Silverfin false false 30/06/2023 01/07/2022 30/06/2023 Mr A B Cramant 05/01/2001 Mr B T Cramant 05/01/2001 Mr D O Cramant 01/09/2004 Mr T S Cramant Mrs C E Gorris 01/02/2011 09 January 2024 The principal activity of the company continued to be that of property management and holding company to its
commercial property investment subsidiaries.
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Company No: 01441414 (England and Wales)

DALE INDUSTRIAL COMPLEX LIMITED

Unaudited Financial Statements
For the financial year ended 30 June 2023
Pages for filing with the registrar

DALE INDUSTRIAL COMPLEX LIMITED

Unaudited Financial Statements

For the financial year ended 30 June 2023

Contents

DALE INDUSTRIAL COMPLEX LIMITED

BALANCE SHEET

As at 30 June 2023
DALE INDUSTRIAL COMPLEX LIMITED

BALANCE SHEET (continued)

As at 30 June 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 62,695 75,549
Investment property 5 1,413,090 1,419,656
Investments 6 1,007,886 1,007,886
2,483,671 2,503,091
Current assets
Debtors 7 849,993 812,223
Cash at bank and in hand 76,815 49,883
926,808 862,106
Creditors: amounts falling due within one year 8 ( 387,351) ( 380,463)
Net current assets 539,457 481,643
Total assets less current liabilities 3,023,128 2,984,734
Provision for liabilities ( 8,117) ( 10,848)
Net assets 3,015,011 2,973,886
Capital and reserves
Called-up share capital 9 80,000 80,000
Share premium account 941,535 941,535
Profit and loss account 1,993,476 1,952,351
Total shareholders' funds 3,015,011 2,973,886

For the financial year ending 30 June 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 Dale Industrial Complex Limited (registered number: 01441414) were approved and authorised for issue by the Board of Directors on 09 January 2024. They were signed on its behalf by:

Mr T S Cramant
Director
DALE INDUSTRIAL COMPLEX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2023
DALE INDUSTRIAL COMPLEX LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 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

Dale Industrial Complex 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 is 78 Chorley New Road, Bolton, BL1 4BY, England, 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 under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the Company as an individual entity and not about its group.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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 current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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 straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 - 33 % reducing balance
Office equipment 15 % reducing balance
Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

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 Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Depreciation is charged on leasehold property over the term of the lease.

Fixed asset investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

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, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Fair value hedges
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in the Profit and Loss Account immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The change in the fair value of the hedging instrument and the change in the hedged item attributable to the hedged risk are recognised in the line related to the hedged item in the Profit and Loss Account.

Hedge accounting is discontinued when the Company revokes the hedging relationship, the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. The fair value adjustment to the carrying amount of the hedged item arising from the hedged risk is amortised to the Profit and Loss Account from that date.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 11 10

4. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Office equipment Total
£ £ £ £ £
Cost
At 01 July 2022 1,089 77,435 73,477 2,484 154,485
At 30 June 2023 1,089 77,435 73,477 2,484 154,485
Accumulated depreciation
At 01 July 2022 977 25,792 49,806 2,361 78,936
Charge for the financial year 17 9,246 3,550 41 12,854
At 30 June 2023 994 35,038 53,356 2,402 91,790
Net book value
At 30 June 2023 95 42,397 20,121 82 62,695
At 30 June 2022 112 51,643 23,671 123 75,549

5. Investment property

Investment property
£
Net Book Value
As at 01 July 2022 1,419,656
Depreciation charge for year (6,566)
As at 30 June 2023 1,413,090

Historic cost

The historical cost of the investment properties are:

2023 2022
£ £
Historic cost 1,442,134 1,442,134

Leasehold investment property is depreciated at 2% on a straight line basis.

6. Fixed asset investments

2023 2022
£ £
Subsidiary undertakings 1,007,886 1,007,886

Investments in subsidiaries

2023
£
Cost
At 01 July 2022 1,007,886
At 30 June 2023 1,007,886
Carrying value at 30 June 2023 1,007,886
Carrying value at 30 June 2022 1,007,886

Investments in shares

Name of entity Registered office Nature of business Class of
shares
Ownership
30.06.2023
Ownership
30.06.2022
Conwy Court Limited UK Development and leasing of property Ordinary 100.00% 100.00%
Ladywell Court Limited UK Development and leasing of property Ordinary 100.00% 100.00%
Worsley Court Limited UK Development and leasing of property Ordinary 100.00% 100.00%

7. Debtors

2023 2022
£ £
Trade debtors 232,168 66,199
Short term loans to Group companies 230,672 375,205
Other debtors 387,153 370,819
849,993 812,223

8. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 13,769 8,880
Amounts owed to Group undertakings 289,206 284,906
Taxation and social security 65,453 50,478
Other creditors 18,923 36,199
387,351 380,463

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
79,500 Ordinary shares of £ 1.00 each 79,500 79,500
100 A Ordinary shares of £ 1.00 each 100 100
100 B Ordinary shares of £ 1.00 each 100 100
100 C Ordinary shares of £ 1.00 each 100 100
100 D Ordinary shares of £ 1.00 each 100 100
100 E Ordinary shares of £ 1.00 each 100 100
80,000 80,000