Company Registration No. 11328327 (England and Wales)
WILLIAM D'ARCY (HOLDINGS) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
PAGES FOR FILING WITH REGISTRAR
WILLIAM D'ARCY (HOLDINGS) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
WILLIAM D'ARCY (HOLDINGS) LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2019
31 August 2019
- 1 -
2019
2018
Notes
£
£
£
£
Fixed assets
Investment properties
2
407,155
407,155
Investments
3
1,000
1,000
408,155
408,155
Current assets
Debtors
4
4,408
1,000
Cash at bank and in hand
87,043
8,880
91,451
9,880
Creditors: amounts falling due within one year
5
(1,956)
(1,570)
Net current assets
89,495
8,310
Total assets less current liabilities
497,650
416,465
Creditors: amounts falling due after more than one year
6
(306,514)
(308,000)
Net assets
191,136
108,465
Capital and reserves
Called up share capital
7
2,000
2,000
Profit and loss reserves
189,136
106,465
Total equity
191,136
108,465
WILLIAM D'ARCY (HOLDINGS) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2019
31 August 2019
- 2 -
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 Year ended 31 August 2019 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 Year 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 13 May 2020
Mr A D W Aspell
Director
Company Registration No. 11328327
WILLIAM D'ARCY (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2019
- 3 -
1
Accounting policies
Company information
William D'Arcy (Holdings) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
97 Northcourt Avenue, Reading, Berkshire, RG2 7HG.
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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
, The turnover represents rental income receivable for the year from the investment property.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities 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.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
WILLIAM D'ARCY (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
1
Accounting policies
(Continued)
- 4 -
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company
only enters into Basic financial instrument transactions
.
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 debtors 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 financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
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 creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
WILLIAM D'ARCY (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in the tax assessments.
Unrelieved tax losses and other 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.
The company's liability for current and deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Investment property
2019
£
Fair value
At 1 September 2018 and 31 August 2019
407,155
Investment property comprises one property purchased on 2 August 2018. The fair value of the investment property has been arrived at on the basis of a valuation carried out in July 2018 prior to purchase by Connells Survey & Valuation Ltd Chartered Surveyors, who are not connected with the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
3
Fixed asset investments
2019
2018
£
£
Investments
1,000
1,000
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 September 2018 & 31 August 2019
1,000
Carrying amount
At 31 August 2019
1,000
At 31 August 2018
1,000
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Other debtors
4,408
1,000
WILLIAM D'ARCY (HOLDINGS) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2019
4
Debtors
(Continued)
- 6 -
5
Creditors: amounts falling due within one year
2019
2018
£
£
Other creditors
1,956
1,570
6
Creditors: amounts falling due after more than one year
2019
2018
£
£
Other creditors
306,514
308,000
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
2,000 Ordinary of £1 each
2,000
2,000
8
Financial commitments, guarantees and contingent liabilities
The loan is secured by a registered charge against the investment property.