Registration number:
Danaglade Developments Limited
for the Year Ended 30 November 2023
Danaglade Developments Limited
Contents
Company Information |
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Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Financial Statements |
Danaglade Developments Limited
Company Information
Directors |
Mr Garry Robert Clarke Mr Gregory Reginald Cutler |
Company secretary |
Mrs Karen Wainwright |
Registered office |
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Auditors |
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Danaglade Developments Limited
(Registration number: 01737033)
Balance Sheet as at 30 November 2023
Note |
2023 |
2022 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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|
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Cash at bank and in hand |
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|
|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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|
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Provisions for liabilities |
( |
( |
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Net assets/(liabilities) |
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( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Other reserves |
544,490 |
224,269 |
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Retained earnings |
(379,731) |
(354,525) |
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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
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Danaglade Developments Limited
Statement of Changes in Equity for the Year Ended 30 November 2023
Share capital |
Non-distributable reserve |
Retained earnings |
Total |
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At 1 December 2022 |
|
|
( |
( |
Profit for the year |
- |
- |
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Other comprehensive income |
- |
|
( |
- |
Total comprehensive income |
- |
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( |
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At 30 November 2023 |
|
|
( |
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Share capital |
Non-distributable reserve |
Retained earnings |
Total |
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At 1 December 2021 |
|
|
( |
( |
Profit for the year |
- |
- |
|
|
Other comprehensive income |
- |
|
( |
- |
Total comprehensive income |
- |
|
|
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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
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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
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
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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.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Danaglade Developments Limited
Notes to the Financial Statements for the Year Ended 30 November 2023
Tangible assets |
Land and buildings |
Total |
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Cost or valuation |
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At 1 December 2022 |
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Revaluations |
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Disposals |
( |
( |
At 30 November 2023 |
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Depreciation |
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At 1 December 2022 |
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At 30 November 2023 |
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Carrying amount |
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At 30 November 2023 |
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At 30 November 2022 |
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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.
Debtors |
Current |
Note |
2023 |
2022 |
Trade debtors |
( |
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Amounts owed by related parties |
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Danaglade Developments Limited
Notes to the Financial Statements for the Year Ended 30 November 2023
Creditors |
Creditors: amounts falling due within one year
Note |
2023 |
2022 |
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Due within one year |
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Trade creditors |
( |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
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100 |
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100 |
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).
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is