Company registration number 00544614 (England and Wales)
DERNOL INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
DERNOL INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
DERNOL INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
1,150
1,396
Investment properties
5
6,345,500
6,345,500
6,346,650
6,346,896
Current assets
Debtors
6
68,535
99,205
Creditors: amounts falling due within one year
7
(55,190)
(58,820)
Net current assets
13,345
40,385
Total assets less current liabilities
6,359,995
6,387,281
Provisions for liabilities
(1,506,404)
(1,144,867)
Net assets
4,853,591
5,242,414
Capital and reserves
Called up share capital
2,000
2,000
Revaluation reserve
8
4,720,548
5,082,085
Other reserves
59,953
59,953
Profit and loss reserves
9
71,090
98,376
Total equity
4,853,591
5,242,414

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 March 2024 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.

The financial statements were approved by the board of directors and authorised for issue on 17 June 2024 and are signed on its behalf by:
P Two
Director
Company Registration No. 00544614
DERNOL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information

Dernol Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 35 Ragged Hall Lane, St Albans, Hertfordshire, AL2 3LB.

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 from investment properties, which is recognised on an accruals basis, with any outstanding rental income at the year end included within trade debtors. Any rent received which relates to future periods is included as deferred income within other creditors.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
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.

1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.6
Cash at bank and in hand

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. Bank overdrafts are shown within borrowings in current liabilities.

DERNOL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’, which are measured at amortised costs. The company does not have any Other Financial Instruments as covered by Section 12 of FRS 102.

1.8
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.

1.9
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.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

DERNOL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
-
0
4
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 April 2023 and 31 March 2024
82,180
Depreciation and impairment
At 1 April 2023
80,784
Depreciation charged in the year
246
At 31 March 2024
81,030
Carrying amount
At 31 March 2024
1,150
At 31 March 2023
1,396
5
Investment property
2024
£
Fair value
At 1 April 2023 and 31 March 2024
6,345,500

Investment properties comprise of residential properties. The fair value of the investment properties has been arrived at on the basis of a valuation carried out at 31 March 2020 by the director. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

DERNOL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
61,881
97,726
Other debtors
3,911
-
0
Prepayments and accrued income
2,743
1,479
68,535
99,205
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
7,370
10,118
Corporation tax
-
0
20,972
Other creditors
45,000
25,000
Accruals and deferred income
2,820
2,730
55,190
58,820
8
Revaluation reserve
2024
2023
£
£
At the beginning of the year
5,082,085
5,082,085
Transfer to retained earnings
(361,537)
-
0
At the end of the year
4,720,548
5,082,085
9
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
98,376
113,961
(Loss)/profit for the year
(367,003)
89,150
Dividends declared and paid in the year
(21,820)
(104,735)
Transfer to reserves
361,537
-
0
At the end of the year
71,090
98,376
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