Company registration number SC328098 (Scotland)
DAN MOR DEVELOPMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
DAN MOR DEVELOPMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
DAN MOR DEVELOPMENTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
93,000
Investment properties
4
1,356,669
1,635,011
1,356,669
1,728,011
Current assets
Debtors
5
16,828
56,410
Cash at bank and in hand
27,504
131,750
44,332
188,160
Creditors: amounts falling due within one year
6
(56,493)
(148,695)
Net current (liabilities)/assets
(12,161)
39,465
Total assets less current liabilities
1,344,508
1,767,476
Creditors: amounts falling due after more than one year
7
(1,225,108)
(1,466,667)
Provisions for liabilities
-
(12,746)
Net assets
119,400
288,063
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
119,398
288,061
Total equity
119,400
288,063
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.
DAN MOR DEVELOPMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 September 2024 and are signed on its behalf by:
G THAIN
Mr Gavin Thain
Director
Company Registration No. SC328098
DAN MOR DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Dan Mor Developments Limited is a private company limited by shares incorporated in Scotland. The registered office is Broad House, Broad Street, Peterhead, AB42 1HY.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
The company made a loss for the period and at the balance sheet date the company has net current liabilities of £12,161. Included within creditors due in more than one year, is an amounts owed owed to related parties of £729,510 (2022 - £849,330), the directors have confirmed that this balance will only be repaid when funds permit and won't be paid ahead of any third party creditors. The financial statements have therefore been prepared on a going concern basis. true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Sale of properties
Revenue from the sale of properties is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer
the company retains neither continuing managerial involvement to the degree usuallith ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rental income
Rental income is recognised for the period to which it relates.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
DAN MOR DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Amortisation 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:
Fishing rights
10 years straight line
1.5
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. Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.
1.6
Cash and cash equivalents
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.
1.7
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
1.8
Taxation
The tax expense represents the tax currently payable.
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.
DAN MOR DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.9
Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
2
2
3
Intangible fixed assets
Fishing rights
£
Cost
At 1 January 2023 and 31 December 2023
155,000
Amortisation and impairment
At 1 January 2023
62,000
Amortisation charged for the year
15,500
Impairment
77,500
At 31 December 2023
155,000
Carrying amount
At 31 December 2023
-
At 31 December 2022
93,000
The fair value of the fishing rights have been reduced to £nil by the directors, this is due to the expectation that there is unlikely to be any future economic benefits to be made from the fishing rights.
4
Investment property
2023
£
Fair value
At 1 January 2023
1,635,011
Additions
47,497
Disposals
(237,238)
Impairment
(88,601)
At 31 December 2023
1,356,669
DAN MOR DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
4
Investment property
(Continued)
- 6 -
The fair value of the investment property has been arrived at on the basis of a valuation carried out by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
11,921
26,441
Other debtors
4,907
29,969
16,828
56,410
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
4,540
57,790
Trade creditors
13,761
25,084
Corporation tax
49,151
Other creditors
38,192
16,670
56,493
148,695
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
495,598
617,337
Other creditors
729,510
849,330
1,225,108
1,466,667
Bank loans have been secured by standard security over certain properties owned by the company and by a bond and floating charge and also a joint personal guarantee given by the directors for the sum of £160,000.
DAN MOR DEVELOPMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
8
Related party transactions
During the year, the company made repayments to the directors of £60,014 and received advanced of £194 which resulted in amounts due by the company of £298,653 (2022: £358,473).
During the year, the company made repayments of £85,000 and received advances of £25,000 from a company under common control which resulted in amounts due by the company of £430,857 (2022: £490,857).
The above loans are unsecured and interest free with no fixed repayment terms in place.