Company Registration No. 06812937 (England and Wales)
DE WALLEN LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2018
PAGES FOR FILING WITH REGISTRAR
DE WALLEN LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
DE WALLEN LTD
BALANCE SHEET
AS AT 28 FEBRUARY 2018
28 February 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
3
45
60
Current assets
Debtors
4
96,438
4,260
Cash at bank and in hand
25,837
28,395
122,275
32,655
Creditors: amounts falling due within one year
5
(126,655)
(129,906)
Net current liabilities
(4,380)
(97,251)
Total assets less current liabilities
(4,335)
(97,191)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(4,435)
(97,291)
Total equity
(4,335)
(97,191)

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 28 February 2018 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.

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.

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 November 2018
Mr L  Elias
Director
Company Registration No. 06812937
DE WALLEN LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 2 -
1
Accounting policies
Company information

De Wallen Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 180 Great Portland Street, London, W1W 5QZ.

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 have been prepared under the historical cost convention.

1.2
Turnover
Turnover represents amounts receivable for artist and management fees during the year, net of VAT.
1.3
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, fittings & equipment
25% reducing balance

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.

1.4
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks.

1.5
Financial instruments

The company only has basic financial instruments.

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.

 

 

Basic financial liabilities, including creditors and bank loans, loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction.

1.6
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

DE WALLEN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
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
Employees

The average monthly number of persons (including directors) employed by the company during the year was 1 (2017 - 1).

3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2017 and 28 February 2018
333
Depreciation and impairment
At 1 March 2017
273
Depreciation charged in the year
15
At 28 February 2018
288
Carrying amount
At 28 February 2018
45
At 28 February 2017
60
DE WALLEN LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2018
- 4 -
4
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
96,438
4,260
5
Creditors: amounts falling due within one year
2018
2017
£
£
Trade creditors
-
3,152
Corporation tax
10,165
-
Other taxation and social security
-
2,545
Other creditors
116,490
124,209
126,655
129,906
2018-02-282017-03-01falseCCH SoftwareCCH Accounts Production 2018.220No description of principal activity13 November 2018Mr L Elias068129372017-03-012018-02-28068129372018-02-28068129372017-02-2806812937core:OtherPropertyPlantEquipment2018-02-2806812937core:OtherPropertyPlantEquipment2017-02-2806812937core:CurrentFinancialInstruments2018-02-2806812937core:CurrentFinancialInstruments2017-02-2806812937core:ShareCapital2018-02-2806812937core:ShareCapital2017-02-2806812937core:RetainedEarningsAccumulatedLosses2018-02-2806812937core:RetainedEarningsAccumulatedLosses2017-02-2806812937bus:Director12017-03-012018-02-2806812937core:FurnitureFittings2017-03-012018-02-2806812937core:OtherPropertyPlantEquipment2017-02-2806812937core:OtherPropertyPlantEquipment2017-03-012018-02-2806812937bus:PrivateLimitedCompanyLtd2017-03-012018-02-2806812937bus:FRS1022017-03-012018-02-2806812937bus:AuditExemptWithAccountantsReport2017-03-012018-02-2806812937bus:SmallCompaniesRegimeForAccounts2017-03-012018-02-2806812937bus:FullAccounts2017-03-012018-02-28xbrli:purexbrli:sharesiso4217:GBP