Company Registration No. 03749327 (England and Wales)
WASDON (DOVER) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
PAGES FOR FILING WITH REGISTRAR
WASDON (DOVER) LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
WASDON (DOVER) LIMITED
BALANCE SHEET
AS AT 31 MARCH 2018
31 March 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Investment properties
3
3,400,000
3,675,000
Investments
4
554,632
561,112
3,954,632
4,236,112
Current assets
Debtors
5
1,421,427
1,391,591
Creditors: amounts falling due within one year
6
(1,080,489)
(1,044,420)
Net current assets
340,938
347,171
Total assets less current liabilities
4,295,570
4,583,283
Provisions for liabilities
7
(48,600)
(56,400)
Net assets
4,246,970
4,526,883
Capital and reserves
Called up share capital
8
1,500,003
1,500,003
Profit and loss reserves
9
2,746,967
3,026,880
Total equity
4,246,970
4,526,883
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
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 26 November 2018 and are signed on its behalf by:
Sir M A Heller
Director
Company Registration No. 03749327
WASDON (DOVER) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2018
- 2 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 April 2016
1,500,003
2,836,268
4,336,271
Year ended 31 March 2017:
Profit and total comprehensive income for the year
-
190,612
190,612
Balance at 31 March 2017
1,500,003
3,026,880
4,526,883
Year ended 31 March 2018:
Loss and total comprehensive income for the year
-
(279,913)
(279,913)
Balance at 31 March 2018
1,500,003
2,746,967
4,246,970
WASDON (DOVER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
- 3 -
1
Accounting policies
Company information
Wasdon (Dover) Limited is a
private
company
, limited by shares
and
incorporated in England and Wales.
The registered office is
Hart Shaw, Europa Link, Sheffield Business Park, Sheffield, S9 1XU.
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 represents rents receivable net of VAT.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
The surplus or deficit on revaluation is recognised in the profit and loss account.
1.4
Fixed asset investments
Listed investments are stated at market value.
Investment income is
accounted for in the
p
rofit and loss account as and when received.
1.5
Cash and cash equivalents
Cash at bank and in hand
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.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
WASDON (DOVER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
1
Accounting policies
(Continued)
- 4 -
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.
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, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.7
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.
1.8
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 5 (2017: 5).
WASDON (DOVER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 5 -
3
Investment property
2018
£
Fair value
At 1 April 2017
3,675,000
Revaluations
(275,000)
At 31 March 2018
3,400,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2018
by an independent firm of Chartered Surveyors, who are not connected with the company.
The valuation was made on an open market value basis by reference to market evidence of transaction
prices for similar properties.
The historic cost of investment properties is £
2,278,743
4
Fixed asset investments
2018
2017
£
£
Investments
554,632
561,112
Movements in fixed asset investments
Investments other than loans
£
Cost or valuation
At 1 April 2017
561,112
Valuation changes
(6,480)
At 31 March 2018
554,632
Carrying amount
At 31 March 2018
554,632
At 31 March 2017
561,112
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
12,153
8,478
Amounts owed by group undertakings
350,755
350,755
Other debtors
1,058,519
1,032,358
1,421,427
1,391,591
WASDON (DOVER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 6 -
6
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
299,398
256,896
Corporation tax
-
48,724
Other taxation and social security
44,662
21,154
Other creditors
697,190
704,831
Accruals
39,239
12,815
1,080,489
1,044,420
The aggregate amount of bank loans and overdrafts for which security has been given amounted to £299,398 (2017: 256,896).
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2018
2017
Balances:
£
£
Investment property revlauations
33,600
37,600
Listed investment revaluations
15,000
18,800
48,600
56,400
8
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
1,500,000 Ordinary shares of £1 each
1,500,000
1,500,000
3 Deferred shares of £1 each
3
3
1,500,003
1,500,003
9
Profit and loss reserves
Included in profit and loss reserves are non-distributable reserves of £1,220,529 (2017 - £1,494,209). These reserves relate to the increase in fair value of the investment property and listed investments, less any directly attributable deferred tax liability.
WASDON (DOVER) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2018
- 7 -
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006
:
The auditor's report was unqualified.
The senior statutory auditor was Martin McDonagh.
The auditor was Hart Shaw LLP.
11
Parent company
The ultimate parent company is Wasdon Investments Limited, a company registered in Scotland.