Period from 5 September 2022 to
Registration number:
Dart Abbey Investments Limited
Balance Sheet
31 October 2023
Note |
2023 |
|
Fixed assets |
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Investments |
|
|
Current assets |
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Debtors |
|
|
Creditors: Amounts falling due within one year |
( |
|
Net current liabilities |
( |
|
Net liabilities |
( |
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Capital and reserves |
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Called up share capital |
|
|
Profit and loss account |
( |
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Shareholders' deficit |
( |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
Company Registration Number: 14336218
Dart Abbey Investments Limited
Notes to the Financial Statements
Period from 5 September 2022 to 31 October 2023
General information |
The company is a private company limited by share capital, incorporated in England & Wales.
The address of its registered office is:
United Kingdom
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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 functional currency of the company is considered to be pounds sterling because that is the currency of the primary economic environment in which the company operates. The presentational currency is the same as the functional currency.
Going concern
The company has net liabilities of £2,930,575 and is therefore dependent on the continued support of its parent company and ultimate parent charity. Its parent company and ultimate parent charity have confirmed that this support will continue until at least 31 July 2025. Consequently the accounts have been prepared on a going concern basis.
Revenue recognition
Interest receivable is recognised as turnover according to the period to which it relates. Provision is made to the extent that the directors do not expect it to be recoverable.
Investments
The investment is classified as a fixed asset investment and is initially included at cost, with subsequent impairment reviews. Revaluations are made according to the value of the asset against which the loan is secured.
Dart Abbey Investments Limited
Notes to the Financial Statements
Period from 5 September 2022 to 31 October 2023
Financial instruments
Classification
• Group Loans
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Group loans are initially measured at transaction price, including transaction costs, and are subsequently carried at amortised cost using the effective interest method.
Staff numbers |
The average number of persons employed by the company (including directors) during the period, was
Turnover |
Turnover includes interest receivable of £629,600 from group undertakings.
Interest Payable |
Interest payable includes £629,600 in respect of a loan from a group undertaking.
Dart Abbey Investments Limited
Notes to the Financial Statements
Period from 5 September 2022 to 31 October 2023
Investments |
Loan to subsidiary |
2024 |
Cost or valuation |
|
Additions |
|
At 31 October 2023 |
|
Provision |
|
Provision for impairment during the period and at 31 October 2023 |
|
Carrying amount |
|
At 31 October 2023 |
|
The loan was revalued in the period by the directors based on the net asset position of the subsidiary.
Dart Abbey Investments Limited
Notes to the Financial Statements
Period from 5 September 2022 to 31 October 2023
Debtors |
2023 |
|
Other debtors |
|
|
Creditors |
Creditors: amounts falling due within one year
2023 |
|
Due within one year |
|
Amounts owed to group undertakings |
|
Share capital |
Allotted, called up and not fully paid shares
2023 |
||
No. |
£ |
|
Ordinary shares of £1 each |
1 |
1 |
Related party transactions |
During the period the company's immediate parent company made various unsecured loans totalling £7,303,413 to Dart Abbey Investments Limited of which £1,002,438 was repaid during the period. Loan interest of £629,600 was charged in the period. The balance of the loan due to Dart Abbey Enterprises Limited at 31 December 2023 was £6,930,576.
Audit report |
Dart Abbey Investments Limited
Notes to the Financial Statements
Period from 5 September 2022 to 31 October 2023
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate parent is
The parent entity of the smallest group producing publicly available financial statements is Dart Abbey Enterprises Limited and the parent entity of the largest group producing publicly available financial statements is The Buckfast Abbey Trust. These accounts are available on request from the registered office at Buckfast Abbey, Buckfastleigh, Devon TQ11 0EE.