Company Registration No. 03604702 (England and Wales)
DBA Advisors Limited
Unaudited accounts
for the year ended 31 March 2023
DBA Advisors Limited
Unaudited accounts
Contents
DBA Advisors Limited
Company Information
for the year ended 31 March 2023
Directors
Mr D S Baroukh
Mrs M Baroukh
Company Number
03604702 (England and Wales)
Registered Office
60 High Street
Wimbledon
London
SW19 5EE
Accountants
Wellden Turnbull Limited
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ
DBA Advisors Limited
Statement of financial position
as at 31 March 2023
Tangible assets
28,946
35,031
Investment property
2,495,000
2,495,000
Investments
1,830,651
3,087,840
Cash at bank and in hand
2,104,351
125,169
Creditors: amounts falling due within one year
(155,340)
(284,449)
Net current assets
2,313,319
1,106,328
Total assets less current liabilities
6,667,916
6,724,199
Creditors: amounts falling due after more than one year
(1,045,215)
(1,078,125)
Provisions for liabilities
Deferred tax
(265,050)
(265,050)
Net assets
5,357,651
5,381,024
Called up share capital
100
100
Revaluation reserve
1,129,950
1,129,950
Profit and loss account
4,227,601
4,250,974
Shareholders' funds
5,357,651
5,381,024
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 14 November 2023 and were signed on its behalf by
Mr D S Baroukh
Director
Company Registration No. 03604702
DBA Advisors Limited
Notes to the Accounts
for the year ended 31 March 2023
DBA Advisors Limited is a private company, limited by shares, registered in England and Wales, registration number 03604702. The registered office is 60 High Street, Wimbledon, London, SW19 5EE.
2
Compliance with accounting standards
The financial statements have been prepared in accordance with the provisions of FRS 102. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
These 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.
The financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
In the prior year the Company received cash payments from HMRC relating to the UK Government Coronavirus Job Retention Scheme totalling £3,930. The amount is presented in other operating income. No such grants were received in the current financial year.
Interest income is recognised in profit or loss using the effective interest method.
Interest payable is charged to the profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instruments.
DBA Advisors Limited
Notes to the Accounts
for the year ended 31 March 2023
The tax expense for the period comprises current and deferred tax. Tax is recognised in the Income Statement, 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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible fixed assets and depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated deprecation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to te location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The assets' residual values, useful life and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line basis.
Depreciation is provided on the following basis:
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 the Income Statement.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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.
DBA Advisors Limited
Notes to the Accounts
for the year ended 31 March 2023
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in the Income Statement. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in the Income Statement.
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 Income Statement over the period of the relevant borrowing.
Any 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.
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Tangible fixed assets
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At 1 April 2022
35,625
-
35,625
At 31 March 2023
35,625
1,300
36,925
Charge for the year
7,125
260
7,385
At 31 March 2023
7,719
260
7,979
At 31 March 2023
27,906
1,040
28,946
At 31 March 2022
35,031
-
35,031
Fair value at 1 April 2022
2,495,000
At 31 March 2023
2,495,000
The 2023 valuations were carried out by the directors on an open market value for existing use basis.
DBA Advisors Limited
Notes to the Accounts
for the year ended 31 March 2023
6
Investments
Other investments
Valuation at 1 April 2022
3,087,840
Valuation at 31 March 2023
1,830,651
Other investments comprise deep discount bonds of £1,830,651 (2022 - £3,087,840) issued to a company under common ownership. The bonds are redeemable in 2036 and accrete interest at 1.07% per annum. Disposals comprise partial redemption payments of £1,286,929.
Amounts falling due within one year
Accrued income and prepayments
750
-
Other debtors
363,558
1,265,608
8
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
99,071
91,422
Trade creditors
2,512
3,994
Taxes and social security
16,045
128,434
Proposed dividends
3,000
-
Other creditors
112
35,334
Deferred income
19,950
19,950
9
Creditors: amounts falling due after more than one year
2023
2022
Bank loans
1,045,215
1,078,125
The bank loans are attracting interest at a rate of 2.85% above Coutts base rate per annum, and the final instalment is repayable in September 2025.
There is a fixed and floating charge over the assets of Dorset Commercial Properties Limited.
Allotted, called up and fully paid:
70 Ordinary shares of £1 each
70
70
30 Ordinary A of £1 each
30
30
DBA Advisors Limited
Notes to the Accounts
for the year ended 31 March 2023
11
Transactions with related parties
Included within other debtors is £293,099 (2022 - £292,679) due from a company under common ownership. This amount is interest free and repayable on demand.
Included within other debtors is £ NIL (2022 - £895,453) due from a company under common ownership. This amount is interest free and repayable on demand.
Included within other debtors is £68,000 (2022 - £41,000) due from a company under common ownership. This amount is interest free and repayable on demand.
Included within other debtors is £98 (2022 - £98) due from the Directors. This amount is interest free and is repayable on demand.
12
Average number of employees
During the year the average number of employees was 4 (2022: 2).