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 |
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|
The company is controlled by the directors by virtue of their shareholdings. |
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|
9 |
Other information |
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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 |