Caseware UK (AP4) 2023.0.135 2023.0.135 2023-05-312023-05-312022-06-01false22falsefalseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10168303 2022-06-01 2023-05-31 10168303 2021-06-01 2022-05-31 10168303 2023-05-31 10168303 2022-05-31 10168303 2021-06-01 10168303 c:Director1 2022-06-01 2023-05-31 10168303 c:Director3 2022-06-01 2023-05-31 10168303 c:RegisteredOffice 2022-06-01 2023-05-31 10168303 c:Agent1 2022-06-01 2023-05-31 10168303 d:FreeholdInvestmentProperty 2023-05-31 10168303 d:FreeholdInvestmentProperty 2022-05-31 10168303 d:CurrentFinancialInstruments 2023-05-31 10168303 d:CurrentFinancialInstruments 2022-05-31 10168303 d:Non-currentFinancialInstruments 2023-05-31 10168303 d:Non-currentFinancialInstruments 2022-05-31 10168303 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 10168303 d:CurrentFinancialInstruments d:WithinOneYear 2022-05-31 10168303 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 10168303 d:Non-currentFinancialInstruments d:AfterOneYear 2022-05-31 10168303 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-05-31 10168303 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-05-31 10168303 d:ShareCapital 2023-05-31 10168303 d:ShareCapital 2022-05-31 10168303 d:ShareCapital 2021-06-01 10168303 d:CapitalRedemptionReserve 2023-05-31 10168303 d:CapitalRedemptionReserve 2022-05-31 10168303 d:CapitalRedemptionReserve 2021-06-01 10168303 d:RetainedEarningsAccumulatedLosses 2022-06-01 2023-05-31 10168303 d:RetainedEarningsAccumulatedLosses 2023-05-31 10168303 d:RetainedEarningsAccumulatedLosses 2021-06-01 2022-05-31 10168303 d:RetainedEarningsAccumulatedLosses 2022-05-31 10168303 d:RetainedEarningsAccumulatedLosses 2021-06-01 10168303 c:OrdinaryShareClass1 2022-06-01 2023-05-31 10168303 c:OrdinaryShareClass1 2023-05-31 10168303 c:OrdinaryShareClass1 2022-05-31 10168303 c:FRS102 2022-06-01 2023-05-31 10168303 c:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 10168303 c:FullAccounts 2022-06-01 2023-05-31 10168303 c:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 10168303 e:PoundSterling 2022-06-01 2023-05-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 10168303










DPP Property Limited








Unaudited

Directors' report and financial statements

For the year ended 31 May 2023

 
DPP Property Limited
 

Company Information


Directors
M R Darling 
I D Posnett 




Registered number
10168303



Registered office
37 St Margaret's Street

Canterbury

Kent

CT1 2TU




Accountants
Kreston Reeves LLP
Chartered Accountants

37 St Margaret's Street

Canterbury

Kent

CT1 2TU




Bankers
Lloyds Banking Group plc
3 Queen Street

Ramsgate

Kent

CT11 9DL





 
DPP Property Limited
 

Contents



Page
Directors' report
 
1
Accountants' report
 
2
Statement of comprehensive income
 
3
Balance sheet
 
4
Statement of changes in equity
 
5
Notes to the financial statements
 
6 - 11

 
DPP Property Limited
 

 
Directors' report
For the year ended 31 May 2023

The directors present their report and the financial statements for the year ended 31 May 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the company throughout the year was that of providing property maintenance services. 

Directors

The directors who served during the year were:

M R Darling 
I D Posnett 


In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





I D Posnett
Director

Date: 21 February 2024
Page 1

 
DPP Property Limited
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of DPP Property Limited for the year ended 31 May 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of DPP Property Limited for the year ended 31 May 2023 which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity 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 https://www.icaew.com /regulation.

This report is made solely to the Board of directors of DPP Property Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of DPP Property Limited  and state those matters that we have agreed to state to the Board of directors of DPP Property Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than DPP Property Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that DPP Property 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 DPP Property Limited. You consider that DPP Property Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of DPP Property 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.

  



Kreston Reeves LLP
 
Chartered Accountants
  
Canterbury
23 February 2024
Page 2

 
DPP Property Limited
 

Statement of comprehensive income
For the year ended 31 May 2023

2023
2022
£
£


Turnover
145,327
128,695

Cost of sales
(70,268)
(40,562)

Gross profit
75,059
88,133

Administrative expenses
(8,319)
96,174

Operating profit
66,740
184,307

Interest payable and similar expenses
(28,232)
(19,296)

Profit before tax
38,508
165,011

Tax on profit
(7,317)
(30,992)

Profit for the financial year
31,191
134,019

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 6 to 11 form part of these financial statements.
Page 3

 
DPP Property Limited
Registered number: 10168303

Balance sheet
As at 31 May 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
989,352
989,352

  
989,352
989,352

Current assets
  

Debtors: amounts falling due within one year
 5 
13,681
13,681

Cash at bank and in hand
 6 
242,057
257,197

  
255,738
270,878

Creditors: amounts falling due within one year
 7 
(39,086)
(61,237)

Net current assets
  
 
 
216,652
 
 
209,641

Total assets less current liabilities
  
1,206,004
1,198,993

Creditors: amounts falling due after more than one year
 8 
(498,703)
(522,883)

  

Net assets
  
707,301
676,110


Capital and reserves
  

Called up share capital 
 10 
66
66

Capital redemption reserve
  
33
33

Profit and loss account
  
707,202
676,011

  
707,301
676,110


The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



I D Posnett
Director

Date: 21 February 2024

The notes on pages 6 to 11 form part of these financial statements.
Page 4

 
DPP Property Limited
 

Statement of changes in equity
For the year ended 31 May 2023


Called up share capital
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£


At 1 June 2021
66
33
549,992
550,091


Comprehensive income for the year

Profit for the year
-
-
134,019
134,019

Dividends: Equity capital
-
-
(8,000)
(8,000)



At 1 June 2022
66
33
676,011
676,110


Comprehensive income for the year

Profit for the year
-
-
31,191
31,191


At 31 May 2023
66
33
707,202
707,301


The notes on pages 6 to 11 form part of these financial statements.
Page 5

 
DPP Property Limited
 

 
Notes to the financial statements
For the year ended 31 May 2023

1.


General information

DPP Property Limited (the 'company') is a private company limited by shares incorporated in England and Wales with the registration number 10168303. The address of the registered office is 37 St Margaret's Street, Canterbury, Kent, CT1 2TU. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The company's functional and presentation currency is Pounds Sterling. 
The company's financial statements are presented to the nearest £. 

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of comprehensive income in the same period as the related expenditure.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 6

 
DPP Property Limited
 

 
Notes to the financial statements
For the year ended 31 May 2023

2.Accounting policies (continued)

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

 
2.7

Investment property

Investment property is 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. Changes in fair value are recognised in the Statement of income and retained earnings. 

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
 
Page 7

 
DPP Property Limited
 

 
Notes to the financial statements
For the year ended 31 May 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)


Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
 
Page 8

 
DPP Property Limited
 

 
Notes to the financial statements
For the year ended 31 May 2023

2.Accounting policies (continued)


2.11
Financial instruments (continued)


Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).


4.


Investment property


Freehold investment property

£



Valuation


At 1 June 2022
989,352



At 31 May 2023
989,352

The company's freehold investment property has been valued at the year end by the directors at fair value. 









Page 9

 
DPP Property Limited
 

 
Notes to the financial statements
For the year ended 31 May 2023

5.


Debtors

2023
2022
£
£


Trade debtors
12,000
12,000

Prepayments and accrued income
1,681
1,681

13,681
13,681



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
242,057
257,197

242,057
257,197



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
24,000
25,516

Corporation tax
7,316
31,352

Other taxation and social security
3,000
2,670

Accruals and deferred income
4,770
1,699

39,086
61,237



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
498,703
522,883

498,703
522,883


The bank loans have associated legal charges in the form of a fixed charge and negative pledge over properties of the company. 

Page 10

 
DPP Property Limited
 

 
Notes to the financial statements
For the year ended 31 May 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
24,000
25,516


24,000
25,516

Amounts falling due 1-2 years

Bank loans
498,703
522,883


498,703
522,883





10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



66 (2022 - 66) Ordinary shares of £1.00 each
66
66



11.


Controlling party

There is no overall controlling party. 
Page 11