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REGISTERED NUMBER: 01605540 (England and Wales)






Duchygate Limited

Financial Statements

for the Year Ended 31 December 2023






Duchygate Limited (Registered number: 01605540)

Contents of the Financial Statements
for the year ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Duchygate Limited

Company Information
for the year ended 31 December 2023







DIRECTORS: Mr D M Buck
Mr D Y Pollock





REGISTERED OFFICE: 33 George Street
Wakefield
West Yorkshire
WF1 1LX





REGISTERED NUMBER: 01605540 (England and Wales)





ACCOUNTANTS: SMH Jolliffe Cork Ltd
Chartered Accountants
33 George Street
Wakefield
West Yorkshire
WF1 1LX

Duchygate Limited (Registered number: 01605540)

Balance Sheet
31 December 2023

2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 - -
Investment property 5 1,200,000 1,400,000
1,200,000 1,400,000

CURRENT ASSETS
Debtors 6 28,997 29,372
Cash at bank 1,727 969
30,724 30,341
CREDITORS
Amounts falling due within one year 7 39,248 46,219
NET CURRENT LIABILITIES (8,524 ) (15,878 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,191,476

1,384,122

PROVISIONS FOR LIABILITIES 121,795 171,795
NET ASSETS 1,069,681 1,212,327

Duchygate Limited (Registered number: 01605540)

Balance Sheet - continued
31 December 2023

2023 2022
Notes £ £ £ £

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 8 1,069,581 1,212,227
SHAREHOLDERS' FUNDS 1,069,681 1,212,327

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2024 and were signed on its behalf by:





Mr D Y Pollock - Director


Duchygate Limited (Registered number: 01605540)

Notes to the Financial Statements
for the year ended 31 December 2023


1. STATUTORY INFORMATION

Duchygate Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The company's functional and presentation currency is the pound sterling £. All financial information presented has been rounded to the nearest £, unless otherwise stated.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents rental income from investment property, together with associated service charges and other recharges

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 20% on cost

Tangible fixed assets are initially recorded at cost.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets and liabilities are only offset in the balance sheet when and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Financial assets are derecognised when and only when; a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or, c) the company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.


Duchygate Limited (Registered number: 01605540)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

4. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£
COST
At 1 January 2023
and 31 December 2023 5,097
DEPRECIATION
At 1 January 2023
and 31 December 2023 5,097
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

Duchygate Limited (Registered number: 01605540)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


5. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 January 2023 1,400,000
Revaluations (200,000 )
At 31 December 2023 1,200,000
NET BOOK VALUE
At 31 December 2023 1,200,000
At 31 December 2022 1,400,000

Fair value at 31 December 2023 is represented by:
£
Valuation in 2010 676,175
Valuation in 2013 (179,260 )
Valuation in 2016 299,480
Valuation in 2022 400,000
Valuation in 2023 (200,000 )
Cost 203,605
1,200,000

The Investment property was revalued by the directors, who are both RICS qualified, as at 31 December 2023, based on their expertise in the property market and knowledge of the local area. The property is stated at Market Value on an existing use basis.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Trade debtors 17,867 20,069
Other debtors 9,975 8,326
Prepayments and accrued income 1,155 977
28,997 29,372

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£ £
Tax 7,960 5,547
VAT 2,876 3,056
Directors' current accounts 2,876 12,877
Accruals and deferred income 25,536 24,739
39,248 46,219

Duchygate Limited (Registered number: 01605540)

Notes to the Financial Statements - continued
for the year ended 31 December 2023


8. RESERVES

Included in retained earnings at 31st December 2023 is an amount of £874,600 (2022: £1,024,600) which is non-distributable. This relates to an accumulated increase in the fair value of investment property, net of deferred tax.