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No description of principal activity
2022-04-01
Sage Accounts Production Advanced 2021 - FRS102_2021
915,001
306,921
1,221,922
1,221,922
915,001
xbrli:pure
xbrli:shares
iso4217:GBP
1961932
2022-04-01
2023-03-31
1961932
2023-03-31
1961932
2022-03-31
1961932
2022-03-31
1961932
bus:OrdinaryShareClass1
2022-04-01
2023-03-31
1961932
bus:Director6
2022-04-01
2023-03-31
1961932
core:LandBuildings
2022-04-01
2023-03-31
1961932
core:WithinOneYear
2023-03-31
1961932
core:WithinOneYear
2022-03-31
1961932
core:ShareCapital
2023-03-31
1961932
core:ShareCapital
2022-03-31
1961932
core:RevaluationReserve
2023-03-31
1961932
core:RevaluationReserve
2022-03-31
1961932
core:RetainedEarningsAccumulatedLosses
2023-03-31
1961932
core:RetainedEarningsAccumulatedLosses
2022-03-31
1961932
core:LandBuildings
2023-03-31
1961932
core:LandBuildings
2022-03-31
1961932
core:LandBuildings
2022-03-31
1961932
bus:SmallEntities
2022-04-01
2023-03-31
1961932
bus:AuditExempt-NoAccountantsReport
2022-04-01
2023-03-31
1961932
bus:FullAccounts
2022-04-01
2023-03-31
1961932
bus:SmallCompaniesRegimeForAccounts
2022-04-01
2023-03-31
1961932
bus:PrivateLimitedCompanyLtd
2022-04-01
2023-03-31
1961932
bus:OrdinaryShareClass1
2023-03-31
1961932
bus:OrdinaryShareClass1
2022-03-31
1961932
core:RevaluationReserve
2022-04-01
2023-03-31
1961932
core:RetainedEarningsAccumulatedLosses
2022-04-01
2023-03-31
1961932
core:ImmediateParent
2022-04-01
2023-03-31
COMPANY REGISTRATION NUMBER:
1961932
Daniel Property Investment Company Limited |
|
Filleted Unaudited Accounts |
|
Daniel Property Investment Company Limited |
|
Statement of Financial Position |
|
31 March 2023
Fixed assets
Tangible assets |
4 |
|
1,221,922 |
915,001 |
|
|
|
|
|
Current assets
Debtors |
5 |
37,331 |
|
23,164 |
Cash at bank and in hand |
26,942 |
|
84,027 |
|
-------- |
|
--------- |
|
64,273 |
|
107,191 |
|
|
|
|
|
Creditors: amounts falling due within one year |
6 |
(
350,576) |
|
(
112,111) |
|
--------- |
|
--------- |
Net current liabilities |
|
(
286,303) |
(
4,920) |
|
|
------------ |
--------- |
Total assets less current liabilities |
|
935,619 |
910,081 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
(
34,000) |
(
34,000) |
|
|
--------- |
--------- |
Net assets |
|
901,619 |
876,081 |
|
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
7 |
|
4,000 |
4,000 |
Other reserves |
8 |
|
96,633 |
96,633 |
Profit and loss account |
8 |
|
800,986 |
775,448 |
|
|
--------- |
--------- |
Shareholders funds |
|
901,619 |
876,081 |
|
|
--------- |
--------- |
|
|
|
|
|
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 comprehensive income 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
.
Daniel Property Investment Company Limited |
|
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:
1961932
Daniel Property Investment Company Limited |
|
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 120-125 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.
Investment property
In accordance with FRS 102 Section 1A, investment properties are included in the balance sheet at their open market value and not depreciated. The valuation is undertaken by the directors based on professional advice.
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 fall due. The directors consider the company to be in a strong position financially with a healthy property portfolio from which to generate future revenues.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable in the form of rent from the letting on investment property. Rental income is recognised on an accruals basis, in accordance with the expected rent receivable from the tenant as outlined in the lease agreement.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4.
Tangible assets
|
Land and buildings |
|
£ |
Cost |
|
At 1 April 2022 |
915,001 |
Additions |
306,921 |
|
------------ |
At 31 March 2023 |
1,221,922 |
|
------------ |
Depreciation |
|
At 1 April 2022 and 31 March 2023 |
– |
|
------------ |
Carrying amount |
|
At 31 March 2023 |
1,221,922 |
|
------------ |
At 31 March 2022 |
915,001 |
|
------------ |
|
|
The freehold investment properties are held at their open market value in accordance with a professional valuation undertaken in March 2022 by Colliers. The historical cost of the investment property held is £1,091,288. If the investment properties were to be sold at the open market value stated in these accounts, then a potential tax liability of approximately £34,000 would arise.
5.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
18,369 |
12,732 |
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
18,962 |
10,432 |
|
-------- |
-------- |
|
37,331 |
23,164 |
|
-------- |
-------- |
|
|
|
6.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
161 |
– |
Corporation tax |
11,729 |
8,759 |
Other creditors |
338,686 |
103,352 |
|
--------- |
--------- |
|
350,576 |
112,111 |
|
--------- |
--------- |
|
|
|
7.
Called up share capital
Issued, called up and fully paid
|
2023 |
2022 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
4,000 |
4,000 |
4,000 |
4,000 |
|
------- |
------- |
------- |
------- |
|
|
|
|
|
8.
Reserves
Other reserve - This reserve records the value of investment property revaluations and fair value movements on assets recognised in other comprehensive income.
Profit and loss account - This reserve records retained earnings and accumulated losses.
9.
Charges on assets
On 23 July 2019 a debenture with Handlesbanken plc was registered, containing a charge over the investment property assets of the company.
10.
Directors' advances, credits and guarantees
During the period the company became indebted to the directors in respect of an interest free advance. The balance payable at the period end was £250,000 (2022: £nil). This advance is considered repayable in not less than one year.
11.
Related party transactions
Throughout the period the company was owed by its parent company, Durkin Holdings Ltd, in respect of a short term advance. The balance receivable is £18,962 (2022: CR £10,432), is free from interest and considered recoverable on demand.
No other transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A.
12.
Controlling party
Throughout the period the company was under the control of
Durkin Holdings Ltd
, which itself is controlled by AJ Durkin and AF Durkin who are also the directors of this company.