REGISTERED NUMBER:
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 MARCH 2020 |
|
FOR |
|
DRIFFIELD PROPERTIES LIMITED |
REGISTERED NUMBER:
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 MARCH 2020 |
|
FOR |
|
DRIFFIELD PROPERTIES LIMITED |
DRIFFIELD PROPERTIES LIMITED (REGISTERED NUMBER: 01760627) |
|
|
|
|
|
|
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2020 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 |
|
Notes to the Financial Statements | 4 |
|
DRIFFIELD PROPERTIES LIMITED |
|
COMPANY INFORMATION |
for the Year Ended 31 March 2020 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Chartered Accountants |
The Counting House |
Nelson Street |
Hull |
HU1 1XE |
DRIFFIELD PROPERTIES LIMITED (REGISTERED NUMBER: 01760627) |
|
BALANCE SHEET |
31 March 2020 |
|
31.3.20 | 31.3.19 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
Investment property | 5 |
|
|
|
|
|
CURRENT ASSETS |
Cash at bank |
|
|
|
CREDITORS |
Amounts falling due within one year | 6 |
|
|
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
7 |
|
|
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Fair value reserve | 9 |
|
|
Retained earnings |
|
|
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
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 |
(b) |
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. |
DRIFFIELD PROPERTIES LIMITED (REGISTERED NUMBER: 01760627) |
|
BALANCE SHEET - continued |
31 March 2020 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered. |
|
The financial statements were approved by the Board of Directors and authorised for issue on
signed on its behalf by: |
|
|
|
|
|
|
|
DRIFFIELD PROPERTIES LIMITED (REGISTERED NUMBER: 01760627) |
|
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 March 2020 |
|
1. | STATUTORY INFORMATION |
|
Driffield Properties Limited is a
|
company's registered number and registered office address can be found on the Company Information page. |
|
The presentation currency of the financial statements is the Pound Sterling (£). |
|
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" |
of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of |
Ireland" and Companies Act 2006. There were no material departures from that standard. The financial |
statements have been prepared under the historical cost convention as modified by the revaluation of certain |
assets. |
|
Going Concern |
The financial statements have been prepares on the going concern basis as the directors have indicated their |
willingness to continue to support the company. |
|
Turnover |
Turnover represents rents receivable, excluding value added tax. |
|
Tangible fixed assets |
Tangible fixed assets are stated at cost, net of depreciation and any provision for impairment. Depreciation is |
provided at the following annual rates calculated to write off the cost, less estimated residual value, of each asset |
over its expected useful life. |
|
Residual value represents the estimated amount which would currently be obtained from disposal of an asset, |
after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at |
the end of its useful life. |
|
Impairment of assets |
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets |
have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any |
affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the |
carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised |
immediately in profit or loss. |
|
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate |
of its recoverable amount, but not in excess of the amount that would have been determined had no impairment |
loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in |
profit or loss. |
|
Investment property |
Land and buildings are classified as investment property when the property is held to earn rentals or for capital |
appreciation or both. Investment property is initially measured at cost which comprises purchase price and any |
directly attributable expenditure, and subsequently remeasured to fair value at each reporting date with changes |
in fair value recognised in profit or loss. |
|
Financial instruments |
Basic financial instruments are recognised at amortised cost, with changes recognised in profit or loss. Derivative |
financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or |
loss. |
|
DRIFFIELD PROPERTIES LIMITED (REGISTERED NUMBER: 01760627) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2020 |
|
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, |
except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
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 balance sheet date. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
|
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
|
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
|
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 April 2019 |
and 31 March 2020 |
|
DEPRECIATION |
At 1 April 2019 |
and 31 March 2020 |
|
NET BOOK VALUE |
At 31 March 2020 |
|
At 31 March 2019 |
|
|
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2019 |
|
Additions |
|
At 31 March 2020 |
|
NET BOOK VALUE |
At 31 March 2020 |
|
At 31 March 2019 |
|
DRIFFIELD PROPERTIES LIMITED (REGISTERED NUMBER: 01760627) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 March 2020 |
|
5. | INVESTMENT PROPERTY - continued |
|
Investment properties were valued on an open market basis on 31 March 2020 by the directors. |
|
Investment property is included at fair value. Gains are recognised in the profit and loss account. It is not |
expected that there will be a material net reversal of deferred tax next year (2019: Nil) relating to the reversal of |
existing timing differences on investment properties. |
|
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Bank loans and overdrafts |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.3.20 | 31.3.19 |
£ | £ |
Bank loans |
|
|
|
8. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
31.3.20 | 31.3.19 |
£ | £ |
Bank loans |
|
|
|
The bank loans are secured against all assets of the business. |
|
9. | RESERVES |
Fair |
value |
reserve |
£ |
At 1 April 2019 |
and 31 March 2020 |
|
|
10. | RELATED PARTY DISCLOSURES |
|
At the year end the company owed the directors £231,089 (2019: £107,073) in respect of a current account |
balance. Loans made to the company by the directors are unsecured, interest free and repayable on demand. |