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Registration number: 04660970

Dunning Enterprises Limited

Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Dunning Enterprises Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 8

 

Dunning Enterprises Limited

Company Information

Director

Chris Dunning

Registered office

Finchley Park
Emmet Hill Lane
Laddingford
Kent
ME18 6BG

Accountants

VCS Accountancy Ltd
Finchley Park
Emmet Hill Lane
Laddingford
Kent
ME18 6BG

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Dunning Enterprises Limited
for the Year Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Dunning Enterprises Limited for the year ended 28 February 2023 as set out on pages 3 to 8 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 at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Dunning Enterprises Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Dunning Enterprises Limited and state those matters that we have agreed to state to the Board of Directors of Dunning Enterprises Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dunning Enterprises Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Dunning Enterprises Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Dunning Enterprises Limited. You consider that Dunning Enterprises 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 accounts of Dunning Enterprises 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 accounts.

......................................

VCS Accountancy Ltd
Finchley Park
Emmet Hill Lane
Laddingford
Kent
ME18 6BG

27 November 2023

 

Dunning Enterprises Limited

(Registration number: 04660970)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

4,396,901

4,023,979

Current assets

 

Debtors

5

70,388

111,774

Cash at bank and in hand

 

23,647

242,178

 

94,035

353,952

Creditors: Amounts falling due within one year

6

(110,401)

(485,566)

Net current liabilities

 

(16,366)

(131,614)

Total assets less current liabilities

 

4,380,535

3,892,365

Creditors: Amounts falling due after more than one year

6

(2,801,274)

(2,299,300)

Provisions for liabilities

(252,182)

(210,415)

Net assets

 

1,327,079

1,382,650

Capital and reserves

 

Called up share capital

1

1

Retained earnings

1,327,078

1,382,649

Shareholders' funds

 

1,327,079

1,382,650

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 27 November 2023
 

.........................................
Chris Dunning
Director

   
     

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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Dunning Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 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:
Finchley Park
Emmet Hill Lane
Laddingford
Kent
ME18 6BG

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

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.

Tax

The tax expense for the period comprises current and deferred 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.

 

Dunning Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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 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.

Investment properties included in fixed assets are included at their historical revalued amount.

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

Property improvements

10% straight line

Furniture and equipment

25% reducing balance

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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Dunning Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

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

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2022

4,204,420

64,601

4,269,021

Additions

380,727

-

380,727

At 28 February 2023

4,585,147

64,601

4,649,748

Depreciation

At 1 March 2022

183,803

61,237

245,040

Charge for the year

6,966

841

7,807

At 28 February 2023

190,769

62,078

252,847

Carrying amount

At 28 February 2023

4,394,378

2,523

4,396,901

At 28 February 2022

4,020,617

3,362

4,023,979

 

Dunning Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Debtors

Note

2023
£

2022
£

Directors loan account

7

49,393

-

Prepayments

 

2,382

1,422

Other debtors

 

18,613

110,352

 

70,388

111,774

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

90,000

320,983

Directors loan account

7

-

141,695

Accruals and deferred income

 

4,874

7,361

Other creditors

 

15,527

15,527

 

110,401

485,566

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

2,801,274

2,299,300

7

Related party transactions

Transactions with the director

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Chris Dunning

Repayable on demand loan transactions

(141,696)

192,483

(1,395)

49,393

         
       

 

 

Dunning Enterprises Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

2022

At 1 March 2021
£

Advances to director
£

Repayments by director
£

At 28 February 2022
£

Chris Dunning

Repayable on demand loan transactions

(147,434)

8,156

(2,418)

(141,696)

         
       

 


 

Interest is charged at an annual rate of 2% on overdrawn director's loan account balances.