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Company No: 00085767 (England and Wales)

DART AND FRANCIS LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2023
Pages for filing with the registrar

DART AND FRANCIS LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2023

Contents

DART AND FRANCIS LIMITED

COMPANY INFORMATION

For the financial year ended 31 August 2023
DART AND FRANCIS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 August 2023
DIRECTORS Mr B G Discombe
Mr M G Discombe
Mr R M Discombe
Mrs A J Discombe
Mrs H F Page
Mrs L F Richards
REGISTERED OFFICE Ecclesiastical Art Works
127a High Street
Crediton
EX17 3LQ
United Kingdom
COMPANY NUMBER 00085767 (England and Wales)
CHARTERED ACCOUNTANTS Francis Clark LLP
Centenary House
Peninsula Park
Rydon Lane
Exeter
Devon EX2 7XE
DART AND FRANCIS LIMITED

BALANCE SHEET

As at 31 August 2023
DART AND FRANCIS LIMITED

BALANCE SHEET (continued)

As at 31 August 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 7,020,817 7,027,756
Investments 4 100 100
7,020,917 7,027,856
Current assets
Debtors 5 2,906 1,333
Cash at bank and in hand 308,680 273,809
311,586 275,142
Creditors: amounts falling due within one year 6 ( 36,107) ( 41,707)
Net current assets 275,479 233,435
Total assets less current liabilities 7,296,396 7,261,291
Creditors: amounts falling due after more than one year 7 ( 218,000) ( 220,000)
Net assets 7,078,396 7,041,291
Capital and reserves
Called-up share capital 8 18,812 18,812
Other reserves 100,954 100,954
Profit and loss account 6,958,630 6,921,525
Total shareholders' funds 7,078,396 7,041,291

For the financial year ending 31 August 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Dart and Francis Limited (registered number: 00085767) were approved and authorised for issue by the Board of Directors on 05 February 2024. They were signed on its behalf by:

Mr M G Discombe
Director
DART AND FRANCIS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
DART AND FRANCIS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Dart and Francis Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office and principal place of business is Ecclesiastical Art Works, 127a High Street, Crediton, EX17 3LQ, United Kingdom.

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 items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Group accounts exemption

Group accounts exemption s399
The Company has taken advantage of the exemption in section 399 of the Companies Act 2006 not to prepare consolidated accounts, because the group it heads qualifies as small. The financial statements present information about the Company as an individual entity only.

Turnover

Turnover represents rent receivable. Revenue is recognised on a straight line basis over the term of the lease.

Employee benefits

Defined contribution schemes
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a reducing balance basis over its expected useful life, as follows:

Investment property not depreciated
Plant and machinery 25 % reducing balance
Vehicles 25 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Investment property

Investment property is carried out at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors 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.

Fixed asset investments

Fixed asset investments are stated at historical cost less provision for any diminution in value.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 6 6

3. Tangible assets

Investment property Plant and machinery Vehicles Total
£ £ £ £
Cost
At 01 September 2022 7,000,000 5,436 47,366 7,052,802
At 31 August 2023 7,000,000 5,436 47,366 7,052,802
Accumulated depreciation
At 01 September 2022 0 5,063 19,983 25,046
Charge for the financial year 0 93 6,846 6,939
At 31 August 2023 0 5,156 26,829 31,985
Net book value
At 31 August 2023 7,000,000 280 20,537 7,020,817
At 31 August 2022 7,000,000 373 27,383 7,027,756

The latest external valuation of investment properties was performed 17 March 2022. The directors have assessed the value of the investment properties to the year ended 31 August 2023 and do not believe that there is a material difference to the valuation.

4. Fixed asset investments

2023 2022
£ £
Subsidiary undertakings 100 100

The company has 100% proportion of voting rights and shares held in Dart & Francis Developments Limited which is dormant. The registered office of the subsidiary is Centenary House Peninsula Park, Rydon Lane, Exeter, EX2 7XE, United Kingdom.

5. Debtors

2023 2022
£ £
Trade debtors 1,240 0
Amounts owed by directors 113 0
Prepayments 1,553 1,333
2,906 1,333

6. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to Group undertakings 100 100
Amounts owed to directors 0 11,872
Accruals and deferred income 7,542 7,222
Taxation and social security 26,952 21,000
Other creditors 1,513 1,513
36,107 41,707

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other creditors 218,000 220,000

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
11,200 Ordinary shares of £ 0.01 each 112 112
3,360 Ordinary C shares of £ 1.00 each (2022: 11,200 shares of £ 1.00 each) 3,360 11,200
1,120 Ordinary D shares of £ 1.00 each (2022: nil shares) 1,120 0
1,120 Ordinary E shares of £ 1.00 each (2022: nil shares) 1,120 0
1,120 Ordinary F shares of £ 1.00 each (2022: nil shares) 1,120 0
1,120 Ordinary G shares of £ 1.00 each (2022: nil shares) 1,120 0
3,360 Ordinary H shares of £ 1.00 each (2022: nil shares) 3,360 0
11,312 11,312
2,500 Preference A shares of £ 1.00 each 2,500 2,500
5,000 Preference B shares of £ 1.00 each 5,000 5,000
7,500 7,500
18,812 18,812

Included in the profit and loss reserve is £4,932,097 (2022: £4,932,097) in respect of unrealised fair value gains on investment properties.