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Registration number: 04068118

Delaport Investments (Henley) Limited

Annual Report and Unaudited Financial Statements (Filleted)

for the Year Ended 31 March 2024

 

Delaport Investments (Henley) Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 13

 

Delaport Investments (Henley) Limited

Company Information

Directors

SJ Connell

JE Connell

SM Connell

Registered office

Ground Floor South Suite
Afon House
Worthing Road
Horsham
West Sussex
RH12 1TL

Accountants

Ritchie Phillips LLP
Chartered Accountants
Ground Floor South Suite
Afon House
Worthing Road
Horsham
West Sussex
RH12 1TL

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Delaport Investments (Henley) Limited
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Delaport Investments (Henley) Limited for the year ended 31 March 2024 as set out on pages 3 to 13 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
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Delaport Investments (Henley) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Delaport Investments (Henley) Limited and state those matters that we have agreed to state to the Board of Directors of Delaport Investments (Henley) Limited, 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 Delaport Investments (Henley) Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Delaport Investments (Henley) Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Delaport Investments (Henley) Limited. You consider that Delaport Investments (Henley) Limited 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 accounts of Delaport Investments (Henley) Limited. 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 accounts.

......................................

Ritchie Phillips LLP
Chartered Accountants
Ground Floor South Suite
Afon House
Worthing Road
Horsham
West Sussex
RH12 1TL

16 September 2024

 

Delaport Investments (Henley) Limited

(Registration number: 04068118)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

387

581

Investment property

7

6,750,000

6,790,000

Investments

8

259

259

 

6,750,646

6,790,840

Current assets

 

Debtors

9

516,860

534,190

Cash at bank and in hand

 

152,375

523,281

 

669,235

1,057,471

Creditors: Amounts falling due within one year

10

(3,289,901)

(3,268,293)

Net current liabilities

 

(2,620,666)

(2,210,822)

Total assets less current liabilities

 

4,129,980

4,580,018

Creditors: Amounts falling due after more than one year

10

(580,000)

(730,000)

Provisions for liabilities

(227,037)

(228,353)

Net assets

 

3,322,943

3,621,665

Capital and reserves

 

Called up share capital

12

100,000

100,000

Share premium reserve

2,396,166

2,396,166

Other reserves

432,932

687,932

Retained earnings

393,845

437,567

Shareholders' funds

 

3,322,943

3,621,665

For the financial year ending 31 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Delaport Investments (Henley) Limited

(Registration number: 04068118)
Balance Sheet as at 31 March 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 September 2024 and signed on its behalf by:
 

.........................................

SJ Connell
Director

 

Delaport Investments (Henley) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Ground Floor South Suite
Afon House
Worthing Road
Horsham
West Sussex
RH12 1TL
England

The principal place of business is:
Badgemore House
Gravel Hill Road
Badgemore Park Golf Club
Henley-On-Thames
Oxfordshire
RG9 4NR
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Group accounts not prepared

The company is part of a small group. The company has taken advantage of the exemption provided by Section 398 of the Companies Act 2006 and has not prepared group accounts.

Going concern

For the year to 31 March 2024 the company reported a profit but had net current liabilities. The company has the support of its directors and shareholders who have agreed to provide financial support if necessary. Whilst this agreement is not contractual, the directors are of the opinion that it will provide sufficient resources to enable the company to continue trading for the foreseeable future and therefore the accounts have been prepared on a going concern basis.

 

Delaport Investments (Henley) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Government grants

Grants are accounted for under the accruals method. Grants of a revenue nature are recognised in "other income" within the profit and loss account in the same period as the related expenditure.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation purposes and accounting purposes, which have arisen but not reversed by the balance sheet date.

Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold investment properties

Nil

Fixtures, fitting and equipment

25% straight line

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

 

Delaport Investments (Henley) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Delaport Investments (Henley) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 3).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

194

194

 

Delaport Investments (Henley) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Taxation

5.1

Taxation

Tax charged/(credited) in the income statement

2024
£

2023
£

Current taxation

UK corporation tax

-

86,150

Deferred taxation

Arising from origination and reversal of timing differences

(1,316)

(39,263)

Tax (receipt)/expense in the income statement

(1,316)

46,887

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

227,037

   

2023

Liability
£

228,353

   
 

Delaport Investments (Henley) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2023

775

775

At 31 March 2024

775

775

Depreciation

At 1 April 2023

194

194

Charge for the year

194

194

At 31 March 2024

388

388

Carrying amount

At 31 March 2024

387

387

At 31 March 2023

581

581

 

Delaport Investments (Henley) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Investment properties

2024
£

At 1 April 2023

6,790,000

Additions

216,316

Fair value adjustments

(256,316)

At 31 March 2024

6,750,000

The investment properties were revalued on 31 March 2024 by the directors who are internal to the company. The basis of the valuation is market value. The investment properties have a current market value of £6,750,000 (2023: £6,790,000) and a carrying amount at historical cost of £5,390,980 (2023: £5,174,664). The depreciation on this historical cost is £nil (2022: £nil).

There has been no valuation of investment property by an independent valuer.

8

Investments

2024
£

2023
£

Investments in subsidiaries

259

259

Subsidiaries

£

Cost or valuation

At 1 April 2023

259

Carrying amount

At 31 March 2024

259

At 31 March 2023

259

9

Debtors

Current

2024
£

2023
£

Trade debtors

-

6,726

Prepayments

41,873

40,124

Other debtors

474,987

487,340

 

516,860

534,190

 

Delaport Investments (Henley) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

10

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

3,132,334

3,059,064

Trade creditors

 

26,958

30,876

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

257

257

Taxation and social security

 

7,020

108,917

Accruals and deferred income

 

121,543

67,683

Other creditors

 

1,789

1,496

 

3,289,901

3,268,293

11

Related party transactions

The loan received from Delaport Investments (Weymouth) Limited has a balance of £395,000 (2023 - £425,000). No interest was charged on this advance up to 31 March 2024. Delaport Investments (Weymouth) Limited is under the same ownership as Delaport Investments (Henley) Limited. The loan is repayable upon demand to Delaport Investments (Weymouth) Limited.

The loan received from Lady Connell has a balance of £250,000 (2023 - £300,000). The loan is interest free and repayable upon demand.

 

Delaport Investments (Henley) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

12

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100,000

100,000

100,000

100,000