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Registered number: 07817545










DENOVO PROPERTIES LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

 
DENOVO PROPERTIES LTD
 

CONTENTS



Page
Balance sheet
 
1
Notes to the financial statements
 
2 - 4

 
DENOVO PROPERTIES LTD
REGISTERED NUMBER: 07817545

BALANCE SHEET
AS AT 31 OCTOBER 2021

2021
2020
Note
£
£

Fixed assets
  

Investment property
 4 
416,959
416,959

Current assets
  

Cash at bank and in hand
  
5,262
5,471

Creditors: amounts falling due within one year
 5 
(114,882)
(124,247)

Net current liabilities
  
 
 
(109,620)
 
 
(118,776)

Total assets less current liabilities
  
307,339
298,183

Creditors: amounts falling due after more than one year
 6 
(157,079)
(157,079)

Provisions for liabilities
  

Deferred tax
  
(2,024)
(2,024)

Net assets
  
148,236
139,080


Capital and reserves
  

Called up share capital 
  
4
4

Revaluation reserve
  
48,976
48,976

Profit and loss account
  
99,256
90,100

  
148,236
139,080


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 5 August 2022.


B.R. Desmond
Director

Page 1

 
DENOVO PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

1.


General information

Denovo Properties Ltd (the Company) is a private company, limited by shares, incorporated in England. The address of its registered office is 19 Birchy Close, Dickens Heath, Solihull, West Midlands, B90 1QL, which is also the address of its principal place of business.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover comprises revenue recognised by the company in respect of rent received during the year.

 
2.3

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.4

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

 
2.5

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 2

 
DENOVO PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

2.Accounting policies (continued)

 
2.7

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2020 - 1).

Page 3

 
DENOVO PROPERTIES LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2021

4.


Investment property


Freehold investment property

£



Valuation


At 1 November 2020
416,959



At 31 October 2021
416,959

The 2021 valuations were made by the directors, on an open market value for existing use basis.



At 31 October 2021



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2021
2020
£
£


Historic cost
365,959
365,959


5.


Creditors: Amounts falling due within one year

2021
2020
£
£

Corporation tax
1,820
1,408

Other creditors
109,462
119,359

Accruals and deferred income
3,600
3,480

114,882
124,247



6.


Creditors: Amounts falling due after more than one year

2021
2020
£
£

Other creditors
157,079
157,079


 
Page 4