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Dart Abbey Investments Limited

Annual Report and Financial Statements
Period from 5 September 2022 to 31 October 2023

Registration number: 14336218

 

Dart Abbey Investments Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 6

 

Dart Abbey Investments Limited

Balance Sheet

31 October 2023

Note

2023
£

Fixed assets

 

Investments

6

4,000,000

Current assets

 

Debtors

7

1

Creditors: Amounts falling due within one year

8

(6,930,576)

Net current liabilities

 

(6,930,575)

Net liabilities

 

(2,930,575)

Capital and reserves

 

Called up share capital

9

1

Profit and loss account

(2,930,576)

Shareholders' deficit

 

(2,930,575)

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 Board on 30 July 2024 and signed on its behalf by:
 

.........................................
Mr P A Arkwright
Director

   
     

Company Registration Number: 14336218

 

Dart Abbey Investments Limited

Notes to the Financial Statements

Period from 5 September 2022 to 31 October 2023

1

General information

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

The address of its registered office is:
Buckfast Abbey
Buckfast
Buckfastleigh
Devon
TQ11 0EE
United Kingdom

These financial statements were authorised for issue by the Board on 30 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 - '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
The company holds the following financial instruments:

• Group Loans


All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

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.


 

3

Staff numbers

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

4

Turnover

Turnover includes interest receivable of £629,600 from group undertakings.

5

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

6

Investments

Loan to subsidiary

2024
£

Cost or valuation

Additions

6,930,576

At 31 October 2023

6,930,576

Provision

Provision for impairment during the period and at 31 October 2023

2,930,576

Carrying amount

At 31 October 2023

4,000,000

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

7

Debtors

2023
£

Other debtors

1

1

8

Creditors

Creditors: amounts falling due within one year

2023
£

Due within one year

Amounts owed to group undertakings

6,930,576

9

Share capital

Allotted, called up and not fully paid shares

 

2023

 

No.

£

Ordinary shares of £1 each

1

1

     

10

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.

11

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Sharon Austen FCCA, who signed for and on behalf of PKF Francis Clark on 1 August 2024.

 

Dart Abbey Investments Limited

Notes to the Financial Statements

Period from 5 September 2022 to 31 October 2023

12

Parent and ultimate parent undertaking

The company's immediate parent is Dart Abbey Enterprises Limited, incorporated in England and Wales.

 The ultimate parent is The Buckfast Abbey Trust .

 

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.