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Registration number: 01737033

Danaglade Developments Limited

Filleted Financial Statements

for the Year Ended 30 November 2023

 

Danaglade Developments Limited

Contents

Company Information

1

Balance Sheet

2

Statement of Changes in Equity

3

Notes to the Financial Statements

4 to 8

 

Danaglade Developments Limited

Company Information

Directors

Mr Garry Robert Clarke

Mr Gregory Reginald Cutler

Company secretary

Mrs Karen Wainwright

Registered office

Regis House Regis Business Centre
Durban Road
Bognor Regis
West Sussex
PO22 9QT

Auditors

Matthews Hanton Limited
Chartered Certified Accountants
93 Aldwick Road
Bognor Regis
West Sussex
PO21 2NW

 

Danaglade Developments Limited

(Registration number: 01737033)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,729,592

2,549,371

Current assets

 

Debtors

5

9,310

63,439

Cash at bank and in hand

 

667,595

440,359

 

676,905

503,798

Creditors: Amounts falling due within one year

6

(2,628,073)

(2,733,708)

Net current liabilities

 

(1,951,168)

(2,229,910)

Total assets less current liabilities

 

778,424

319,461

Provisions for liabilities

(613,565)

(449,617)

Net assets/(liabilities)

 

164,859

(130,156)

Capital and reserves

 

Called up share capital

7

100

100

Other reserves

544,490

224,269

Retained earnings

(379,731)

(354,525)

Shareholders' funds/(deficit)

 

164,859

(130,156)

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 22 July 2024 and signed on its behalf by:
 

.........................................
Mr Gregory Reginald Cutler
Director

 

Danaglade Developments Limited

Statement of Changes in Equity for the Year Ended 30 November 2023

Share capital
£

Non-distributable reserve
£

Retained earnings
£

Total
£

At 1 December 2022

100

224,269

(354,524)

(130,155)

Profit for the year

-

-

295,014

295,014

Other comprehensive income

-

320,221

(320,221)

-

Total comprehensive income

-

320,221

(25,207)

295,014

At 30 November 2023

100

544,490

(379,731)

164,859

Share capital
£

Non-distributable reserve
£

Retained earnings
£

Total
£

At 1 December 2021

100

171,987

(431,578)

(259,491)

Profit for the year

-

-

129,335

129,335

Other comprehensive income

-

52,282

(52,282)

-

Total comprehensive income

-

52,282

77,053

129,335

At 30 November 2022

100

224,269

(354,525)

(130,156)

 

Danaglade Developments Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

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:
Regis House Regis Business Centre
Durban Road
Bognor Regis
West Sussex
PO22 9QT

The principal place of business is:
Regis House
Regis Business Centre
Durban Road
Bognor Regis
West Sussex
PO22 9QT
England

These financial statements were authorised for issue by the Board on 22 July 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.

Going concern

The financial statements have been prepared on a going concern basis.

 

Danaglade Developments Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 22 July 2024 was Nicola Merridue FCCA, who signed for and on behalf of Matthews Hanton Limited.

.........................................

Revenue recognition

Turnover comprises of the total amount receivable by the company for the rents and services provided net of VAT.

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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used.

All taxes provided for transactions debited or credited within other reserves are charged through the Profit and Loss Account.

Tangible assets

Tangible assets are stated in the balance sheet 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

Land and buildings

None

 

Danaglade Developments Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

Trade debtors

Trade debtors are amounts due from Tenants for rent and/or services performed in the ordinary course of busniess.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

 

Danaglade Developments Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 December 2022

2,589,596

2,589,596

Revaluations

335,221

335,221

Disposals

(165,000)

(165,000)

At 30 November 2023

2,759,817

2,759,817

Depreciation

At 1 December 2022

30,225

30,225

At 30 November 2023

30,225

30,225

Carrying amount

At 30 November 2023

2,729,592

2,729,592

At 30 November 2022

2,549,371

2,549,371

Included within the net book value of land and buildings above is £2,729,592 (2022 - £2,384,371) in respect of freehold land and buildings and £Nil (2022 - £165,000) in respect of long leasehold land and buildings.

Included in the Land and Buidlings are freehold assets with an original cost of £2,887,784 (2021 £2,887,784 and leasehold assets of £nil (2022 £155,000).

All tax adjustments on revaluations are dealt with in the Profit and Loss Account and only revaluations are adjusted within other reserves.

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

(4,213)

35,660

Amounts owed by related parties

8

13,523

27,779

   

9,310

63,439

 

Danaglade Developments Limited

Notes to the Financial Statements for the Year Ended 30 November 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

(6,413)

28,512

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

8

2,545,242

2,595,241

Taxation and social security

 

46,930

45,078

Other creditors

 

42,314

64,877

 

2,628,073

2,733,708

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       

8

Related party transactions

Summary of transactions with parent

At the balance sheet date, the amount due to Sinclair Gardens Investments (Kensington) Limited was £2,545,241 (2022 £2,595,241). The balance is due for repayment after more than one year.

Summary of transactions with entities with joint control or significant interest

At the balance sheet date, the amount owed by First Management Limited was £13,523 (2022 £13,523). The balance is due for repayment after more than one year.

During the year, liability insurance at a cost of £207 (2022 £111) was arranged for the company by Cullenslow Limited, a company subject to common control. At the balance sheet date, the amount owed by Cullenglow Limited was £Nil (2022 £14,256).

9

Parent and ultimate parent undertaking

The company's immediate parent is Sinclair Gardens Investments (Kensington) Limited, incorporated in England and Wales.

 The ultimate parent is Forbes Corroon (Holdings) Limited, incorporated in British Virgin Islands.