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Unaudited Financial Statements |
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for the Year Ended 30 June 2017 |
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for |
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David Cliff (Mortimer) Ltd |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 30 June 2017 |
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for |
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David Cliff (Mortimer) Ltd |
David Cliff (Mortimer) Ltd (Registered number: 09412055) |
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Contents of the Financial Statements |
for the Year Ended 30 June 2017 |
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Page |
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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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David Cliff (Mortimer) Ltd |
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Company Information |
for the Year Ended 30 June 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Overdene House |
49 Church Street |
Theale |
Reading |
Berkshire |
RG7 5BX |
David Cliff (Mortimer) Ltd (Registered number: 09412055) |
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Statement of Financial Position |
30 June 2017 |
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30.6.17 | 30.6.16 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies
Act 2006 and |
(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end
of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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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
by: |
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David Cliff (Mortimer) Ltd (Registered number: 09412055) |
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Notes to the Financial Statements |
for the Year Ended 30 June 2017 |
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1. | STATUTORY INFORMATION |
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David Cliff (Mortimer) Ltd is a
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company's registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis for preparing the financial statements |
The financial statements have been prepared under the historical cost convention. |
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These financial statements are the first financial statements that comply with FRS 102 Section 1A small entities. |
The date of transition is 30 January 2015 and the comparative prior period has been restated. |
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The presentation currency is sterling (£). |
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Turnover |
Turnover represents net invoiced sales, excluding value added tax. Turnover is recognised when the company |
obtains the right to consideration as defined in the landlord and tenants agreements. In the case of commissions |
in respect of property sales, turnover is recognised on exchange of contracts. |
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Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful |
life. |
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Improvements to property | - 2 years over the term of the lease |
Fixtures & fittings | - 15% straight line |
Computer equipment | - 33% straight line |
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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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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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Debtors |
Short Term debtors are measured at transaction price less any impairment. Loans receivable are measured |
initially at fair value, net of transactions costs, and are measured subsequently at amortised costs using the |
effective interest method, less any impairment. |
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Creditors |
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 costs |
using the effective interest method. |
David Cliff (Mortimer) Ltd (Registered number: 09412055) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Going concern justification |
The company meets its day to day working capital requirements partially through the support of its creditors. The |
directors have considered the projected cash flow information for the company during the foreseeable post |
year-end period. On the basis of the cash flow information and discussions with the company's creditors, the |
directors consider that the company will continue to operate within the available finance facilities. However the |
margin of finance facilities over requirements is not large and, inherently there can be no certainty in relation to |
this matter. On this basis, the directors consider it appropriate to prepare the financial statements on the going |
concern basis. The financial statements do not include any adjustments that would result from a withdrawal of |
the support of the company's creditors. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and | Computer |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 July 2016 |
and 30 June 2017 |
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DEPRECIATION |
At 1 July 2016 |
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Charge for year |
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At 30 June 2017 |
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NET BOOK VALUE |
At 30 June 2017 |
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At 30 June 2016 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.17 | 30.6.16 |
£ | £ |
Trade debtors |
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VAT |
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Deferred tax asset |
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Prepayments and accrued income |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.17 | 30.6.16 |
£ | £ |
Trade creditors |
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Social security and other taxes |
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VAT | 5,363 | - |
Other creditors |
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Directors' loan accounts | 78,900 | 78,900 |
Accruals and deferred income |
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David Cliff (Mortimer) Ltd (Registered number: 09412055) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 June 2017 |
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7. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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At the balance sheet date, the following balances existed on loan accounts with the directors: |
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D Cliff - £29,949 in credit (2016 - £29,949 in credit) |
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C F Robertson - £24,975 in credit (2016 - £24,975 in credit) |
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D P Fraifeld - £11,988 in credit (2016 - £11,988 in credit) |
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G S Muden - £11,988 in credit (2016 - £11,988 in credit) |
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The above loans are interest free and with no fixed date for repayment. |
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8. | ULTIMATE CONTROLLING PARTY |
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The company is under the control of one of its directors D Cliff. |
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9. | FIRST YEAR ADOPTION |
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This is the first year the financial statements have been prepared under FRS 102. There were no restatements of |
prior period comparison as a result of the transition to FRS 102. |
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