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REGISTERED NUMBER: 02425563 (England and Wales)















Financial Statements for the Year Ended 31st March 2023

for

DINGLIS PROPERTIES LIMITED

DINGLIS PROPERTIES LIMITED (REGISTERED NUMBER: 02425563)

Contents of the Financial Statements
FOR THE YEAR ENDED 31st March 2023










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


DINGLIS PROPERTIES LIMITED

Company Information
FOR THE YEAR ENDED 31st March 2023







DIRECTORS: Andreas Dingli
G Morphitou
S Michael
A A JOYCE
A DINGLIS



REGISTERED OFFICE: 105 Seven Sisters
London
N7 7QR



REGISTERED NUMBER: 02425563 (England and Wales)



ACCOUNTANTS: C. Charles & Co Limited
Chartered Certified Accountants
Argyle Court
105 Seven Sisters Road
London
London
N7 7QR



BANKERS: CYNERGY BANK
P.O.Box 17484
London
N14 5WH

DINGLIS PROPERTIES LIMITED (REGISTERED NUMBER: 02425563)

Statement of Financial Position
31st March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 31,783,191 31,692,946

CURRENT ASSETS
Debtors 5 12,007,429 10,902,701
Cash at bank and in hand 367,049 50,672
12,374,478 10,953,373
CREDITORS
Amounts falling due within one year 6 1,612,673 1,334,264
NET CURRENT ASSETS 10,761,805 9,619,109
TOTAL ASSETS LESS CURRENT
LIABILITIES

42,544,996

41,312,055

CAPITAL AND RESERVES
Called up share capital 99,000 99,900
Revaluation reserve 7 15,765,846 15,765,846
Retained earnings 26,680,150 25,446,309
SHAREHOLDERS' FUNDS 42,544,996 41,312,055

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

DINGLIS PROPERTIES LIMITED (REGISTERED NUMBER: 02425563)

Statement of Financial Position - continued
31st March 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27th December 2023 and were signed on its behalf by:





Andreas Dingli - Director


DINGLIS PROPERTIES LIMITED (REGISTERED NUMBER: 02425563)

Notes to the Financial Statements
FOR THE YEAR ENDED 31st March 2023


1. STATUTORY INFORMATION

DINGLIS PROPERTIES LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rental income is credited to income in the year which it falls due.

DINGLIS PROPERTIES LIMITED (REGISTERED NUMBER: 02425563)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31st March 2023


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - not provided
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 15% on reducing balance

Freehold building:
The company policy is to depreciate the building over its useful life, once the refurbishment is completed and the building is fully brought in use and land is not depreciable.

Investment properties:
In accordance with FRSSE (effective April 2008), no depreciation or amortisation is provided in respect of freehold or long leasehold investment properties. This departure from the requirements of the Companies Act 2006, for all properties to be depreciated, is in the opinion of the Directors, necessary for the financial statements to give a true and fair view in accordance with applicable accounting standards.

The effect of depreciation and amortisation on value is already reflected annually in the valuation of properties, and the amount attributed to this factor by the valuers cannot reasonably be separately identified or quantified.

Investment properties comprises of freehold buildings. These comprise mainly of retail units, and are measured initially at cost, including related transaction costs. These are held as investment to earn rental income and for capital appreciation and are stated at fair value at the Balance sheet date.

After initial recognition investment properties is carried at fair value, based on amount paid, it is then determined annually by independent external valuers or held at Directors' valuation if appropriate. The surplus or deficit arising from these valuation are transferred to or from valuation reserve. When an existing investment property is redeveloped for continued use as an investment property, it remains an investment property whilst in development.

The fair value of investment property reflects, among other things, rental income from current leases and assumptions about rental income from future leases in light of current market conditions.

Subsequent expenditure is added to the asset's carrying amount only when it is probable that future economic benefits associated with the item will flow to the company and the cost of the item can be measured reliably. All other repairs and maintenance cost are charged to the Profit and Loss Account during the financial period in which they are incurred.


DINGLIS PROPERTIES LIMITED (REGISTERED NUMBER: 02425563)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31st March 2023


2. ACCOUNTING POLICIES - continued
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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 6 ) .

DINGLIS PROPERTIES LIMITED (REGISTERED NUMBER: 02425563)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31st March 2023


4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1st April 2022 31,682,410 101,502 6,200 31,790,112
Additions 445,722 - - 445,722
Disposals (355,477 ) - - (355,477 )
At 31st March 2023 31,772,655 101,502 6,200 31,880,357
DEPRECIATION
At 1st April 2022
and 31st March 2023 - 92,655 4,511 97,166
NET BOOK VALUE
At 31st March 2023 31,772,655 8,847 1,689 31,783,191
At 31st March 2022 31,682,410 8,847 1,689 31,692,946

The value of the investment properties, which have been included at the revalued amount in 2010 it has been considered by the directors that this valuation shown in the financial statements is fair and reasonable in comparison of the market value of similar properties in the same location

5. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 17,377 34,308
Prepayments and accrued income 1,507,144 1,507,144
1,524,521 1,541,452

Amounts falling due after more than one year:
Amounts owed by group undertakings 10,372,908 9,251,249
Other debtors 110,000 110,000
10,482,908 9,361,249

Aggregate amounts 12,007,429 10,902,701

DINGLIS PROPERTIES LIMITED (REGISTERED NUMBER: 02425563)

Notes to the Financial Statements - continued
FOR THE YEAR ENDED 31st March 2023


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 59,204 20,469
Tax 1,350,932 1,235,399
Social security and other taxes 39,068 125
VAT 4,250 4,250
Other creditors 150,471 1,987
Accruals and deferred income 8,748 72,034
1,612,673 1,334,264

7. RESERVES
Revaluatio
reserve
£   
At 1st April 2022
and 31st March 2023 15,765,846

8. POST BALANCE SHEET EVENTS

There were no material post balance sheet events after the reporting period, which have a bearing on understanding of the financial statements.

9. ULTIMATE CONTROLLING PARTY