Company registration number 00011734 (England and Wales)
DERBY LAND BUILDING & INVESTMENT CO LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
DERBY LAND BUILDING & INVESTMENT CO LTD
CONTENTS
Page
Accountants' report
1
Statement of financial position
2 - 3
Notes to the financial statements
4 - 8
DERBY LAND BUILDING & INVESTMENT CO LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DERBY LAND BUILDING & INVESTMENT CO LTD FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Derby Land Building & Investment Co Ltd for the year ended 31 December 2023 which comprise, the statement of financial position and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Derby Land Building & Investment Co Ltd, as a body, in accordance with the terms of our engagement letter dated 30 September 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Derby Land Building & Investment Co Ltd and state those matters that we have agreed to state to the board of directors of Derby Land Building & Investment Co Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Derby Land Building & Investment Co Ltd and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Derby Land Building & Investment Co Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Derby Land Building & Investment Co Ltd. You consider that Derby Land Building & Investment Co Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Derby Land Building & Investment Co Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

HSKS Greenhalgh Ltd
11 September 2024
HSKS Greenhalgh Ltd is part of the Dains Group
Charlotte House
Stanier Way
The Wyvern Business Park
Derby
DE21 6BF
DERBY LAND BUILDING & INVESTMENT CO LTD
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Non-current assets
Investment property
3
2,825,000
2,232,000
Investments
4
460,715
446,344
3,285,715
2,678,344
Current assets
Trade and other receivables
12,200
9,308
Cash and cash equivalents
103,926
84,547
116,126
93,855
Current liabilities
(39,374)
(25,278)
Net current assets
76,752
68,577
Total assets less current liabilities
3,362,467
2,746,921
Provisions for liabilities
(592,280)
(506,713)
Net assets
2,770,187
2,240,208
Equity
Called up share capital
6
25,000
25,000
Fair value reserve
7
2,230,556
1,716,318
Distributable retained earnings
514,631
498,890
Total equity
2,770,187
2,240,208

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the income statement 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.

DERBY LAND BUILDING & INVESTMENT CO LTD
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 11 September 2024 and are signed on its behalf by:
Mr T J Harries
Director
Company registration number 00011734 (England and Wales)
DERBY LAND BUILDING & INVESTMENT CO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information

Derby Land Building & Investment Co Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Charlotte House, Stanier Way, The Wyvern Business Park, Derby, DE21 6BF.

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 investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Revenue

Revenue is the amount derived from the collection of rents and falls within the company’s ordinary activities. Revenue is recognised in the period in which the rents are receivable. All revenue arises in the United Kingdom.

Rental income from properties is credited to the Income Statement on a straight line basis over the lease term. Where payments are received from tenants in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Conversely, where payments are received in arrears, amounts are recorded as accrued income and included as part of debtors due within one year.

Dividend income is recognised when the right to receive payment is established.

 

Interest income is recognised when it is probable that the economic benefits will flow to the company and the amount of revenue can be measured reliably.

1.3
Investment properties

Investment property, which is property held to earn rentals and 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
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 in the company's statement of financial position 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.

DERBY LAND BUILDING & INVESTMENT CO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include trade and other receivables 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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 payables are initially recognised at transaction price unless the arrangement constitutes a financing transaction. Financial liabilities classified as payable within one year are not amortised.

 

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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 income statement 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 income statement, 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.

DERBY LAND BUILDING & INVESTMENT CO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
2
Employees

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

2023
2022
Number
Number
Total
3
3
3
Investment property
2023
£
Fair value
At 1 January 2023
2,232,000
Revaluations
593,000
At 31 December 2023
2,825,000

The carrying value of land and buildings comprises fair value changes as follows:

Fair value at 31 December 2023 is represented by:

 

 

£

Valuation in 1993

415,145

Valuation in 1996

175,000

Valuation in 1999

(28,000)

Valuation in 2003

553,000

Valuation in 2007

65,000

Valuation in 2011

(52,000)

Valuation in 2012

302,000

Valuation in 2017

600,000

Valuation in 2018

132,000

Valuation in 2023

593,000

Cost

69,855

 

--------------

 

2,825,000

 

========

 

Investment property was valued at an open market value on 31 March 2023 by Innes England. The directors still believe this valuation to be accurate at 31 December 2023.

DERBY LAND BUILDING & INVESTMENT CO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
3
Investment property
(Continued)
- 7 -
If investment properties were stated on an historical cost basis rather than a fair value basis, the amounts would have been included as follows:
2023
2022
£
£
Cost
69,855
69,855
Accumulated depreciation
-
-
Carrying amount
69,855
69,855
4
Fixed asset investments
2023
2022
£
£
Other investments other than loans
460,715
446,344
Fixed asset investments revalued

Fixed asset investments were valued on an open market basis on 31 December 2023 by Brewin Dolphin Limited. As at 31 December 2023, the historical cost of the fixed asset investments was £393,024 (2022: £387,632)

Movements in non-current investments
Investments
£
Cost or valuation
At 1 January 2023
446,344
Additions
72,526
Valuation changes
8,964
Disposals
(67,119)
At 31 December 2023
460,715
Carrying amount
At 31 December 2023
460,715
At 31 December 2022
446,344
5
Financial instruments
2023
2022
£
£
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
460,715
446,344
DERBY LAND BUILDING & INVESTMENT CO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
6
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £20 each
1,250
1,250
25,000
25,000
7
Fair value reserve
2023
2022
£
£
At the beginning of the year
1,716,318
1,761,221
Non distributable profits in the year
514,238
(44,903)
At the end of the year
2,230,556
1,716,318

 

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