Company Registration No. 00934277 (England and Wales)
DOLPHIN COURT (WOODLANDS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
ACCOUNTS FOR FILING WITH REGISTRAR
DOLPHIN COURT (WOODLANDS) LIMITED
COMPANY INFORMATION
Director
L Calciano
Company number
00934277
Registered office
Egale 1
80 St Albans Road
Watford
Herts
WD17 1DL
Accountants
Myers Clark
Egale 1
80 St Albans Road
Watford
Hertfordshire
WD17 1DL
DOLPHIN COURT (WOODLANDS) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
DOLPHIN COURT (WOODLANDS) LIMITED
BALANCE SHEET
AS AT
30 JUNE 2017
30 June 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
2
9,500
9,500
Current assets
Debtors
3
32,245
18,398
Creditors: amounts falling due within one year
4
(13,098)
(11,522)
Net current assets
19,147
6,876
Total assets less current liabilities
28,647
16,376
Capital and reserves
Called up share capital
5
300
300
Profit and loss reserves
28,347
16,076
Total equity
28,647
16,376
The director of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act 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 year 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.
The financial statements were approved by the board of directors and authorised for issue on 21 December 2017 and are signed on its behalf by:
L Calciano
Director
Company Registration No. 00934277
DOLPHIN COURT (WOODLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
- 2 -
1
Accounting policies
Company information
Dolphin Court (Woodlands) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Egale 1, 80 St Albans Road, Watford, Herts, WD17 1DL.
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. The principal accounting policies adopted are set out below.
These financial statements for the year ended 30 June 2017
are the
first
financial statements of Dolphin Court (Woodlands) Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 July 2015. An explanation of how transition to FRS 102 has affected the reported financial position and financial performance is given in note 6.
1.2
Turnover
Turnover represents amounts receivable for rental on the telephone mast and other property fees.
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:
Land and buildings Freehold
No depreciation is provided on freehold property
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
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
DOLPHIN COURT (WOODLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans,
other
loans and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction.
Financial liabilities classified as payable within one year are not amortised.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
1.7
During the year the company has acted as agent for the lessees of the property at Dolphin Court, Woodlands, London NW11 9QY. The funds in relation to the maintenance of the property are held in trust. As at 30 June 2017 the cash balance held on behalf of the lessees amounted to £93,103.
Income or expenditure arising from the maintenance of the common parts of the property held in accordance with the governing leases shown in separate service charge accounts for the property. They do not form part of the annual accounts of the company and are not filed at Companies House. The accounts can be obtained from Dolphin Court (Woodlands) Limited.
DOLPHIN COURT (WOODLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 4 -
2
Tangible fixed assets
Land and buildings
£
Cost
At 1 July 2016 and 30 June 2017
9,500
Depreciation and impairment
At 1 July 2016 and 30 June 2017
-
Carrying amount
At 30 June 2017
9,500
At 30 June 2016
9,500
3
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
-
6,694
Other debtors
32,245
11,704
32,245
18,398
4
Creditors: amounts falling due within one year
2017
2016
£
£
Corporation tax
3,020
1,522
Other creditors
10,078
10,000
13,098
11,522
5
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
30 Ordinary shares of £10 each
300
300
300
300
DOLPHIN COURT (WOODLANDS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2017
- 5 -
6
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 July
30 June
2015
2016
£
£
Equity as reported under previous UK GAAP and under FRS 102
10,290
16,376
Reconciliation of profit for the financial period
2016
£
Profit as reported under previous UK GAAP and under FRS 102
6,086
Notes to reconciliations on adoption of FRS 102
FRS 102 requires that loans classified as repayable on demand are shown under current liabilities. As a result of transition to FRS 102, the company has reclassified the loan from shareholders as payable in less than one year.