Registered number
13271374
Davjon Property Co Limited
Unaudited Filleted Accounts
31 March 2022
Davjon Property Co Limited
Registered number: 13271374
Balance Sheet
as at 31 March 2022
Notes 2022
£
Fixed assets
Freehold Investment Property 3 1,044,423
Current assets
Debtors 4 5,833
Cash at bank and in hand 10,543
16,376
Creditors: amounts falling due within one year 5 (50,493)
Net current liabilities (34,117)
Total assets less current liabilities 1,010,306
Creditors: amounts falling due after more than one year 6 (992,022)
Net assets 18,284
Capital and reserves
Called up share capital 90
Profit and loss account 18,194
Shareholders' funds 18,284
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Katrine Davies
Director
Approved by the board on 7 September 2022
Davjon Property Co Limited
Notes to the Accounts
for the period from 16 March 2021 to 31 March 2022
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investment property
Investment properties are initially recognised at cost and then measured at fair value with any revaluation increase or decrease recognised in the profit and loss. The fair value is based on a valuation carried out by an independent qualified valuer with relevant experience.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2022
Number
Average number of persons employed by the company 4
3 Freehold Investment Property £
Valuation
Additions 1,044,423
At 31 March 2022 1,044,423
Amortisation
At 31 March 2022 -
Fair value of investment property
At 31 March 2022 1,044,423
The investment property has been valued by independent professionally qualified valuers (Rees Richards & Partners, a firm of independent Chartered Surveyors) who hold recognised relevant professional qualifications and have recent experience in the location and segment of the investment property being valued. The valuation report for investment property was reviewed to identify any changes in value. The Directors review the valuation performed by the independent valuers for financial reporting purposes and at each financial year end:
- Verifies all major inputs to the independent valuation report;
- Assesses property valuation movements when compared to the prior year valuation report; and
- Holds discussions with the independent valuer.
4 Debtors 2022
£
Trade debtors 5,833
5 Creditors: amounts falling due within one year 2022
£
Bank loans and overdrafts 34,000
Trade creditors 217
Amounts owed to related party undertakings 4,674
Taxation and social security costs 4,268
Other creditors 7,334
50,493
6 Creditors: amounts falling due after one year 2022
£
Bank loans 595,101
Amounts owed to related party undertakings 396,921
992,022
7 Loans 2022
£
Creditors include:
Instalments falling due for payment after more than five years 811,579
Secured bank loans 629,101
The bank mortgage is secured over the freehold investment property and is repayable over 15 years from June 2021. Inerest is charged at the rate of 2.35% over the Lloyds Bank Base Rate.
8 Controlling party
The company is controlled by the directors by virtue of their shareholdings.
9 Other information
Davjon Property Co Limited is a private company limited by shares and incorporated in England. Its registered office is:
30 Stanley Street
Mumbles
Swasnea
SA3 4NE
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