503940
DOMINVS STRATFORD LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE PERIOD ENDED 31 DECEMBER 2020
|
DOMINVS STRATFORD LIMITED
REGISTERED NUMBER:
08503940
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
Total assets less current liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DOMINVS STRATFORD LIMITED
REGISTERED NUMBER:
08503940
STATEMENT OF FINANCIAL POSITION
(CONTINUED)
AS AT
31 DECEMBER 2020
The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
8 December 2021
.
The notes on pages 3 to 6 form part of these financial statements.
|
DOMINVS STRATFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
Dominvs Stratford Limited is private company limited by shares and incorporated in England & Wales. The address of its principal place of business is 14A Shouldham Street, Marylebone, London, W1H 5FJ.
2.
Accounting policies
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The reporting period for these financial statements has been shortened to nine months from 1 April 2020 to 31 December 2020. This is a change from the comparative 12 month reporting period of 1 April 2019 to 31 March 2020. The change has been made in order to align the reporting period end date of this company with fellow group companies.
The company's functional and presentational currency is GBP, rounded to the nearest £1.
The following principal accounting policies have been applied:
The directors believe that notwithstanding current year losses, net current liabilities and net liabilities, and having considered the impact of the COVID-19 pandemic, the company's financial statements should be prepared on a going concern basis. The directors considered the current and future sources of funding or support from investors to be adequate to meet the company's needs for a period of at least 12 months from the date of approval of these financial statements. Expenditure for Dominvs Stratford Limited consists of property development expenditure which is at the company's discretion. As such, the directors believes that is it well placed to manage the financing and other business risks satisfactorily and have adequate resources to continue in operation for at least 12 months from the signing of these accounts.
Borrowing costs which are directly attributable to the construction of tangible fixed assets are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.
Short term debtors are measured at transaction price, less any impairment.
|
|
Cash and cash equivalents
|
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
|
DOMINVS STRATFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
2.
Accounting policies (continued)
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Interest income is recognised in profit or loss using the effective interest method.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is provided on the following basis:
|
|
|
|
|
|
Not depreciated until brought into use
|
The asset's residual value, useful life and depreciation method are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to or from related parties.
|
The company has no employees other than the directors, who did not receive any remuneration
(2020 - £
NIL
)
.
|
|
DOMINVS STRATFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
|
|
Assets under construction
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalised borrowing costs of £541,247 are included in asset under construction additions during the period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other taxation and social security
|
|
|
|
|
|
|
|
|
|
|
|
DOMINVS STRATFORD LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2020
|
Creditors: Amounts falling due within one year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amounts owed to group undertakings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured liabilities
Included within other creditors are loans of £9,507,299 (2019: £8,917,552) that are are interest bearing at 7.75% per annum. The loans are secured by way of fixed and floating charges over the property and assets of the company.
|
|
Related party transactions
|
|
At the period end the company was a subsidiary of The Collective (Living) Group, a company incorporated and registed at 14 Bedford Square, London, England, WC1B 3JA.
The company has taken advantage of the exemption available under FRS 102 not to disclose transactions with other wholly owned group entities.
|
|
Post balance sheet events
|
In April 2021 the entire share capital of the company was acquired by Dominvs Project Company 19 Limited, a company incorporated in England and Wales. The registered office address is 1 London Street, Reading, RG1 4QW.
|