Dutton & Cadwell Limited Company Accounts

COMPANY REGISTRATION NUMBER: 04349537

Dutton & Cadwell Limited

Filleted Unaudited Financial Statements

31 March 2017

Dutton & Cadwell Limited

Financial Statements

Year ended 31 March 2017

Contents	Page

Officers and professional advisers	1

Chartered accountants report to the director on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

Dutton & Cadwell Limited

Officers and Professional Advisers

Director	Mr N G Dutton

Registered office	First Floor Tudor House
	16 Cathedral Road
	Cardiff
	CF11 9LJ

Accountants	Carston
	Chartered Accountants
	1st Floor, Tudor House
	16 Cathedral Road
	Cardiff
	CF11 9LJ

Bankers	National Westminster Bank plc
	96 Queen Street
	Cardiff
	CF10 2GR

Dutton & Cadwell Limited

Chartered Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Dutton & Cadwell Limited

Year ended 31 March 2017

As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 March 2017, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

Carston Chartered Accountants

1st Floor, Tudor House 16 Cathedral Road Cardiff CF11 9LJ

1 December 2017

Dutton & Cadwell Limited

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	6	2,828	555,778
Investments	7	–	715
		-------	---------
		2,828	556,493

Current assets

Stocks		600,000	600,000
Debtors	8	431,061	373,903
Cash at bank and in hand		1,280,306	336,044
		------------	------------
		2,311,367	1,309,947

Creditors: amounts falling due within one year	9	571,636		275,860
		------------		------------
Net current assets			1,739,731	1,034,087
			------------	------------
Total assets less current liabilities			1,742,559	1,590,580
			------------	------------
Net assets			1,742,559	1,590,580
			------------	------------

Capital and reserves

Called up share capital	100	100
Revaluation reserve	88,719	88,719
Profit and loss account	1,653,740	1,501,761
	------------	------------
Shareholders funds	1,742,559	1,590,580
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Dutton & Cadwell Limited

Statement of Financial Position (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 1 December 2017 , and are signed on behalf of the board by:

Mr N G Dutton
Director

Company registration number: 04349537

Dutton & Cadwell Limited

Notes to the Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is First Floor Tudor House, 16 Cathedral Road, Cardiff, CF11 9LJ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 12.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Corporation tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	Amortised over 10 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

All fixed assets are initially recorded at cost. Following a change in the company's core activities, which now include speculative property development, land and buildings held and developed for resale have now been transferred to stock.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Office Equipment	-	20% straight line
Tools & Equipment	-	20% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Stocks

Stock represents the value of land and buildings acquired and developed by the company for subsequent resale. Stock is valued at the cost of land acquired and the costs incurred in the construction of buildings and other related expenditure, modified by any revaluation required to reflect an impairment in the market value.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 6 (2016: 6 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 April 2016 and 31 March 2017	1,500,000
	------------
Amortisation
At 1 April 2016 and 31 March 2017	1,500,000
	------------
Carrying amount
At 31 March 2017	–
	------------
At 31 March 2016	–
	------------

6. Tangible assets

	Fixtures and fittings	Equipment	Investment property	Total
	£	£	£	£
Cost
At 1 April 2016	17,868	3,536	550,000	571,404
Disposals	–	–	( 550,000)	( 550,000)
	--------	-------	---------	---------
At 31 March 2017	17,868	3,536	–	21,404
	--------	-------	---------	---------
Depreciation
At 1 April 2016	12,091	3,535	–	15,626
Charge for the year	2,950	–	–	2,950
	--------	-------	---------	---------
At 31 March 2017	15,041	3,535	–	18,576
	--------	-------	---------	---------
Carrying amount
At 31 March 2017	2,827	1	–	2,828
	--------	-------	---------	---------
At 31 March 2016	5,777	1	550,000	555,778
	--------	-------	---------	---------

7. Investments

	Investments
	£
Cost
At 1 April 2016	715
Disposals	( 715)
	----
At 31 March 2017	–
	----
Impairment
At 1 April 2016 and 31 March 2017	–
	----

Carrying amount
At 31 March 2017	–
	----
At 31 March 2016	715
	----

8. Debtors

	2017	2016
	£	£
Trade debtors	338,748	62,291
Other debtors	92,313	311,612
	---------	---------
	431,061	373,903
	---------	---------

9. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	–	1,550
Trade creditors	112,129	10,737
Corporation tax	74,314	91,244
Social security and other taxes	195,658	11,742
Other creditors	189,535	160,587
	---------	---------
	571,636	275,860
	---------	---------

10. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr N G Dutton	231,680	( 181,232)	50,448
	---------	---------	--------

	2016
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr N G Dutton	245,661	( 13,981)	231,680
	---------	--------	---------

At the yearend Nigel Dutton owed the company £50,448 (2016: £231,680) which includes interest at 3% of £5,399. Nigel Dutton owns 49% of the share capital of the company and received dividends of £92,500 during the year (2016: £nil).

11. Related party transactions

The company was under the control of the director, Nigel Dutton, throughout the current and previous year. The director has connections with several other businesses, either as a director or shareholder, or through family ties, and transactions between these are as follows: Three Arches Services Ltd provided van leasing, servicing, shop & fuel facilities totalling £6,342 (2016: £10,742). Included in trade creditors at the yearend is £401 (2016: £nil) in relation to these transactions. The company received income of £295 (2016: £nil) from Three Arches Services Ltd. There were no other material transactions or transactions outside the normal scope of business with any other related parties.

12. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2015.

No transitional adjustments were required in equity or profit or loss for the year.