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Registration number: 07245596

Dillon Estates Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 31 May 2022

 

Dillon Estates Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 11

 

Dillon Estates Ltd

Company Information

Directors

Mr Suresh Varsani

Mrs. Rama Suresh Varsani

Registered office

Office 6a 1st Floor
Popin Business Centre
South Way
Wembley
Middlesex
HA9 0HF

Accountants

Jani Taylor Associates Limited
Chartered Accountants, Advocates and Business Advisers
Office 6a Popin Business Centre
South Way
London
HA9 0HF

 

Dillon Estates Ltd

(Registration number: 07245596)
Abridged Balance Sheet as at 31 May 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

7,541

10,054

Investments

5

11,000

11,000

 

18,541

21,054

Current assets

 

Debtors

402,476

169,974

Cash at bank and in hand

 

13,762

183,467

 

416,238

353,441

Creditors: Amounts falling due within one year

(52,426)

(46,879)

Net current assets

 

363,812

306,562

Net assets

 

382,353

327,616

Capital and reserves

 

Called up share capital

6

1

1

Retained earnings

382,352

327,615

Shareholders' funds

 

382,353

327,616

For the financial year ending 31 May 2022 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the Board on 19 July 2022 and signed on its behalf by:
 

 

Dillon Estates Ltd

(Registration number: 07245596)
Abridged Balance Sheet as at 31 May 2022

.........................................
Mr Suresh Varsani
Director

 

Dillon Estates Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2022

1

General information

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

The address of its registered office is:
Office 6a 1st Floor
Popin Business Centre
South Way
Wembley
Middlesex
HA9 0HF
United Kingdom

The principal place of business is:
194 Honeypot Lane
Stanmore
Middlesex
HA7 1EE
United Kingdom

These financial statements were authorised for issue by the Board on 19 July 2022.

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 abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged 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.

 

Dillon Estates Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2022

Changes in accounting policy

New standards, interpretations and amendments effective

The following have been applied for the first time from 1 June 2021 and have had an effect on the financial statements:

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 sales/value added tax, returns, rebates and discounts.

Government grants

Central and local government grants, including the Corona Virus Job Protection Scheme (CJRS) are accounted
for on accruals basis.
At the year-end, income not received but considered receivable has been credited to profit and loss account.

Tax

The tax expense for the period comprises current 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet 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

Furniture, Fittings and equipment

25% on reducing balance

Motor vehicles

25% on reducing balance

 

Dillon Estates Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2022

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Dillon Estates Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2022

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
All financial instruments at reporting date are included under the appropriate format heading depending on the nature of the instrument.
 Recognition and measurement
Financial instruments are recognised at amortised cost, any gains or losses being reported in profit or loss.
 Impairment
At each reporting date financial instruments are reviewed to determine whether there is any indication that those instruments have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2021 - 7).

 

Dillon Estates Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2022

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2021

25,723

9,123

34,846

At 31 May 2022

25,723

9,123

34,846

Depreciation

At 1 June 2021

19,519

5,273

24,792

Charge for the year

1,551

962

2,513

At 31 May 2022

21,070

6,235

27,305

Carrying amount

At 31 May 2022

4,653

2,888

7,541

At 31 May 2021

6,204

3,850

10,054

5

Investments

Associates

£

Cost

At 1 June 2021

11,000

Provision

Carrying amount

At 31 May 2022

11,000

At 31 May 2021

11,000

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

Dillon Estates Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2022

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2022

2021

Associates

H & SR Properties Ltd

194 Honeypot Lane
Stanmore
Middlesex
United Kingdom
HA7 1EE

Ordinary shares of £1 each

20%

20%

 

England

     

Associates

H & SR Properties Ltd

The principal activity of H & SR Properties Ltd is real estate agencies.

6

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary Share Capital of £1 each

1

1

1

1

         

7

Related party transactions

 

Dillon Estates Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2022

Summary of transactions with other related parties

Mr & Mrs Varsani are owners of freehold properties rented to the Company. The Company sub-leases these properties to unconnected parties.
 The rents paid and earned are subject to formal legal obligations under short leases.
 

Loans to related parties

2022

Entities with joint control or significant influence
£

Total
£

At start of period

125,585

125,585

Advanced

240,000

240,000

Repaid

(585)

(585)

At end of period

365,000

365,000

2021

Entities with joint control or significant influence
£

Total
£

At start of period

126,085

126,085

Repaid

(500)

(500)

At end of period

125,585

125,585

Terms of loans to related parties

Loan advanced to Dalina Properties Ltd (CRN 11316998) - £365,000 (2021- £125,000), owned by the director-shareholder of the company. The loan is interest free. The loan is repayable on demand.


 

Loans from related parties

2022

Key management
£

Total
£

At start of period

20,891

20,891

Advanced

5,419

5,419

At end of period

26,310

26,310

 

Dillon Estates Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 May 2022

2021

Key management
£

Total
£

At start of period

8,052

8,052

Advanced

12,839

12,839

At end of period

20,891

20,891