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Registration number: 09701702

DS Holdings (Penarth) Ltd

Filleted Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 April 2023

 

DS Holdings (Penarth) Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

DS Holdings (Penarth) Ltd

Company Information

Director

Mr SM Baston

Company secretary

Ms F Scanlan

Registered office

Office 4
Workspace Penarth
Albert Road
Penarth
CF64 1FD

Accountants

HSJ Accountants Ltd
Severn House
Hazell Drive
Newport
South Wales
NP10 8FY

 

DS Holdings (Penarth) Ltd

(Registration number: 09701702)
Abridged Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

5,513,833

3,979,229

Investments

5

200,014

200,011

 

5,713,847

4,179,240

Current assets

 

Debtors

2,865,842

2,353,231

Cash at bank and in hand

 

73,208

7,579

 

2,939,050

2,360,810

Prepayments and accrued income

 

53,039

158,160

Creditors: Amounts falling due within one year

6

(1,632,871)

(1,670,756)

Net current assets

 

1,359,218

848,214

Total assets less current liabilities

 

7,073,065

5,027,454

Creditors: Amounts falling due after more than one year

7

(1,483,564)

(2,466,293)

Provisions for liabilities

(342,787)

(342,787)

Accruals and deferred income

 

(4,075,734)

(1,147,664)

Net assets

 

1,170,980

1,070,710

Capital and reserves

 

Called up share capital

8

80

80

Capital redemption reserve

20

20

Revaluation reserve

1,310,479

793,879

Profit and loss account

(139,599)

276,731

Total equity

 

1,170,980

1,070,710

 

DS Holdings (Penarth) Ltd

(Registration number: 09701702)
Abridged Balance Sheet as at 30 April 2023

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.

Director's 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 director acknowledges his 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 26 October 2023
 

.........................................

Mr SM Baston
Director

 

DS Holdings (Penarth) Ltd

Notes to the Unaudited Abridged 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:
Office 4
Workspace Penarth
Albert Road
Penarth
CF64 1FD

These financial statements were authorised for issue by the director on 26 October 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 abridged 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 abridged 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.

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 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.

Government grants

Government grants related to assets are initially recognised as deferred income at fair value if there is reasonable assurance that they will be received and the company will comply with the conditions associated with the grant. Grants related to the acquisition of assets are recognised in profit or loss as other income on a systematic basis over the useful life of the asset.

Grants that compensate the company for expenses incurred are recognised in profit or loss as other income on a systematic basis in the periods in which the expenses are recognised, unless the conditions for receiving the grant are met after the related expenses have been recognised. In this case, the grant is recognised when it becomes receivable.

 

DS Holdings (Penarth) Ltd

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

Depreciation

Asset class

Depreciation method and rate

Investment properties

Not depreciated

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.

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.

 

DS Holdings (Penarth) Ltd

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

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2022 - 5).

 

DS Holdings (Penarth) Ltd

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

4

Tangible assets

Investment properties

2023
£

At 1 May

3,979,229

Additions

2,503,004

Disposals

(1,485,000)

Fair value adjustments

516,600

At 30 April

5,513,833

The directors have employed registered property advisers and consultants who are external to the company to assess fair value of the investment properties.

5

Investments

Total
£

Cost or valuation

At 1 May 2022

200,011

Additions

3

At 30 April 2023

200,014

Provision

Carrying amount

At 30 April 2023

200,014

At 30 April 2022

200,011

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

DS Holdings (Penarth) Ltd

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

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

BAM Apartments Limited

Ordinary

100%

100%

 

England and Wales

     

Academy Coffee Holdings Limited

Ordinary

50%

50%

 

England and Wales

     

ABA Swansea Limited

Ordinary

100%

100%

 

England and Wales

     

DS Construction (St Athan) Limited

Ordinary

100%

100%

 

England and Wales

     

DS Properties (Barry) Limited

Ordinary

100%

100%

 

England and Wales

     

DS Properties (Goods Shed) Limited

Ordinary

100%

100%

 

England and Wales

     

DS Properties (Newport Market) Limited

Ordinary

100%

100%

 

England and Wales

     

BAM 2 Limited

Ordinary

100%

100%

 

England and Wales

     

Workspace Penarth Limited

Ordinary

100%

100%

 

England and Wales

     

6

Creditors: amounts falling due within one year

Creditors include bank loans and overdrafts which are secured of £91,729 (2022 - £91,729).

7

Creditors: amounts falling due after more than one year

Creditors include bank loans which are secured of £1,213,899 (2022 - £2,055,627). Of this balance, £1,150,000 is due after more than five years.

 

DS Holdings (Penarth) Ltd

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

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

80

80

80

80

         

9

Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current year were as follows:

Revaluation reserve
£

Total
£

Surplus/deficit on property, plant and equipment revaluation

516,600

516,600

10

Government grants

Included within accruals and deferred income are government grants that have been awarded to the company amounting to £2,112,513 (2022 - £393,692). The asset that the grant relates has yet to start being constructed at the balance sheet date and therefore this amount is recognised in accordance with the recognition criteria as set out in note 2.

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of guarantees not included in the balance sheet is £375,000 (2022 - £375,000). Director has personally agreed to be a guarantor for the Monmouthshire Builiding Society (£250,000) and Development Bank of Wales (£125,000) loans.

 

DS Holdings (Penarth) Ltd

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

12

Related party transactions

Key management personnel

Relationship: Director

Summary of transactions with key management

During the year the director made interest free, unsecured, repayable on demand loans to the company. At the balance sheet date the amount due from the company was £320,020 (2022 - £208,795).
 

Summary of transactions with all subsidiaries

Relationship: Parent Company
 During the year the company made interest free, unsecured, payable on demand loans with related parties. At the balance sheet date the amount due to the company was £2,750,275 (2022 - £2,259,931).

During the year the company made interest free, unsecured, payable on demand loans with related parties. At the balance sheet date the amount due from the company was £874,831 (2022 - £1,019,512).

 

Summary of transactions with other related parties

Relationship: Common Director and Shareholder
 During the year the company made interest free, unsecured, payable on demand loans with related parties. At the balance sheet date the amount due to the company was £47,348 (2022 - £48,625).

During the year the company made interest free, unsecured, payable on demand loans with related parties. At the balance sheet date the amount due from the company was £105,186 (2022 - £81,728).