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REGISTERED NUMBER:
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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DES HOLDINGS LTD |
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REGISTERED NUMBER:
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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FOR |
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DES HOLDINGS LTD |
DES HOLDINGS LTD (REGISTERED NUMBER: 04860163) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 30 September 2018 |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 3 |
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Report of the Independent Auditors | 5 |
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Statement of Comprehensive Income | 7 |
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Balance Sheet | 8 |
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Statement of Changes in Equity | 9 |
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Notes to the Financial Statements | 10 |
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DES HOLDINGS LTD |
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COMPANY INFORMATION |
for the year ended 30 September 2018 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Statutory Auditors |
17 St Peters Place |
Fleetwood |
Lancashire |
FY7 6EB |
DES HOLDINGS LTD (REGISTERED NUMBER: 04860163) |
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STRATEGIC REPORT |
for the year ended 30 September 2018 |
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The directors present their strategic report for the year ended 30 September 2018. |
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REVIEW OF BUSINESS |
During the year the company acted as a holding company only. The company and its subsidiary are part of a larger group |
that prepares consolidated financial statements. As such reporting requirements of the strategic report affect the whole |
group and are therefore included in the financial statements of the ultimate parent company, DES Services Group UK |
Limited. |
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ON BEHALF OF THE BOARD: |
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DES HOLDINGS LTD (REGISTERED NUMBER: 04860163) |
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REPORT OF THE DIRECTORS |
for the year ended 30 September 2018 |
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The directors present their report with the financial statements of the company for the year ended 30 September 2018. |
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DIVIDENDS |
Interim dividends totalling £ were paid on any other classes of shares. |
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The total distribution of dividends for the year ended 30 September 2018 will be £
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DIRECTORS |
The directors shown below have held office during the whole of the period from 1 October 2017 to the date of this |
report. |
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Mr I C Brough |
Mr W J Dugdale |
Mr S P Egan |
Mr J Leahy |
Mr B Powell |
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Other changes in directors holding office are as follows: |
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Mr R A Smith - resigned 25 September 2018 |
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Ms J Barlow ceased to be a director after 30 September 2018 but prior to the date of this report. |
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STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements |
in accordance with applicable law and regulations. |
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Company law requires the directors to prepare financial statements for each financial year. Under that law the directors |
have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not |
approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the |
company and of the profit or loss of the company for that period. In preparing these financial statements, the directors |
are required to: |
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- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will
continue in business. |
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The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
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STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken |
as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors |
are aware of that information. |
DES HOLDINGS LTD (REGISTERED NUMBER: 04860163) |
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REPORT OF THE DIRECTORS |
for the year ended 30 September 2018 |
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AUDITORS |
The auditors, Jones Harris Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DES HOLDINGS LTD |
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Opinion |
We have audited the financial statements of DES Holdings Ltd (the 'company') for the year ended 30 September 2018 |
which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to |
the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that |
has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial |
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United |
Kingdom Generally Accepted Accounting Practice). |
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In our opinion the financial statements: |
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give a true and fair view of the state of the company's affairs as at 30 September 2018 and of its profit for the year
then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
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Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. |
Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the |
financial statements section of our report. We are independent of the company in accordance with the ethical |
requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, |
and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit |
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
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Conclusions relating to going concern |
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to |
you where: |
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the directors' use of the going concern basis of accounting in the preparation of the financial statements is not
appropriate; or |
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the directors have not disclosed in the financial statements any identified material uncertainties that may cast
significant doubt about the company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. |
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Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic |
Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors |
thereon. |
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Our opinion on the financial statements does not cover the other information and, except to the extent otherwise |
explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
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In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing |
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge |
obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or |
apparent material misstatements, we are required to determine whether there is a material misstatement in the financial |
statements or a material misstatement of the other information. If, based on the work we have performed, we conclude |
that there is a material misstatement of this other information, we are required to report that fact. We have nothing to |
report in this regard. |
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Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
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the information given in the Strategic Report and the Report of the Directors for the financial year for which the
financial statements are prepared is consistent with the financial statements; and |
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the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal
requirements. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
DES HOLDINGS LTD |
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Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, |
we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
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We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible |
for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such |
internal control as the directors determine necessary to enable the preparation of financial statements that are free from |
material misstatement, whether due to fraud or error. |
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In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a |
going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of |
accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic |
alternative but to do so. |
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Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from |
material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. |
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs |
(UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are |
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic |
decisions of users taken on the basis of these financial statements. |
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A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting |
Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
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Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
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for and on behalf of
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Statutory Auditors |
17 St Peters Place |
Fleetwood |
Lancashire |
FY7 6EB |
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DES HOLDINGS LTD (REGISTERED NUMBER: 04860163) |
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STATEMENT OF COMPREHENSIVE INCOME |
for the year ended 30 September 2018 |
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2018 | 2017 |
Notes | £ | £ |
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TURNOVER |
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Administrative expenses |
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(3,091 | ) | 283,970 |
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Other operating income |
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OPERATING PROFIT and |
PROFIT BEFORE TAXATION |
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Tax on profit | 4 |
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PROFIT FOR THE FINANCIAL YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR |
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DES HOLDINGS LTD (REGISTERED NUMBER: 04860163) |
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BALANCE SHEET |
30 September 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Investments | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Capital redemption reserve | 10 |
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Retained earnings | 10 |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors on
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DES HOLDINGS LTD (REGISTERED NUMBER: 04860163) |
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STATEMENT OF CHANGES IN EQUITY |
for the year ended 30 September 2018 |
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Called up | Capital |
share | Retained | redemption | Total |
capital | earnings | reserve | equity |
£ | £ | £ | £ |
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Balance at 1 October 2016 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 30 September 2017 |
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Changes in equity |
Dividends | - | ( |
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Total comprehensive income | - |
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Balance at 30 September 2018 |
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DES HOLDINGS LTD (REGISTERED NUMBER: 04860163) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 30 September 2018 |
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1. | STATUTORY INFORMATION |
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DES Holdings Ltd is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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At the time of approving the financial statements, the directors have a reasonable expectation that the company |
has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue |
to adopt the going concern basis of accounting in preparing the financial statements. |
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Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, |
as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
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• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of Section 33 Related Party Disclosures paragraph 33.7. |
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Preparation of consolidated financial statements |
The financial statements contain information about DES Holdings Ltd as an individual company and do not |
contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of |
the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its |
subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, |
DES Services Group UK LImited, Sovereign House, Wyrefields, Poulton Industrial Estate, Poulton-le-Fylde, |
England, FY6 8JX. |
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Turnover |
Turnover represents amounts receivable for management charges net of VAT. |
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Financial instruments |
Trade and other debtors that are receivable within one year and do not constitute a financing transaction are |
recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after |
more than one year or constitute a financing transaction are recorded initially at fair value less transaction costs |
and subsequently at amortised cost, net of impairment. |
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Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term |
highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of |
financial position, bank overdrafts are shown within borrowings or current liabilities. |
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Trade and other creditors are initially recognised at the transaction price and are therefore stated at amortised cost |
using the effective interest method unless the discounting would be immaterial, in which case they are stated at |
cost. |
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All interest-bearing loans and borrowings which are basic financial instruments are initially recognised at the |
present value of cash payable to the bank (including interest). After initial recognition they are measured at |
amortised cost using the effective interest rate method, less impairment. The effective interest rate amortisation is |
included in finance revenue in the income statement. |
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DES HOLDINGS LTD (REGISTERED NUMBER: 04860163) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2018 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive |
Income, 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 balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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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. |
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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. |
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3. | EMPLOYEES AND DIRECTORS |
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There were no staff costs for the year ended 30 September 2018 nor for the year ended 30 September 2017. |
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The average number of employees during the year was as follows: |
2018 | 2017 |
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Directors | 7 | 7 |
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2018 | 2017 |
£ | £ |
Directors' remuneration |
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4. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2018 | 2017 |
£ | £ |
Current tax: |
UK corporation tax |
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CT previous year adjustment | - | 3,000 |
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Tax on profit |
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DES HOLDINGS LTD (REGISTERED NUMBER: 04860163) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2018 |
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5. | DIVIDENDS |
2018 | 2017 |
£ | £ |
A Ordinary shares of £1 each |
Final |
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Interim |
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6. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 October 2017 |
and 30 September 2018 |
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NET BOOK VALUE |
At 30 September 2018 |
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At 30 September 2017 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Amounts owed by group undertakings |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Amounts owed to group undertakings |
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Tax |
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Other creditors |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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A Ordinary | £1 | 170 | 170 |
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B Ordinary | £1 | 18 | 18 |
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C Ordinary | £1 | 36 | 36 |
224 | 224 |
DES HOLDINGS LTD (REGISTERED NUMBER: 04860163) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 30 September 2018 |
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10. | RESERVES |
Capital |
Retained | redemption |
earnings | reserve | Totals |
£ | £ | £ |
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At 1 October 2017 |
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16,653 |
Profit for the year |
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Dividends | ( |
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At 30 September 2018 |
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13,562 |