REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 August 2023 |
for |
DENNIS REED LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 August 2023 |
for |
DENNIS REED LIMITED |
DENNIS REED LIMITED (REGISTERED NUMBER: 00309938) |
Contents of the Financial Statements |
for the year ended 31 August 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
DENNIS REED LIMITED |
Company Information |
for the year ended 31 August 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
5th Floor |
Palladium House |
1-4 Argyll Street |
London |
W1F 7TA |
DENNIS REED LIMITED (REGISTERED NUMBER: 00309938) |
Statement of Financial Position |
31 August 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Property, plant and equipment | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their 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. |
DENNIS REED LIMITED (REGISTERED NUMBER: 00309938) |
Statement of Financial Position - continued |
31 August 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
DENNIS REED LIMITED (REGISTERED NUMBER: 00309938) |
Notes to the Financial Statements |
for the year ended 31 August 2023 |
1. | STATUTORY INFORMATION |
Dennis Reed Limited is a |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents the total amount receivable, net of value added tax, for services provided in the ordinary course of business during the year. |
Property, plant and equipment |
Property, plant and equipment are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the asset capable of operating as intended. |
Depreciation is provided on all property, plant and equipment, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows; |
Plant and equipment | - 10% on reducing balance/33.33% on cost |
Fixtures and fittings | - 25% on reducing balance |
The carrying values of tangible fixed assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. |
Investments in associates |
Investments in associate undertakings are recognised at cost. |
DENNIS REED LIMITED (REGISTERED NUMBER: 00309938) |
Notes to the Financial Statements - continued |
for the year ended 31 August 2023 |
3. | ACCOUNTING POLICIES - continued |
Financial instruments |
Basic financial assets |
Trade and other debtors, amounts owed by related undertakings, cash and bank balances are initially recognised at transaction price and subsequently carried at amortised cost using the effective interest method. |
At the end of each reporting period basic financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
Basic financial assets are derecognised when (a) the contractual rights to the cash flows from the assets expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. |
Basic financial liabilities |
Trade and other creditors, directors' current accounts and accruals are initially recognised at transaction price and subsequently carried at amortised cost, using the effective interest rate method. |
Basic financial liabilities are derecognised when the contractual obligation is discharged, cancelled or expired. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Equity instrument |
The ordinary share capital of the company is classified as equity and recorded at fair value of the cash or other resources received or receivable, net of direct costs of issuing the equity instruments. |
DENNIS REED LIMITED (REGISTERED NUMBER: 00309938) |
Notes to the Financial Statements - continued |
for the year ended 31 August 2023 |
3. | ACCOUNTING POLICIES - continued |
Investment property |
Freehold investment properties are stated at cost less provision, where necessary, for permanent diminution in value. This is not in accordance with FRS102 1A which requires investment properties to be stated at their fair value or depreciated cost. No valuations have been carried out and accordingly it is not possible to quantify the effect on the net assets at the current or previous balance sheet date, or the effect on the total comprehensive income for the current or previous period. |
Investments |
Fixed asset investments are stated at cost less provision for any permanent diminution in value. For listed investments, market value is based on the closing middle market price on a recognised stock exchange. |
UK dividends receivable are recognised on an accruals basis and are credited to the profit and loss account, net of attributable tax credits. |
Cash and cash equivalents |
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | PROPERTY, PLANT AND EQUIPMENT |
Investment | Plant & | Fixtures |
properties | equipment | & fittings | Totals |
£ | £ | £ | £ |
COST |
At 1 September 2022 |
and 31 August 2023 |
DEPRECIATION |
At 1 September 2022 |
Charge for year |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
DENNIS REED LIMITED (REGISTERED NUMBER: 00309938) |
Notes to the Financial Statements - continued |
for the year ended 31 August 2023 |
6. | FIXED ASSET INVESTMENTS |
Interest |
in |
associate |
£ |
COST |
At 1 September 2022 |
and 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
The company's investments at the Statement of Financial Position date in the share capital of companies include the following: |
Associated companies |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Registered office: |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by related undertakings |
Other debtors |
Prepayments and accrued income |
DENNIS REED LIMITED (REGISTERED NUMBER: 00309938) |
Notes to the Financial Statements - continued |
for the year ended 31 August 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Amounts owed to related undertakings |
Amounts owed to associated undertakings | 860,945 | 812,666 |
Corporation tax |
Other creditors |
9. | FINANCIAL INSTRUMENTS |
The company has the following financial instruments: |
2023 | 2022 |
£ | £ |
- Trade debtors | 55,803 | 21,159 |
- Amounts owed by related undertakings | 7,057,421 | 5,028,892 |
- Other debtors | 459,655 | 380,592 |
- Prepayments and accrued income | 23,721 | 19,221 |
7,596,600 | 5,449,864 |
Financial liabilities measured at amortised cost: |
2023 | 2022 |
£ | £ |
- Amounts owed to related undertakings | 3,460,595 | 1,716,757 |
- Amounts owed to associated undertakings | 860,945 | 812,666 |
- Corporation tax | 2,969 | 10,977 |
- Other creditors | 377,669 | 31,095 |
4,702,178 | 2,571,495 |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 50,000 | 50,000 |
DENNIS REED LIMITED (REGISTERED NUMBER: 00309938) |
Notes to the Financial Statements - continued |
for the year ended 31 August 2023 |
11. | RELATED PARTY DISCLOSURES |
At the balance sheet date an amount of £500,065 (2022: £23,610) was owed to Dependable Homes Limited an associated undertakings. These balances are unsecured, interest-free and have no fixed repayment date. |
At the balance sheet date an amount of £6,903,307 (2022: £6,864,455) was owed by Craig Properties 2012 LLC companies under common control. These balances are unsecured, interest-free and have no fixed repayment date. |
At the balance sheet date an amount of £373,897 (2022: £1,115,669) was owed to Craig & Company (Properties) Limited companies under common control. These balances are unsecured, interest-free and have no fixed repayment date. |
At the balance sheet date an amount of £100,000 (2022: £100,000) was owed to trusts in which H D Leigh and T Q Leigh, directors, are trustees. This amount is unsecured and has no fixed repayment date. Interest of £8,291 (2022: £5,031) was paid in the current year. |
At the balance sheet date an amount of £162,971 (2022: £162,971) was owed to trusts in which H D Leigh and T Q Leigh, directors, are trustees. This amount is unsecured, interest-free and has no fixed repayment date. |
At the balance sheet date an amount of £Nil (2022: £37,028) was owed to a partnership owned and controlled by T Q Leigh and H D Leigh, who are directors. This balance is unsecured, interest-free and has no fixed repayment date. |
At the balance sheet date an amount of £360,880 (2022: £789,056) was owed to Dependable Properties Limited an associated undertakings. These balances are unsecured, interest-free and have no fixed repayment date. |