District And Circle Limited 05028967 false 2022-05-01 2023-04-30 2023-04-30 The principal activity of the company is that of property developers Digita Accounts Production Advanced 6.30.9574.0 true false 05028967 2022-05-01 2023-04-30 05028967 2023-04-30 05028967 bus:OrdinaryShareClass1 2023-04-30 05028967 core:CurrentFinancialInstruments 2023-04-30 05028967 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 05028967 core:Non-currentFinancialInstruments 2023-04-30 05028967 core:Non-currentFinancialInstruments core:AfterOneYear 2023-04-30 05028967 core:AdditionsToInvestments 2023-04-30 05028967 core:CostValuation 2023-04-30 05028967 core:DisposalsDecreaseInInvestments 2023-04-30 05028967 bus:SmallEntities 2022-05-01 2023-04-30 05028967 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 05028967 bus:FullAccounts 2022-05-01 2023-04-30 05028967 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 05028967 bus:RegisteredOffice 2022-05-01 2023-04-30 05028967 bus:CompanySecretaryDirector1 2022-05-01 2023-04-30 05028967 bus:Director1 2022-05-01 2023-04-30 05028967 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 05028967 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 05028967 countries:EnglandWales 2022-05-01 2023-04-30 05028967 2022-04-30 05028967 core:CostValuation 2022-04-30 05028967 2021-05-01 2022-04-30 05028967 2022-04-30 05028967 bus:OrdinaryShareClass1 2022-04-30 05028967 core:CurrentFinancialInstruments 2022-04-30 05028967 core:CurrentFinancialInstruments core:WithinOneYear 2022-04-30 05028967 core:Non-currentFinancialInstruments 2022-04-30 05028967 core:Non-currentFinancialInstruments core:AfterOneYear 2022-04-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05028967

District And Circle Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

District And Circle Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

District And Circle Limited

Company Information

Directors

Mr Matthew Briffa

Dr Niamh Dillon

Company secretary

Dr Niamh Dillon

Registered office

Riverside House
14 Prospect Place
Welwyn
Hertfordshire
AL6 9EN

Accountants

RS Partnership Ltd
Chartered Certified Accountants
Riverside House
14 Prospect Place
Welwyn
Hertfordshire
AL6 9EN

 

District And Circle Limited

(Registration number: 05028967)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

765,000

700,000

Investments

5

100

100

 

765,100

700,100

Current assets

 

Debtors

6

402,947

10,263

Cash at bank and in hand

 

166,597

655,548

 

569,544

665,811

Creditors: Amounts falling due within one year

7

(4,571)

(83,328)

Net current assets

 

564,973

582,483

Total assets less current liabilities

 

1,330,073

1,282,583

Creditors: Amounts falling due after more than one year

7

(9,361)

(13,071)

Provisions for liabilities

(16,250)

-

Net assets

 

1,304,462

1,269,512

Capital and reserves

 

Called up share capital

8

100

100

Other reserves

48,750

-

Retained earnings

1,255,612

1,269,412

Shareholders' funds

 

1,304,462

1,269,512

For the financial year ending 30 April 2023 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.

Approved and authorised by the Board on 29 September 2023 and signed on its behalf by:
 

 

District And Circle Limited

(Registration number: 05028967)
Balance Sheet as at 30 April 2023

.........................................
Mr Matthew Briffa
Director

 

District And Circle Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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:
Riverside House
14 Prospect Place
Welwyn
Hertfordshire
AL6 9EN
England

The principal place of business is:
19-21 Holywell Hill
St Albans
Hertfordshire
AL1 1EZ
United Kingdom

These financial statements were authorised for issue by the Board on 29 September 2023.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

These financial statements are presented in Pounds Sterling (£), which is the Company’s functional
currency. All amounts have been rounded to the nearest pound, unless otherwise indicated.

Summary of disclosure exemptions

The company was entitled to the exemption under s398 CA2006 from preparing group accounts as it is part of a small group..

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.

 

District And Circle Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Tax

The tax expense for the period comprises 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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.

 

District And Circle Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

District And Circle Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 0).

 

District And Circle Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Investment properties

2023
£

At 1 May

700,000

Fair value adjustments

65,000

At 30 April

765,000


The property was valued by the director at the year end

There has been no valuation of investment property by an independent valuer.

5

Investments

2023
£

2022
£

Investments in subsidiaries

100

100

Subsidiaries

£

Cost or valuation

At 1 May 2022

100

Additions

100

Disposals

(100)

At 30 April 2023

100

Provision

Carrying amount

At 30 April 2023

100

At 30 April 2022

100

 

District And Circle Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

6

Debtors

Note

2023
£

2022
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

398,793

-

Other debtors

 

368

1,338

Directors Loan Account

 

3,786

8,925

 

402,947

10,263

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

3,710

3,614

Trade creditors

 

40

2,083

Amounts owed to group undertakings and undertakings in which the company has a participating interest

-

65,405

Accruals and deferred income

 

821

500

Corporation tax

 

-

11,726

 

4,571

83,328

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

9,361

13,071

 

District And Circle Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

9,361

13,071

2023
£

2022
£

Current loans and borrowings

Bank borrowings

3,710

3,614