Company Registration No. 04445184 (England and Wales)
DNA PROPERTIES LTD.
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
DNA PROPERTIES LTD.
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
DNA PROPERTIES LTD.
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DNA PROPERTIES LTD. FOR THE YEAR ENDED 31 MAY 2023
- 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 DNA Properties Ltd. for the year ended 31 May 2023 which comprise, the balance sheet 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 at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of DNA Properties Ltd., as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of DNA Properties Ltd. and state those matters that we have agreed to state to the Board of Directors of DNA Properties Ltd., 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 DNA Properties Ltd. and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that DNA Properties Ltd. 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 DNA Properties Ltd.. You consider that DNA Properties Ltd. 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 DNA Properties Ltd.. 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.
Ormerod Rutter Limited
8 February 2024
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
DNA PROPERTIES LTD.
BALANCE SHEET
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2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,052
1,170
Investment properties
4
368,864
277,188
369,916
278,358
Current assets
Debtors
5
66,362
64,367
Cash at bank and in hand
80,588
115,123
146,950
179,490
Creditors: amounts falling due within one year
6
(444,406)
(439,402)
Net current liabilities
(297,456)
(259,912)
Total assets less current liabilities
72,460
18,446
Creditors: amounts falling due after more than one year
7
(40,200)
Provisions for liabilities
9
(23,182)
(222)
Net assets/(liabilities)
49,278
(21,976)
Capital and reserves
Called up share capital
10
100
100
Revaluation reserve
11
68,757
Profit and loss reserves
(19,579)
(22,076)
Total equity
49,278
(21,976)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have 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.
DNA PROPERTIES LTD.
BALANCE SHEET (CONTINUED)
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 8 February 2024.
Mrs D Fellows
Director
Company Registration No. 04445184
DNA PROPERTIES LTD.
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
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1
Accounting policies
Company information
DNA Properties Ltd. is a private company limited by shares incorporated in England and Wales. The registered office is 13 Greenhill, Blackwell, Bromsgrove, Worcestershire, B60 1BJ.
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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
These financial statements have been drawn up on the going concern basis. If the going concern basis were not appropriate, adjustments would have been made to reduce assets to recoverable amounts, to provide for any further liabilities that might arise, and to re-classify fixed assets as current assets and long term liabilities as current liabilities.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rents provided in the normal course of business. The fair value of consideration takes into account any lease premiums or rent free periods, which are recognised on a straight line basis over the lease term.
Revenue from the provision of property rental is recognised by reference to the period of its occupancy and where the amount of rent can be measured reliably.
1.4
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:
Improvements to property
10% on reducing balance
Plant and machinery
10% on reducing balance
Fixtures and fittings
10% on reducing balance
1.5
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. The surplus or deficit on revaluation is recognised in profit or loss.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
DNA PROPERTIES LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 profit and loss account, 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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1 (2022 - 1).
3
Tangible fixed assets
Improvements to property
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 June 2022 and 31 May 2023
600
2,818
2,952
6,370
Depreciation and impairment
At 1 June 2022
528
2,446
2,226
5,200
Depreciation charged in the year
7
37
74
118
At 31 May 2023
535
2,483
2,300
5,318
Carrying amount
At 31 May 2023
65
335
652
1,052
At 31 May 2022
72
372
726
1,170
DNA PROPERTIES LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
4
Investment property
2023
£
Fair value
At 1 June 2022
277,188
Revaluations
91,676
At 31 May 2023
368,864
The director has assessed the market value of the properties and considers that the value was £368,864 as at the year end.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
491
Other debtors
65,871
64,367
66,362
64,367
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
71
1,167
Amounts owed to group undertakings
440,930
432,851
Taxation and social security
623
2,076
Other creditors
2,782
3,308
444,406
439,402
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
40,200
DNA PROPERTIES LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 7 -
8
Secured debts
The following secured debts are included within creditors:
2023
2022
£
£
Bank loans
-
40,200
Paragon Mortgages Limited holds a legal charge over the company securing all monies due, consisting of a fixed charge over one of the properties held and all related rights and assets, and a floating charge over the company's trade and assets.
9
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
23,182
222
10
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1 each
100
100
100
100
11
Revaluation reserve
2023
2022
£
£
At the beginning of the year
Deferred tax on revaluation of tangible assets
(22,919)
-
Other movements
91,676
-
At the end of the year
68,757
12
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
DNA PROPERTIES LTD.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 8 -
13
Control
Ultimate parent company
The ultimate parent company is DNA Unique Business Solutions Limited, a company registered in England and Wales.
Ultimate controlling party
The ultimate controlling party is Mrs D Fellows by virtue of her controlling interest in the ultimate parent company.