Company Registration No. 11257455 (England and Wales)
DOZEN ORANGES LIMITED
ANNUAL REPORT AND
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 MARCH 2022
DOZEN ORANGES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
Information for management
-
DOZEN ORANGES LIMITED
BALANCE SHEET
AS AT
31 MARCH 2022
31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment properties
3
2,385,000
2,385,000
Current assets
Cash at bank and in hand
24,464
8,471
Creditors: amounts falling due within one year
4
(62,005)
(57,364)
Net current liabilities
(37,541)
(48,893)
Total assets less current liabilities
2,347,459
2,336,107
Creditors: amounts falling due after more than one year
5
(2,134,774)
(2,218,274)
Net assets
212,685
117,833
Capital and reserves
Called up share capital
6
100
100
Revaluation reserve
7
141,332
109,891
Profit and loss reserves
8
71,253
7,842
Total equity
212,685
117,833
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on
6 September 2022 and are signed on its behalf by:
2022-09-06
Mr A Crawley
Mr R R Russo
Director
Director
Company Registration No. 11257455
DOZEN ORANGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022
- 2 -
1
Accounting policies
Company information
Dozen Oranges Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 Forest Road, Loughborough, Leicestershire, LE11 3NP.
1.1
Basis of preparation
These financial statements have been prepared in accordance with applicable accounting standards including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for property rental provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Debtors and creditors with no stated interest rate and receivable or payable within one year are measured at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
DOZEN ORANGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
1
Accounting policies
(Continued)
- 3 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
2
3
Investment property
2022
£
Fair value
At 1 April 2021
2,385,000
Additions
(26,421)
Revaluations
26,421
At 31 March 2022
2,385,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out by a third party for mortgage purposes. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
48,896
44,184
Trade creditors
643
5,001
Corporation tax
10,666
6,379
Other creditors
1,800
1,800
62,005
57,364
DOZEN ORANGES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2022
- 4 -
5
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
1,414,647
1,465,647
Other creditors
720,127
752,627
2,134,774
2,218,274
6
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
7
Revaluation reserve
2022
2021
£
£
At the beginning of the year
109,891
Deferred tax on revaluation of tangible assets
5,020
17,546
Other movements
26,421
92,345
At the end of the year
141,332
109,891
8
Profit and loss reserves
2022
2021
£
£
At the beginning of the year
7,842
(19,329)
Profit for the year
63,411
27,171
At the end of the year
71,253
7,842