REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 June 2023 |
for |
Dow Properties Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 June 2023 |
for |
Dow Properties Limited |
Dow Properties Limited (Registered number: 02193291) |
Contents of the Financial Statements |
for the Year Ended 30 June 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Dow Properties Limited |
Company Information |
for the Year Ended 30 June 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Certified Accountants |
39-41 North Road |
London |
N7 9DP |
Dow Properties Limited (Registered number: 02193291) |
Balance Sheet |
30 June 2023 |
30.6.23 | 30.6.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
ACCRUALS AND DEFERRED INCOME | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Revaluation reserve | 12 |
Retained earnings | 12 |
SHAREHOLDERS' FUNDS |
The director acknowledges his 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. |
Dow Properties Limited (Registered number: 02193291) |
Balance Sheet - continued |
30 June 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Dow Properties Limited (Registered number: 02193291) |
Notes to the Financial Statements |
for the Year Ended 30 June 2023 |
1. | STATUTORY INFORMATION |
Dow Properties Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The accounts have been prepared on a going concern basis since the directors agreed to finance the company as required. |
Turnover |
Turnover represents rent received and trading income generated from operating guest houses and short term holiday let excluding value added tax. All income receivable are recognised as turnover when the company obtains the right to consideration. |
Tangible fixed assets |
Fixed assets are held at costs less accumulated depreciation and any impairment charges. |
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life. |
Plant and machinery - 25% on reducing balance |
Fixtures and fittings - 25% on reducing balance |
Investment property |
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost, including transaction costs. Subsequently investment properties whose fair value can be measured reliably without undue cost or effort on an on-going basis are measured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit or loss in the period in which they arise. |
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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessment. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. |
Business activities |
The business carries development of properties to improve values and and generate additional income. The business activity encompassed rental of residential and commercial properties. It also operates guest house and short-tem holiday let. |
Dow Properties Limited (Registered number: 02193291) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
COST |
At 1 July 2022 |
Additions |
At 30 June 2023 |
DEPRECIATION |
At 1 July 2022 |
Charge for year |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 July 2022 |
Additions |
Revaluations | (3,172,289 | ) |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
At 30 June 2022 |
Fair value at 30 June 2023 is represented by: |
£ |
Valuation in 2022 | 14,322,120 |
Valuation in 2023 | (3,172,288 | ) |
Cost | 24,434,168 |
35,584,000 |
Dow Properties Limited (Registered number: 02193291) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
5. | INVESTMENT PROPERTY - continued |
If investment properties had not been revalued it would have been included at the following historical cost: |
30.6.23 | 30.6.22 |
£ | £ |
Cost | 24,159,168 | 24,072,880 |
Investment properties were valued on at fair value basis on 30 June 2023 by the directors . |
During the year the properties were valued by Colliers, UK's leading RICS-registered building surveyors. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.6.23 | 30.6.22 |
£ | £ |
Bank loans (see note 9) |
9. | LOANS |
An analysis of the maturity of loans is given below: |
30.6.23 | 30.6.22 |
£ | £ |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Dow Properties Limited (Registered number: 02193291) |
Notes to the Financial Statements - continued |
for the Year Ended 30 June 2023 |
10. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.6.23 | 30.6.22 |
£ | £ |
Bank loans |
The company's banking facilities are secured by a mortgage debenture incorporating a fixed and floating charge over all current and future assets of the company, a supplemental charge over the book debts and by mortgages over properties. |
11. | PROVISIONS FOR LIABILITIES |
The fair value of the investments properties in excess of their cost was disclosed in note 8. Assuming all the properties were sold as at 30.6.2023 after taking into account of the indexation allowances accrued, there would be a capital gain of £4,944,935, (2022-£6,387,090), hence the capital gain tax liability would be £939,537, (2022, - £1,213.547). |
12. | RESERVES |
Retained | Revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 July 2022 | 19,446,079 |
Profit for the year |
Revaluation during the year | - | (3,172,289 | ) | (3,172,289 | ) |
At 30 June 2023 | 16,658,224 |
13. | RELATED PARTY DISCLOSURES |
During the year the director paid expenses of £142,895 on behalf of the company. The balance of directors loan account as at 30.6.2023 was £159,181, (As at 30.6.2022 - £16,286). The directors loan account is payable on demand. |
The controlling party is Dr. K M M AREFIN,. |
Mr Arefin is the controlling party by virtue of the majority shareholding. |