Registered number
11032344
Dallas SF Properties Limited
Unaudited Filleted Accounts
31 October 2023
Dallas SF Properties Limited
Registered number: 11032344
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,022,477 729,843
1,022,477 729,843
Current assets
Cash at bank and in hand 53,727 16,197
53,727 16,197
Creditors: amounts falling due within one year 4 (615,877) (291,059)
Net current liabilities (562,150) (274,862)
Total assets less current liabilities 460,327 454,981
Creditors: amounts falling due after more than one year 5 (250,000) (250,000)
Provisions for liabilities (38,750) (38,750)
Net assets 171,577 166,231
Capital and reserves
Called up share capital 1 1
Revaluation reserve ## 165,195 165,195
Profit and loss account 6,381 1,035
Shareholders' funds 171,577 166,231
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr. S. N. J. Fakhrulden
Director
Approved by the board on 26 July 2024
Dallas SF Properties Limited
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable. Turnover includes revenue earned from the rental of real estate. Turnover from the rental of real estates is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment over 5 years
Investment Property
Investment property is included at fair value. Gains are recognised in the Income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Investment Property Total
£ £
Cost
At 1 November 2022 729,843 729,843
Additions 292,634 292,634
Surplus on revaluation - -
Disposals - -
At 31 October 2023 1,022,477 1,022,477
Depreciation
At 1 November 2022 - -
Charge for the year - -
Surplus on revaluation - -
On disposals - -
At 31 October 2023 - -
Net book value
At 31 October 2023 1,022,477 1,022,477
At 31 October 2022 729,843 729,843
Freehold land and buildings: 2023 2022
£ £
Historical cost 818,532 525,898
818,532 525,898
In order to ascertain the fair value of Investment properties and fair value movement of £Nil (2022 £Nil) included in the profit for the year, investment properties are valued by the directors based on similar properties in the locality and reviews conducted on an open market valuation of a freehold basis. The director believe the fair value has remained the same as the bought forward appraisal.
4 Creditors: amounts falling due within one year 2023 2022
£ £
Taxation and social security costs 527 2,513
Other creditors 615,350 288,546
615,877 291,059
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 250,000 250,000
250,000 250,000
6 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 250,000 250,000
250,000 250,000
Secured bank loans 250,000 250,000
Security is given by way of a charge regsitered against the freehold interest in the investment property owned by the company.
7 Other information
Dallas SF Properties Limited is a private company limited by shares and incorporated in England. Its registered office is:
11 George Street West
Luton
Bedfordshire
LU1 2BJ
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