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Company Registration number: 07152473

Dacre Investments Limited

Annual Report and Unaudited
Financial Statements


for the Year Ended 29 February 2024

 

Dacre Investments Limited

Contents

Pages

Balance sheet

1 to 2

Notes to the financial statements

3 to 8

 

Dacre Investments Limited

Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

52,500

60,000

Tangible assets

5

1,780,758

1,784,021

 

1,833,258

1,844,021

Current assets

 

Stocks

6

4,200

4,402

Debtors

7

85,895

85,627

Cash at bank and in hand

 

9,743

1,632

 

99,838

91,661

Creditors: Amounts falling due within one year

8

(139,256)

(113,993)

Net current liabilities

 

(39,418)

(22,332)

Net assets

 

1,793,840

1,821,689

Capital and reserves

 

Called up share capital

1,979,492

1,979,492

Retained earnings

(185,652)

(157,803)

Shareholders' funds

 

1,793,840

1,821,689

 

Dacre Investments Limited

Balance Sheet as at 29 February 2024 (continued)

For the financial year ending 29 February 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.

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.

Company registration number: 07152473

Approved and authorised by the Board on 12 August 2024 and signed on its behalf by:
 

.........................................
Mr M I Burke
Director

 

Dacre Investments Limited

Notes to the financial statements for the Year Ended 29 February 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:
Dalmar House
Barras Lane Estate
Dalston
Carlisle
CA5 7NY
 

These financial statements were authorised for issue by the Board on 12 August 2024.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The financial statements have been prepared on a going concern basis.

 

Dacre Investments Limited

Notes to the financial statements for the Year Ended 29 February 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results may differ from these estimates.

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 sales/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.

Tax

The tax expense for the period comprises 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.
 

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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 over their estimated useful lives.

No depreciation has been provided for on the freehold property as this is kept in a sound state of repair and in the opinion of the directors the residual value is so high and the useful economic life so long that the depreciation charge would be immaterial. This is not in accordance with FRS 102 however this is required in order to give a true and fair view.
 

 

Dacre Investments Limited

Notes to the financial statements for the Year Ended 29 February 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Asset class

Depreciation method and rate

Plant and machinery

20% reducing balance

Fixtures and fittings

20% reducing balance

Office equipment

25% straight line

Property

No charge

Land and buildings

Land and buildings is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 year straight line

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.

 

Dacre Investments Limited

Notes to the financial statements for the Year Ended 29 February 2024 (continued)

2

ACCOUNTING POLICIES (continued)

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3

STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 8 (2023 - 8).

4

INTANGIBLE ASSETS

Goodwill
 £

Total
£

Cost

At 1 March 2023

150,000

150,000

At 29 February 2024

150,000

150,000

Amortisation

At 1 March 2023

90,000

90,000

Amortisation charge

7,500

7,500

At 29 February 2024

97,500

97,500

Carrying amount

At 29 February 2024

52,500

52,500

At 28 February 2023

60,000

60,000

 

Dacre Investments Limited

Notes to the financial statements for the Year Ended 29 February 2024 (continued)

5

TANGIBLE ASSETS

Property
£

Fixtures and fittings
£

Office equipment
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 March 2023

1,720,553

42,062

21,416

123,516

1,907,547

Additions

-

400

308

9,803

10,511

At 29 February 2024

1,720,553

42,462

21,724

133,319

1,918,058

Depreciation

At 1 March 2023

-

15,495

20,161

87,869

123,525

Charge for the year

-

5,380

681

7,714

13,775

At 29 February 2024

-

20,875

20,842

95,583

137,300

Carrying amount

At 29 February 2024

1,720,553

21,587

882

37,736

1,780,758

At 28 February 2023

1,720,553

26,567

1,254

35,647

1,784,021

 

Dacre Investments Limited

Notes to the financial statements for the Year Ended 29 February 2024 (continued)

6

STOCKS

2024
£

2023
£

Stocks

4,200

4,402

7

DEBTORS

Current

2024
£

2023
£

Trade debtors

2,718

4,328

Prepayments

3,536

3,726

Other debtors

79,641

77,573

 

85,895

85,627

8

CREDITORS

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

12,495

68

Taxation and social security

13,074

12,041

Accruals and deferred income

2,718

5,000

Other creditors

110,969

96,884

139,256

113,993