REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 November 2023 |
for |
Digby Road Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 November 2023 |
for |
Digby Road Limited |
Digby Road Limited (Registered number: 09302589) |
Contents of the Financial Statements |
for the Year Ended 30 November 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Digby Road Limited |
Company Information |
for the Year Ended 30 November 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Digby Road Limited (Registered number: 09302589) |
Statement of Financial Position |
30 November 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investments | 4 |
Investment property | 5 |
Current assets |
Debtors | 6 |
Cash at bank | 7 |
Creditors |
Amounts falling due within one year | 8 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
Provisions for liabilities | 10 | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 11 |
Retained earnings | 12 |
Shareholders' funds |
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. |
Digby Road Limited (Registered number: 09302589) |
Statement of Financial Position - continued |
30 November 2023 |
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 |
Digby Road Limited (Registered number: 09302589) |
Notes to the Financial Statements |
for the Year Ended 30 November 2023 |
1. | Statutory information |
Digby Road Limited is a |
2. | Accounting policies |
Basis of preparing the financial statements |
Going concern |
The directors have at the time of approving the financial statements, a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements. |
Revenue |
Revenue represents rental income receivable and any other income such as insurance recoverable |
and dilapidations from the operating leases, net of VAT where applicable. Rentals receivable from |
assets leased under operating leases is recognised on a straight-line basis over the term of the lease. |
Rent free periods or other incentives given to the lessee are accounted for as reduction to turnover and |
recognised on a straight-line basis over the lease term. |
Investment property |
Investment properties are properties which are held either to earn rental income or for capital appreciation or for both. Investment properties are recognised initially at cost. Subsequent to initial recognition, investment properties are held at fair value. Any gains or losses arising from changes in the fair value are recognised in profit or loss in the period that they arise. No depreciation is provided in respect of investment properties applying the fair value model. |
Digby Road Limited (Registered number: 09302589) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
2. | Accounting policies - continued |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. |
Financial instruments are recognised 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 trade and other 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 financial asset is measured at the present value of the future receipts discounted at a market rate of interest. |
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. |
Basic financial liabilities |
Basic financial liabilities, including trade and other creditors and loans from fellow group companies, 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. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Equity instruments |
Equity instruments issued by the company are recorded at the fair value of 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. |
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 statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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. |
Digby Road Limited (Registered number: 09302589) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
2. | Accounting policies - continued |
Cash at bank and in hand |
Cash and cash equivalents are basic financial instruments and include cash in hand, deposits held at call with banks, and other short-term liquid investments with original maturities of three months or less. |
3. | Employees and directors |
The average number of employees during the year was NIL (2022 - NIL). |
4. | Fixed asset investments |
Other |
investments |
£ |
Cost |
At 1 December 2022 |
Reclassification/transfer | ( |
) |
At 30 November 2023 |
Net book value |
At 30 November 2023 |
At 30 November 2022 |
5. | Investment property |
Total |
£ |
Fair value |
At 1 December 2022 |
and 30 November 2023 |
Depreciation |
Reclassification/transfer | 8,400 |
At 30 November 2023 | 8,400 |
Net book value |
At 30 November 2023 |
At 30 November 2022 |
6. | Debtors |
2023 | 2022 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Prepayments and accrued income |
Digby Road Limited (Registered number: 09302589) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
6. | Debtors - continued |
2023 | 2022 |
£ | £ |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
7. | Cash at bank |
2023 | 2022 |
£ | £ |
Bank deposit account |
Client deposit account | 36,036 | 55,110 |
8. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Tax |
VAT | 48,919 | 22,309 |
Other creditors |
Accruals and deferred income |
Included within other creditors is £36,036 (2022: £55,110) relating to tenant deposits, the corresponding entry can be found in note 8. |
9. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Other creditors |
The other creditors balance of £3,390,000 (2022: £3,240,000) relates to loans owed to shareholders. |
10. | Provisions for liabilities |
2023 | 2022 |
£ | £ |
Deferred tax | 11,407 | 11,407 |
Deferred |
tax |
£ |
Balance at 1 December 2022 |
Balance at 30 November 2023 |
Digby Road Limited (Registered number: 09302589) |
Notes to the Financial Statements - continued |
for the Year Ended 30 November 2023 |
11. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | 1 | 96 | 96 |
12. | Reserves |
Retained |
earnings |
£ |
At 1 December 2022 |
Profit for the year |
At 30 November 2023 |