DB Developments Staffordshire Limited 09487393 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is was that of property development. Digita Accounts Production Advanced 6.30.9574.0 true 09487393 2022-04-01 2023-03-31 09487393 2023-03-31 09487393 core:RetainedEarningsAccumulatedLosses 2023-03-31 09487393 core:ShareCapital 2023-03-31 09487393 core:CurrentFinancialInstruments 2023-03-31 09487393 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09487393 core:Non-currentFinancialInstruments 2023-03-31 09487393 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 09487393 core:OtherPropertyPlantEquipment 2023-03-31 09487393 bus:SmallEntities 2022-04-01 2023-03-31 09487393 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 09487393 bus:FullAccounts 2022-04-01 2023-03-31 09487393 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 09487393 bus:RegisteredOffice 2022-04-01 2023-03-31 09487393 bus:Director1 2022-04-01 2023-03-31 09487393 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 09487393 core:Land 2022-04-01 2023-03-31 09487393 countries:EnglandWales 2022-04-01 2023-03-31 09487393 2022-03-31 09487393 core:OtherPropertyPlantEquipment 2022-03-31 09487393 2021-04-01 2022-03-31 09487393 2022-03-31 09487393 core:RetainedEarningsAccumulatedLosses 2022-03-31 09487393 core:ShareCapital 2022-03-31 09487393 core:CurrentFinancialInstruments 2022-03-31 09487393 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 09487393 core:Non-currentFinancialInstruments 2022-03-31 09487393 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 09487393 core:OtherPropertyPlantEquipment 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 09487393

DB Developments Staffordshire Limited

Unaudited Financial Statements

for the Year Ended 31 March 2023

 

DB Developments Staffordshire Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 6

 

DB Developments Staffordshire Limited

(Registration number: 09487393)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

44,000

44,000

Investment property

5

367,744

142,738

 

411,744

186,738

Current assets

 

Stocks

6

1,492,407

492,713

Debtors

7

8,831

6,686

Cash at bank and in hand

 

43,679

8,333

 

1,544,917

507,732

Creditors: Amounts falling due within one year

8

(1,891,311)

(563,268)

Net current liabilities

 

(346,394)

(55,536)

Total assets less current liabilities

 

65,350

131,202

Creditors: Amounts falling due after more than one year

8

(22,500)

(32,500)

Net assets

 

42,850

98,702

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

42,849

98,701

Shareholders' funds

 

42,850

98,702

 

DB Developments Staffordshire Limited

(Registration number: 09487393)
Balance Sheet as at 31 March 2023

For the financial year ending 31 March 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 annual accounts and reports have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the profit and loss accounts has been taken.

Approved and authorised by the director on 16 November 2023
 

.........................................
Mr SP Beaumont
Director

 

DB Developments Staffordshire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
Drayton Beaumont Building
Merrial Street
Newcastle-Under-Lyme
Staffordshire
ST5 2AE
UK

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 financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention. These financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of property in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax.

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.

 

DB Developments Staffordshire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

DB Developments Staffordshire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Land
£

Total
£

Cost or valuation

At 1 April 2022

44,000

44,000

At 31 March 2023

44,000

44,000

Depreciation

Carrying amount

At 31 March 2023

44,000

44,000

At 31 March 2022

44,000

44,000

5

Investment properties

2023
£

At 1 April

142,738

Additions

225,006

At 31 March

367,744

There has been no valuation of investment property by an independent valuer.

6

Stocks

2023
£

2022
£

Work in progress

1,492,407

492,713

7

Debtors

2023
£

2022
£

Other debtors

8,831

6,686

8,831

6,686

 

DB Developments Staffordshire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

1,117,903

10,000

Trade creditors

 

212,232

197,092

Amounts owed to related parties

532,000

327,000

Other creditors

 

29,176

29,176

 

1,891,311

563,268

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

22,500

32,500

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Other borrowings

1,107,903

-

1,117,903

10,000