Company registration number 00820036 (England and Wales)
DULWICH FINANCE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
DULWICH FINANCE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
DULWICH FINANCE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
4
1,305,000
1,305,000
Current assets
Stocks
182,645
182,645
Debtors
5
9,218
9,052
Cash at bank and in hand
122,407
77,184
314,270
268,881
Creditors: amounts falling due within one year
6
(191,419)
(69,990)
Net current assets
122,851
198,891
Total assets less current liabilities
1,427,851
1,503,891
Provisions for liabilities
(85,814)
(85,814)
Net assets
1,342,037
1,418,077
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
9
1,341,937
1,417,977
Total equity
1,342,037
1,418,077
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 December 2023 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 4 September 2024 and are signed on its behalf by:
K Jeffery
Director
Company registration number 00820036 (England and Wales)
DULWICH FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
DULWICH FINANCE LIMITED is a private company limited by shares incorporated in England and Wales. The registered office is 18 Melbourne Grove, London, SE22 8RA.
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 rents receivable from the letting and when applicable the proceeds of sale of freehold properties.
1.3
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.
1.4
Stocks
Stocks represent the cost of properties held for resale.
1.5
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.
DULWICH FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
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.
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:
2023
2022
Number
Number
Total
2
2
4
Investment property
2023
£
Fair value
At 1 January 2023 and 31 December 2023
1,305,000
The fair value of investment properties has been arrived at on the basis of a valuation carried out in 2022 by K Jeffery a director of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The cost of investment properties is £830,130.
DULWICH FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
9,218
9,052
6
Creditors: amounts falling due within one year
2023
2022
£
£
Payments received on account
6,906
3,556
Corporation tax
20,362
8,047
Other taxation and social security
48
913
Other creditors
158,077
54,761
Accruals and deferred income
6,026
2,713
191,419
69,990
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
100
100
100
100
8
Non-distributable profits reserve
2023
2022
£
£
At the beginning of the year
364,013
295,163
Non distributable profits in the year
-
68,850
At the end of the year
364,013
364,013
Included in profit and loss reserves (Note 10)
9
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
1,417,977
1,364,415
Profit for the year
73,960
103,562
Dividends declared and paid in the year
(150,000)
(50,000)
At the end of the year
1,341,937
1,417,977
DULWICH FINANCE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
10
Directors' transactions
At the beginning,of the year, the company owed £25,010 to director K Jeffery and at the end £68,100, At the beginning of the year £12,500 was owed to director C Jeffries and £37,500 at the end of the year.
In addition to a fixed charge over the company's property, a personal guarantee has been given to the company's bankers by director K Jeffery.