Registered number:
07701303
DORSON TRANSFORM LTD
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2020
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DORSON TRANSFORM LTD
REGISTERED NUMBER:
07701303
BALANCE SHEET
AS AT
29 DECEMBER 2020
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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DORSON TRANSFORM LTD
REGISTERED NUMBER:
07701303
BALANCE SHEET
(CONTINUED)
AS AT
29 DECEMBER 2020
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
................................................
Stephen James Dorrell
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The notes on pages 5 to 10 form part of these financial statements.
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DORSON TRANSFORM LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
29 DECEMBER 2020
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Total transactions with owners
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The notes on pages 5 to 10 form part of these financial statements.
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DORSON TRANSFORM LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
29 DECEMBER 2019
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Total transactions with owners
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The notes on pages 5 to 10 form part of these financial statements.
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DORSON TRANSFORM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2020
Dorson Transform Limited is a private limited company incorporated in England and Wales limited by share capital, registered number 07701301. The registered address is 1 Vincent Square, London, SW1P 2PN.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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The following principal accounting policies have been applied:
The directors have discussed in detail, and believe that is it appropriate to prepare the financial statements on the going concern basis, which assumes that the company will continue in operational
existence for the foreseeable future.
The directors have reviewed budgets and forecasts for a period of 12 months from approval of the
accounts and it is of their opinion that the company can continue as a going concern for the forseeable future.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
∙
the amount of revenue can be measured reliably;
∙
it is probable that the Company will receive the consideration due under the contract;
∙
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙
the costs incurred and the costs to complete the contract can be measured reliably.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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DORSON TRANSFORM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2020
2.
Accounting policies (continued)
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investments in subsidiaries are measured at cost less accumulated impairment.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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DORSON TRANSFORM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2020
2.
Accounting policies (continued)
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
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The average monthly number of employees, including directors, during the year was
8
(2019 -
6
)
.
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Charge for the year on owned assets
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DORSON TRANSFORM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2020
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Investments in subsidiary companies
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Amounts owed by joint ventures and associated undertakings
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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DORSON TRANSFORM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2020
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Creditors: Amounts falling due after more than one year
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 1-2 years
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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DORSON TRANSFORM LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 DECEMBER 2020
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Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.
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Other financial liabilities measured at fair value through profit or loss comprise bank overdrafts.
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The company contributes into a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £16,622 (2019: £13,682).
Contributions totaling £Nil (2019: £649) were payable to the fund at the reporting date and are included in creditors.
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Related party transactions
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At the balance sheet date there was an amount owing of £61,000 (2019 - £60,000) to relatives of directors, this amount is interest free and there is no fixed date for repayment.
At the balance sheet date there was an amount owing of £132,521 (2019 - £401,171) to directors, this amount is interest free and there is no fixed date for repayment.
At the balance sheet date there was an amount owing of £Nil (2019 - £9,790) to related companies, this amount is interest free and there is no fixed date for repayment.
At the balance sheet date there was an amount owing of £65,280 (2019 - £47,885) from related companies, this amount is interest free and there is no fixed date for repayment.
At the balance sheet date there was an amount owing of £184,526 (2019 - £5,293) to subsidiaries, this amount is interest free and there is no fixed date for repayment.
At the balance sheet date there was an amount owing of £92,242 (2019 - £92,445) from subsidiaries, this amount is interest free and there is no fixed date for repayment.
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