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Registered number: 08685245






        DUAL INVESTMENTS LIMITED
UNAUDITED
                  FINANCIAL STATEMENTS

      FOR THE YEAR ENDED 31 DECEMBER 2023




















 
DUAL INVESTMENTS LIMITED
 

COMPANY INFORMATION


Directors
Conor Fagan 
James Fagan 




Company secretary
James Fagan



Registered number
08685245



Registered office
101 Lockhurst Lane
Coventry

CV6 5SF




Bankers
Lloyds Bank
30 High street

Coventry

West Midlands

CV1 5RA





 
DUAL INVESTMENTS LIMITED
 

CONTENTS



Page
Balance Sheet
 
 
1 - 2
Statement of Changes in Equity
 
 
3
Notes to the Financial Statements
 
 
4 - 10


 
DUAL INVESTMENTS LIMITED
REGISTERED NUMBER: 08685245

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 3 
9,960,000
9,855,000

  
9,960,000
9,855,000

Current assets
  

Debtors: amounts falling due within one year
 4 
3,551,111
3,650,124

Cash at bank and in hand
  
201,577
110,014

  
3,752,688
3,760,138

Creditors: amounts falling due within one year
 5 
(3,787,365)
(3,953,955)

Net current liabilities
  
 
 
(34,677)
 
 
(193,817)

Total assets less current liabilities
  
9,925,323
9,661,183

Creditors: amounts falling due after more than one year
 6 
(4,807,399)
(4,658,431)

Provisions for liabilities
  

Deferred tax
 7 
(974,822)
(720,915)

  
 
 
(974,822)
 
 
(720,915)

Net assets
  
4,143,102
4,281,837


Capital and reserves
  

Called up share capital 
 8 
2
2

Revaluation reserve
 9 
3,899,388
3,794,388

Profit and loss account
 9 
243,712
487,447

  
4,143,102
4,281,837


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 


Page 1

 
DUAL INVESTMENTS LIMITED
REGISTERED NUMBER: 08685245

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023


James Fagan
Director

Date: 16 September 2024

Page 2

 
DUAL INVESTMENTS LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Revaluation reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
2
3,794,388
58,128
3,852,518


Comprehensive income for the year

Profit for the year
-
-
429,319
429,319



At 1 January 2023
2
3,794,388
487,447
4,281,837


Comprehensive income for the year

Loss for the year
-
-
(243,735)
(243,735)

Revaluation of Investment properties
-
105,000
-
105,000


At 31 December 2023
2
3,899,388
243,712
4,143,102


The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
DUAL INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The company was incorporated on 11 September 2013 and has a registered address at 101 Lockhurst Lane, Coventry.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 4

 
DUAL INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Finance costs

Finance costs are charged to profit or loss 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.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 5

 
DUAL INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.7

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

 
2.8

Investment property

Investment property is carried at fair value determined annually by external valuers 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 profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
DUAL INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
9,855,000


Surplus on revaluation
105,000



At 31 December 2023
9,960,000

The above properties are valued by the directors using  values of properties of a similar size & location for sale.
The directors are of the opinion that this valuation gives a true and fair valuation of the investment property held.







4.


Debtors

2023
2022
£
£


Amounts owed from connected company (Note 10)
3,551,111
3,650,124



5.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
39
39

Bank loans
40,126
48,760

Amounts owed to group undertakings (Note 10)
49,416
45,858

Amounts owed to connected company (Note 10)
92,119
96,613

Corporation tax
25,360
57,230

Directors loan (Note 10)
3,260,082
3,404,180

Accruals and deferred income
320,223
301,275

3,787,365
3,953,955


Page 7

 
DUAL INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
4,807,399
4,658,431


The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:  £4,646,896 (2022: £4,658,431).
Secured Creditors
Lloyds Bank PLC holds fixed and floating charges over the following properties
1 to 12 Richmond Court, Coventry, CV2 4JN
1 to 12 Chandos Court, Coventry, CV2 4HD
1 to 12 Mallard Court , Coventry, CV6 5EJ
1 to 12, 14 to 25, 27 to 38 & 40 Aylesbury  Court , Coventry, CV6 5EN

Page 8

 
DUAL INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Deferred taxation




2023


£






At beginning of year
(720,915)


Charged to profit or loss
(253,907)



At end of year
(974,822)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Revaluation of Investment Properties
(974,822)
(720,915)


8.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1.00 each
2
2



9.


Reserves

Revaluation reserve

This is a capital non-distributable reserve where changes in the value of the company's investment properties are disclosed when they are valued.

Profit and loss account

The profit and loss account represents cumulative gains and losses recognised in profit and loss account, net of transfers to/from other reserves or dividends paid.

Page 9

 
DUAL INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Related party transactions

Set out below are the transactions and balances with the director and companies connected to the director:


2023
2022
£
£

James Fagan
(3,260,082)
(3,377,902)
Brookfield Limited
(49,416)
(45,858)
Royston Property Management Limited
(92,119)
(96,613)
New Vision Investments Property Management Limited
3,551,112
3,623,846

Brookfield Limited is a 100% subsidiary company incorporated in the Republic of Ireland.
New Vision Investments Property Management Limited '(NVIPML)' a company incorporated in the Republic of Ireland is deemed to be a related party through a common director of each company, Mr James Fagan. During the year the company made a foreign currency loss of (£72,734) on the loan balance  from NVIPML leaving an amount of £3,551,112 is due from NVIPML at 31 December 2022 (2022: £3,623,846). This amount is non-interest bearing and is repayable on demand.
During the year the company advanced James Fagan £117,820 leaving an amount of £3,260,082 due to James  Fagan at 31 December 2023. This amount is non-interest bearing and is repayable on demand.
All other loan balances are due to and from the director and entities associated with director. These loans are non-secured, non-interest bearing and repayable on demand.
Key management remuneration
The total management remuneration for the key management team was £Nil (2022: £Nil). No director received remuneration from the company.


11.


Post balance sheet events

There have been no significant events affecting the company since the year end.


12.


Controlling party

The company is owned and controlled by James Fagan.

Page 10