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REGISTERED NUMBER:
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DOORINVEST LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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REGISTERED NUMBER:
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DOORINVEST LIMITED |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2016 |
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DOORINVEST LIMITED (REGISTERED NUMBER: 05636468) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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DOORINVEST LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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DOORINVEST LIMITED (REGISTERED NUMBER: 05636468) |
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BALANCE SHEET |
31 DECEMBER 2016 |
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2016 | 2015 |
Notes | € | € |
FIXED ASSETS |
Tangible assets | 3 |
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Investment property | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 6 | ( |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Non-distributable reserves |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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DOORINVEST LIMITED (REGISTERED NUMBER: 05636468) |
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BALANCE SHEET - continued |
31 DECEMBER 2016 |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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DOORINVEST LIMITED (REGISTERED NUMBER: 05636468) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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1. | STATUTORY INFORMATION |
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DoorInvest Limited 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 |
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standards |
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. |
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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. |
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The financial statements are prepared in euros, which is the functional currency of the company. Monetary |
amounts in these financial statements are rounded to the nearest €1. |
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The financial statements have been prepared under the historical cost convention, modified to include certain |
financial instruments at fair value. The principal accounting policies adopted are set out below. |
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These financial statements are the first financial statements the company has prepared in accordance with |
Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of |
Ireland' (FRS 102), as applied to smaller entities by the adoption of Section 1A of FRS 102. The financial |
statements for the year ended 31 December 2015 were prepared in accordance with previous UK GAAP. |
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Some of the FRS 102 recognition, measurement, presentation and disclosure requirements and accounting policy |
choices differ from previous UK GAAP. Consequently, the directors have amended certain accounting policies |
to comply with FRS 102. There have been no transitional adjustments other than the reclassification of the |
reserve arising on the revaluation of the company's investment property from a revaluation reserve to the profit |
and loss reserve. Deferred tax has been been accounted for on the revaluation of the property. A distinction has |
been made between realised and unrealised reserves for clarity. |
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Turnover |
Turnover represents rental income for the period excluding German USt (value added tax). |
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Tangible fixed assets |
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Computer equipment - 7 year straight line depreciation |
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Investment property |
Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes |
in fair value is recognised in the profit and loss account. |
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Taxation |
Taxation for the year comprises current and deferred tax payable in Germany. Tax is recognised in the Income |
Statement, 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 in Germany that have been |
enacted or substantively enacted by the balance sheet date. |
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DOORINVEST LIMITED (REGISTERED NUMBER: 05636468) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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2. | ACCOUNTING POLICIES - continued |
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 in |
Germany 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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Foreign currencies |
The directors consider that it is appropriate to draw up the company's financial statements in euro in order to |
present a true and fair view of the company's affairs. The financial statements are therefore presented in euros.. |
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Financial assets |
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. |
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Financial assets are recognised in the company's statement of financial position when the company becomes |
party to the contractual provisions of the instrument. |
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Basic financial assets, which include trade and other receivables 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 financial transaction, where the transaction is |
measured at the present value of the future receipts discounted at a market rate of interest. |
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Financial liabilities |
Basic financial liabilities, which include trade and other payables, are initially measured at transaction price and |
subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the |
debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. |
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Equity instruments |
Equity instruments issued by the company are recorded at the fair value of 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. |
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3. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
€ |
COST |
At 1 January 2016 |
and 31 December 2016 |
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DEPRECIATION |
Charge for year |
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At 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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DOORINVEST LIMITED (REGISTERED NUMBER: 05636468) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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4. | INVESTMENT PROPERTY |
Total |
€ |
FAIR VALUE |
At 1 January 2016 |
and 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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Cost or valuation at 31 December 2016 is represented by: |
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€ |
Valuation in 2007 | 10,200,000 |
Valuation in 2008 | 10,075,000 |
Valuation in 2009 | 9,775,000 |
Valuation in 2010 | 7,840,000 |
Valuation in 2011 | 7,840,000 |
Valuation in 2012 | 7,000,000 |
Valuation in 2013 | 8,500,000 |
Valuation in 2014 | 9,000,000 |
Valuation in 2015 | 12,000,000 |
Valuation in 2016 | 12,000,000 |
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If the investment property had not been revalued it would have been included at the following historic cost: |
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2016 | 2015 |
€ | € |
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Cost | 9,407,210 | 9,407,210 |
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The investment property was valued on an open market basis at the balance sheet date by the directors. |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
€ | € |
Trade debtors |
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Other debtors |
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DOORINVEST LIMITED (REGISTERED NUMBER: 05636468) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2016 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2016 | 2015 |
€ | € |
Bank loans and overdrafts |
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Trade creditors |
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Tax |
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VAT | 5,105 | 9,913 |
Accruals and deferred income |
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Deferred income |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2016 | 2015 |
€ | € |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Bank loans more than 5 years |
by instalments |
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Directors loans | 720,672 | 985,107 |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Bank loans more than 5 years |
by instalments | 5,059,940 | 5,247,079 |
5,059,940 | 5,247,079 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2016 | 2015 |
€ | € |
Bank loans | 5,949,302 | 6,113,640 |
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Included within bank loans are two separate loans (€5,949,302 and €50,000). The loan of €5,949,302 is secured |
against the property included within these accounts as investment property. The loan of €50,000 is unsecured. |
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9. | POST BALANCE SHEET EVENTS |
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Subsequent to the year end the company obtained an additional bank loan of €2m secured against the property. |
Some of the funds will be used to build an extension to the investment property and the remainder was lent to the |
directors and a company owned by one of the directors. |