Company Registration No. 05265566 (England and Wales)
DAWNUS DEVELOPMENTS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
DAWNUS DEVELOPMENTS LIMITED
COMPANY INFORMATION
Directors
Mr T A Lowe
Mr N C Down
(Appointed 12 March 2018)
Secretary
Mr T A Lowe
Company number
05265566
Registered office
7 Dyffryn Court
Riverside Business Park
Swansea Vale
SWANSEA
UK
SA7 0AP
Auditor
MHA Broomfield Alexander
Charter Court
Phoenix Way
Enterprise Park
SWANSEA
UK
SA7 9FS
DAWNUS DEVELOPMENTS LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 4
Statement of comprehensive income
5
Balance sheet
6
Notes to the financial statements
7 - 10
DAWNUS DEVELOPMENTS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2017
- 1 -
The directors present their report and financial statements of the company for the year ended 31 December 2017.
Principal activities
The principal activity of the company continued to be that of an intermediate holding company
.
The company did not trade during the period. The non trading status of the company is not expected to change for the foreseeable future.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr R Jones
(Resigned 12 March 2018)
Mr T A Lowe
Mr N C Down
(Appointed 12 March 2018)
Results and dividends
The results for the year are set out on page 6.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Auditor
The auditor, MHA Broomfield Alexander, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
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, comprising Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102), 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:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements;
-
notify its shareholders in writing about the use of disclosure exemptions, if any, of FRS 102 used in the preparation of financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
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.
DAWNUS DEVELOPMENTS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 2 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr N C Down
Director
27 June 2018
DAWNUS DEVELOPMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DAWNUS DEVELOPMENTS LIMITED
- 3 -
Opinion
We have audited the financial statements of Dawnus Developments Limited
(the 'company')
for the year ended 31 December 2017 which comprise
the Statement of Comprehensive Income, the Balance Sheet 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 FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 31 December 2017 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.
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 Auditor's 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.
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:
-
the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
-
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
.
The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.
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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
-
the Directors' Report has been prepared in accordance with applicable legal requirements.
DAWNUS DEVELOPMENTS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DAWNUS DEVELOPMENTS LIMITED
- 4 -
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 identifie
d
material misstatements in the Directors' Report
.
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:
-
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; or
-
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the Directors' Report and take advantage of the small companies exemption from the requirement to prepare a Strategic Report.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement, 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 is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
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.
Auditor's 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 an auditor’s report 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.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities
.
This description forms part of our auditor’s 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 an auditor's report 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.
James Edward Dobson BSc(Hons) FCA (Senior Statutory Auditor)
for and on behalf of MHA Broomfield Alexander
27 June 2018
Chartered Accountants
Statutory Auditor
Charter Court
Phoenix Way
Enterprise Park
SWANSEA
UK
SA7 9FS
DAWNUS DEVELOPMENTS LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2017
- 5 -
2017
2016
Notes
£'000
£'000
Profit before taxation
-
-
Tax on profit
-
-
Profit for the financial year
-
DAWNUS DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2017
31 December 2017
- 6 -
2017
2016
Notes
£'000
£'000
£'000
£'000
Fixed assets
Investments
2
100
100
Current assets
Debtors
4
1,298
1,298
Net current assets
1,298
1,298
Total assets less current liabilities
1,398
1,398
Capital and reserves
Share premium account
1,362
1,362
Profit and loss reserves
36
36
Total equity
1,398
1,398
The financial statements were approved by the board of directors and authorised for issue on 27 June 2018 and are signed on its behalf by:
Mr N C Down
Director
Company Registration No. 05265566
DAWNUS DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
- 7 -
1
Accounting policies
Company information
Dawnus Developments is a private company limited by shares incorporated in England and Wales. The registered office is 7 Dyffryn Court, Riverside Business Park, SWANSEA, SA7 0AP.
1.1
Accounting convention
These financial statements have been prepared in accordance with United Kingdom Accounting Standards, including Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
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 £'000.
These financial statements have been prepared on the going concern basis, under the historical cost convention and in accordance with applicable accounting standards in the United Kingdom.
A summary of the more important accounting policies of the company, which have been applied consistently, is set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares
publicly available consolidated financial statements
, including this company,
which are
intended to give a true and fair view of the assets, liabilities,
financial position and profit or loss
of the group
.
T
he company has
therefore
taken advantage of
e
xemptions from the following disclosure requirements:
-
Section 4 ‘Statement of Financial Position’ – Reconciliation of the opening and closing number of shares
;
-
Section 7 ‘Statement of Cash Flows’ – Presentation of a statement of cash
f
low and related notes and disclosures
;
-
Section 33 ‘Related Party Disclosures’
The financial statements of the company are consolidated in the financial statements of
Dawnus Group Limited
. These consolidated financial statements are available from its registered office
- Unit 7, Dyffryn Court, Riverside Business Park, Swansea Vale, Swansea
.
SA7 0AP.
The company has taken advantage of the exemption under section 400 of the
Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Going concern
The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future.
The directors have reviewed the balance sheet, the likely future cash flows of the business and have considered the facilities that we in place at the date of signing the report. The directors have concluded, based on this review, that it is appropriate to prepare the financial statements on a going concern basis.
The company's ability to continue as a going concern is dependent on the continued support of the company's bankers and on its providers of working capital maintaining the existing level of funding on terms and conditions similar to those currently in place.
DAWNUS DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies (Continued)
- 8 -
1.3
Fixed asset investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
1.4
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.
Basic financial assets
Basic financial assets, which include
loans to fellow group companies
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 loans from
fellow group companies 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.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
2
Fixed asset investments
2017
2016
£'000
£'000
Investments
100
100
DAWNUS DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
2
Fixed asset investments (Continued)
- 9 -
Movements in fixed asset investments
Shares in group undertakings
£'000
Cost or valuation
At 1 January 2017 & 31 December 2017
100
Carrying amount
At 31 December 2017
100
At 31 December 2016
100
3
Subsidiaries
Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Churchfield Homes
Unit 7 Dyffryn Court, Riverside Business Park, Swansea Vale, Swansea SA7 0AP
Residential Development
Ordinary shares
100.00
Construction Recyclate Management Limited
As above
Dormant
Ordinary shares
100.00
Dawnus Limited
As above
Project Management
Ordinary shares
100.00
Dyffryn Court Management Limited
As above
Dormant
Ordinary shares
100.00
Legsun Limited
As above
Electrical Contractors
Ordinary shares
100.00
Medrus Limited
As above
Dormant
Ordinary shares
100.00
Quantum Geotechnical Limited
As above
Ground Investigation Works
Ordinary shares
90.00
Dawnus Construction Holdings Limited
As above
Building and civil engineering
Ordinary Shares
100.00
4
Debtors
2017
2016
Amounts falling due within one year:
£'000
£'000
Amounts owed by group undertakings
1,298
1,298
DAWNUS DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
- 10 -
5
Called up share capital
2017
2016
Authorised
90 Ordinary Shares of £1 each
90
90
6
Financial commitments, guarantees and contingent liabilities
The company has guaranteed the bank borrowings of a fellow group company amounting to £5,518,000 (2016: £7,345,000).
7
Parent company
The immediate parent company and controlling party is Dawnus Group Limited which is the parent company of the largest and smallest group to consolidate these financial statements.
The directors do not consider there to be an ultimate controlling party of the group.
Copies of the Dawnus Group consolidated financial statements can be obtained from the company's registered office - Unit 7, Dyffryn Court, Riverside Business Park, Swansea Vale, Swansea, SA7 0AP.
2017-12-31
2017-01-01
false
CCH Software
CCH Accounts Production 2018.220
05265566
2017-01-01
2017-12-31
05265566
bus:CompanySecretaryDirector1
2017-01-01
2017-12-31
05265566
bus:Director2
2017-01-01
2017-12-31
05265566
bus:CompanySecretary1
2017-01-01
2017-12-31
05265566
bus:Director1
2017-01-01
2017-12-31
05265566
bus:RegisteredOffice
2017-01-01
2017-12-31
05265566
2017-12-31
05265566
2016-12-31
05265566
core:CurrentFinancialInstruments
2017-12-31
05265566
core:CurrentFinancialInstruments
2016-12-31
05265566
core:SharePremium
2017-12-31
05265566
core:SharePremium
2016-12-31
05265566
core:RetainedEarningsAccumulatedLosses
2017-12-31
05265566
core:RetainedEarningsAccumulatedLosses
2016-12-31
05265566
core:Subsidiary1
2017-01-01
2017-12-31
05265566
core:Subsidiary2
2017-01-01
2017-12-31
05265566
core:Subsidiary3
2017-01-01
2017-12-31
05265566
core:Subsidiary4
2017-01-01
2017-12-31
05265566
core:Subsidiary5
2017-01-01
2017-12-31
05265566
core:Subsidiary6
2017-01-01
2017-12-31
05265566
core:Subsidiary7
2017-01-01
2017-12-31
05265566
core:Subsidiary8
2017-01-01
2017-12-31
05265566
core:Subsidiary1
1
2017-01-01
2017-12-31
05265566
core:Subsidiary2
1
2017-01-01
2017-12-31
05265566
core:Subsidiary3
1
2017-01-01
2017-12-31
05265566
core:Subsidiary4
1
2017-01-01
2017-12-31
05265566
core:Subsidiary5
1
2017-01-01
2017-12-31
05265566
core:Subsidiary6
1
2017-01-01
2017-12-31
05265566
core:Subsidiary7
1
2017-01-01
2017-12-31
05265566
core:Subsidiary8
4
2017-01-01
2017-12-31
05265566
core:Subsidiary1
2
2017-01-01
2017-12-31
05265566
core:Subsidiary2
2
2017-01-01
2017-12-31
05265566
core:Subsidiary3
2
2017-01-01
2017-12-31
05265566
core:Subsidiary4
2
2017-01-01
2017-12-31
05265566
core:Subsidiary5
2
2017-01-01
2017-12-31
05265566
core:Subsidiary6
2
2017-01-01
2017-12-31
05265566
core:Subsidiary7
3
2017-01-01
2017-12-31
05265566
core:Subsidiary8
2
2017-01-01
2017-12-31
05265566
bus:PrivateLimitedCompanyLtd
2017-01-01
2017-12-31
05265566
bus:FRS102
2017-01-01
2017-12-31
05265566
bus:Audited
2017-01-01
2017-12-31
05265566
bus:FullAccounts
2017-01-01
2017-12-31
xbrli:pure
xbrli:shares
iso4217:GBP