Daniels Investments Ltd
Registered number: 09358730
Statement of Financial Position
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 7,347 10,499
Investment properties 4 1,877,000 1,910,000
1,884,347 1,920,499
Current assets
Debtors 5 3,730 4,362
Cash at bank and in hand 13,047 55,067
16,777 59,429
Creditors: amounts falling due within one year 6 (577,176) (635,560)
Net current liabilities (560,399) (576,131)
Total assets less current liabilities 1,323,948 1,344,368
Creditors: amounts falling due after more than one year 7 (1,204,317) (1,209,140)
Provisions for liabilities (11,993) (28,523)
Net assets 107,638 106,705
Capital and reserves
Called up share capital 100 100
Fair value reserve 9 107,352 123,822
Profit and loss account 186 (17,217)
Shareholders' funds 107,638 106,705
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 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.
Mr M N Daniels
Director
Approved by the board on 11 October 2023
Daniels Investments Ltd
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover consists of rental income which is recognised in the periods in which it is due provided that:
- The amount of rent can be measured reliably; and
- It is probable that the company will receive the rent due.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office equipment 25% straight line
Fixture and fittings 20% reducing balance
Investment properties
Investment properties are 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 for any difference in the nature, location or condition of the specific asset. Given the investment properties are carried at fair value, no depreciation is charged. Changes in fair value are recognised in the Statement of income.
Debtors
Short term debtors are measured at transaction 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. 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 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 Exceptional items 2023 2022
£ £
Value adjustments on fixed assets and current asset investments 33,000 (37,090)
33,000 (37,090)
3 Employees and directors 2023 2022
Number Number
Average number of directors and persons employed by the company 2 2
4 Tangible fixed assets and investment properties
Investment properties Office equipment Fixtures and fittings Total
£ £ £ £
Cost
At 1 June 2022 1,910,000 3,404 21,408 1,934,812
Additions (33,000) - - (33,000)
Disposals - (1,209) (3,365) (4,574)
At 31 May 2023 1,877,000 2,195 18,043 1,897,238
Depreciation
At 1 June 2022 - 3,404 10,909 14,313
Charge for the year - - 1,774 1,774
On disposals - (1,209) (1,987) (3,196)
At 31 May 2023 - 2,195 10,696 12,891
Net book value
At 31 May 2023 1,877,000 - 7,347 1,884,347
At 31 May 2022 1,910,000 - 10,499 1,920,499
The investment properties were revalued by the directors based on the open market value for existing use basis. The surplus on revaluation represents the movement in the fair value in the year.
5 Debtors 2023 2022
£ £
Prepayments 3,530 4,162
Other debtors 200 200
3,730 4,362
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 4,822 4,822
Accruals 1,643 1,750
Other creditors 570,711 628,988
577,176 635,560
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 1,204,317 1,209,140
1,204,317 1,209,140
The bank loans are mainly mortages secured by fixed and floating charges against the company's investment properties. £12,596 (2022: £17,419) of the bank loans relate to a COVID Bounce Back Loan.
8 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 1,191,721 1,191,721
Secured bank loans 1,191,721 1,191,721
9 Fair value reserve 2023 2022
£ £
At 1 June 2022 123,822 86,865
(Loss)/gain on revaluation of investment properties (33,000) 37,090
Realised gain on investment property disposal - (6,933)
Deferred taxation arising on the revaluation of investment properties 16,530 6,800
At 31 May 2023 107,352 123,822
10 Other information
Daniels Investments Ltd is a private company limited by shares and incorporated in England. Its registered office is:
269 Farnborough Road
Farnborough
Hampshire
GU14 7LY
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