Company registration number 05807079 (England and Wales)
DANKS PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
PAGES FOR FILING WITH REGISTRAR
DANKS PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
DANKS PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2023
31 August 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
650,916
630,990
Current assets
Debtors
4
37,391
151,936
Cash at bank and in hand
133
37,524
151,936
Creditors: amounts falling due within one year
5
(247,082)
(313,351)
Net current liabilities
(209,558)
(161,415)
Total assets less current liabilities
441,358
469,575
Creditors: amounts falling due after more than one year
6
(301,369)
(114,447)
Provisions for liabilities
(12,828)
(9,042)
Net assets
127,161
346,086
Capital and reserves
Called up share capital
7
2
2
Non-distributable profits reserve
8
212,608
196,468
Distributable profit and loss reserves
(85,449)
149,616
Total equity
127,161
346,086
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 member has 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.
DANKS PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2023
31 August 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 1 March 2024 and are signed on its behalf by:
Graham Danks
Director
Company Registration No. 05807079
DANKS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023
- 3 -
1
Accounting policies
Company information
Danks Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is C/O IRSP, Old Bush Street, Off Level Street, Brierley Hill, West Midlands, DY5 1UB.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
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. Changes in fair value are recognised in profit or loss.
1.4
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The following assets and liabilities are classified as financial instruments – trade debtors, trade creditors, bank loans and directors’ loans.
Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised costs using the effective interest method.
Directors’ loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of cash or other consideration expected to be paid or received.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
DANKS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Investment property
2023
£
Fair value
At 1 September 2022
630,990
Revaluations
19,926
At 31 August 2023
650,916
The property's fair value is the open market valuation provided by a third party agent.
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
37,391
151,936
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
4
Corporation tax
6,986
10,817
Other creditors
240,096
302,530
247,082
313,351
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
301,369
34,447
Other creditors
80,000
301,369
114,447
DANKS PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2023
- 5 -
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2
2
2
2
8
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
196,468
196,468
Non distributable profits in the year
16,140
-
At the end of the year
212,608
196,468
9
Related party transactions
At the year end the company was owed £37,391 by Insulated Roller Shutter Products Ltd. Mr G Danks is a shareholder and director of Insulated Roller Shutter Products Ltd.