COMPANY REGISTRATION NO. 06534284 (England and Wales)
DREAM WEDDINGS AND HONEYMOONS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2017
PAGES FOR FILING WITH REGISTRAR
DREAM WEDDINGS AND HONEYMOONS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
DREAM WEDDINGS AND HONEYMOONS LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2017
30 September 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Tangible assets
4
-
54
Current assets
Debtors
5
10,709
110,449
Cash at bank and in hand
46,817
25,453
57,526
135,902
Creditors: amounts falling due within one year
6
(56,749)
(120,411)
Net current assets
777
15,491
Total assets less current liabilities
777
15,545
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
776
15,544
Total equity
777
15,545
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial period ended 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476
.
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 and signed by the director and authorised for issue on 27 June 2018
Mr M H F Morgan
Director
Company Registration No. 06534284
DREAM WEDDINGS AND HONEYMOONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2017
- 2 -
1
Accounting policies
Company information
Dream Weddings And Honeymoons Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
14 High Street, Chepstow, Monmouthshire, NP16 5LQ.
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. The principal accounting policies adopted are set out below.
These financial statements for the period ended 30 September 2017
are the
first
financial statements of Dream Weddings And Honeymoons Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 April 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.
1.2
Reporting period
These accounts are prepared to the 30 September 2017 and is for a period longer than one year as a result of the company extending it's year end by six months. The reason for this extension is to align the company's year end with it's related party's year end.
1.3
Turnover
Turnover is recognised as earned, when, and to the extent, that the company obtains the right to consideration in exchange for services provided. Turnover is recognised on a daily basis including VAT to the end of the financial year. Where services are despatched prior to the year end then turnover is recognised within that financial year.
Revenue from
the sale of holidays
is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
DREAM WEDDINGS AND HONEYMOONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2017
1
Accounting policies
(Continued)
- 3 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Exceptional costs
2017
2016
£
£
Irrecoverable loans
23,625
-
During the current period, the company has recognised an exceptional cost of £23,625 in relation to a forgiven loan account with Miles Away Limited and a debtor due from NCTP who went into liquidation during the period.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2 (2016 - 2).
DREAM WEDDINGS AND HONEYMOONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2017
- 4 -
4
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 April 2016 and 30 September 2017
1,195
Depreciation and impairment
At 1 April 2016
1,141
Depreciation charged in the period
54
At 30 September 2017
1,195
Carrying amount
At 30 September 2017
-
At 31 March 2016
54
5
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
10,584
10,069
Corporation tax recoverable
-
125
Other debtors
125
100,255
10,709
110,449
6
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
6,268
4,830
Corporation tax
2,223
-
Other taxation and social security
5,653
5,366
Other creditors
42,605
110,215
56,749
120,411
7
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary of £1 each
1
1
1
1
DREAM WEDDINGS AND HONEYMOONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2017
- 5 -
8
Related party transactions
During the period the loan account with Miles Away Limited of £76,375 was forgiven by Miles Away Limited. These transactions are related as the companies have a mutual director and shareholder.
The company operated a loan account with NCTP Limited, This company went into liquidation during the period and the loan balance of £100,000 has been written off in the accounts. The balance outstanding at the end of 2016 is £100,000. The companies were related as they had a mutual director and shareholder.