Company registration number 06507557 (England and Wales)
DELMOND PROPERTIES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
DELMOND PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
4 - 7
DELMOND PROPERTIES LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment properties
3
2,485,150
2,080,895
Current assets
Debtors
4
736,194
264,738
Cash at bank and in hand
406,418
1,856
1,142,612
266,594
Creditors: amounts falling due within one year
5
(1,286,107)
(385,852)
Net current liabilities
(143,495)
(119,258)
Total assets less current liabilities
2,341,655
1,961,637
Creditors: amounts falling due after more than one year
6
(401,995)
(201,822)
Provisions for liabilities
(53,415)
(24,919)
Net assets
1,886,245
1,734,896
Capital and reserves
Called up share capital
7
100
100
Revaluation reserve
8
476,585
380,000
Profit and loss reserves
1,409,560
1,354,796
Total equity
1,886,245
1,734,896
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
DELMOND PROPERTIES LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 5 August 2024 and are signed on its behalf by:
M Delaney
Director
Company Registration No. 06507557
DELMOND PROPERTIES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Share capital
Revaluation reserve
Profit and loss reserves
Total
£
£
£
£
Balance at 1 January 2022
100
380,000
1,079,778
1,459,878
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
275,018
275,018
Balance at 31 December 2022
100
380,000
1,354,796
1,734,896
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
151,349
151,349
Transfers
-
(96,585)
(96,585)
Other movements
-
96,585
-
96,585
Balance at 31 December 2023
100
476,585
1,409,560
1,886,245
DELMOND PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
Delmond Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is 3rd Floor, Great West House, Great West Road, Brentford, TW8 9DF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents rental income which is recognised on a monthly basis per the rental agreement.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
DELMOND PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities
Basic financial liabilities, including creditors, amounts due to connected companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
DELMOND PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
3
Investment property
2023
£
Fair value
At 1 January 2023
2,080,895
Additions
254,255
Revaluations
150,000
At 31 December 2023
2,485,150
Investment property comprises of properties held to earn rentals. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 December 2023 by the director plus any additions made. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Corporation tax recoverable
184,558
48,168
Other debtors
551,636
216,570
736,194
264,738
5
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,340
Corporation tax
163,655
28,544
Other creditors
1,120,112
357,308
1,286,107
385,852
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
401,995
201,822
The long-term loans are secured by fixed charges over the investment properties held by the company.
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Revaluation reserve
DELMOND PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
8
Revaluation reserve
(Continued)
- 7 -
2023
2022
£
£
At the beginning of the year
380,000
380,000
Other movements
96,585
-
At the end of the year
476,585
380,000
This revaluation represents the revaluation of the investment properties and the deferred taxation as a result of the revaluation of those investment properties. Under FRS 102, the revaluation gains now go through the profit and loss account. Under company law, revaluation gains are not realised profits to be distributed. Therefore, a transfer has been made to the revaluation reserve and this reserve is maintained separately as a non-distributable reserve.
9
Directors' transactions
The following amounts were owed by the directors to the the company. The amount is repayable on demand.
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Directors' Loan account
2.25
147,519
396,554
7,564
551,637
147,519
396,554
7,564
551,637