Company registration number 04959185 (England and Wales)
DEMISTONE PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
DEMISTONE PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 4
DEMISTONE PROPERTIES LIMITED
BALANCE SHEET
AS AT
30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
852,404
852,404
Current assets
Debtors
4
150
Cash at bank and in hand
193
252
193
402
Creditors: amounts falling due within one year
5
(164,973)
(130,410)
Net current liabilities
(164,780)
(130,008)
Total assets less current liabilities
687,624
722,396
Creditors: amounts falling due after more than one year
6
(303,318)
(342,639)
Net assets
384,306
379,757
Capital and reserves
Called up share capital
7
750
750
Share premium account
29,850
29,850
Revaluation reserve
95,861
95,861
Profit and loss reserves
257,845
253,296
Total equity
384,306
379,757
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
DEMISTONE PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2023
30 April 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 November 2023 and are signed on its behalf by:
J Dungworth
Director
Company registration number 04959185 (England and Wales)
DEMISTONE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
1
Accounting policies
Company information
Demistone Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Westcourt Financial Services Ltd, Westbrook Court, 2 Sharrow Vale Road, SHEFFIELD, S11 8YZ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents rental income receivable.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
3
3
3
Investment property
2023
£
Fair value
At 1 May 2022 and 30 April 2023
852,404
On a historical cost basis the investment property would have been included at an original cost of £756,543 (2022: £756,543).
DEMISTONE PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 4 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
150
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
28,869
18,416
Other creditors
136,104
111,994
164,973
130,410
The bank loan is secured on the property owned by the company.
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
303,318
342,639
The bank loan is secured on the property owned by the company.
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
600
600
600
600
Ordinary A shares of £1 each
150
150
150
150
750
750
750
750
8
Related party transactions
During the year amounts were received from Westcourt Financial Services Limited, a company under common control of the directors, for rent amounting to £30,100 (2022 : £24,600). Recharges also took place in the year amounting to £26,513 (2022 : £42,167). At the year end, amounts due to Westcourt Financial Services Limited were £125,458 (2022 : £102,460)