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Dasina (UK) Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 June 2017

Registration number: 03220677

Dasina (UK) Limited

Contents

Company Information	1
Balance Sheet	2 to 3
Notes to the Financial Statements	4 to 9

Dasina (UK) Limited

Company Information

Directors

Mr P G Vosper Mrs S Vosper

Company secretary

Mr P G Vosper

Registered office

Marsh Mills Retail Park Plymouth Devon PL6 8AY

Accountants

Francis Clark LLP North Quay House Sutton Harbour Plymouth Devon PL4 0RA

Page 1

Dasina (UK) Limited

Balance Sheet

30 June 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	3	6,427	4,032
Investment property	4	750,000	750,000
		756,427	754,032
Current assets
Debtors	5	106,049	109,344
Cash at bank and in hand		1,553	2,471
		107,602	111,815
Creditors: Amounts falling due within one year	6	(966,506)	(952,219)
Net current liabilities		(858,904)	(840,404)
Total assets less current liabilities		(102,477)	(86,372)
Provisions for liabilities		(48,548)	(54,250)
Net liabilities		(151,025)	(140,622)
Capital and reserves
Called up share capital		2	2
Fair value reserve		382,367	376,665
Profit and loss account		(533,394)	(517,289)
Total equity		(151,025)	(140,622)

The notes on pages 4 to 9 form an integral part of these financial statements.

Page 2

Dasina (UK) Limited

Balance Sheet

30 June 2017

For the financial year ending 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 4 March 2018 and signed on its behalf by:
 

.........................................

Mr P G Vosper

Director

Company Registration Number: 03220677

The notes on pages 4 to 9 form an integral part of these financial statements.

Page 3

Dasina (UK) Limited

Notes to the Financial Statements

Year Ended 30 June 2017

1	General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Marsh Mills Retail Park
Plymouth
Devon
PL6 8AY

These financial statements were authorised for issue by the Board on 4 March 2018.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Change in basis of accounting

The company's financial statements have been prepared in accordance with FRS102 - the Financial Reporting Standard applicable in the UK and Republic of Ireland. The company has transferred from previously extant UK GAAP to FRS102 as at 1 July 2015. Comparatives have been restated, and an explanation of how transition to FRS102 has affected the reported financial position and financial performance in given in note 9.

Going concern

The financial statements have been prepared on a going concern basis.

The directors have prepared the financial statements on a going concern basis, on the understanding that they will continue to provide financial support if it is required and, accordingly, the financial statements do not include any adjustments that would result if this support were not forthcoming.

Page 4

Dasina (UK) Limited

Notes to the Financial Statements

Year Ended 30 June 2017

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

Tax

Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Plant & Equipment	20% straight line
Motor Vehicles	25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Page 5

Dasina (UK) Limited

Notes to the Financial Statements

Year Ended 30 June 2017

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.

 

3	Tangible assets

	Motor vehicles  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 July 2016	15,499	10,562	26,061
Additions	-	4,254	4,254
At 30 June 2017	15,499	14,816	30,315
Depreciation
At 1 July 2016	15,499	6,530	22,029
Eliminated on disposal	-	1,859	1,859
At 30 June 2017	15,499	8,389	23,888
Carrying amount
At 30 June 2017	-	6,427	6,427
At 30 June 2016	-	4,032	4,032

Page 6

Dasina (UK) Limited

Notes to the Financial Statements

Year Ended 30 June 2017

4	Investment properties

	2017 £
At 1 July 2016 and 30 June 2017	750,000

As at 30 June 2011 the directors have included a revaluation of the freehold property at £750,000. In their opinion, this valuation continues to be appropriate at 30 June 2017.

There has been no valuation of investment property by an independent valuer.

5

Debtors

	2017  £	2016  £
Trade debtors	-	3,129
Other debtors	106,049	106,215
	106,049	109,344

6

Creditors

Creditors: amounts falling due within one year

	2017  £	2016  £
Due within one year
Trade creditors	851	3,727
Amounts due to group undertakings	963,555	946,118
Corporation tax	-	274
Accrued expenses	2,100	2,100
	966,506	952,219