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COMPANY REGISTRATION NUMBER: 10441450
DH PROPERTIES (NORTH WEST) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 March 2024
DH PROPERTIES (NORTH WEST) LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
FIXED ASSETS
Tangible assets
4
111,315
111,424
CURRENT ASSETS
Debtors
5
704
1,068
Cash at bank and in hand
10,468
6,782
---------
--------
11,172
7,850
CREDITORS: amounts falling due within one year
6
100,871
104,409
-----------
-----------
NET CURRENT LIABILITIES
89,699
96,559
-----------
-----------
TOTAL ASSETS LESS CURRENT LIABILITIES
21,616
14,865
---------
---------
NET ASSETS
21,616
14,865
---------
---------
DH PROPERTIES (NORTH WEST) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
2024
2023
Note
£
£
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
21,516
14,765
---------
---------
SHAREHOLDERS FUNDS
21,616
14,865
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 31 August 2024 , and are signed on behalf of the board by:
Mr M Holmes
Director
Company registration number: 10441450
DH PROPERTIES (NORTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31st MARCH 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 20 Mannin Way, Lancaster Business Park, Caton Road, Lancaster, LA1 3SW. The company commenced trading on 2nd November 2016 and the principal activity of the company is that of property rental.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a 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. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised at cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. TANGIBLE ASSETS
Freehold property
Long leasehold property
Fixtures and fittings
Leasehold Improvements
Total
£
£
£
£
£
Cost
At 1st April 2023 and 31st March 2024
57,291
33,605
1,365
20,092
112,353
---------
---------
--------
---------
-----------
Depreciation
At 1st April 2023
929
929
Charge for the year
109
109
---------
---------
--------
---------
-----------
At 31st March 2024
1,038
1,038
---------
---------
--------
---------
-----------
Carrying amount
At 31st March 2024
57,291
33,605
327
20,092
111,315
---------
---------
--------
---------
-----------
At 31st March 2023
57,291
33,605
436
20,092
111,424
---------
---------
--------
---------
-----------
5. DEBTORS
2024
2023
£
£
Prepayments and accrued income
704
1,068
-----
--------
6. CREDITORS: amounts falling due within one year
2024
2023
£
£
Accruals and deferred income
780
670
Corporation tax
1,609
749
Director loan accounts
98,482
102,990
-----------
-----------
100,871
104,409
-----------
-----------