D & F PROPERTIES LIMITED |
Notes to the Accounts |
for the year ended 31 March 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention modified to include investment property at fair value 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). |
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Turnover |
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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 letting of property. |
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Tangible fixed assets |
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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: |
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Land and properties |
Not depreciated |
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Investment property |
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Investment property is initially recognised at cost and then subsequently measured at fair value. Changes in value are recognised in profit and loss. |
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Taxation |
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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. |
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2 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
2 |
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2 |
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3 |
Tangible fixed assets |
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Land and buildings |
£ |
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Cost |
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At 1 April 2022 |
128,000 |
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At 31 March 2023 |
128,000 |
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Depreciation |
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At 31 March 2023 |
- |
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Net book value |
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At 31 March 2023 |
128,000 |
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At 31 March 2022 |
128,000 |
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Freehold land and buildings: |
2023 |
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2022 |
£ |
£ |
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Historical cost |
106,500 |
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106,500 |
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Cumulative depreciation based on historical cost |
- |
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- |
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106,500 |
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106,500 |
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Land and building above related to investment properties which were valued on the basis of their fair value as at 31 March 2022 by internally qualified personel within the company. At the end of the balance sheet date, the value of the investment properties were £128,000. |
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4 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Trade debtors |
7,240 |
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6,390 |
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Amounts owed by related company |
Note 7 |
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7,313 |
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7,313 |
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14,553 |
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13,703 |
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5 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Bank loans and overdrafts |
- |
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23,382 |
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Amounts owed to related company |
Note 7 |
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12,088 |
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12,088 |
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Taxation and social security costs |
6,859 |
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6,586 |
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Director account |
5,906 |
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5,488 |
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Other creditors |
2,221 |
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3,961 |
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27,074 |
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51,505 |
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6 |
Revaluation reserve |
2023 |
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2022 |
£ |
£ |
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At 1 April 2022 |
25,585 |
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25,585 |
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At 31 March 2023 |
25,585 |
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25,585 |
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7 |
Related party transactions |
2023 |
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2022 |
£ |
£ |
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Amount owed by related company |
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Triplehigh Limited |
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Mrs M Flannery who is a Director of the company has a 50% controlling interest in the ordinary share capital of the company. And also she has a 100% controlling interest in the ordinary share capital of Triplehigh Limited. |
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There were no transaction during the year |
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Amount due from the related party |
7,313 |
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7,313 |
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7,313 |
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7,313 |
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Amount owed to related company |
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P.Flannery Plant Hire (Oval) Limited |
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Connected by way of common control through the ownership of Mr P Flannery and his associate Mrs M Flannery. |
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There were no transaction during the year |
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Amount due to the related party |
12,088 |
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12,088 |
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12,088 |
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12,088 |
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8 |
Controlling party |
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Mr P Flannery and Mrs M Flannery have a controlling interest in the company by virtue of their 100% interest in the issued ordinary share capital. |
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9 |
Other information |
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D & F PROPERTIES LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |
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27A Maxwell Road |
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Northwood |
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Middlesex |
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HA6 2XY |