Company Registration No. NI637253 (Northern Ireland)
Dune (Investments) Limited
Unaudited accounts
for the year ended 31 March 2023
Dune (Investments) Limited
Unaudited accounts
Contents
Dune (Investments) Limited
Company Information
for the year ended 31 March 2023
Directors
Raymond Duddy
John Duddy
Sandra Duddy
Company Number
NI637253 (Northern Ireland)
Registered Office
4 The Grange
Shore Road
Newtownabbey
County Antrim
BT37 0UJ
Accountants
J H & Co Accountants Ltd
51 Breton Hall
Lisburn
BT28 3XY
Dune (Investments) Limited
Statement of financial position
as at 31 March 2023
Investment property
92,575
92,575
Investments
323,960
284,877
Cash at bank and in hand
272,114
331,384
Creditors: amounts falling due within one year
(646,648)
(649,327)
Net current liabilities
(374,534)
(317,943)
Called up share capital
100
100
Profit and loss account
41,901
59,409
Shareholders' funds
42,001
59,509
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 20 November 2023 and were signed on its behalf by
Raymond Duddy
Director
Company Registration No. NI637253
Dune (Investments) Limited
Notes to the Accounts
for the year ended 31 March 2023
Dune (Investments) Limited is a private company, limited by shares, registered in Northern Ireland, registration number NI637253. The registered office is 4 The Grange, Shore Road, Newtownabbey, County Antrim, BT37 0UJ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. 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.
The accounts have been prepared under the historical cost convention, modified to include investment properties and certain fixed asset investments at fair value. The principal accounting policies adopted are set out below.
The accounts are presented in £ sterling.
Investment property, which is property held to earn rentals or 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. The surplus or deficit on revaluation is recognised in the profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
Fixed Asset Investments are recorded in the accounts initially at cost and then at fair value at the period end. The uplift from cost to fair value is recognised in the income statement in the period.
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short term liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown with borrowings in current liabilities.
Equity instruments issued by the company are recorded at the proceeds received, net of the direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
The tax expense represents the sum of the tax currently payable and deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Dune (Investments) Limited
Notes to the Accounts
for the year ended 31 March 2023
Rental income from operating lease is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.
Fair value at 1 April 2022
92,575
Investment property comprises of two properties, 1 Ainsworth Street and 13 Forster Street Belfast. The investment property at 9 The Grange Newtownabbey was sold during the year.
5
Investments
Other investments
Valuation at 1 April 2022
284,877
Fair value adjustments
(11,081)
Valuation at 31 March 2023
323,960
Investments are recorded at fair value as determined by Quilter Cheviot Stockbrokers.
6
Creditors: amounts falling due within one year
2023
2022
Other creditors
646,648
649,327
Allotted, called up and fully paid:
13 A Ordinary shares of £1 each
13
13
13 B Ordinary shares of £1 each
13
13
37 C Ordinary shares of £1 each
37
37
37 D Ordinary shares of £1 each
37
37
8
Transactions with related parties
During the year the company entered into transactions of £2,080 (2022: £128) with related parties.
The amounts owed to entities under the control, joint control or significant influence was £645,767 (2022: £647,847).
No dividends were declared during the year (2022: £0).
9
Average number of employees
During the year the average number of employees was 3 (2022: 3).