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Registration number: 02765648

Dreamland Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Dreamland Properties Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Dreamland Properties Limited

(Registration number: 02765648)
Statement of Financial Position as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,221,365

1,221,487

Current assets

 

Debtors

5

2,452

11,356

Cash at bank and in hand

 

15,970

34,595

 

18,422

45,951

Creditors: Amounts falling due within one year

6

(97,167)

(100,420)

Net current liabilities

 

(78,745)

(54,469)

Total assets less current liabilities

 

1,142,620

1,167,018

Creditors: Amounts falling due after more than one year

6

(38,151)

(86,931)

Provisions for liabilities

(101,210)

(94,960)

Net assets

 

1,003,259

985,127

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

1,003,159

985,027

Shareholders' funds

 

1,003,259

985,127

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 director has not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the director on 27 August 2024
 

 

Dreamland Properties Limited

(Registration number: 02765648)
Statement of Financial Position as at 30 November 2023 (continued)


Helen Bithrey
Director

 

Dreamland Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

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

The address of its registered office is:
Bithrey House
18 King Street
Honiton
Devon
EX14 1AF

Principal activity

The principal activity of the company is property letting.

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 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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

Dreamland Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

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.

Tangible assets

Tangible assets are stated in the statement of financial position 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:

 

Dreamland Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Asset class

Depreciation method and rate

Fittings fixtures and equipment

25% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

Dreamland Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 December 2022

1,221,000

1,864

1,222,864

At 30 November 2023

1,221,000

1,864

1,222,864

Depreciation

At 1 December 2022

-

1,377

1,377

Charge for the year

-

122

122

At 30 November 2023

-

1,499

1,499

Carrying amount

At 30 November 2023

1,221,000

365

1,221,365

At 30 November 2022

1,221,000

487

1,221,487

Included within the net book value of land and buildings above is £1,221,000 (2022 - £1,221,000) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Land and Buildings was revalued on 30 November 2023. An independent valuer was not involved. .
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £666,373 (2022 - £666,373).

5

Debtors

Note

2023
£

2022
£

Trade debtors

 

689

729

Amounts owed by related parties

9

1,000

1,000

Other debtors

 

-

8,644

Prepayments

 

763

983

 

2,452

11,356

 

Dreamland Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

8,211

9,566

Trade creditors

 

44

-

Taxation and social security

 

6,099

6,857

Accruals and deferred income

 

5,965

5,129

Other creditors

 

76,848

78,868

 

97,167

100,420

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

38,151

86,931

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Dreamland Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

38,151

86,931

Current loans and borrowings

2023
£

2022
£

Bank borrowings

8,211

9,566

9

Directors advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

2023

At 1 December 2022
£

Repayments by director
£

At 30 November 2023
£

Director

(78,868)

2,020

(76,848)

       
     

 

2022

At 1 December 2021
£

Repayments by director
£

At 30 November 2022
£

Director

(80,630)

1,762

(78,868)