REGISTERED NUMBER: |
DK Commercial Properties Ltd |
Unaudited Financial Statements |
for the Year Ended 31 May 2023 |
REGISTERED NUMBER: |
DK Commercial Properties Ltd |
Unaudited Financial Statements |
for the Year Ended 31 May 2023 |
DK Commercial Properties Ltd (Registered number: 11990768) |
Contents of the Financial Statements |
for the Year Ended 31 May 2023 |
Page |
Company information | 1 |
Balance sheet | 2 |
Notes to the financial statements | 4 |
DK Commercial Properties Ltd |
Company Information |
for the Year Ended 31 May 2023 |
Director: |
Registered office: |
Registered number: |
Accountants: |
Chartered Accountants |
Mynshull House |
78 Churchgate |
Stockport |
Cheshire |
SK1 1YJ |
DK Commercial Properties Ltd (Registered number: 11990768) |
Balance Sheet |
31 May 2023 |
31.5.23 | 31.5.22 |
Notes | £ | £ |
Fixed assets |
Tangible assets | 4 |
Investments | 5 |
Investment property | 6 |
Current assets |
Debtors | 7 |
Cash at bank |
Creditors |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
Net current liabilities | ( |
) | ( |
) |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
Provisions for liabilities | 11 | ( |
) | ( |
) |
Net assets |
DK Commercial Properties Ltd (Registered number: 11990768) |
Balance Sheet - continued |
31 May 2023 |
31.5.23 | 31.5.22 |
Notes | £ | £ |
Capital and reserves |
Called up share capital | 12 |
Fair value reserve | 13 |
Retained earnings | ( |
) | ( |
) |
Shareholders' funds |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Income statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
DK Commercial Properties Ltd (Registered number: 11990768) |
Notes to the Financial Statements |
for the Year Ended 31 May 2023 |
1. | Statutory information |
DK Commercial Properties Ltd is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about DK Commercial Properties Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Fixtures and fittings | - |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Investment property |
Investment properties are initially measured at cost and subsequently measured at fair value. Changes in fair value are recognised in profit or loss. |
The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the generally accepted accounting principle set out in FRS 102. The directors consider that, because investment properties are not held for consumption, but for their investment potential, to depreciate them would not give a true and fair view. |
If this departure from the Companies Act 2006 had not been made in order to give a true and fair view, the profit for the financial year would have been reduced by depreciation. However the amount of depreciation cannot reasonably be quantified, because depreciation is only one of many factors reflected in the annual valuation and the amount relating to the depreciation of the property cannot be separately identified. |
DK Commercial Properties Ltd (Registered number: 11990768) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
2. | Accounting policies - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Tangible fixed assets |
Fixtures |
and |
fittings |
£ |
Cost |
At 1 June 2022 |
and 31 May 2023 |
Depreciation |
At 1 June 2022 |
Charge for year |
At 31 May 2023 |
Net book value |
At 31 May 2023 |
At 31 May 2022 |
DK Commercial Properties Ltd (Registered number: 11990768) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
5. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
Additions |
At 31 May 2023 |
Net book value |
At 31 May 2023 |
The company's investments at the Balance sheet date in the share capital of companies include the following: |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
£ |
Aggregate capital and reserves |
Loss for the year | ( |
) |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
The company was formed on 28 March 2023 and no financial statements are available at the year end. |
DK Commercial Properties Ltd (Registered number: 11990768) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
6. | Investment property |
Total |
£ |
Fair value |
At 1 June 2022 |
Additions |
Disposals | ( |
) |
Valuation changes | (200 | ) |
At 31 May 2023 |
Net book value |
At 31 May 2023 |
At 31 May 2022 |
Fair value at 31 May 2023 is represented by: |
£ |
Valuation in 2023 | 5,787,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
31.5.23 | 31.5.22 |
£ | £ |
Cost | 5,122,617 | 4,738,927 |
Investment property was valued on an open market basis basis on 31 May 2023 by the director . |
7. | Debtors: amounts falling due within one year |
31.5.23 | 31.5.22 |
£ | £ |
Trade debtors |
Other debtors |
Prepayments |
DK Commercial Properties Ltd (Registered number: 11990768) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
8. | Creditors: amounts falling due within one year |
31.5.23 | 31.5.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | Creditors: amounts falling due after more than one year |
31.5.23 | 31.5.22 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans repayable after more than five years |
3,299,466 |
2,655,766 |
10. | Secured debts |
The following secured debts are included within creditors: |
31.5.23 | 31.5.22 |
£ | £ |
Bank loans |
11. | Provisions for liabilities |
31.5.23 | 31.5.22 |
£ | £ |
Deferred tax | 126,233 | 117,624 |
Deferred |
tax |
£ |
Balance at 1 June 2022 |
Provided during year |
Balance at 31 May 2023 |
DK Commercial Properties Ltd (Registered number: 11990768) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
12. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.23 | 31.5.22 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
13. | Reserves |
Fair |
value |
reserve |
£ |
At 1 June 2022 |
Transfer from retained earnings | 36,701 |
At 31 May 2023 |
14. | Related party disclosures |
During the year the company transferred a property at cost to DK Properties 2 Limited, a wholly owned subsidiary company. At the year end there was a loan due to DK Commercial 2 Limited of £42,378. |