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No description of principal activity
2022-04-01
Sage Accounts Production Advanced 2021 - FRS102_2021
686,963
686,963
686,963
xbrli:pure
xbrli:shares
iso4217:GBP
11460922
2022-04-01
2023-03-31
11460922
2023-03-31
11460922
2022-03-31
11460922
bus:OrdinaryShareClass1
2022-04-01
2023-03-31
11460922
bus:Director1
2022-04-01
2023-03-31
11460922
core:WithinOneYear
2023-03-31
11460922
core:WithinOneYear
2022-03-31
11460922
core:AfterOneYear
2023-03-31
11460922
core:AfterOneYear
2022-03-31
11460922
core:ShareCapital
2023-03-31
11460922
core:ShareCapital
2022-03-31
11460922
core:RetainedEarningsAccumulatedLosses
2023-03-31
11460922
core:RetainedEarningsAccumulatedLosses
2022-03-31
11460922
core:CostValuation
core:Non-currentFinancialInstruments
2023-03-31
11460922
core:Non-currentFinancialInstruments
2023-03-31
11460922
core:Non-currentFinancialInstruments
2022-03-31
11460922
bus:SmallEntities
2022-04-01
2023-03-31
11460922
bus:AuditExempt-NoAccountantsReport
2022-04-01
2023-03-31
11460922
bus:FullAccounts
2022-04-01
2023-03-31
11460922
bus:SmallCompaniesRegimeForAccounts
2022-04-01
2023-03-31
11460922
bus:PrivateLimitedCompanyLtd
2022-04-01
2023-03-31
11460922
bus:OrdinaryShareClass1
2023-03-31
11460922
bus:OrdinaryShareClass1
2022-03-31
11460922
core:AllSubsidiaries
2022-04-01
2023-03-31
COMPANY REGISTRATION NUMBER:
11460922
Filleted Unaudited Accounts |
|
Statement of Financial Position |
|
31 March 2023
Fixed assets
Investments |
4 |
686,963 |
686,963 |
|
|
|
|
Current assets
Cash at bank and in hand |
18 |
18 |
|
|
|
Creditors: amounts falling due within one year |
5 |
58,753 |
50,924 |
|
-------- |
-------- |
Net current liabilities |
58,735 |
50,906 |
|
--------- |
--------- |
Total assets less current liabilities |
628,228 |
636,057 |
|
|
|
|
Creditors: amounts falling due after more than one year |
6 |
553,082 |
585,382 |
|
--------- |
--------- |
Net assets |
75,146 |
50,675 |
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
7 |
1,000 |
1,000 |
Profit and loss account |
74,146 |
49,675 |
|
-------- |
-------- |
Shareholders funds |
75,146 |
50,675 |
|
-------- |
-------- |
|
|
|
|
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts
.
Statement of Financial Position (continued) |
|
31 March 2023
These accounts were approved by the
board of directors
and authorised for issue on
28 December 2023
, and are signed on behalf of the board by:
Company registration number:
11460922
Year ended 31 March 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 120-124 Peascod Street, Windsor, Berkshire, SL4 1DP.
2.
Statement of compliance
These accounts have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The accounts have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The accounts are prepared in sterling, which is the functional currency of the entity.
Going concern
In the opinion of the directors the company is a going concern as it has the financial resources to be able to meet its ongoing liabilities as they arise. The company owns 100% of the ordinary share capital in Daniel Property Investment Company Ltd and charges this subsidiary a management fee considered sufficient to allow it to cover its routine costs. In light of this, and coupled with the unlimited inter-company composite guarantee provided by the subsidiary against the bank loan debt, it is the opinion of the directors that the company remains a going concern for the foreseeable future and the accounts are prepared on this basis.
Consolidation
The company has taken advantage of the option not to prepare consolidated accounts contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 April 2022 and 31 March 2023 |
686,963 |
|
--------- |
Impairment |
|
At 1 April 2022 and 31 March 2023 |
– |
|
--------- |
|
|
Carrying amount |
|
At 31 March 2023 |
686,963 |
|
--------- |
At 31 March 2022 |
686,963 |
|
--------- |
|
|
The company owns 100% of the ordinary share capital of Daniel Property Investment Company Ltd, a company registered and trading in the UK.
5.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
32,300 |
32,300 |
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
18,962 |
10,432 |
Corporation tax |
– |
526 |
Other creditors |
7,491 |
7,666 |
|
-------- |
-------- |
|
58,753 |
50,924 |
|
-------- |
-------- |
|
|
|
6.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
397,650 |
429,950 |
Other creditors |
155,432 |
155,432 |
|
--------- |
--------- |
|
553,082 |
585,382 |
|
--------- |
--------- |
|
|
|
Included within creditors: amounts falling due after more than one year is an amount of £268,450 (2022: £300,750) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
The bank loan is repayable in quarterly instalments with interest being charged at 2.35% over LIBOR. The loan is secured by way of a debenture and an unlimited inter-company composite guarantee.
7.
Called up share capital
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
1,000 |
1,000 |
1,000 |
1,000 |
|
------- |
------- |
------- |
------- |
|
|
|
|
|
8.
Directors' advances, credits and guarantees
Throughout the period the company was indebted to the directors in respect of an interest free advance. The balance payable at the period end was £155,432 (2022: £155,432). This advance is considered repayable in not less than one year.
9.
Related party transactions
Throughout the period the company was in receipt of a short term advance from its subsidiary, Daniel Property Investment Company Ltd. At the balance sheet date the amount due to the subsidiary was £18,962 (2022: £10,432). This debt is free from interest and considered repayable on demand.
There were no other related party transactions or balances to be disclosed under the requirements of Financial Reporting Standard 102, Section 1A.