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REGISTERED NUMBER: 09790490 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2024

for

Duffin Investments Limited

Duffin Investments Limited (Registered number: 09790490)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Abridged Balance Sheet 2

Notes to the Financial Statements 4


Duffin Investments Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mrs S M Duffin
Mr J E Duffin
Mr P M Duffin





SECRETARY: Mrs S M Duffin





REGISTERED OFFICE: Covert Farm
Garthorpe Road
Stonesby
Melton Mowbray
Leicestershire
LE14 4PS





REGISTERED NUMBER: 09790490 (England and Wales)





ACCOUNTANTS: Xitax Limited
Pera Business Park
Nottingham Road
Melton Mowbray
Leicestershire
LE13 0PB

Duffin Investments Limited (Registered number: 09790490)

Abridged Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 1,250,000 1,250,000

CURRENT ASSETS
Debtors 807,631 432,008
Cash at bank 102,029 472,408
909,660 904,416
CREDITORS
Amounts falling due within one year 3,004 5,707
NET CURRENT ASSETS 906,656 898,709
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,156,656

2,148,709

CREDITORS
Amounts falling due after more than one
year

5

(937,500

)

(937,500

)

PROVISIONS FOR LIABILITIES (100,379 ) (100,379 )
NET ASSETS 1,118,777 1,110,830

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,118,677 1,110,730
SHAREHOLDERS' FUNDS 1,118,777 1,110,830

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Duffin Investments Limited (Registered number: 09790490)

Abridged Balance Sheet - continued
31 March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 August 2024 and were signed on its behalf by:





Mrs S M Duffin - Director


Duffin Investments Limited (Registered number: 09790490)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. STATUTORY INFORMATION

Duffin Investments Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Significant judgements and estimates
No significant judgements have had to be made by the directors in preparing these financial statements.

The directors have made key assumptions in the determination of the fair value of the investment properties in respect of the state of the property market in the location where the properties are situated and in respect of the range of reasonable fair value estimates of the assets.

Turnover
Turnover represents sale of services exempt from value added tax.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Trust
On 31 March 2022, Michael Duffin and Susan Mary Duffin gifted their entire shareholding (60 Ordinary £1 shares) in the Company to The Duffin Family Grandparents Trust 2022.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

Duffin Investments Limited (Registered number: 09790490)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023
and 31 March 2024 1,250,000
NET BOOK VALUE
At 31 March 2024 1,250,000
At 31 March 2023 1,250,000

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2024 401,515
Cost 848,485
1,250,000

The fair value of the property at 31 March 2024 has been arrived at on the basis of a valuation carried out
at that date by directors of the company, who are not professionally qualified valuers. The
valuation was arrived at by reference to market evidence of transaction prices for similar properties in its
location and takes into account the current state of the rental market in the area where the property is
situated.

5. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS
31.3.24 31.3.23
£    £   
Repayable otherwise than by instalments
Bank loans more 5 yrs non-inst 937,500 937,500

6. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Bank loan 937,500 937,500

The bank loan is secured by a first legal charge over company owned investment properties.

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The directors and Michael Duffin have guaranteed the bank loan.

Duffin Investments Limited (Registered number: 09790490)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. RELATED PARTY DISCLOSURES

Duffin Homes Ltd: a company in which S M Duffin, J E Duffin and P M Duffin are directors. At the year end, the balance owed by Duffin Homes Ltd was £732,008 (2023: £432,008). This is included in Debtors.

Duffin Group Ltd: a company in which S M Duffin, J E Duffin and P M Duffin are directors. At the year end, the balance owed by Duffin Group Ltd was £75,623 (2023: £0). This is included in Debtors.

9. ULTIMATE CONTROLLING PARTY

The company is controlled by the Trustees of The Duffin Family Grandparents Trust 2022 by virtue of their shareholding.