Registered number
05777054
DREAM KEYS ESTATES LIMITED
Filleted Accounts
30 June 2023
DREAM KEYS ESTATES LIMITED
Registered number: 05777054
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 433,769 444,219
Investments 5 772,000 772,000
1,205,769 1,216,219
Current assets
Debtors 6 96,988 105,239
Cash at bank and in hand 142,330 132,424
239,318 237,663
Creditors: amounts falling due within one year 7 (113,364) (107,145)
Net current assets 125,954 130,518
Total assets less current liabilities 1,331,723 1,346,737
Creditors: amounts falling due after more than one year 8 (563,724) (614,828)
Provisions for liabilities (61,359) (61,359)
Net assets 706,640 670,550
Capital and reserves
Called up share capital 100 100
Non-distributable reserve 10 168,697 168,697
Revaluation reserve 11 115,230 115,230
Profit and loss account 422,613 386,523
Shareholders' funds 706,640 670,550
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr G Nicolaou
Director
Approved by the board on 2 February 2024
DREAM KEYS ESTATES LIMITED
Notes to the Accounts
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Land and buildings held as investment properties are not depreciated and are stated in the accounts at fair value. Other tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the period of the lease
Plant, machinery and motor vehicles over 5 years
Fixtures, fittings, tools and equipment over 5 years
Investment properties
Investment properties are included in the accounts at fair value and any surplus or deficit is dealt with through the profit and loss account. No depreciation is provided in respect of investment properties.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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 assessments. 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. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 6
3 Taxation 2023 2022
£ £
UK corporation tax on profits of the period 19,580 14,134
Deferred taxation - 8,972
19,580 23,106
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 July 2022 490,000 25,364 3,500 518,864
At 30 June 2023 490,000 25,364 3,500 518,864
Depreciation
At 1 July 2022 46,433 24,713 3,499 74,645
Charge for the year 9,800 650 - 10,450
At 30 June 2023 56,233 25,363 3,499 85,095
Net book value
At 30 June 2023 433,767 1 1 433,769
At 30 June 2022 443,567 651 1 444,219
Freehold land and buildings: 2023 2022
£ £
Historical cost 350,028 350,028
Cumulative depreciation based on historical cost 43,172 36,171
306,856 313,857
Freehold land and buildings are stated at fair value which is based on the current market value. The last professional valuation was carried out in March 2020.
5 Investments
Investment
property
£
Fair value
At 1 July 2022 772,000
At 30 June 2023 772,000
Historical cost
At 1 July 2022 566,686
At 30 June 2023 566,686
Investment property is stated at fair value which is based on the current market value. The last professional valuation was carried out in April 2021.
6 Debtors 2023 2022
£ £
Trade debtors 85,858 94,809
Director's account 8,000 8,000
Other debtors 3,130 2,430
96,988 105,239
7 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 33,220 35,292
Trade creditors 39,564 34,692
Corporation tax 19,580 14,134
Other taxes and social security costs 352 1,194
Other creditors 20,648 21,833
113,364 107,145
8 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 563,724 614,828
9 Loans 2023 2022
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 307,181 308,702
Instalments falling due for payment after more than five years 228,112 240,493
535,293 549,195
Secured bank loans 596,944 650,120
The bank loans are secured by mortgages on the company's freehold and long-term leasehold properties.
10 Non-distributable reserve 2023 2022
£ £
At 1 July 2022 168,697 128,450
Gain on revaluation of investment property - 49,219
Deferred taxation on the revaluation of investment property - (8,972)
At 30 June 2023 168,697 168,697
11 Revaluation reserve 2023 2022
£ £
At 1 July 2022 115,230 115,230
At 30 June 2023 115,230 115,230
12 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr G Nicolaou
Interest-free loan 8,000 - - 8,000
8,000 - - 8,000
13 Other information
DREAM KEYS ESTATES LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
26 Hillfield Park
London
N21 3QH
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