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Registration number: 05892083

DKN Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

DKN Properties Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

4 to 7

 

DKN Properties Limited

Company Information

Directors

Mr Dalip Kumar

Mr Kapil Kakar

Company secretary

Mrs Nalini Kumar

Registered office

24 Sutton Avenue
Slough
Berkshire
SL3 7AW

Accountants

MG Group (Professional Services) Ltd
Chartered Accountants
166 College Road
Harrow
Middlesex
HA1 1BH

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
DKN Properties Limited
for the Year Ended 31 July 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of DKN Properties Limited for the year ended 31 July 2023 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of DKN Properties Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of DKN Properties Limited and state those matters that we have agreed to state to the Board of Directors of DKN Properties Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than DKN Properties Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that DKN Properties Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of DKN Properties Limited. You consider that DKN Properties Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of DKN Properties Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

MG Group (Professional Services) Ltd
Chartered Accountants
166 College Road
Harrow
Middlesex
HA1 1BH

16 February 2024

 

DKN Properties Limited

(Registration number: 05892083)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,500,000

1,377,084

Current assets

 

Cash at bank and in hand

 

81,557

250,666

Creditors: Amounts falling due within one year

5

(1,262,119)

(1,402,894)

Net current liabilities

 

(1,180,562)

(1,152,228)

Total assets less current liabilities

 

319,438

224,856

Creditors: Amounts falling due after more than one year

5

(13,343)

(20,368)

Provisions for liabilities

(30,729)

-

Net assets

 

275,366

204,488

Capital and reserves

 

Called up share capital

7

3

3

Retained earnings

275,363

204,485

Shareholders' funds

 

275,366

204,488

For the financial year ending 31 July 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; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 February 2024 and signed on its behalf by:
 

.........................................
Mr Kapil Kakar
Director

 

DKN Properties Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
24 Sutton Avenue
Slough
Berkshire
SL3 7AW

These financial statements were authorised for issue by the Board on 16 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

DKN Properties Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

DKN Properties Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 3).

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 August 2022

1,377,084

1,377,084

Revaluations

122,916

122,916

At 31 July 2023

1,500,000

1,500,000

Depreciation

Carrying amount

At 31 July 2023

1,500,000

1,500,000

At 31 July 2022

1,377,084

1,377,084

Included within the net book value of land and buildings above is £1,500,000 (2022 - £1,377,084) in respect of freehold land and buildings.
 

According to the directors' opinion, the market value of the Freehold Land and building at 31 July 2023 was £1,500,000 (2022 - £1,377,084).

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

6

7,025

6,852

Taxation and social security

 

27,148

26,943

Accruals and deferred income

 

20,312

20,012

Other creditors

 

1,207,634

1,349,087

 

1,262,119

1,402,894

 

DKN Properties Limited

Notes to the Financial Statements for the Year Ended 31 July 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

6

13,343

20,368

6

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

13,343

20,368

2023
£

2022
£

Current loans and borrowings

Bank borrowings

7,025

6,852

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

3

3

3

3

         

8

Related party transactions

During the year the company made the following related party transactions:

Directors

During the year, the directos advanced loans of £26,547 to the company and no interest charged on these loans.

At the balance sheet date, the amount due to the directors was £1,111,209 (2020 - £1,084,662).