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REGISTERED NUMBER:
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VAN-DARE PROPERTIES LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 5 OCTOBER 2017 |
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REGISTERED NUMBER:
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VAN-DARE PROPERTIES LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 5 OCTOBER 2017 |
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VAN-DARE PROPERTIES LIMITED (REGISTERED NUMBER: 00475633) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 5 OCTOBER 2017 |
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Company Information | 1 |
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Chartered Accountants' Report | 2 |
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Statement of Financial Position | 3 |
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Notes to the Financial Statements | 5 |
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VAN-DARE PROPERTIES LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 5 OCTOBER 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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Chartered Accountants |
5 Cornfield Terrace |
Eastbourne |
East Sussex |
BN21 4NN |
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
VAN-DARE PROPERTIES LIMITED |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual |
unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a |
Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary |
statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the |
financial statements of Van-dare Properties Limited for the year ended 5 October 2017 which comprise the Income |
Statement, Statement of Financial Position and the related notes from the company's accounting records and from |
information and explanations you have given us. |
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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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Van-dare Properties Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Van-dare Properties Limited and state those matters that we have agreed to state to the Board of Directors of Van-dare Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Van-dare Properties Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Van-dare Properties 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 Van-dare Properties Limited. You consider that Van-dare Properties Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Van-dare Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Accountants |
5 Cornfield Terrace |
Eastbourne |
East Sussex |
BN21 4NN |
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VAN-DARE PROPERTIES LIMITED (REGISTERED NUMBER: 00475633) |
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STATEMENT OF FINANCIAL POSITION |
5 OCTOBER 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
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Investments | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Fair value reserve | 8 |
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Retained earnings | 8 |
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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 |
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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. |
VAN-DARE PROPERTIES LIMITED (REGISTERED NUMBER: 00475633) |
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STATEMENT OF FINANCIAL POSITION - continued |
5 OCTOBER 2017 |
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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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VAN-DARE PROPERTIES LIMITED (REGISTERED NUMBER: 00475633) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 5 OCTOBER 2017 |
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1. | STATUTORY INFORMATION |
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Van-dare Properties Limited 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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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, |
rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Computer equipment | - |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes |
in fair value is recognised in profit or loss. |
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Investment properties are properties held to earn rentals and/or for capital appreciation. |
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Investment properties are initially measured at cost, including transaction costs. Subsequently investment |
properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are |
measured at fair value. Gains and losses arising from changes in the fair value of investment properties are |
included in profit or loss in the period in which they arise. |
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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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Investment in subsidiaries |
Investments in subsidiaries are stated at cost less impairment. |
VAN-DARE PROPERTIES LIMITED (REGISTERED NUMBER: 00475633) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5 OCTOBER 2017 |
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3. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Computer |
machinery | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 6 October 2016 |
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Additions |
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At 5 October 2017 |
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DEPRECIATION |
At 6 October 2016 |
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Charge for year |
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At 5 October 2017 |
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NET BOOK VALUE |
At 5 October 2017 |
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At 5 October 2016 |
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4. | FIXED ASSET INVESTMENTS |
Interest |
in other |
participating |
interests |
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COST |
At 6 October 2016 |
and 5 October 2017 | 50 |
NET BOOK VALUE |
At 5 October 2017 | 50 |
At 5 October 2016 | 50 |
VAN-DARE PROPERTIES LIMITED (REGISTERED NUMBER: 00475633) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5 OCTOBER 2017 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 6 October 2016 |
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Revaluations | 44,699 |
At 5 October 2017 |
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DEPRECIATION |
At 6 October 2016 |
and 5 October 2017 | 12,230 |
NET BOOK VALUE |
At 5 October 2017 |
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At 5 October 2016 |
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The investment properties were valued at 5 October 2014 by Mr M J Aldous, a RICS registered valuer on a fair |
value basis. From this date indexation has been used to calculate the fair value of the investment properties at |
5 October 2017. |
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On a historical cost basis these would have been included at the original cost of £706,850 (2016 - £706,850). |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Amounts owed by participating interests | 52,520 | 52,520 |
Other debtors |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Amounts owed to participating interests | 598,226 | 608,226 |
Taxation and social security |
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Other creditors |
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VAN-DARE PROPERTIES LIMITED (REGISTERED NUMBER: 00475633) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 5 OCTOBER 2017 |
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8. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
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At 6 October 2016 |
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2,707,441 |
Profit for the year |
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Dividends | ( |
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Transfer between reserves | (61,766 | ) | 61,766 | - |
At 5 October 2017 |
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2,916,004 |
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9. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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During the year the director Mrs P J Aldous withdrew amounts totalling £57,988 (2016: £45,422). The balance |
at the year end due from the director was £88,832 (2016: £30,845) and is repayable on demand. Interest of |
£2,022 has been charged on this loan in accordance with HM Revenue & Customs beneficial loan rates. |
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During the year the director Mr J Morgan withdrew amounts totalling £51,875 (2016: £45,422). The balance at |
the year end due from the director was £82,720 (2016: £30,845) and is repayable on demand. Interest of |
£1,909 has been charged on this loan in accordance with HM Revenue & Customs beneficial loan rates. |
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Included in other debtors is a loan of £300,000 (2016: £300,000) owed by P J Aldous and J F Morgan, the |
directors of the company. Loan interest on these amounts is charged at HM Revenue & Customs beneficial |
loan rate and the loans are repayable on demand. |
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10. | RELATED PARTY DISCLOSURES |
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During the year the company charged £10,000 (2016 - £10,000) management fees to Bristowville Property |
Company Limited, a company under the same control as Van-dare Properties Limited. At the year end the |
company owed £350,381 (2015 - £360,381) to Bristowville Property Company Limited. |
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Included in other debtors is £52,520 (2016 - £52,520) owed by Penny Stones Limited, a company in which |
Van-Dare Properties Limited holds 50% of the issued share capital. |
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Included in other creditors is £247,845 (2016 - £247,845) owed to Ardnusbridge Investments Limited, a |
company under the same control as Van-dare Properties Limited. |