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Registration number: 04592832

Derek Styles Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2023

 

Derek Styles Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Derek Styles Limited

Company Information

Director

Mr D L H Styles

Company secretary

Mrs J E Styles

Registered office

Raglan House
20 Somers Road
Malvern
Worcestershire
WR14 1HT

Accountants

Horwood Tax Consultants Limited
The Bothy
Cleevelands Avenue
Cheltenham
Gloucestershire
GL50 4PY

 

Derek Styles Limited

(Registration number: 04592832)
Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,883

1,145

Investment property

5

281,985

303,212

 

283,868

304,357

Current assets

 

Debtors

6

51,433

27,167

Cash at bank and in hand

 

623

1,789

 

52,056

28,956

Creditors: Amounts falling due within one year

7

(342,784)

(255,354)

Net current liabilities

 

(290,728)

(226,398)

Total assets less current liabilities

 

(6,860)

77,959

Provisions for liabilities

-

(2,269)

Net (liabilities)/assets

 

(6,860)

75,690

Capital and reserves

 

Called up share capital

10

10

Retained earnings

(6,870)

75,680

Shareholders' (deficit)/funds

 

(6,860)

75,690

 

Derek Styles Limited

(Registration number: 04592832)
Balance Sheet as at 30 September 2023

For the financial year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 16 April 2024
 

.........................................
Mr D L H Styles
Director

 

Derek Styles Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Raglan House
20 Somers Road
Malvern
Worcestershire
WR14 1HT

These financial statements were authorised for issue by the director on 16 April 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

 

Derek Styles Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Derek Styles Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 October 2022

2,937

2,479

5,416

Additions

-

2,029

2,029

Disposals

(2,937)

-

(2,937)

At 30 September 2023

-

4,508

4,508

Depreciation

At 1 October 2022

2,773

1,498

4,271

Charge for the year

58

1,127

1,185

Eliminated on disposal

(2,831)

-

(2,831)

At 30 September 2023

-

2,625

2,625

Carrying amount

At 30 September 2023

-

1,883

1,883

At 30 September 2022

164

981

1,145



 

5

Investment properties

2023
£

At 1 October

303,212

Additions

45,462

Fair value adjustments

(66,689)

At 30 September

281,985

Investment properties have been valued at the balance sheet date by the director, in accordance with market values.

 

Derek Styles Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

6

Debtors

Current

2023
£

2022
£

Prepayments

108

180

Other debtors

51,325

26,987

 

51,433

27,167

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

770

817

Accruals and deferred income

1,890

21,227

Other creditors

340,124

233,310

342,784

255,354