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2021-12-31 06688533 dpl-frs:CostSales dpl-frs:Item7 2022-12-31 06688533 dpl-frs:DistributionCosts dpl-frs:Item7 2022-01-01 2022-12-31 06688533 dpl-frs:AdministrativeExpenses dpl-frs:Item7 2022-01-01 2022-12-31 06688533 dpl-frs:Item8 2022-01-01 2022-12-31 06688533 dpl-frs:Item8 2021-12-31 06688533 dpl-frs:Item8 2022-12-31 06688533 dpl-frs:CostSales dpl-frs:Item8 2022-01-01 2022-12-31 06688533 dpl-frs:CostSales dpl-frs:Item8 2021-12-31 06688533 dpl-frs:CostSales dpl-frs:Item8 2022-12-31 06688533 dpl-frs:DistributionCosts dpl-frs:Item8 2022-01-01 2022-12-31 06688533 dpl-frs:AdministrativeExpenses dpl-frs:Item8 2022-01-01 2022-12-31 06688533 dpl-frs:Item9 2022-01-01 2022-12-31 06688533 dpl-frs:Item9 2021-12-31 06688533 dpl-frs:Item9 2022-12-31 06688533 dpl-frs:CostSales dpl-frs:Item9 2022-01-01 2022-12-31 06688533 dpl-frs:CostSales dpl-frs:Item9 2021-12-31 06688533 dpl-frs:CostSales dpl-frs:Item9 2022-12-31 06688533 dpl-frs:DistributionCosts dpl-frs:Item9 2022-01-01 2022-12-31 06688533 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Registered number: 06688533
Dunloc Properties Limited
ABRIDGED Financial Statements
For The Year Ended 31 December 2023
Financial Statements
Contents
Page
Abridged Balance Sheet 1—2
Notes to the Abridged Financial Statements 3—5
Page 1
Abridged Balance Sheet
Registered number: 06688533
2023 2022
Notes £ £ £ £
FIXED ASSETS
Investment Properties 5 2,510,000 2,369,227
2,510,000 2,369,227
CURRENT ASSETS
Debtors 7,339 13,388
Cash at bank and in hand 41,625 29,297
48,964 42,685
Creditors: Amounts Falling Due Within One Year (83,644 ) (69,861 )
NET CURRENT ASSETS (LIABILITIES) (34,680 ) (27,176 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,475,320 2,342,051
Creditors: Amounts Falling Due After More Than One Year 6 (1,589,985 ) (1,623,522 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (112,919 ) (86,172 )
NET ASSETS 772,416 632,357
CAPITAL AND RESERVES
Called up share capital 7 100 100
Fair Value Reserve 8 481,391 367,365
Profit and Loss Account 290,925 264,892
SHAREHOLDERS' FUNDS 772,416 632,357
Page 1
Page 2
For the year ending 31 December 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
All of the company's members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet for the year end 31 December 2023 in accordance with section 444(2A) of the Companies Act 2006.
On behalf of the board
Mr M F Locket
Director
Mr S M Dunnell
Director
10th February 2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Abridged Financial Statements
1. General Information
Dunloc Properties Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06688533 . The registered office is Elephant House Lagham Road, South Godstone, Godstone, RH9 8HB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from rental of properties.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% on cost
Fixtures & Fittings 25% on cost
2.4. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: NIL (2022: NIL)
- -
Page 3
Page 4
4. Tangible Assets
Total
£
Cost or Valuation
As at 1 January 2023 14,386
As at 31 December 2023 14,386
Depreciation
As at 1 January 2023 14,386
As at 31 December 2023 14,386
Net Book Value
As at 31 December 2023 -
As at 1 January 2023 -
5. Investment Property
2023
£
Fair Value
As at 1 January 2023 2,369,227
Revaluations 140,773
As at 31 December 2023 2,510,000
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2023 2022
£ £
Cost 1,915,690 1,915,690
6. Creditors: amounts falling due after five years
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2023 2022
£ £
Bank loans 719,261 719,261
Other Creditors 780,000 780,000
7. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
8. Reserves
Fair Value Reserve
£
As at 1 January 2023 367,365
Transfer to profit and loss 114,026
As at 31 December 2023 481,391
Page 4
Page 5
9. Related Party Transactions
During previous years Mrs S J Locket, a director, made loans to the company towards the redevelopment of the investment properties. Interest is payable on the loans at 7.5% per annum. The loans are repayable when the investment properties are sold. The balance due to S Locket of £390,000 (2022 - £390,000) is included within other creditors falling due after more than one year. Interest was paid to S J Locket of £29,250 (2022 - £29,250).
During a previous year M F Locket, a director, made a ten year loan to the company towards the purchase of an investment property of £116,516. Interest is payable on the loan at 5% per annum. The balance due to M F Locket of £53,634 (2022 - £65,458) is included within other creditors. Interest was paid to M F Locket of £3,054 (2022 - £3,627).
Page 5