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COMPANY REGISTRATION NUMBER: 07860824
Dukefield Properties Limited
Filleted Unaudited Financial Statements
30 September 2023
Dukefield Properties Limited
Financial Statements
Year ended 30 September 2023
CONTENTS
PAGE
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Dukefield Properties Limited
Officers and Professional Advisers
The board of directors
Mrs R Phillips
Mr S Phillips
Mr R Phillips
Miss C Phillips
Registered office
Dukefield House
The Gables
Three Crosses
Swansea
Wales
SA4 3PL
Accountants
James & Uzzell Ltd
Chartered Certified Accountants
Axis 15, Axis Court
Mallard Way
Riverside Business Park
Swansea
SA7 0AJ
Dukefield Properties Limited
Statement of Financial Position
30 September 2023
2023
2022
Note
£
£
FIXED ASSETS
Tangible assets
5
6,130,005
5,292,062
Investments
6
2
------------
------------
6,130,007
5,292,062
CURRENT ASSETS
Debtors
7
19,884
7,957
Cash at bank and in hand
50,817
22,907
--------
--------
70,701
30,864
CREDITORS: amounts falling due within one year
8
1,109,148
921,052
------------
---------
NET CURRENT LIABILITIES
1,038,447
890,188
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
5,091,560
4,401,874
CREDITORS: amounts falling due after more than one year
9
3,314,299
2,827,905
PROVISIONS
Taxation including deferred tax
219,018
225,402
------------
------------
NET ASSETS
1,558,243
1,348,567
------------
------------
CAPITAL AND RESERVES
Called up share capital
10
100
100
Revaluation reserve
377,266
377,266
Profit and loss account
1,180,877
971,201
------------
------------
SHAREHOLDERS FUNDS
1,558,243
1,348,567
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 30 September 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Dukefield Properties Limited
Statement of Financial Position (continued)
30 September 2023
These financial statements were approved by the board of directors and authorised for issue on 20 February 2024 , and are signed on behalf of the board by:
Mr Simon Phillips
Simon John Phillips
Director
Company registration number: 07860824
Dukefield Properties Limited
Notes to the Financial Statements
Year ended 30 September 2023
1. GENERAL INFORMATION
Dukefield Properties Limited is a private company limited by shares incorporated in England & Wales, United Kingdom. The address of the registered office is given in the company information on page 1 of these financial statements.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1. The reporting period of these financial statements and its comparative period is 12 months. These financial statements only include the results of the individual entity made up to 30 September 2023. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service.
The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
Going concern
The director has considered the future trading position of the company and is confident that the going concern principle can be applied to the financial statements.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Judgements and key sources of estimation uncertainty
The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below
(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 12 for the carrying amount of the property plant and equipment, and the depreciation accounting policy for the useful economic lives for each class of assets.
(ii) Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience. See note 13 for the net carrying amount of the debtors and associated impairment provision.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Leases
Assets acquired under finance leases are capitalised and depreciated over the shorter of the lease term and the expected useful life of the asset. Minimum lease payments are apportioned between the finance charge and the reduction of the outstanding lease liability using the effective interest method. The related obligations, net of future finance charges, are included in creditors.
Where goods are sold using finance leases, the entity recognises turnover from the sale of goods and the rights to receive future lease payments as a debtor. Minimum lease payments are apportioned between finance income and the reduction of the lease debtor with finance income allocated so as to produce a constant periodic rate of interest on the net investment in the finance lease.
Rentals payable and receivable under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
Consolidation
The parent company and its subsidiary undertakings comprise a small group. The company has therefore taken advantage of the exemption provided by s398 of the Companies Act 2006 not to prepare group accounts.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows: Rendering of services When the outcome of a transaction can be estimated reliably, turnover from maintenance is recognised by reference to the stage of completion at the balance sheet date. Stage of completion is measured by reference to monies received. Where the outcome cannot be measured reliably, turnover is recognised only to the extent of the expenses recognised that are recoverable. Interest receivable and dividends receivable Interest income is recognised using the effective interest method and dividend income is recognised as the company's right to receive payment is established. Rental income Income from rentals is recognised in accordance with the terms of the relevant lease.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Investment Properties - 0% per annum of cost
Plant & Machinery
-
10%/25% per annum of cost
Motor Vehicles
-
25% per annum of cost
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment of fixed assets
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. TANGIBLE ASSETS
Land and buildings
Plant and machinery
Motor vehicles
Total
£
£
£
£
Cost
At 1 October 2022
5,221,009
56,211
57,947
5,335,167
Additions
471,000
365,359
71,919
908,278
Disposals
( 22,495)
( 22,495)
------------
---------
---------
------------
At 30 September 2023
5,692,009
399,075
129,866
6,220,950
------------
---------
---------
------------
Depreciation
At 1 October 2022
24,996
18,109
43,105
Charge for the year
38,852
23,048
61,900
Disposals
( 14,060)
( 14,060)
------------
---------
---------
------------
At 30 September 2023
49,788
41,157
90,945
------------
---------
---------
------------
Carrying amount
At 30 September 2023
5,692,009
349,287
88,709
6,130,005
------------
---------
---------
------------
At 30 September 2022
5,221,009
31,215
39,838
5,292,062
------------
---------
---------
------------
Net book value of land & buildings at the year end comprised:
2023 2022
£ £
Investment properties 5,692,009 5,221,009
Cost or valuation of land & buildings comprises:
2023
£
Cost 5,095,725
Valuation 2022 596,284
------------
NBV @ 30.09.23 5,692,009
------------
The comparable amounts determined according to the historical cost convention are as follows:
2023
£
Cost 5,095,725
NBV at 30.09.23 5,095,725
NBV at 30.09.22 4,624,725
6. INVESTMENTS
Shares in participating interests
£
Cost
At 1 October 2022
1,121,499
Additions
2
------------
At 30 September 2023
1,121,501
------------
Impairment
At 1 October 2022 and 30 September 2023
1,121,499
------------
Carrying amount
At 30 September 2023
2
------------
At 30 September 2022
------------
7. DEBTORS
2023
2022
£
£
Trade debtors
10,923
7,907
Amounts owed by group undertakings and undertakings in which the company has a participating interest
7,210
2
Other debtors
1,751
48
--------
------
19,884
7,957
--------
------
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
206,833
171,957
Trade creditors
60,054
90,338
Amounts owed to group undertakings and undertakings in which the company has a participating interest
37,889
31,384
Social security and other taxes
36,774
Other creditors
804,372
590,599
------------
---------
1,109,148
921,052
------------
---------
The bank loans and overdraft are secured by a legal charge over the properties. Obligations under finance leases and hire purchase contracts are secured by related assets. The aggregate of secured liabilities falling due within one year is £256,003 (2022: £183,909).
9. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
2,979,882
2,771,663
Other creditors
334,417
56,242
------------
------------
3,314,299
2,827,905
------------
------------
The bank loans and overdraft are secured by a legal charge over the properties. The aggregate of secured liabilities falling due after one year is £2,958,398 (2022: £2,789,905).
10. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
52
52
52
52
Ordinary A shares of £ 1 each
48
48
48
48
----
----
----
----
100
100
100
100
----
----
----
----
11. OTHER FINANCIAL COMMITMENTS
The total amount of commitments, guarantees and contingencies as of 30 September 2023 is £20,970 (2022: £39,681).
12. RELATED PARTY TRANSACTIONS
The following balances were owed to entities over which the entity has control, joint control or significant influence at the year end:
2023 2022
£ £
Balance owing (to) group companies (37,888) (31,383)
Balance owing from group companies 2 2
No interest has been charged in relation to this balance. The following balances were owed from other related parties at the year end:
2023 2022
£ £
Balance owing (to) other related parties (12,146) (34,060)
Balance owing from related parties 7,210
No interest has been charged in relation to this balance. The following balances were owed from key management personnel at the year end: During the year the company owed the directors £596,251 (2022 - £437,614 cr) No interest has been charged in relation to this balance.