DWFCO 9 Limited 09764510 false 2021-04-01 2022-03-31 2022-03-31 The principal activity of the company is that of letting and leased real estate Digita Accounts Production Advanced 6.30.9574.0 true true false true true 09764510 2021-04-01 2022-03-31 09764510 2022-03-31 09764510 core:CurrentFinancialInstruments 2022-03-31 09764510 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 09764510 core:Non-currentFinancialInstruments 2022-03-31 09764510 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 09764510 core:MoreThanFiveYears 1 2022-03-31 09764510 core:FurnitureFittings 2022-03-31 09764510 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 09764510 core:PlantMachinery 2022-03-31 09764510 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-03-31 09764510 core:OtherRelatedParties 2022-03-31 09764510 1 2022-03-31 09764510 bus:SmallEntities 2021-04-01 2022-03-31 09764510 bus:AuditExemptWithAccountantsReport 2021-04-01 2022-03-31 09764510 bus:FullAccounts 2021-04-01 2022-03-31 09764510 bus:SmallCompaniesRegimeForAccounts 2021-04-01 2022-03-31 09764510 bus:RegisteredOffice 2021-04-01 2022-03-31 09764510 bus:CompanySecretaryDirector1 2021-04-01 2022-03-31 09764510 bus:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 09764510 core:Buildings 2021-04-01 2022-03-31 09764510 core:FurnitureFittings 2021-04-01 2022-03-31 09764510 core:Land 2021-04-01 2022-03-31 09764510 core:LandBuildings core:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 09764510 core:PlantMachinery 2021-04-01 2022-03-31 09764510 core:KeyManagementPersonnel 2021-04-01 2022-03-31 09764510 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2021-04-01 2022-03-31 09764510 core:OtherRelatedParties 2021-04-01 2022-03-31 09764510 core:Subsidiary1 2021-04-01 2022-03-31 09764510 core:Subsidiary1 countries:IsleMan 2021-04-01 2022-03-31 09764510 1 2021-04-01 2022-03-31 09764510 1 2021-04-01 2022-03-31 09764510 countries:EnglandWales 2021-04-01 2022-03-31 09764510 2021-03-31 09764510 core:FurnitureFittings 2021-03-31 09764510 core:LandBuildings core:OwnedOrFreeholdAssets 2021-03-31 09764510 core:PlantMachinery 2021-03-31 09764510 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2021-03-31 09764510 core:OtherRelatedParties 2021-03-31 09764510 2020-04-01 2021-03-31 09764510 2021-03-31 09764510 core:CurrentFinancialInstruments 2021-03-31 09764510 core:CurrentFinancialInstruments core:WithinOneYear 2021-03-31 09764510 core:Non-currentFinancialInstruments 2021-03-31 09764510 core:Non-currentFinancialInstruments core:AfterOneYear 2021-03-31 09764510 core:MoreThanFiveYears 1 2021-03-31 09764510 core:FurnitureFittings 2021-03-31 09764510 core:LandBuildings core:OwnedOrFreeholdAssets 2021-03-31 09764510 core:PlantMachinery 2021-03-31 09764510 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2021-03-31 09764510 core:OtherRelatedParties 2021-03-31 09764510 1 2021-03-31 09764510 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2020-04-01 2021-03-31 09764510 core:OtherRelatedParties 2020-04-01 2021-03-31 09764510 core:Subsidiary1 2020-04-01 2021-03-31 09764510 2020-03-31 09764510 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2020-03-31 09764510 core:OtherRelatedParties 2020-03-31 iso4217:GBP xbrli:pure

Registration number: 09764510

DWFCO 9 Limited
Annual Report and
Unaudited Financial Statements

31 March 2022

 

DWFCO 9 Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 11

 

DWFCO 9 Limited

Balance Sheet
31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

6,013,050

9,321,306

Investments

5

2,717,169

764,250

 

8,730,219

10,085,556

Current assets

 

Debtors

6

3,227,887

3,466,841

Cash at bank and in hand

 

3,825,839

926,938

 

7,053,726

4,393,779

Creditors: Amounts falling due within one year

7

(3,195,988)

(4,306,955)

Net current assets

 

3,857,738

86,824

Total assets less current liabilities

 

12,587,957

10,172,380

Creditors: Amounts falling due after more than one year

7

(6,853,030)

(7,309,930)

Provisions for liabilities

(32,077)

(42,658)

Net assets

 

5,702,850

2,819,792

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

5,702,849

2,819,791

Shareholders' funds

 

5,702,850

2,819,792

For the financial year ending 31 March 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.

 

DWFCO 9 Limited

Balance Sheet
31 March 2022

Approved and authorised by the Board on 18 August 2022 and signed on its behalf by:
 

.........................................
P D Harrison
Company secretary and director

Company Registration Number: 09764510

 

DWFCO 9 Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2022

1

General information

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

The address of its registered office is:
Lumm Farm
Littlemoss
Droylsden
Manchester
M43 7LB

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.

Going concern

In assessing the ability of the company to continue as a going concern, the Directors have undertaken a formal process of considering the cash flow requirements for the 12 month period from the signing of the financial statements. The directors have produced cash flow forecasts on a prudent basis and completed sensitivity analysis on these in order to ensure they have sufficient facilities and headroom to meet their obligations as they fall due.

The directors confirm that they are satisfied that the company has adequate resources to continue in business for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing 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.

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.

 

DWFCO 9 Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2022

Government grants

Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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

Land Improvements

5% Straight Line

Buildings

2.5% Straight Line

Plant and Machinery

10% Straight Line

Fixtures and Fittings

10% Straight Line

 

DWFCO 9 Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 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 merchandise sold or 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.

 

DWFCO 9 Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2022

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2021 - 3).

 

DWFCO 9 Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2022

4

Tangible assets

Investment Property
£

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 April 2021

9,096,792

57,624

218,214

9,372,630

Additions

-

7,986

42,423

50,409

Disposals

(3,252,570)

(60,009)

(50,000)

(3,362,579)

At 31 March 2022

5,844,222

5,601

210,637

6,060,460

Depreciation

At 1 April 2021

-

21,305

30,019

51,324

Charge for the year

-

2,236

37,284

39,520

Eliminated on disposal

-

(23,434)

(20,000)

(43,434)

At 31 March 2022

-

107

47,303

47,410

Carrying amount

At 31 March 2022

5,844,222

5,494

163,334

6,013,050

At 31 March 2021

9,096,792

36,319

188,195

9,321,306

Included within the net book value of land and buildings above is £5,844,222 (2021 - £9,096,792) in respect of investment property.

Investment property owned at 31st March 2022 comprises freehold land and office buildings. The fair value of the Company’s investment property at the date of acquisition was arrived at on the basis of a valuation carried out at that date by Strutt & Parker, Chartered Surveyors, on an open market value basis. Strutt & Parker are not connected with the Company. The valuation was arrived at by reference to market evidence of transaction prices for similar properties, the directors consider this valuation to be appropriate as at 31st March 2022.


 

 

DWFCO 9 Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2022

5

Investments

2022
£

2021
£

Investments in subsidiaries

764,250

764,250

Other investments

1,952,919

-

2,717,169

764,250

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:

Undertaking

Country of incorporation

Holding

Proportion of voting rights and shares held

     

2022

2021

Subsidiary undertakings

Hanover Capital Limited

Isle of Man

Ordinary

100%

100%

         

Subsidiary undertakings

Hanover Capital Limited

The principal activity of Hanover Capital Limited is property investment.

6

Debtors

2022
£

2021
£

Trade debtors

-

133,271

Other debtors

3,227,887

3,333,570

3,227,887

3,466,841

 

DWFCO 9 Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

8

456,507

2,399,182

Trade creditors

 

38,000

30,128

Taxation and social security

 

629,017

246,724

Accruals and deferred income

 

38,100

53,415

Other creditors

 

2,034,364

1,577,506

 

3,195,988

4,306,955

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

6,853,030

7,309,930

2022
£

2021
£

Due after more than five years

After more than five years by instalments

5,277,235

5,422,450

-

-

 

DWFCO 9 Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2022

8

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

6,853,030

7,309,930

2022
£

2021
£

Current loans and borrowings

Bank borrowings

456,507

2,399,182

Bank borrowings

The Bank loan is denominated in £ sterling. It is a 20 year loan with a nominal interest rate of 2.03% above bank base rate. The carrying amount at year end is £7,309,539 (2021 - £7,756,549).

The bank term loan is secured by a first legal charge over all the investment properties.

9

Related party transactions

Summary of transactions with other related parties

During the year the company made further advances to other companies in which one or more of the directors are also directors. All loans are repayable on demand. Where applicable interest is applied at 3.0% above base.
 

Loans to related parties

2022

Other related parties
£

Total
£

At start of period

1,234,722

1,234,722

Advanced

4,855

4,855

Repaid

(650,982)

(650,982)

Interest transactions

14,134

14,134

At end of period

602,729

602,729

 

DWFCO 9 Limited

Notes to the Unaudited Financial Statements
Year Ended 31 March 2022

2021

Other related parties
£

Total
£

At start of period

442,223

442,223

Advanced

778,590

778,590

Interest transactions

13,909

13,909

At end of period

1,234,722

1,234,722

Loans from related parties

2022

Key management
£

Total
£

At start of period

1,578,593

1,578,593

Advanced

454,800

454,800

At end of period

2,033,393

2,033,393

2021

Key management
£

Total
£

At start of period

2,028,537

2,028,537

Repaid

(449,944)

(449,944)

At end of period

1,578,593

1,578,593

Terms of loans from related parties

The key management loan is from director GIL Hadfield. It is unsecured and there is no interest payable
 

10

Parent and ultimate parent undertaking

The company's immediate parent is G. I. Hadfield Propco Holdings Limited, incorporated in the UK.

 The ultimate controlling party is GIL Hadfield.