Dunwear Property Limited 00974733 false 2022-11-01 2024-04-30 2024-04-30 The principal activity of the company is that of property rental. The Company ceased trading on 30 April 2024. Digita Accounts Production Advanced 6.30.9574.0 true 00974733 2022-11-01 2024-04-30 00974733 2024-04-30 00974733 core:CurrentFinancialInstruments 2024-04-30 00974733 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 00974733 core:Non-currentFinancialInstruments 2024-04-30 00974733 core:Non-currentFinancialInstruments core:AfterOneYear 2024-04-30 00974733 core:PlantMachinery 2024-04-30 00974733 bus:SmallEntities 2022-11-01 2024-04-30 00974733 bus:AuditExemptWithAccountantsReport 2022-11-01 2024-04-30 00974733 bus:FilletedAccounts 2022-11-01 2024-04-30 00974733 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2024-04-30 00974733 bus:RegisteredOffice 2022-11-01 2024-04-30 00974733 bus:Director1 2022-11-01 2024-04-30 00974733 bus:PrivateLimitedCompanyLtd 2022-11-01 2024-04-30 00974733 core:PlantMachinery 2022-11-01 2024-04-30 00974733 core:ParentEntities 2022-11-01 2024-04-30 00974733 1 2022-11-01 2024-04-30 00974733 1 2022-11-01 2024-04-30 00974733 countries:EnglandWales 2022-11-01 2024-04-30 00974733 2022-10-31 00974733 core:PlantMachinery 2022-10-31 00974733 2021-11-01 2022-10-31 00974733 2022-10-31 00974733 core:CurrentFinancialInstruments 2022-10-31 00974733 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 00974733 core:Non-currentFinancialInstruments 2022-10-31 00974733 core:Non-currentFinancialInstruments core:AfterOneYear 2022-10-31 00974733 core:PlantMachinery 2022-10-31 iso4217:GBP xbrli:pure

Registration number: 00974733

Dunwear Property Limited

Unaudited Filleted Financial Statements

for the Period from 1 November 2022 to 30 April 2024

 

Dunwear Property Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Dunwear Property Limited

(Registration number: 00974733)
Statement of Financial Position as at 30 April 2024

Note

30 April
2024
£

31 October
2022
£

Fixed assets

 

Tangible assets

4

-

53,074

Investment property

5

-

4,550,000

 

-

4,603,074

Current assets

 

Debtors

6

-

4,576

Cash at bank and in hand

 

190,862

289,372

 

190,862

293,948

Creditors: Amounts falling due within one year

7

(190,062)

(2,610,123)

Net current assets/(liabilities)

 

800

(2,316,175)

Total assets less current liabilities

 

800

2,286,899

Creditors: Amounts falling due after more than one year

7

-

(54,333)

Provisions for liabilities

-

(243,258)

Net assets

 

800

1,989,308

Capital and reserves

 

Called up share capital

100

100

Capital redemption reserve

700

700

Profit and loss account

-

1,988,508

Shareholders' funds

 

800

1,989,308

For the financial period ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The director acknowledges his 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 director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 25 July 2024
 

 

Dunwear Property Limited

(Registration number: 00974733)
Statement of Financial Position as at 30 April 2024 (continued)


B T Bowering
Director

 

Dunwear Property Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 April 2024

1

General information

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

The address of its registered office is:
7 Castle Street
Bridgwater
Somerset
TA6 3DT

Principal activity

The principal activity of the company was that of property rental. The Company ceased trading on 30 April 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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Disclosure of long or short period

The year end of the Company was extended from 31 October 2022 to 30 April 2024 being the date of cessation of trade.

 

Dunwear Property Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 April 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

 

Dunwear Property Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 April 2024 (continued)

2

Accounting policies (continued)

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

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 statement of comprehensive income 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.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 0 (2022 - 0).

 

Dunwear Property Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 April 2024 (continued)

4

Tangible assets

Plant and machinery
£

Total
£

Cost or valuation

At 1 November 2022

275,446

275,446

Disposals

(275,446)

(275,446)

At 30 April 2024

-

-

Depreciation

At 1 November 2022

222,372

222,372

Charge for the period

13,445

13,445

Eliminated on disposal

(235,817)

(235,817)

At 30 April 2024

-

-

Carrying amount

At 30 April 2024

-

-

At 31 October 2022

53,074

53,074

5

Investment properties

30 April
2024
£

At 1 November

4,550,000

Disposals

(5,250,000)

Fair value adjustments

700,000

At 30 April

-

The investment properties are valued at fair value on an open market basis as determined by the directors. The historical cost of the investment properties included above at 30 April 2024 was £nil (31 October 2022: £3,470,231).

There has been no valuation of investment property by an independent valuer.

6

Debtors

 

Dunwear Property Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 April 2024 (continued)

6

Debtors (continued)

30 April
2024
£

31 October
2022
£

Trade debtors

-

371

Prepayments

-

4,205

-

4,576

7

Creditors

Creditors: amounts falling due within one year

Note

30 April
2024
£

31 October
2022
£

Due within one year

 

Loans and borrowings

9

-

12,652

Trade creditors

 

-

3,117

Amounts owed to group undertakings and undertakings in which the company has a participating interest

10

72,095

2,411,427

Taxation and social security

 

117,967

68,927

Accruals and deferred income

 

-

14,000

Other creditors

 

-

100,000

 

190,062

2,610,123


Creditors falling due within one year include bank loans and overdrafts which are secured of £nil (31 October 2022 - £12,652).

Creditors: amounts falling due after more than one year

Note

30 April
2024
£

31 October
2022
£

Due after one year

 

Loans and borrowings

9

-

54,333


Creditors falling due after more tan one year include bank loans and overdrafts which are secured of £nil (31 October 2022 - £54,333).


Creditors include bank loans repayable by instalments of £nil (31 October 2022 - £10,195) due after more than five years.

 

Dunwear Property Limited

Notes to the Unaudited Financial Statements for the Period from 1 November 2022 to 30 April 2024 (continued)

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

Included in the Profit and loss account is a non-distributable amount of £nil (31 October 2022: £850,051) relating to revaluation of Investment properties £nil (31 October 2022: £1,079,769) less deferred tax on the revaluation £nil (31 October 2022: £229,718).

9

Loans and borrowings

Non-current loans and borrowings

30 April
2024
£

31 October
2022
£

Bank borrowings

-

54,333

Current loans and borrowings

30 April
2024
£

31 October
2022
£

Bank borrowings

-

12,652

10

Related party transactions

Summary of transactions with parent

Bowering Properties Limited
  The Company transferred its investment properties and plant and machinery at fair value to Bowering Properties Limited, the 100% parent company, in the period. The Company distributed its entire profit and loss reserves of £3,252,904 at 30 April 2024 to Bowering Properties Limited by way of dividend.

11

Non adjusting events after the financial period

The Company ceased to trade as at 30 April 2024 and it is the intention of the director to wind the Company up.