REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 |
FOR |
DEERHURST PROPERTIES LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 |
FOR |
DEERHURST PROPERTIES LIMITED |
DEERHURST PROPERTIES LIMITED (REGISTERED NUMBER: 05519599) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
Page |
Company Information | 1 |
Abridged Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Chartered Accountants' Report | 7 |
DEERHURST PROPERTIES LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 JULY 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
6 Manor Park Business Centre |
Mackenzie Way |
Cheltenham |
Gloucestershire |
GL51 9TX |
DEERHURST PROPERTIES LIMITED (REGISTERED NUMBER: 05519599) |
ABRIDGED STATEMENT OF FINANCIAL POSITION |
31 JULY 2023 |
31.7.23 | 31.7.22 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 4 |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | ( |
) | ( |
) |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
5 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 7 |
Revaluation reserve | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
DEERHURST PROPERTIES LIMITED (REGISTERED NUMBER: 05519599) |
ABRIDGED STATEMENT OF FINANCIAL POSITION - continued |
31 JULY 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
DEERHURST PROPERTIES LIMITED (REGISTERED NUMBER: 05519599) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 JULY 2023 |
1. | STATUTORY INFORMATION |
Deerhurst Properties Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The director has considered the funding required by the company for a period of at least 12 months from the date of approval of these financial statements, taking into the uncertainties created by the coronavirus pandemic and other global economic factors, and has concluded that the company will be able to generate sufficient cash flow to ensure that all third party liabilities are paid on their due date. He has committed to not withdrawing his funding, or that of a company under common control, to the detriment of other unsecured creditors. |
As a result the director considers it appropriate to assume that the company can continue to operate a going concern and has consequently drawn up the financial statements on that basis. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 August 2022 |
Revaluations | 17,501 |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
DEERHURST PROPERTIES LIMITED (REGISTERED NUMBER: 05519599) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
4. | INVESTMENT PROPERTY - continued |
The value of the properties at the end of the accounting year was considered by the sole director with regard to external information regarding commercial property prices in the area. In his view fair value is represented by the original cost price of the properties and there has been no material change in value in the last twelve months. |
Fair value at 31 July 2023 is represented by: |
£ |
Valuation in 2023 | 17,501 |
Cost | 182,499 |
200,000 |
5. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE YEARS |
31.7.23 | 31.7.22 |
£ | £ |
Repayable by instalments |
Bank loans | 28,777 | 36,301 |
6. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.7.23 | 31.7.22 |
£ | £ |
Bank loans |
The mortgage loan is secured by a debenture over the company's assets, a fixed charge over the company's investment properties and a cross-guarantee from two companies under common control, Communication Networking Systems Limited and Clear Natural Spas Limited. The Bounce Back Loan is unsecured. |
7. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.7.23 | 31.7.22 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
8. | RESERVES |
Revaluation |
reserve |
£ |
Revaluations | 14,176 |
At 31 July 2023 |
DEERHURST PROPERTIES LIMITED (REGISTERED NUMBER: 05519599) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 JULY 2023 |
9. | RELATED PARTY DISCLOSURES |
Communication Networking Systems Limited |
Company under common control |
The company rents its properties on an arms' length basis to the related party. Rent received in the year was £15,600 (2022: £15,600). The company was also provided with working capital funding by the related party and as at 31 July 2023 the company owed the related party £32,614 (2022: £32,042). The advance is unsecured and interest-free. Although it is technically repayable on demand, the related party has agreed not to withdraw this funding to the detriment of other unsecured creditors. |
Mr D Wakefield |
Sole director and shareholder |
Mr Wakefield has provided funding to the company for property acquisition and working capital. As at 31 July 2023 the balance owing to the director on his loan account was £41,697 (2022: £41,697). The advance is unsecured and interest-free. Although it is technically repayable on demand, the related party has agreed not to withdraw this funding to the detriment of other unsecured creditors. |
Clear Natural Spas Limited |
Company under common control |
The related party charged the company £10,000 of management charges during the year. The amount owed to the related party at 31 July 2023 was £10,000. The amount is unsecured, interest-free and repayable on demand. |
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR |
ON THE UNAUDITED FINANCIAL STATEMENTS OF |
DEERHURST PROPERTIES LIMITED |
The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Deerhurst Properties Limited for the year ended 31 July 2023 which comprise the Statement of Income and Retained Earnings, Abridged Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us. |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
This report is made solely to the director of Deerhurst Properties Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Deerhurst Properties Limited and state those matters that we have agreed to state to the director of Deerhurst Properties Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Deerhurst Properties Limited and its director for our work or for this report. |
It is your duty to ensure that Deerhurst Properties Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Deerhurst Properties Limited. You consider that Deerhurst Properties Limited is exempt from the statutory audit requirement for the year. |
We have not been instructed to carry out an audit or a review of the financial statements of Deerhurst Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
6 Manor Park Business Centre |
Mackenzie Way |
Cheltenham |
Gloucestershire |
GL51 9TX |
Date: ............................................. |