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Registered number: 4454577









DATELAND PROPERTIES LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2023

 
DATELAND PROPERTIES LIMITED
REGISTERED NUMBER: 4454577

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
2,825,969
1,500,397

Investment property
 6 
807,717
-

  
3,633,686
1,500,397

Current assets
  

Debtors: amounts falling due within one year
 7 
52,596
1,617

Cash at bank and in hand
 8 
190,838
132,799

  
243,434
134,416

Creditors: amounts falling due within one year
 9 
(66,907)
(1,387,544)

Net current assets/(liabilities)
  
 
 
176,527
 
 
(1,253,128)

  

Net assets
  
3,810,213
247,269


Capital and reserves
  

Called up share capital 
  
100
2

Share premium account
  
3,529,013
-

Profit and loss account
  
281,100
247,267

  
3,810,213
247,269


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mr O J Cave
Director

Date: 24 October 2023


The notes on pages 3 to 8 form part of these financial statements.

Page 1

 
DATELAND PROPERTIES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023


Called up share capital
Share premium account
Profit and loss account
Total equity

£
£
£
£

At 1 February 2022
2
-
247,267
247,269


Comprehensive income for the year

Profit for the year
-
-
33,833
33,833
Total comprehensive income for the year
-
-
33,833
33,833


Contributions by and distributions to owners

Shares issued during the year
98
3,529,013
-
3,529,111


Total transactions with owners
98
3,529,013
-
3,529,111


At 31 January 2023
100
3,529,013
281,100
3,810,213


The notes on pages 3 to 8 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 February 2021
2
239,804
239,806


Comprehensive income for the year

Profit for the year
-
7,463
7,463
Total comprehensive income for the year
-
7,463
7,463


At 31 January 2022
2
247,267
247,269


The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
DATELAND PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

1.


GENERAL INFORMATION

Dateland Properties Limited is a private Company limited by shares, incorporated in England and Wales. Its registered number is 04454577. The address of its registered office is Hadham Park, Hadham Road, Bishop's Stortford, Hertfordshire, CM23 1JH.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The Company's functional and presentational currency is that of Pounds Sterling.

The following principal accounting policies have been applied:

 
2.2

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Investment property rented to other group entities and accounted for under the cost model is stated at historical cost less accumulated depreciation and any accumulated impairment losses.

Page 3

 
DATELAND PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.ACCOUNTING POLICIES (CONTINUED)


2.3
TANGIBLE FIXED ASSETS (CONTINUED)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis or straight line basis.

The estimated useful lives range as follows:

Freehold property
-
2% straight line
Plant & machinery
-
25% reducing balance or 10% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

INVESTMENT PROPERTY

Investment property is carried at fair value determined annually by the director and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of Comprehensive Income.

 
2.5

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

FINANCIAL INSTRUMENTS

The Company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. 

 
2.8

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
DATELAND PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

TAXATION

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.


3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 1 (2022 - 1).


4.


TAXATION


2023
2022
£
£

CORPORATION TAX


Current tax on profits for the year
14,202
8,017


FACTORS AFFECTING TAX CHARGE FOR THE YEAR

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 19% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
48,035
15,480


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2022 - 19%)
9,127
2,941

EFFECTS OF:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
5,075
5,076

TOTAL TAX CHARGE FOR THE YEAR
14,202
8,017


FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

Page 5

 
DATELAND PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

5.


TANGIBLE FIXED ASSETS





Freehold property
Plant & machinery
Total

£
£
£



COST OR VALUATION


At 1 February 2022
1,633,553
58,287
1,691,840


Additions
2,160,000
-
2,160,000


Transfers between classes
(807,717)
-
(807,717)



At 31 January 2023

2,985,836
58,287
3,044,123



DEPRECIATION


At 1 February 2022
133,205
58,238
191,443


Charge for the year on owned assets
26,705
6
26,711



At 31 January 2023

159,910
58,244
218,154



NET BOOK VALUE



At 31 January 2023
2,825,926
43
2,825,969



At 31 January 2022
1,500,348
49
1,500,397

Page 6

 
DATELAND PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

6.


INVESTMENT PROPERTY


Freehold investment property

£



Valuation


Transfers between classes
807,717



At 31 January 2023
807,717


COMPRISING


Cost
877,441

Annual revaluation surplus/(deficit):
Annual revaluation surplus/(deficit):

Impairment
(69,724)

At 31 January 2023
807,717




If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
877,441
445,441

Accumulated depreciation and impairments
(165,351)
(150,607)

712,090
294,834


7.


DEBTORS

2023
2022
£
£


Trade debtors
51,172
77

Other debtors
162
-

Prepayments and accrued income
1,262
1,540

52,596
1,617



8.


CASH AND CASH EQUIVALENTS

2023
2022
£
£

Cash at bank and in hand
190,838
132,799


Page 7

 
DATELAND PROPERTIES LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023

9.


CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
2022
£
£

Trade creditors
927
-

Amounts owed to group undertakings
-
1,369,098

Corporation tax
14,202
8,017

Other taxation and social security
11,853
2,949

Other creditors
32,925
1,315

Accruals and deferred income
7,000
6,165

66,907
1,387,544



10.


RELATED PARTY TRANSACTIONS

The Company has taken advantage of the exemption under FRS 102 (Section 33.1A) not to disclose transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly-owned by such a member.


11.


CONTROLLING PARTY

The immediate and ultimate parent company is Connect Hire Group Limited.
The ultimate controlling party is Mr O J Cave.


12.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 January 2023 was unqualified.

The audit report was signed on 24 October 2023 by Richard Vass (Senior Statutory Auditor) on behalf of Price Bailey LLP.


Page 8