Registration number:
George Dutton Limited
for the Year Ended 30 November 2017
George Dutton Limited
Contents
Company Information |
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Accountants' Report |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
George Dutton Limited
Company Information
Directors |
F M Dutton G S Dutton |
Company secretary |
F M Dutton |
Registered office |
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Bankers |
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Accountants |
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Page 1 |
Chartered Certified Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
George Dutton Limited
for the Year Ended 30 November 2017
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of George Dutton Limited for the year ended 30 November 2017 as set out on pages 3 to 11 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made solely to the Board of Directors of George Dutton Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of George Dutton Limited and state those matters that we have agreed to state to the Board of Directors of George Dutton Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than George Dutton Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that George Dutton Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of George Dutton Limited. You consider that George Dutton Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of George Dutton 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 accounts.
...........................................................
Millennium Way
Pride Park
Derby
DE24 8HG
Date:.............................
Page 2 |
George Dutton Limited
(Registration number: 01315638)
Balance Sheet as at 30 November 2017
Note |
2017 |
2016 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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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 |
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Called up share capital |
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Revaluation reserve |
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Fair value reserve |
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Profit and loss account |
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Total equity |
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Page 3 |
George Dutton Limited
(Registration number: 01315638)
Balance Sheet as at 30 November 2017
For the financial year ending 30 November 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
|
• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
G S Dutton
Director
Page 4 |
George Dutton Limited
Statement of Changes in Equity for the Year Ended 30 November 2017
Share capital |
Revaluation reserve |
Fair value reserve |
Profit and loss account |
Total |
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At 1 December 2016 |
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|
|
|
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Profit for the year |
- |
- |
- |
|
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Total comprehensive income |
- |
- |
- |
|
|
Dividends |
- |
- |
- |
( |
( |
Other reserve movements |
- |
- |
40,505 |
(40,505) |
- |
Transfer of realised profits |
- |
( |
( |
|
- |
At 30 November 2017 |
|
|
|
|
|
Share capital |
Revaluation reserve |
Fair value reserve |
Profit and loss account |
Total |
|
At 1 December 2015 |
|
( |
|
|
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Profit for the year |
- |
- |
- |
|
|
Surplus on property revaluation |
- |
8,632 |
- |
- |
8,632 |
Total comprehensive income |
- |
|
- |
|
|
Dividends |
- |
- |
- |
( |
( |
Depreciation adjustment |
- |
- |
- |
2,791 |
2,791 |
Other reserve movements |
- |
46,833 |
381,895 |
(428,728) |
- |
Transfer of realised profits |
- |
(600) |
- |
600 |
- |
At 30 November 2016 |
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|
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Page 5 |
George Dutton Limited
Notes to the Financial Statements for the Year Ended 30 November 2017
General information |
The company is a private company limited by share capital incorporated in England.
The address of the registered office is given in the company information on page 1 of the financial statements.
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are presented in Sterling (£) and rounded to the nearest £1.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Page 6 |
George Dutton Limited
Notes to the Financial Statements for the Year Ended 30 November 2017
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation and revaluations
Freehold land and buildings are revalued regularly. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost less depreciation, or its reversal, on an individual piece of freehold land or property is expected to be permanent, in which case it is recognised in the profit and loss account for the year.
All tangible fixed assets are initially recorded at cost. Depreciation is provided on tangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:
Asset class |
Depreciation method and rate |
Freehold land and buildings |
2% straight line basis on buildings. Freehold land is not depreciated. |
Plant and machinery |
15% reducing balance basis and 20% straight line basis |
Fixtures, fittings and equipment |
25% reducing balance basis |
Investment property
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Page 7 |
George Dutton Limited
Notes to the Financial Statements for the Year Ended 30 November 2017
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Freehold land and buildings |
Plant and machinery |
Fixtures, fittings and equipment |
Total |
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Cost or valuation |
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At 1 December 2016 |
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At 30 November 2017 |
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Depreciation |
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At 1 December 2016 |
- |
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Charge for the year |
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At 30 November 2017 |
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Carrying amount |
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At 30 November 2017 |
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At 30 November 2016 |
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Revaluation
The land and buildings class of fixed assets was revalued on 11 May 2017 by Gadsby Nichols who are external to the company. The basis of this valuation was at market value. This class of fixed assets has a current value of £39,430 (2016 - £40,000).
Had this class of asset been measured on a historical cost basis, the carrying amount would have been: |
||
2017 |
2016 |
|
£ |
£ |
|
Aggregate cost |
31,368 |
31,368 |
Aggregate accumulated depreciation |
950 |
503 |
Aggregate carrying amount |
30,418 |
30,865 |
Page 8 |
George Dutton Limited
Notes to the Financial Statements for the Year Ended 30 November 2017
Investment properties |
2017 |
|
At 1 December |
|
Additions |
|
Disposals |
( |
At 30 November |
|
The investment property class of fixed assets was revalued on 11 May 2017 by Gadsby Nichols who are external to the company. The basis of this valuation was at market value. The addition was made after this date and was aquired at market value. This class of assets has a current value of £5,743,551 (2016 - £5,282,499).
Debtors |
2017 |
2016 |
|
Trade debtors |
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Other debtors |
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Included in other debtors is £605,419 (2016 - £811,424) owed from a connected company.
Creditors |
Note |
2017 |
2016 |
|
Due within one year |
|||
Loans and borrowings |
|
|
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Trade creditors |
|
|
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Taxation and social security |
- |
|
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Corporation tax |
48,547 |
43,965 |
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Other creditors |
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Included in other creditors is £318,064 (2016 - £189,650) owed to directors of the company.
Page 9 |
George Dutton Limited
Notes to the Financial Statements for the Year Ended 30 November 2017
Loans and borrowings |
2017 |
2016 |
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Current loans and borrowings |
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Bank overdrafts |
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Share capital |
Allotted, called up and fully paid shares
2017 |
2016 |
|||
No. |
£ |
No. |
£ |
|
|
|
30,000 |
|
30,000 |
|
|
1,500 |
|
1,500 |
|
|
750 |
|
750 |
|
|
250 |
|
250 |
|
|
250 |
|
250 |
|
|
250 |
|
250 |
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|
|
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Financial commitments, guarantees and contingencies |
The total amount of income expected to be received but not included in the balance sheet is £1,141,666 (2016 - £875,944).
Transition to FRS102 |
Deferred tax:
Under previous GAAP, the company did not make adjustments for deferred tax on revalued non-current asset. Under FRS102 the company is required to recognise the deferred tax. On transition this has meant a reduction in the opening fair value reserve balance of £109,500 in respect of deferred tax liabilities. For the period ended 30 November 2016 an increase in the deferred tax liability of £75,792 was recognised in the fair value reserve.
Investment properties:
Under FRS102, investment properties are to be recorded at fair value at each reporting date with changes in such value being recognised in the profit and loss account. Under previous UK GAAP these changes were recorded in the Statement of Total Recognised Gains and Losses.
Page 10 |
George Dutton Limited
Notes to the Financial Statements for the Year Ended 30 November 2017
Balance Sheet at 1 December 2015
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Capital and reserves |
||||
Called up share capital |
33,000 |
- |
- |
33,000 |
Revaluation reserve |
2,253,983 |
(2,302,575) |
2,359 |
(46,233) |
Fair value reserve |
- |
2,302,575 |
(111,859) |
2,190,716 |
Profit and loss account |
3,458,924 |
- |
- |
3,458,924 |
Total equity |
5,745,907 |
- |
(109,500) |
5,636,407 |
Balance Sheet at 30 November 2016
As originally reported |
Reclassification |
Remeasurement |
As restated |
|
Capital and reserves |
||||
Called up share capital |
33,000 |
- |
- |
33,000 |
Revaluation reserve |
2,768,894 |
(2,760,262) |
- |
8,632 |
Fair value reserve |
- |
2,760,262 |
(187,651) |
2,572,611 |
Profit and loss account |
3,321,830 |
- |
- |
3,321,830 |
Total equity |
6,123,724 |
- |
(187,651) |
5,936,073 |
Profit and Loss Account for the year ended 30 November 2016
£ |
||
As previously reported |
195,545 |
|
Gain on revaluation of investment properties |
444,490 |
|
Movement on deferred tax |
(75,792) |
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As reported under FRS102 |
564,243 |
Page 11 |