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REGISTERED NUMBER: 10614689 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

DARCY GEORGE INVESTMENTS LIMITED

DARCY GEORGE INVESTMENTS LIMITED (REGISTERED NUMBER: 10614689)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


DARCY GEORGE INVESTMENTS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: N A D Hassall
Mrs Z L Hassall
G A Hassall





REGISTERED OFFICE: Kingsland House
39 Abbey Foregate
Shrewsbury
Shropshire
SY2 6BL





REGISTERED NUMBER: 10614689 (England and Wales)





ACCOUNTANTS: D.R.E. & Co.
Chartered Accountants
Kingsland House
39 Abbey Foregate
Shrewsbury
Shropshire
SY2 6BL

DARCY GEORGE INVESTMENTS LIMITED (REGISTERED NUMBER: 10614689)

BALANCE SHEET
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Investments 5 351,626 1,697,347
Investment property 6 6,307,811 3,609,690
6,659,437 5,307,037

CURRENT ASSETS
Debtors 7 19,088 6,285
Cash at bank 212,410 379,561
231,498 385,846
CREDITORS
Amounts falling due within one year 8 2,721,770 2,846,315
NET CURRENT LIABILITIES (2,490,272 ) (2,460,469 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,169,165

2,846,568

CREDITORS
Amounts falling due after more than one
year

9

(1,250,000

)

(675,000

)

PROVISIONS FOR LIABILITIES (110,694 ) -
NET ASSETS 2,808,471 2,171,568

CAPITAL AND RESERVES
Called up share capital 100 100
Share premium 12 867,999 867,999
Retained earnings 12 1,940,372 1,303,469
2,808,471 2,171,568

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

DARCY GEORGE INVESTMENTS LIMITED (REGISTERED NUMBER: 10614689)

BALANCE SHEET - continued
31 MARCH 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 November 2023 and were signed on its behalf by:





N A D Hassall - Director


DARCY GEORGE INVESTMENTS LIMITED (REGISTERED NUMBER: 10614689)

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

1. STATUTORY INFORMATION

Darcy George Investments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
At the balance sheet date the company had net current liabilities of £2,490,272 (2022: £2,460,469). Included within creditors due within one year is £2,638,829 (2022:,£2,765,816) due to the directors. The directors have confirmed that they will continue to provide financial assistance to the company and therefore the accounts have been prepared on a going concern basis.

The financial statements are for the individual entity only.

The financial statements are presented in sterling (£), rounded to the nearest £1.

Preparation of consolidated financial statements
The financial statements contain information about Darcy George Investments Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Investment property
Investment property is shown at fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments.

Basic financial assets, including trade and other receivables and cash and bank balances, are initially recognised at transaction price and subsequently carried at amortised cost with an assessment for objective evidence of impairment. Any impairment is recognised in profit and loss.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards or control of the ownership of the asset are transferred to another party.

Basic financial liabilities including trade and other creditors are initially recognised at transaction price and subsequently carried at amortised cost.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

DARCY GEORGE INVESTMENTS LIMITED (REGISTERED NUMBER: 10614689)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

3. ACCOUNTING POLICIES - continued

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Fixed asset investments
Listed investments are included at fair value. Changes in fair value are recognised in the income statement. The fair value is based on the mid-market value at the balance sheet date, as given in the portfolio valuation provided by Dragon Investment managers, which is based on Stock Exchange values. Provision is made for impairment of listed investments where there is considered to be a permanent diminution in value Investments are listed on either the UK stock exchange, AIM or non-UK stock exchanges.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

5. FIXED ASSET INVESTMENTS
Shares in
group Other
undertakings investments Totals
£    £    £   
COST OR VALUATION
At 1 April 2022 101 1,697,246 1,697,347
Additions - 36,426 36,426
Disposals - (1,237,277 ) (1,237,277 )
Revaluations - (144,870 ) (144,870 )
At 31 March 2023 101 351,525 351,626
NET BOOK VALUE
At 31 March 2023 101 351,525 351,626
At 31 March 2022 101 1,697,246 1,697,347

DARCY GEORGE INVESTMENTS LIMITED (REGISTERED NUMBER: 10614689)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

5. FIXED ASSET INVESTMENTS - continued

Cost or valuation at 31 March 2023 is represented by:

Shares in
group Other
undertakings investments Totals
£    £    £   
Valuation in 2018 - 47,310 47,310
Valuation in 2019 - 72,971 72,971
Valuation in 2020 - (137,125 ) (137,125 )
Valuation in 2021 - 118,537 118,537
Valuation in 2022 - 43,177 43,177
Valuation in 2023 - (144,870 ) (144,870 )
Cost 101 351,525 351,626
101 351,525 351,626

6. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 3,638,393
Additions 2,510,030
Disposals (272,415 )
Revaluations 470,707
At 31 March 2023 6,346,715
DEPRECIATION
At 1 April 2022 28,703
Charge for year 11,844
Eliminated on disposal (1,643 )
At 31 March 2023 38,904
NET BOOK VALUE
At 31 March 2023 6,307,811
At 31 March 2022 3,609,690

The property was valued on a fair value basis on 31 March 2023 by the directors.

Included within investment property are six properties located in Chester. The directors consider the fair value of these properties at 31 March 2023 was £1,460,000, based on a valuation provided by a third party agency in the year.

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2023 470,707
Cost 5,876,008
6,346,715

DARCY GEORGE INVESTMENTS LIMITED (REGISTERED NUMBER: 10614689)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 535 173
Amounts owed by group undertakings 1,463 404
Other debtors 2,832 3,360
VAT 10,947 -
Prepayments 3,311 2,348
19,088 6,285

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 23,389 12,863
Amounts owed to group undertakings - 25,031
Tax 13,919 32,551
Social security and other taxes 1,820 1,768
Directors' current accounts 2,638,829 2,765,816
Accruals and deferred income 43,813 8,286
2,721,770 2,846,315

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans (see note 10) 1,250,000 675,000

10. LOANS

During the year a loan of £875,000 was drawn from Handelsbanken PLC and is repayable five years from the advance date. Interest is charged at 2.35% above the Bank of England Base Rate and is repayable monthly.

During the year a loan of £200,000 was drawn from Svenska Handelsbanken Ab (Publ) and is repayable five years from the advance date. Interest is charged at 2.25% above the London Inter Bank Offered Rate and is repayable quarterly.

In 2020 a loan of £175,000 was drawn from Svenska Handelsbanken Ab (Publ) and is repayable five years from the advance date. Interest is charged at 3.03% and is repayable quarterly.

DARCY GEORGE INVESTMENTS LIMITED (REGISTERED NUMBER: 10614689)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

11. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Bank loans 1,250,000 675,000

Bank borrowings are subject to a first legal charge in Favour of Svenska Handlesbanken Ab (Publ) in relation to the following properties and their associated assets dated 20 March 2018: 69, Tarvin Road Chester, 1 Cherry Road Broughton, 68 Vernon Road Chester, , 95 Upton Drive Chester, 85 Green Lane Chester and 20 Norton Avenue Chester. A further charge was created on 24 October 2019 in relation to the property and its associated assets at 3 Arrowcroft Road.

Further borrowings are subject to a first legal charge in favour of Handelsbanken PLC in relation to the following properties and their associated assets dated 11 August 2022: 12 Regents Close, 35 Pentland Close, 32 Chichester Street, 26 Vicarage Road and 10 Churton Road.

12. RESERVES
Retained Share
earnings premium Totals
£    £    £   

At 1 April 2022 1,303,469 867,999 2,171,468
Profit for the year 638,903 638,903
Dividends (2,000 ) (2,000 )
At 31 March 2023 1,940,372 867,999 2,808,371

Included within retained earnings are non distributable reserves of £470,707.

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At 31 March 2023 £2,638,829 (2022: £2,765,816) was owed to the directors Mr N. A Hassall, Mrs Z. Hassall and Mr G.A Hassall.

The directors loan account is interest free and repayable at the company's discretion.

14. ULTIMATE CONTROLLING PARTY

The controlling party is N A D Hassall.