REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 |
FOR |
DC DEVELOPMENTS (MANCHESTER) LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023 |
FOR |
DC DEVELOPMENTS (MANCHESTER) LTD |
DC DEVELOPMENTS (MANCHESTER) LTD (REGISTERED NUMBER: 13319752) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 July 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
DC DEVELOPMENTS (MANCHESTER) LTD |
COMPANY INFORMATION |
for the year ended 31 July 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
17 St Peters Place |
Fleetwood |
Lancashire |
FY7 6EB |
DC DEVELOPMENTS (MANCHESTER) LTD (REGISTERED NUMBER: 13319752) |
BALANCE SHEET |
31 July 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 10 |
Retained earnings |
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. |
DC DEVELOPMENTS (MANCHESTER) LTD (REGISTERED NUMBER: 13319752) |
BALANCE SHEET - continued |
31 July 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
DC DEVELOPMENTS (MANCHESTER) LTD (REGISTERED NUMBER: 13319752) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 July 2023 |
1. | STATUTORY INFORMATION |
DC Developments (Manchester) Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Revenue is measured at the fair value of the consideration received or receivable. |
Revenue from the sale of goods is recognised when the following conditions are satisfied - |
-the company has transferred to the buyer the significant risks and rewards of the goods; |
-the amount of revenue can be measured reliably; |
-it is probable that the economic benefits associated with the transaction will flow to the company; and |
-the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
Specifically, revenue from the sale of goods is recognised when the legal title has been passed. |
Tangible fixed assets |
Computer equipment | - |
Tangible fixed assets held for the company’s own use are stated at cost less accumulated depreciation and |
accumulated impairment losses. |
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. |
Stocks |
Work in progress is valued at the lower of cost and net realisable value. |
Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 balance sheet date. |
DC DEVELOPMENTS (MANCHESTER) LTD (REGISTERED NUMBER: 13319752) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 July 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 August 2022 |
Additions |
At 31 July 2023 |
DEPRECIATION |
At 1 August 2022 |
Charge for year |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
At 31 July 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
Additions |
Revaluations | 40,846 |
At 31 July 2023 |
NET BOOK VALUE |
At 31 July 2023 |
DC DEVELOPMENTS (MANCHESTER) LTD (REGISTERED NUMBER: 13319752) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 July 2023 |
5. | INVESTMENT PROPERTY - continued |
Fair value at 31 July 2023 is represented by: |
£ |
Valuation in 2023 | 40,846 |
Cost | 114,154 |
155,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 114,154 | - |
Investment property was valued on an open market basis on 31 July 2023 by the director . |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Tax |
Other creditors |
Directors' current accounts | 657 | 8,512 |
Accruals and deferred income |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
The bank loan is secured on the property to which it relates and is repayable after 5 years. |
DC DEVELOPMENTS (MANCHESTER) LTD (REGISTERED NUMBER: 13319752) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 July 2023 |
10. | RESERVES |
Fair |
value |
reserve |
£ |
Revaluation | 33,085 |
At 31 July 2023 |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the year ended 31 July 2023 and the period ended 31 July 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The loan to the director was unsecured and repayable on demand. Interest is payable at the HMRC rate applicable to beneficial loan arrangements. |
12. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £65,000 (2022 - £12,000) were paid to the directors . |