Company registration number 11368968 (England and Wales)
DREAMPOSTCODE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2021
PAGES FOR FILING WITH REGISTRAR
DREAMPOSTCODE LIMITED
CONTENTS
Page
Balance sheet
3 - 4
Notes to the financial statements
5 - 8
DREAMPOSTCODE LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 NOVEMBER 2021
- 1 -
The directors present their annual report and financial statements for the Period ended 30 November 2021.
Principal activities
The principal activity of the company continued to be that of Buying and selling of own real estate.
Directors
The directors who held office during the Period and up to the date of signature of the financial statements were as follows:
Mr V Srivastava
Mrs M V Srivastava
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr V Srivastava
Director
26 July 2022
DREAMPOSTCODE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 30 NOVEMBER 2021
- 2 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
DREAMPOSTCODE LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2021
30 November 2021
- 3 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
2,015,104
1,210,602
Current assets
Debtors
5
364
Cash at bank and in hand
67
33,374
67
33,738
Creditors: amounts falling due within one year
6
(183,621)
(162,648)
Net current liabilities
(183,554)
(128,910)
Total assets less current liabilities
1,831,550
1,081,692
Creditors: amounts falling due after more than one year
7
(1,823,410)
(1,112,845)
Net assets/(liabilities)
8,140
(31,153)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
8,040
(31,253)
Total equity
8,140
(31,153)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial Period ended 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
DREAMPOSTCODE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 NOVEMBER 2021
30 November 2021
- 4 -
The financial statements were approved by the board of directors and authorised for issue on 26 July 2022 and are signed on its behalf by:
Mr V Srivastava
Director
Company Registration No. 11368968
DREAMPOSTCODE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 NOVEMBER 2021
- 5 -
1
Accounting policies
Company information
Dreampostcode Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
Rear of 17 Plantagenet Road, Barnet, EN5 5JG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
,
and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
Not depreciated
Plant and equipment
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
DREAMPOSTCODE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2021
1
Accounting policies
(Continued)
- 6 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the
profit and loss account
, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to
profit or loss
on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease
s
asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the Period was:
2021
2020
Number
Number
Total
1
1
DREAMPOSTCODE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2021
- 7 -
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 June 2020
1,208,313
4,069
1,212,382
Additions
804,174
1,200
805,374
At 30 November 2021
2,012,487
5,269
2,017,756
Depreciation and impairment
At 1 June 2020
1,780
1,780
Depreciation charged in the Period
872
872
At 30 November 2021
2,652
2,652
Carrying amount
At 30 November 2021
2,012,487
2,617
2,015,104
At 31 May 2020
1,208,313
2,289
1,210,602
Land & Building includes residential properties purchased during the year.
1) Together Money has secured charges against the property situated at 28, Castlewood Road, Liverpool, L6 5AL.
2) Together Money has secured charges against the property situated at 30, Stalmine Road, Liverpool, L9 1BZ.
3) Alternative bridging Corporation limited has secured charges against the property situated at 42, Cedardale Road, Liverpool, L9 2BQ.
4) Alternative bridging Corporation limited has secured charges against the property situated at 31, Cambria Street, Liverpool, L6 6AP.
5) Alternative bridging Corporation limited has secured charges against the property situated at 35, Chaucer Close, Tilbury, RM18 8EG
6) Precise Mortgage has secured charges against the property situated at 7, Howard Street, Deeside, CH5 4QQ.
7) Paragon Bank has secured charges against the property situated at 11, Pennant Street, Connah's Quay, CH5 4NP.
8) Paragon Bank has secured charges against the property situated at 4, Glynne Street, Deeside, CH5 1TA.
9) Landbay Partners limited has secured charges against the property situated at 44, Lipson Road, Paymouth, PL4 8PW.
10) State Bank of India (UK) Limited has secured charges against the property situated at 66, Elm Road, Liverpool, L21 1BL.
DREAMPOSTCODE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 NOVEMBER 2021
- 8 -
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
364
6
Creditors: amounts falling due within one year
2021
2020
£
£
Corporation tax
2,428
Other creditors
181,193
162,648
183,621
162,648
7
Creditors: amounts falling due after more than one year
2021
2020
£
£
Bank loans and overdrafts
1,221,831
673,698
Other creditors
601,579
439,147
1,823,410
1,112,845
Please see the tangible assets note for security charges on property by loan providers.