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Registration number: 04328933

Danum Developments Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Danum Developments Limited

(Registration number: 04328933)

Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

3

414,844

483,816

Investment property

4

1,060,000

1,060,000

 

1,474,844

1,543,816

Current assets

 

Stocks

250

250

Debtors

5

3,040,312

3,080,641

Cash at bank and in hand

 

820,856

218,481

 

3,861,418

3,299,372

Creditors: Amounts falling due within one year

6

(1,606,310)

(1,236,105)

Net current assets

 

2,255,108

2,063,267

Total assets less current liabilities

 

3,729,952

3,607,083

Creditors: Amounts falling due after more than one year

6

(898,345)

(982,678)

Provisions for liabilities

(183,681)

(197,050)

Net assets

 

2,647,926

2,427,355

Capital and reserves

 

Called up share capital

200

200

Revaluation reserve

483,958

483,958

Profit and loss account

2,163,768

1,943,197

Shareholders' funds

 

2,647,926

2,427,355

For the financial year ending 31 December 2023 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 and the option not to file the Profit and Loss Account has been taken.

 

Danum Developments Limited

(Registration number: 04328933)

Balance Sheet as at 31 December 2023

These financial statements, which 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 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 16 September 2024 and signed on its behalf by:
 

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

Mr S Mosby
Director

 

Danum Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

Accounting policies

Danum Developments Limited is a private company, limited by shares, domiciled in England and Wales, company number 04328933. The registered office is at Rands Lane Garages, Rands Lane, Armthorpe, Doncaster, South Yorkshire, DN3 3DZ, England.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Revenue recognition

Turnover represents the value of work done excluding VAT, for which the company has earned the right to consideration in exchange for performance.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the statement of income and retained earnings, 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 income 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 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.

 

Danum Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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 property

2.5% on cost

Plant and machinery

15% reducing balance

Fixtures and fittings

20% on cost

Motor vehicles

25% on reducing balance

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.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2022 - 18).

 

Danum Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

3

Tangible assets

Freehold property
£

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost

At 1 January 2023

107,163

21,637

327,576

208,800

665,176

Additions

1,434

18,498

1,202

-

21,134

Disposals

-

-

(9,000)

-

(9,000)

At 31 December 2023

108,597

40,135

319,778

208,800

677,310

Depreciation

At 1 January 2023

38,637

9,081

64,505

69,136

181,359

Charge for the year

2,682

5,368

38,141

34,916

81,107

At 31 December 2023

41,319

14,449

102,646

104,052

262,466

Carrying amount

At 31 December 2023

67,278

25,686

217,132

104,748

414,844

At 31 December 2022

68,526

12,556

263,070

139,664

483,816

4

Investment properties

2023
£

At 1 January

1,060,000

At 31 December

1,060,000

The fair value of the investment property is represented by a valuation in 2020

If investment property had not been revalued it would have been included at the following historical cost:-

2022

£

Cost

438,512

 

Danum Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Debtors

2023
£

2022
£

Trade debtors

1,082,027

718,744

Amounts recoverable on contracts

61,522

714,698

Amounts owed by related parties

1,794,713

1,498,192

Prepayments

44,997

6,007

Other debtors

57,053

143,000

3,040,312

3,080,641

6

Creditors

2023
£

2022
£

Due within one year

Loans and borrowings

85,557

76,690

Trade creditors

1,167,649

972,222

Taxation and social security

261,400

144,833

Other creditors

91,704

42,360

1,606,310

1,236,105

2023
£

2022
£

Due after one year

Loans and borrowings

898,345

982,678

2023
£

2022
£

Due after more than five years

After more than five years by instalments

757,467

751,098

-

-

Bank loans are secured on the company's freehold property and investment property and by a personal guarantee from the directors. Hire purchase contracts are secured on the assets to which they relate.

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £56,508 (2022 - £47,478).

 

Danum Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

8

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to directors
£

Repayments by director
£

At 31 December 2023
£

Mr S L Mosby

Directors advances and credits

78,535

-

(78,535)

-

         
       

 

2022

At 1 January 2022
£

Advances to directors
£

Repayments by director
£

At 31 December 2022
£

Mr S L Mosby

Directors advances and credits

-

129,493

(50,958)

78,535