Registered number:
Unaudited
Information for filing with the registrar
For the year ended
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Daysmith HMO Limited
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Daysmith HMO Limited for the year ended 30 June 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Daysmith HMO Limited for the year ended 30 June 2019 which comprise the balance sheet
and the related notes 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 board of directors of Daysmith HMO Limited, as a body, in accordance with the terms of our engagement letter dated
5 April 2017. Our work has been undertaken solely
to prepare for your approval the financial statements of Daysmith HMO Limited and state those matters that we have agreed to state to the board of directors of Daysmith HMO Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Daysmith HMO Limited and its board of directors, as a body, for our work or for this report.
It is your duty to ensure that Daysmith HMO Limited 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 Daysmith HMO Limited. You consider that Daysmith HMO Limited is exempt from the statutory audit requirement for the year.
Chartered Accountants
37 St Margaret's Street
Kent
CT1 2TU
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Daysmith HMO Limited
Registered number:
10709192
Balance sheet
As at
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.
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Daysmith HMO Limited
Registered number:
10709192
Balance sheet
(continued)
As at
30 June 2019
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 4 to 11 form part of these financial statements.
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Daysmith HMO Limited
Notes to the financial statements
For the year ended 30 June 2019
Daysmith HMO Limited is a private company limited by shares which was incorporated in England and Wales.
The company's registered office is 37, St Margaret's Street, Canterbury, Kent, CT1 2TU. The financial statements are presented in Pounds Sterling, and rounded to the nearest pound.
2.
Accounting policies
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 following principal accounting policies have been applied:
At the balance sheet date, the company had net assets of £242,501. However, the profit and loss reserves reflect a deficit of £21,744 at the balance sheet date. The company is reliant on the continued financial support of the directors to ensure that the business is able to continue for the foreseeable future and will make funds available to ensure that the company continues to be able to meet its financial obligations as they fall due.
The directors have considered the company's future trading prospects, working capital requirements and cashflows for a period of at least 12 months from the date of approval of these financial statements. On the basis of this information the directors considers it appropriate to prepare the financial statements on the going concern basis.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
Interest income is recognised in the statement of income and retained earnings using the effective interest method.
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Daysmith HMO Limited
Notes to the financial statements
For the year ended 30 June 2019
2.
Accounting policies (continued)
Finance costs are charged to the statement of income and retained earnings over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
All borrowing costs are recognised in the statement of income and retained earnings in the year in which they are incurred.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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Daysmith HMO Limited
Notes to the financial statements
For the year ended 30 June 2019
2.
Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of income and retained earnings.
Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the statement of income and retained earnings.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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.
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the statement of income and retained earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet.
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Daysmith HMO Limited
Notes to the financial statements
For the year ended 30 June 2019
2.
Accounting policies (continued)
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Daysmith HMO Limited
Notes to the financial statements
For the year ended 30 June 2019
The 2019 valuations were made by the directors, on an open market value for existing use basis.
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Daysmith HMO Limited
Notes to the financial statements
For the year ended 30 June 2019
The bank loans have been secured against the investment properties owned by the company.
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Daysmith HMO Limited
Notes to the financial statements
For the year ended 30 June 2019
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Daysmith HMO Limited
Notes to the financial statements
For the year ended 30 June 2019
Daysmith Limited is the controlling party of Daysmith HMO Limited by virtue of its 100% shareholding. Daysmith Limited has no ultimate controlling party.
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