Company registration number SC124035 (Scotland)
DAWNSIDE DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
PAGES FOR FILING WITH REGISTRAR
DAWNSIDE DEVELOPMENTS LIMITED
Company Information
Directors
Mr G K Donaldson
Mr A Donaldson
Secretary
Mr A Donaldson
Company number
SC124035
Registered office
Geddes House
Kirkton North
Livingston, West Lothian
EH54 6GU
Accountants
Condie & Co Limited
10 Abbey Park Place
Dunfermline
Fife
KY12 7NZ
Bankers
Virgin Money
Cairngorm House
Almondvale Blvd
Livingston
EH54 6QL
Solicitors
Young & Partners
1 George Square
Castle Brae
Dunfermline
Fife
KY11 8QF
DAWNSIDE DEVELOPMENTS LIMITED
Contents
Page
Accountants' report
1
Statement of financial position
2
Notes to the financial statements
3 - 8
DAWNSIDE DEVELOPMENTS LIMITED
Report To The Directors On The Preparation Of The Unaudited Statutory Accounts Of Dawnside Developments Limited
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Dawnside Developments Limited for the year ended 30 September 2023 which comprise, the 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 ICAS we are subject to its ethical and other professional requirements which are detailed at https://icas.com/icas-framework-preparation-of-accounts
This report is made solely to the Board of Directors of Dawnside Developments Limited, as a body, in accordance with the terms of our engagement letter dated 28 May 2021. Our work has been undertaken solely to prepare for your approval the financial statements of Dawnside Developments Limited and state those matters that we have agreed to state to the Board of Directors of Dawnside Developments Limited, as a body, in this report in accordance with the requirements of the ICAS as detailed at https://icas.com/icas-framework-preparation-of-accounts. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Dawnside Developments Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Dawnside Developments 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 profit of Dawnside Developments Limited. You consider that Dawnside Developments 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 Dawnside Developments 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.
Condie & Co Limited
7 February 2024
Chartered Accountants
10 Abbey Park Place
Dunfermline
Fife
KY12 7NZ
DAWNSIDE DEVELOPMENTS LIMITED
Statement Of Financial Position
As At 30 September 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
75,795
20,266
Investment properties
5
540,000
540,000
615,795
560,266
Current assets
Stocks
28,373
-
Debtors
6
393,280
129,342
Cash at bank and in hand
755,998
365,612
1,177,651
494,954
Creditors: amounts falling due within one year
7
(773,744)
(99,289)
Net current assets
403,907
395,665
Net assets
1,019,702
955,931
Capital and reserves
Called up share capital
8
250,100
250,100
Profit and loss reserves
769,602
705,831
Total equity
1,019,702
955,931
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 7 February 2024 and are signed on its behalf by:
Mr A Donaldson
Director
Company Registration No. SC124035
DAWNSIDE DEVELOPMENTS LIMITED
Notes To The Financial Statements
For The Year Ended 30 September 2023
- 3 -
1
Accounting policies
Company information
Dawnside Developments Limited is a private company limited by shares incorporated in Scotland. The registered office is Geddes House, Kirkton North, Livingston, West Lothian, EH54 6GU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the rent received or receivable for occupancy of property provided in the normal course of business.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
15% reducing balance p.a.
Motor vehicles
25% straight line p.a.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for 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. Changes in fair value are recognised in profit or loss.
Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed assets.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
DAWNSIDE DEVELOPMENTS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 September 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
1.8
Cash at bank and in hand
Cash and cash equivalents 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 within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
DAWNSIDE DEVELOPMENTS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 September 2023
1
Accounting policies
(Continued)
- 5 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
DAWNSIDE DEVELOPMENTS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 September 2023
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
10
10
4
Tangible fixed assets
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
Cost or valuation
At 1 October 2022
78,248
18,890
97,138
Additions
2,332
79,524
81,856
Disposals
(11,925)
(11,925)
At 30 September 2023
80,580
86,489
167,069
Depreciation and impairment
At 1 October 2022
61,277
15,595
76,872
Depreciation charged in the year
3,330
12,563
15,893
Eliminated in respect of disposals
(1,491)
(1,491)
At 30 September 2023
64,607
26,667
91,274
Carrying amount
At 30 September 2023
15,973
59,822
75,795
At 30 September 2022
16,971
3,295
20,266
5
Investment property
2023
£
Fair value
At 1 October 2022 and 30 September 2023
540,000
DAWNSIDE DEVELOPMENTS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 September 2023
5
Investment property
(Continued)
- 7 -
The property has been included in the financial statements at directors' valuation. The directors are of the opinion that the value at 30 September 2023 is a fair reflection of the market value. |
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
30,622
72,408
Other debtors
359,239
51,650
Prepayments and accrued income
3,419
5,284
393,280
129,342
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
4,942
3,902
Corporation tax
14,262
29,249
Other taxation and social security
19,071
21,644
Other creditors
719,825
36,245
Accruals and deferred income
15,644
8,249
773,744
99,289
8
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
250,100
250,100
250,100
250,100
9
Profit and loss reserve
This reserve records retained earnings and accumulated losses including surplus/deficit on market value changes of investment properties. At the year end £28,420 (2022 - £28,420) is non distributable.
10
Related party transactions
The company has taken advantage of Section 1AC35 of FRS 102 whereby only material transactions which are not under the normal market conditions need to be disclosed.
The company has taken advantage of Section 33.1A of FRS102 whereby only transactions which are not with wholly owned members of a group need to be disclosed.
11
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
DAWNSIDE DEVELOPMENTS LIMITED
Notes To The Financial Statements (Continued)
For The Year Ended 30 September 2023
11
Directors' transactions
(Continued)
- 8 -
Mr G Donaldson
-
3,313
16,853
(20,915)
(749)
Mr A Donaldson
-
5,776
3,105
(3,998)
4,883
9,089
19,958
(24,913)
4,134
The balance due to the director, which is included in other debtors, is interest free and payable on demand.
The balance due to the director, which is included in other creditors, is interest free and repayable on demand.
12
Parent company
The ultimate parent company is Dawnside Group Limited, a company incorporated in Scotland. The address of its principal place of business is Geddes House, Kirkton North, Livingston, West Lothian, EH54 6GU.
The immediate parent company is Dawnside Holdings Limited, a company incorporated in Scotland. The address of its principal place of business is Geddes House, Kirkton North, Livingston, West Lothian, EH54 6GU.