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 2019 |
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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 2019 |
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DOORINVEST LIMITED (REGISTERED NUMBER: 05636468) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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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 2019 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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BUSINESS ADDRESS: |
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REGISTERED NUMBER: |
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DOORINVEST LIMITED (REGISTERED NUMBER: 05636468) |
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BALANCE SHEET |
31 DECEMBER 2019 |
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2019 | 2018 |
Notes | € | € |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Debtors | 6 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 7 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 8 |
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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 2019 |
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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 and authorised for issue on
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DOORINVEST LIMITED (REGISTERED NUMBER: 05636468) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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1. | STATUTORY INFORMATION |
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DoorInvest Limited is a
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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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Going Concern |
The directors have considered the impact and risk on the company of COVID-19 and the company's prospects, recognising the high degree of uncertainty. The directors have concluded that with the right management actions the company is a going concern for at least 12 months following the signature of the financial statements. Accordingly the directors have prepared the financial statements on this basis. |
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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 |
Fixtures & Fittings - 10 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 2019 |
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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. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was NIL (2018 - NIL). |
DOORINVEST LIMITED (REGISTERED NUMBER: 05636468) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2019 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
€ | € | € |
COST |
At 1 January 2019 |
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Additions |
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At 31 December 2019 |
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DEPRECIATION |
At 1 January 2019 |
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Charge for year |
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At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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5. | INVESTMENT PROPERTY |
Total |
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FAIR VALUE |
At 1 January 2019 |
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Additions |
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Revaluations | 14,554,862 |
At 31 December 2019 |
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NET BOOK VALUE |
At 31 December 2019 |
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At 31 December 2018 |
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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 2019 |
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5. | INVESTMENT PROPERTY - continued |
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Cost or valuation at 31 December 2019 is represented by: |
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Valuation in 2007 | 792,790 |
Valuation in 2008 | (125,000 | ) |
Valuation in 2009 | (300,000 | ) |
Valuation in 2010 | (1,935,000 | ) |
Valuation in 2012 | (840,000 | ) |
Valuation in 2013 | 1,500,000 |
Valuation in 2014 | 500,000 |
Valuation in 2015 | 3,000,000 |
Valuation in 2017 | 8,000,000 |
Valuation in 2019 | 14,554,862 |
25,147,652 |
If the investment property had not been revalued it would have been included at the following historic cost: |
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2019 | 2018 |
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Cost | 10,352,348 | 9,782,296 |
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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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The additions above of €570,052 (2018: €327,390) relate to a newly refurbished part of the property which was completed in July 2019, and has a total cost of €945,138. This was originally recognised at cost up until the date of completion. The total property has now been revalued to a fair value of €35,500,000 as at the balance sheet date. |
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6. | DEBTORS |
2019 | 2018 |
€ | € |
Amounts falling due within one year: |
Trade debtors |
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Other debtors |
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Amounts falling due after more than one year: |
Other debtors |
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Aggregate amounts |
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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 2019 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
€ | € |
Trade creditors |
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Other creditors |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2019 | 2018 |
€ | € |
Other creditors |
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Amounts falling due in more than five years: |
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Repayable by instalments |
Other loans more than 5 years |
by instalments | 12,375,904 | 12,654,826 |
12,375,904 | 12,654,826 |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
€ | € |
Other loans | 13,865,564 | 14,102,925 |
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Included within other loans are two separate loans which were taken out during the year ended 31 December 2018 for €12,600,000 and €1,900,000, which are being repaid in accordance with the loan agreement. Both loans are secured by way of a fixed charge against the investment properties included within these accounts. |
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10. | POST BALANCE SHEET EVENTS |
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Investment Property |
The investment property disclosed within the accounts was sold post year end for €35,500,000. In line with FRS102, the fair value of the property has been amended to reflect this current valuation, but the maturity of the loans which are connected to the property have not been amended as it represents a non-adjusting event. |
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Covid-19 |
The effects of Covid-19 on the business represent a non-adjusting post balance sheet event. |