REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
DARCY GEORGE INVESTMENTS LIMITED |
REGISTERED NUMBER: |
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: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
Investment property | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Share premium | 12 |
Retained earnings | 12 |
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 |
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 |
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 |
2. | STATEMENT OF COMPLIANCE |
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 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group | Other |
undertakings | investments | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 April 2022 | 1,697,347 |
Additions | 36,426 |
Disposals | ( |
) | (1,237,277 | ) |
Revaluations | ( |
) | (144,870 | ) |
At 31 March 2023 | 351,626 |
NET BOOK VALUE |
At 31 March 2023 | 351,626 |
At 31 March 2022 | 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 |
Additions |
Disposals | ( |
) |
Revaluations |
At 31 March 2023 |
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 |
At 31 March 2022 |
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 |
Amounts owed by group undertakings |
Other debtors |
VAT |
Prepayments |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
Directors' current accounts |
Accruals and deferred income |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Bank loans (see note 10) |
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 |
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 | 2,171,468 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 March 2023 | 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. |